POWERGRID operational TBCB equity more than doubles in Q2 FY27

POWERGRID reported standalone equity of ₹10,684 crore in operational TBCB projects in Q2 FY27, more than double the ₹4,956 crore reported in Q2 FY26. The balance also exceeded ₹9,965 crore in Q1 FY27, while equity in TBCB projects under construction increased to ₹4,642 crore from ₹3,448 crore a year earlier.

How much did POWERGRID operational TBCB equity increase?

POWERGRID’s equity in operational TBCB, the presentation’s label for competitively bid projects, increased by ₹5,728 crore year on year to ₹10,684 crore in Q2 FY27. The Q2 FY27 balance was 116% above ₹4,956 crore in Q2 FY26 and ₹719 crore higher than ₹9,965 crore in Q1 FY27.

Operational projects represented ₹10,684 crore of the combined ₹15,326 crore reported across the two TBCB categories in Q2 FY27. This means operational projects accounted for about 70% of the disclosed TBCB equity, compared with ₹4,642 crore in projects under construction. The presentation gives category balances but does not identify the individual projects behind the movement.

The operational balance rose more in absolute terms than the under-construction balance over both comparison periods. Its ₹5,728 crore year-on-year increase was ₹4,534 crore greater than the ₹1,194 crore increase in under-construction equity, and its ₹719 crore sequential increase compared with a ₹1,234 crore increase for projects under construction.

How did POWERGRID under-construction TBCB equity change?

POWERGRID’s equity in TBCB projects under construction rose to ₹4,642 crore in Q2 FY27 from ₹3,448 crore in Q2 FY26. That was a ₹1,194 crore, or 35%, increase over the year, following a balance of ₹3,408 crore in Q1 FY27.

The sequential change was larger: under-construction equity rose ₹1,234 crore between Q1 FY27 and Q2 FY27. In contrast, the Q1 FY27 balance of ₹3,408 crore was ₹40 crore below the ₹3,448 crore reported for Q2 FY26, before the increase in the second quarter.

These TBCB figures are marked standalone in the presentation rather than consolidated. They therefore sit separately from POWERGRID’s consolidated capital work-in-progress of ₹55,419 crore as on 30 September 2026, which includes construction advances and was reported at ₹47,782 crore a year earlier.

The standalone classification also applies to several related financial-information lines on the same page, including interest from subsidiaries and joint ventures, dividend income and short-term loans. The presentation does not assign particular interest, dividend or funding amounts to either the operational or under-construction TBCB categories.

What do subsidiary and joint-venture income lines show?

POWERGRID reported ₹1,201 crore of standalone interest from subsidiaries and joint ventures in Q2 FY27, up from ₹794 crore in Q2 FY26 and ₹1,089 crore in Q1 FY27. The resulting increases were ₹407 crore year on year and ₹112 crore quarter on quarter.

Dividend income from subsidiaries was ₹345 crore in Q2 FY27, compared with ₹300 crore in Q2 FY26 and ₹254 crore in Q1 FY27. Dividend income from joint ventures was ₹60 crore, up from ₹24 crore a year earlier and ₹17 crore in the preceding quarter. The presentation notes that Q2 FY26 dividends from associates and others were ₹18 crore.

The same disclosure recorded ₹400 crore of short-term loans, including bill discounting, in Q2 FY27. This was lower than ₹2,209 crore in Q2 FY26 and ₹1,600 crore in Q1 FY27. It also reported standalone corporate social responsibility expenses of ₹82 crore, compared with ₹67 crore a year earlier and ₹118 crore in Q1 FY27.

The rise in interest and dividend lines occurred alongside the higher TBCB equity balances, but the presentation does not state that one caused the other. It instead reports the ₹1,201 crore interest figure, ₹405 crore of combined dividend income and ₹15,326 crore of combined TBCB equity as separate standalone measures for Q2 FY27.

How does POWERGRID TBCB equity compare with group finances?

POWERGRID’s consolidated gross fixed assets were ₹3,29,852 crore as on 30 September 2026, compared with ₹2,95,148 crore as on 30 September 2025. Consolidated capital work-in-progress increased by ₹7,637 crore over that period to ₹55,419 crore, providing group-level context for the ₹4,642 crore standalone TBCB equity under construction.

Consolidated debt was ₹1,51,207 crore as on 30 September 2026, up from ₹1,35,923 crore a year earlier, while consolidated net worth increased to ₹1,06,748 crore from ₹98,932 crore. The reported debt-to-equity mix was 59:41, compared with 58:42 on 30 September 2025.

For the first half of fiscal year 2027, or H1 FY27, consolidated profit after tax was ₹7,465 crore, compared with ₹7,197 crore in H1 FY26. Consolidated total income increased 3% to ₹23,752 crore, with transmission charges rising 3% to ₹22,096 crore.

Consolidated earnings per share for H1 FY27 were ₹8.03, against ₹7.74 in H1 FY26. Return on net worth was 6.99%, compared with 7.27%; the presentation specifies that both earnings per share and return on net worth are for the half year and are not annualised.

What funding and project milestones should readers track?

POWERGRID disclosed ₹15,000 crore of bank term loans or lines of credit tied up during H1 FY27, comprising ₹10,000 crore from State Bank of India and ₹5,000 crore from Union Bank of India. It also disclosed ₹2,000 crore of bonds, but did not allocate either the bank facilities or bonds to particular TBCB projects.

The funds-tied-up disclosure also listed a Japan Bank for International Cooperation green loan denominated at JPY 80 billion. POWERGRID did not provide a rupee conversion, deployment schedule or project allocation for that facility in the presentation.

Outside TBCB, POWERGRID’s telecom business reported consolidated revenue of ₹283 crore before elimination of inter-segment revenue in Q2 FY27, versus ₹291 crore in Q2 FY26. It reported about ₹132 crore of orders, including multi-year orders, and 13 new customers during Q2 FY27.

POWERGRID also disclosed a telecom data centre with capacity for 1,000 racks and 14 megawatts, expected to be commissioned in FY2027. The presentation does not state a target for additional TBCB equity deployment or provide a project-by-project timetable for projects moving from construction to operations.

Conclusion

POWERGRID’s Q2 FY27 disclosure shows a larger share of its reported TBCB equity in operational projects, with the ₹10,684 crore operational balance rising by ₹5,728 crore from Q2 FY26. Under-construction equity also rose by ₹1,194 crore to ₹4,642 crore, while standalone interest from subsidiaries and joint ventures increased by ₹407 crore to ₹1,201 crore.

The next disclosed items to watch are the use of ₹15,000 crore in bank facilities and ₹2,000 crore in bonds tied up during H1 FY27, although POWERGRID has not allocated them to TBCB projects. The telecom data centre’s expected FY2027 commissioning is a scheduled milestone, while the absence of a further TBCB equity target or project-level schedule remains unresolved in the presentation.