POWERGRID’s smart-meter business contributed ₹202 crore in Q2
Key highlights
- POWERGRID reported a ₹202 crore contribution from its PESL smart-meter business in Q2 FY27.
- UGVCL had installed 20.4 lakh of 36.5 lakh meters, equal to about 55.9%.
- MGVCL had installed 16.4 lakh of 33.6 lakh meters, equal to about 48.8%.
- POWERGRID’s consultancy revenue was ₹396 crore in Q2 FY27, versus ₹492 crore in Q2 FY26.
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POWERGRID’s PESL smart-meter business contributed ₹202 crore in Q2 FY27, while installations reached 20.4 lakh of 36.5 lakh meters at UGVCL and 16.4 lakh of 33.6 lakh at MGVCL. The figures quantify smart-meter activity disclosed alongside POWERGRID’s ₹396 crore quarterly consultancy revenue.
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How much did POWERGRID’s smart-meter business contribute in Q2 FY27?
POWERGRID said its smart-meter business at PESL contributed ₹202 crore in Q2 FY27. The company made the disclosure in its consultancy update, where it also reported ₹396 crore of consultancy revenue for the quarter. The presentation does not disclose comparable smart-meter contribution figures for Q2 FY26 or Q1 FY27.
The ₹202 crore contribution was presented separately from the ₹396 crore consultancy revenue line. POWERGRID does not state whether the PESL contribution uses the same accounting perimeter as consultancy revenue, or provide a reconciliation between the two figures. The available disclosure therefore identifies smart metering as a quantified activity within the consultancy update rather than as a separately reported financial segment.
What is POWERGRID’s smart-meter installation progress in Gujarat?
POWERGRID reported 20.4 lakh installed meters out of 36.5 lakh at UGVCL, and 16.4 lakh out of 33.6 lakh at MGVCL. Together, the two Gujarat utilities had 36.8 lakh installations against a stated total of 70.1 lakh meters. UGVCL had both the larger installed volume and the larger stated meter base.
UGVCL’s installation share was about 55.9%, calculated from 20.4 lakh installations divided by 36.5 lakh meters, compared with about 48.8% at MGVCL. This places UGVCL about 7.1 percentage points ahead of MGVCL on the disclosed installation measure. The remaining meter count was 16.1 lakh at UGVCL and 17.2 lakh at MGVCL, or 33.3 lakh combined.
POWERGRID did not disclose a completion date, installation run rate, contract value or collection measure for either UGVCL or MGVCL. It also did not split the ₹202 crore Q2 FY27 smart-meter contribution between the two utilities. The figures establish physical progress across 70.1 lakh meters, but do not show the timing or revenue allocation of the remaining 33.3 lakh installations.
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How did POWERGRID’s consultancy revenue change in Q2 FY27?
POWERGRID’s consultancy revenue fell to ₹396 crore in Q2 FY27 from ₹492 crore in Q2 FY26. The decline was ₹96 crore, or about 19.5% based on the reported quarterly figures. The ₹202 crore PESL smart-meter contribution was disclosed in the same Q2 FY27 consultancy section.
POWERGRID reported 40 domestic consultancy orders and two international new orders or extensions during Q2 FY27. Its consultancy presence covered 26 countries, after Saudi Arabia was added during the quarter. These figures describe the wider consultancy business and do not identify the number of smart-meter contracts associated with UGVCL, MGVCL or PESL.
The presentation also reported standalone total income of ₹11,900 crore in Q2 FY27, compared with ₹11,348 crore in Q2 FY26, while profit after tax rose to ₹3,819 crore from ₹3,555 crore. Transmission charges were ₹9,843 crore, compared with ₹9,867 crore a year earlier. These are larger standalone financial lines, and POWERGRID does not provide a direct reconciliation between the PESL contribution and standalone income.
What other Q2 FY27 indicators did POWERGRID report?
POWERGRID reported ₹283 crore of telecom revenue in Q2 FY27, down from ₹291 crore in Q2 FY26, on a consolidated basis before elimination of inter-segment revenue. PowerTel, as the telecom business is identified in the presentation, reported about ₹132 crore of Q2 FY27 orders including multi-year orders and 13 new customers. These telecom figures are separate from the ₹396 crore consultancy revenue and ₹202 crore smart-meter contribution.
PowerTel disclosed links above 6.4 terabits per second for a hyperscaler, a second international long-distance customer for Bhutan, and delivery of more than 200 pan-India links for a Government of India strategic entity. POWERGRID also described a telecom data-centre project with 1,000 racks, 14 megawatts of capacity and expected commissioning in FY2027. The presentation does not connect this telecom project or these links to PESL’s smart-meter installations.
Conclusion
POWERGRID’s Q2 FY27 update gives a specific measure of PESL smart-meter activity, with a ₹202 crore contribution and 36.8 lakh installations across UGVCL and MGVCL. UGVCL had installed about 55.9% of its 36.5 lakh-meter total, compared with about 48.8% of MGVCL’s 33.6 lakh-meter total, while overall consultancy revenue declined ₹96 crore year on year to ₹396 crore.
The key item to watch is progress on the remaining 33.3 lakh meters at the two disclosed Gujarat utilities. POWERGRID has not provided an installation timetable, completion target or utility-level revenue split, leaving those operational details unresolved in the Q2 FY27 presentation.