POWERGRID H1 capitalisation more than doubles to ₹9,300 crore

Power Grid Corporation of India Limited (POWERGRID) capitalised ₹9,300 crore of consolidated assets in the first half (H1) of financial year (FY) 2026-27, compared with ₹3,888 crore in H1 FY26, while management retained FY27 guidance of ₹25,000 crore to ₹30,000 crore. The increase coincided with higher second-quarter capitalisation and commissioning activity during the half year.

How much did POWERGRID capitalise in H1 FY27?

POWERGRID capitalised ₹9,300 crore in H1 FY27, compared with ₹3,888 crore in H1 FY26. The ₹5,412 crore increase equates to 139% year-on-year growth. Second-quarter (Q2) FY27 capitalisation was ₹4,023 crore, compared with ₹2,205 crore in Q2 FY26, an increase of ₹1,818 crore.

POWERGRID reports capitalisation on a consolidated basis, including assets capitalised as finance leases and excluding FERV. Against management's FY27 capitalisation guidance of ₹25,000 crore to ₹30,000 crore, the H1 FY27 result equals 37% of the lower end and 31% of the upper end of the range.

How is POWERGRID's FY27 capital expenditure tracking?

POWERGRID spent ₹16,864 crore on capital expenditure in H1 FY27, up ₹1,479 crore from ₹15,385 crore in H1 FY26. Q2 FY27 capital expenditure was ₹9,099 crore, compared with ₹8,404 crore a year earlier. Management's FY27 capital-expenditure guidance remains ₹37,000 crore to ₹40,000 crore.

The H1 FY27 capital expenditure of ₹16,864 crore equals 46% of the lower end and 42% of the upper end of management's FY27 range. Capitalisation rose by ₹5,412 crore year on year, more than the ₹1,479 crore increase in capital expenditure, as reported capitalisation reached ₹9,300 crore against ₹3,888 crore in the previous year's first half.

The difference between the two reported measures was ₹7,564 crore in H1 FY27, based on ₹16,864 crore of capital expenditure and ₹9,300 crore of capitalisation. In H1 FY26, the equivalent difference was ₹11,497 crore, based on ₹15,385 crore of capital expenditure and ₹3,888 crore of capitalisation.

Which assets did POWERGRID commission in Q2 FY27?

POWERGRID commissioned 981 circuit kilometres (ckm) of transmission lines and 14,600 megavolt-amperes (MVA) of transformation capacity in Q2 FY27. For H1 FY27, it reported 2,616 ckm of transmission-line additions and 25,100 MVA of transformation capacity, meaning Q2 accounted for 981 ckm and 14,600 MVA of the half-year total.

The Q2 FY27 transmission-line list included the 765 kilovolt (kV) Koppal-II Power Station to Raichur, Bidar Power Station to Maheshwaram, and Sikar-II to Khetri lines. It also included the 400 kV Bikaner-II to Bikaner-III line, while the substation additions listed were the 765 kV Koppal-II and Bidar substations.

POWERGRID listed the Ramgarh-II Transmission System and Bidar Transmission System as fully commissioned projects in Q2 FY27. After September 2026, it reported commissioning major elements including the 765 kV Koppal-II Power Station to Narendra line, the 400 kV Koppal-II Power Station to Gadag-II Power Station line and Gadag-II Power Station, as part of the Koppal Gadag Transmission System.

Did POWERGRID maintain operating performance in H1 FY27?

POWERGRID reported system availability of 99.81% in H1 FY27, compared with 99.83% in H1 FY26. The result was 0.02 percentage points lower year on year but remained above the 99.75% level that the presentation says earns the full incentive. Tripping per line was unchanged at 0.17 in both H1 FY27 and H1 FY26.

The operating update also records completion of the National Transmission Asset Management Centre (NTAMC) upgradation and operationalisation of the Integrated Indigenous Information Security Operation Centre (I3SOC). These developments were disclosed alongside the H1 FY27 availability result of 99.81% and the unchanged tripping rate of 0.17 per line.

Separately, POWERGRID reported restoration of the Srinagar-Drass line on 29 October 2026. The presentation places the restoration at 11,800 feet and minus 10°C, adding a dated operating event after the 30 September 2026 end of H1 FY27.

Conclusion

POWERGRID's H1 FY27 data show capitalisation rising faster than capital expenditure year on year: capitalisation reached ₹9,300 crore from ₹3,888 crore, while capital expenditure rose to ₹16,864 crore from ₹15,385 crore. The half-year execution update also reported 2,616 ckm of transmission-line additions, 25,100 MVA of transformation capacity and 99.81% system availability.

The next measure to watch is progress toward management's FY27 guidance of ₹37,000 crore to ₹40,000 crore of capital expenditure and ₹25,000 crore to ₹30,000 crore of capitalisation. POWERGRID has also disclosed post-September 2026 commissioning of the Koppal Gadag Transmission System, following the H1 FY27 additions, providing a project milestone for subsequent execution updates.