Power Grid Q4 FY26 profit up 9.7%, sales slip

Key takeaway from the March 2026 quarter

Power Grid Corporation of India reported a rise in profit for the quarter ended March 31, 2026, even as sales were lower than the same period last year. The company’s reported net income for the quarter stood at ₹4,546.33 crore, compared with ₹4,142.87 crore a year ago. Over the same period, sales were reported at ₹11,665.61 crore versus ₹12,275.35 crore in the year-ago quarter. Separately, the company’s standalone quarterly disclosure also showed net sales of ₹9,971.09 crore for March 2026, down 9.21% from ₹10,982.55 crore in March 2025. The combination of profit growth with softer sales will be closely tracked by investors in a period when utilities are balancing steady regulated earnings with funding needs and capex cycles.

Q4 FY26 numbers: profit up, sales down

For the fourth quarter, sales were reported at ₹11,665.61 crore, down 4.97% from ₹12,275.35 crore a year earlier. Revenue for the quarter was reported at ₹11,970.69 crore compared to ₹12,590.80 crore in the year-ago period. Net income rose to ₹4,546.33 crore from ₹4,142.87 crore. Basic earnings per share (EPS) from continuing operations was reported at ₹17.13 for FY26 versus ₹16.69 in FY25. These figures reflect the company’s latest reported earnings results for the quarter and the full year ended March 31, 2026.

Standalone trend: March 2026 net sales and expenses

In the standalone quarterly snapshot, net sales for March 2026 were reported at ₹9,971.09 crore, lower than ₹10,982.55 crore in March 2025. The same table shows quarterly movement across FY26, including net sales of ₹9,928.23 crore in June 2025, ₹9,999.60 crore in September 2025, and ₹11,005.28 crore in December 2025. Total expenditure in the standalone table rose to ₹2,470.22 crore in March 2026 from ₹1,759.85 crore in March 2025. The quarterly progression highlights that March 2026 sales were lower than December 2025, while expenses were higher in March 2026 than in the previous quarters shown.

FY26 full-year performance: modest growth

For the full year ended March 2026, net profit was reported at ₹15,927.95 crore, up 2.62% from ₹15,521.44 crore in the year ended March 2025. Sales for the full year were reported at ₹46,732.87 crore versus ₹45,792.32 crore a year ago, a 2.05% increase. Revenue for the full year was also reported at ₹47,684.43 crore compared with ₹47,459.38 crore in the previous year. The reported annual earnings (TTM) were shown at ₹15,928 crore, alongside revenue (TTM) of ₹46,733 crore.

Board meeting on May 16: audited results and final dividend

Company disclosures referenced a board meeting scheduled for May 16, 2026 to review audited financial results for FY 2025-26. The same agenda also includes consideration of a final dividend recommendation, subject to shareholder approval at the upcoming AGM. Dividend visibility is a key focus point for utility investors, especially when paired with funding plans and capex requirements. Separately, another disclosure cited a board meeting scheduled for January 30, 2026 to review unaudited financial results for the quarter and nine months ended December 31, 2025, and to consider a second interim dividend for FY 2025-26, if any.

Subsidiary merger proposal and funding review

A board meeting scheduled on March 19, 2026 was referenced to review a revised proposal to merge or amalgamate 28 wholly owned subsidiaries into two other wholly owned subsidiaries, replacing an earlier plan that covered 11 subsidiaries. Another filing cited a board meeting scheduled on March 9, 2026 to consider raising funds through unsecured rupee term loans or bank lines of credit. In addition, a board meeting scheduled on November 17, 2025 was referenced for considering an unsecured, non-convertible bond issue via private placement. These items signal ongoing work on corporate structure simplification and funding options.

Stock snapshot: price, range, and returns

In the data provided, the share price was shown around ₹305.85, with a 52-week high of ₹324.95 and a 52-week low of ₹250.00. Another snapshot showed the stock at ₹296.10, up 0.21% from a previous close of ₹295.50 (as of March 30, 2026). Reported performance metrics included a 1-month change of -2.05%, 3-month change of 6.49%, and 1-year change of 1.88%. Longer-term figures in the same set showed 3-year change of 74.50% and 5-year change of 138.53%.

Valuation and risk flags cited alongside results

The provided fundamentals section flagged a price-to-earnings ratio of 17.9x, described as below the Indian market level of 23.3x. It also stated earnings grew by 2.6% over the past year. Risk flags included that interest payments are not well covered by earnings and that a dividend of 2.94% is not well covered by free cash flows. The company was also described with a “Snowflake Score” summary that included valuation (2/6), future growth (0/6), past performance (5/6), financial health (2/6), and dividends (4/6).

Business profile and operating footprint

Power Grid was described as an electric power transmission utility engaged in power transmission in India and internationally. It operates in three segments: Transmission Services, Telecom Services, and Consultancy Services. As of March 31, 2025, the company owned and operated 180,195 circuit kilometers of transmission lines, and 282 substations with an aggregate transformation capacity of 551,961 mega volt amperes. The net sales mix was stated as 96.6% from development, operation and maintenance of transmission systems, 1.9% consulting services, and 1.5% telecom services, with all sales in India.

Key reported figures at a glance

What to watch next

The next immediate milestone on the calendar is the May 16, 2026 board meeting to review audited FY26 financial results and consider a final dividend recommendation. Investors will also track further updates on the proposed consolidation of 28 wholly owned subsidiaries into two subsidiaries, as referenced in March 2026. Funding actions, including any borrowing through term loans or bank lines, remain another stated agenda item from company filings. Together, these events form the near-term flow of disclosures alongside the latest quarter’s mix of higher profit and lower sales.