POWERGRID says TBCB makes up 89% of transmission works in hand

POWERGRID reported Rs 1.95 lakh crore of transmission works under the TBCB competitive-bidding route, or 89% of its Rs 2.20 lakh crore transmission works in hand as of September 30, 2026. The remaining Rs 25,000 crore, or 11%, was under the regulated tariff mechanism, while its separate TBCB bidding pipeline stood at Rs 67,233 crore on October 31, 2026.

What makes up POWERGRID’s transmission works in hand?

POWERGRID’s Rs 2.20 lakh crore transmission works in hand consisted of Rs 1.95 lakh crore under TBCB and Rs 25,000 crore under the regulated tariff mechanism, or RTM, at September 30, 2026. TBCB represented 89% of the total and RTM represented 11%. The presentation labels the Rs 1.95 lakh crore category as “TCBC” on the works-in-hand page, while the following page uses “TBCB” for the competitive bidding pipeline.

The Rs 2.20 lakh crore total includes Rs 55,419 crore of construction work in progress, or CWIP. POWERGRID also specified that the RTM figure excludes the Pang-Kaithal high-voltage direct-current, or HVDC, project and offshore projects. That exclusion means the Rs 25,000 crore RTM component is the disclosed category within the reported total rather than a measure of all potential RTM transmission work.

The mix shows a Rs 1.70 lakh crore difference between competitively bid works and RTM works at the September 30, 2026 reporting date. This is a comparison within one works-in-hand disclosure, not a change from an earlier period, as POWERGRID did not provide a prior-period composition on these pages. The reported order book therefore identifies the competitive route as the larger component of the transmission portfolio already in hand.

What other work does POWERGRID identify outside the transmission total?

POWERGRID separately listed a Rs 31,000 crore Pang evacuation scheme that was being changed to an extra-high-voltage alternating-current, or EHVAC, system of 3.75 gigawatts, or GW. The scheme was discussed at the 44th National Committee on Transmission meeting on October 29, 2026. POWERGRID did not state whether the scheme would subsequently enter the works-in-hand total or the TBCB bidding pipeline.

The presentation also identified Rs 4,255 crore of other-business opportunities from the components it listed: Rs 2,796 crore in smart metering, Rs 714 crore in data centres, Rs 275 crore in cross-border work, Rs 250 crore in battery energy storage systems, or BESS, and Rs 220 crore in international business. These items are presented alongside the transmission outlook, but POWERGRID did not include them in the Rs 2.20 lakh crore transmission works-in-hand total.

The Pang scheme and other-business items are therefore distinct from the September 30, 2026 transmission composition. Together, the disclosed Rs 31,000 crore Pang scheme and Rs 4,255 crore other-business items amount to Rs 35,255 crore, but the presentation gives no award status, execution schedule or inclusion pathway for either category within the reported transmission works figure.

How large is POWERGRID’s TBCB bidding pipeline?

POWERGRID identified a Rs 67,233 crore TBCB bidding pipeline as of October 31, 2026. It comprised Rs 63,086 crore across 28 projects under bidding and Rs 4,147 crore across three projects yet to be floated. The total is described as approved cost and is separate from the Rs 2.20 lakh crore works already in hand.

Inter-state transmission system, or ISTS, projects made up Rs 45,620 crore across 10 of the 28 projects under bidding. Intra-state transmission system, or InSTS, projects accounted for Rs 17,466 crore across 18 projects. ISTS represented 72% of the Rs 63,086 crore under-bidding value, compared with 28% for InSTS, despite having fewer projects.

The under-bidding pipeline is Rs 1.57 lakh crore smaller than the Rs 2.20 lakh crore transmission works already in hand. Its project split also differs by count and value: InSTS has 18 projects versus 10 ISTS projects, while ISTS has Rs 45,620 crore of approved cost versus Rs 17,466 crore for InSTS. POWERGRID does not state its expected award share or the timing of bid outcomes for these 31 projects.

What could Green Energy Corridor III mean for POWERGRID?

POWERGRID cited a Rs 1.86 lakh crore Green Energy Corridor-III, or GEC-III, scheme, with target completion in FY 2032-33. The scheme is intended to facilitate evacuation of 135 GW of renewable energy, or RE, across states and deployment of 50 gigawatt-hours, or GWh, of BESS. The presentation attributes the scheme information to the Press Information Bureau.

The disclosed GEC-III scheme includes Rs 1.36 lakh crore for InSTS and Rs 50,000 crore for BESS. It also includes Rs 5,400 crore of central financial assistance, or CFA, within the total scheme cost. POWERGRID did not provide a tender-by-tender schedule, an allocation of CFA among projects, or an indication that any part of GEC-III is included in its Rs 2.20 lakh crore works in hand.

At Rs 1.86 lakh crore, the cited GEC-III scheme is Rs 1.19 lakh crore larger than POWERGRID’s Rs 67,233 crore identified TBCB bidding pipeline. That comparison indicates the scale of the wider scheme, but not POWERGRID’s prospective work. The presentation does not say what portion POWERGRID may bid for, win, construct or recognise as works in hand before the FY 2032-33 completion target.

Conclusion

POWERGRID’s reported transmission portfolio was primarily under the competitive route at September 30, 2026, with Rs 1.95 lakh crore of TBCB works forming 89% of the Rs 2.20 lakh crore total. The Rs 25,000 crore RTM component, including Rs 55,419 crore of CWIP within the overall total, is materially smaller, while the Rs 67,233 crore bidding pipeline remains separate from awarded or ongoing transmission works.

The next disclosed items to watch are bid outcomes across the 28 projects worth Rs 63,086 crore under bidding, the three projects worth Rs 4,147 crore yet to be floated, and any further decision on the Rs 31,000 crore Pang evacuation scheme following the October 29, 2026 committee discussion. Management has not disclosed its prospective share of the Rs 1.86 lakh crore GEC-III scheme, whose stated completion target is FY 2032-33.