Power Grid Corporation of India Ltd

POWERGRID

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Market Cap

₹ 2,43,955 Cr

P/E

16.05

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Power Grid Corporation of India Limited (PGCIL) is a state-owned enterprise responsible for the transmission of electrical power across India, operating the majority of the country's interstate transmission system.

PGCIL holds the title for operating the world's largest 765 kV transmission network, underscoring its unparalleled scale and reliability in the power sector.

In FY26, PGCIL announced a capex plan of ₹28,000 crore to boost its capacity and undertake projects through TBCB, enhancing its infrastructure footprint.

The company is focused on sustainability, with initiatives like the installation of a solar PV plant and electric buses, showcasing its commitment to environmental and social responsibilities.

Recent financial results show PGCIL's efforts in innovation, demonstrated by the development of indigenous supply chains for HVDC technology and new project installations.

Sector

Power Generation & Distribution

Industry

Power Generation And Supply

Market Cap

2,43,955 Cr

Volatility

Moderate Risk

P/E Ratio

16.1

Industry P/E

23.6

PEG Ratio

2.2

P/B Ratio

2.5

52W High

336.20

52W Low

247.50

Sales CAGR

-0.11%

1.24%

2.74%

10Y

8.03%

Profit CAGR

-0.33%

-5.06%

10.55%

10Y

10.88%

ROE

TTM

15.37%

17.70%

18.43%

10Y

17.34%

ROCE

TTM

11.01%

12.65%

12.48%

10Y

10.98%

Technicals

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Forecasts

No. of Analysts

25

1Y Price Target

318.68 ▲ 21.24%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NTPC	323.85	3,14,027 Cr	13.22	1.64	2.58	12.37	10.25	4.53
ADANIPOWER	144.40	2,78,471 Cr	23.14	4.76	0.00	20.58	16.80	9.36
POWERGRID	262.30	2,43,955 Cr	16.05	2.47	3.43	15.37	11.01	5.46
ADANIGREEN	1043.50	1,72,492 Cr	76.72	8.83	0.00	11.51	7.33	1.53
ADANIENSOL	1016.00	1,22,050 Cr	54.13	5.22	0.00	9.64	8.99	2.95
TATAPOWER	381.60	1,21,934 Cr	30.19	3.24	0.59	10.75	9.31	3.05
ENRIN	2946.75	1,04,940 Cr	95.39	23.95	0.14	25.11	31.50	11.53

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	11,048	11,267	11,550	11,978	11,006	11,278	11,233	12,275	11,196	11,476
Expenses	1,366	1,359	1,337	1,879	1,404	1,576	1,695	2,052	2,049	2,362
Operating Profit	9,683	9,908	10,213	10,099	9,602	9,701	9,538	10,224	9,147	9,114
OPM %	87.64	87.94	88.42	84.31	87.25	86.02	84.91	83.29	81.69	79.42
Other Income	204	225	232	389	302	464	505	286	204	136
Interest	2,057	2,341	2,446	1,928	2,039	2,441	1,917	2,303	1,934	2,148
Depreciation	3,266	3,277	3,293	3,259	3,200	3,292	3,216	3,196	3,130	3,223
Profit Before Tax	4,564	4,515	4,705	5,301	4,666	4,432	4,909	5,011	4,286	3,878
Tax %	13.61	12.71	16.74	18.08	18.85	19.96	22.21	18.33	20.25	21.39
Net Profit	3,943	3,941	3,918	4,342	3,786	3,547	3,819	4,092	3,418	3,049
EPS in Rs	3.87	4.06	4.33	4.48	4.00	4.08	4.15	4.46	3.90	3.84

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	25,697	29,954	35,059	37,744	39,640	41,622	45,603	45,843	45,792	45,982
Expenses	3,112	3,837	4,839	4,803	4,647	5,049	6,103	5,940	6,727	7,373
Operating Profit	22,586	26,117	30,221	32,940	34,993	36,572	39,500	39,903	39,065	38,610
OPM %	87.89	87.19	86.20	87.27	88.28	87.87	86.62	87.04	85.31	83.97
Other Income	727	625	731	1,083	320	4,475	920	1,050	1,557	1,458
Interest	6,204	7,324	8,737	9,509	8,135	8,036	9,634	8,773	8,700	8,595
Depreciation	7,722	9,231	10,541	11,607	12,039	12,872	13,333	13,095	12,904	12,834
Profit Before Tax	9,387	10,187	11,674	12,907	15,139	20,139	17,453	19,085	19,018	18,638
Tax %	21.37	51.70	-7.59	27.36	22.88	13.83	13.07	15.41	19.84	20.18
Net Profit	7,381	4,920	12,560	9,376	11,675	17,354	15,171	16,145	15,245	14,877
EPS in Rs	—	—	10.79	11.89	10.54	16.48	15.60	16.74	16.69	16.35
Dividend Payout %	30.55	33.48	43.43	47.30	69.52	61.15	88.96	67.20	53.92	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5,232	5,232	5,232	5,232	5,232	5,232	6,975	6,975	9,301	9,301
Reserves	38,738	44,634	49,194	53,857	59,464	64,704	69,272	76,051	77,845	83,362
Borrowings	1,02,463	1,12,753	1,23,710	1,35,630	1,38,421	1,43,233	1,34,696	1,28,584	1,23,516	1,31,030
Other Liabilities	32,858	33,026	47,180	52,640	53,537	42,521	40,001	40,663	40,229	42,414
Total Liabilities	1,79,292	1,95,645	2,25,316	2,47,358	2,56,653	2,55,689	2,50,943	2,52,273	2,50,891	2,66,107
Fixed Assets	1,15,094	1,37,678	1,56,198	1,72,740	1,81,112	1,83,726	1,91,773	1,85,437	1,77,761	1,72,320
CWIP	45,611	38,264	37,669	37,631	35,177	24,838	12,854	13,772	18,197	33,585
Investments	919	1,165	1,224	1,296	1,431	1,486	3,788	3,489	4,163	3,117
Other Assets	17,668	18,538	30,225	35,690	38,933	45,640	42,529	49,575	50,769	57,085
Total Assets	1,79,292	1,95,645	2,25,316	2,47,358	2,56,653	2,55,689	2,50,943	2,52,273	2,50,891	2,66,107

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	15,008	21,575	22,710	23,381	30,739	29,403	26,124	40,203	37,290	36,223
Cash from Investing Activity	-21,577	-23,836	-25,701	-18,837	-10,733	-9,244	753	-7,138	-13,114	-23,533
Cash from Financing Activity	5,621	3,959	1,285	-2,431	-18,806	-20,521	-28,967	-30,450	-25,903	-12,357
Net Cash Flow	-948	1,698	-1,707	2,113	1,199	-362	-2,091	2,615	-1,728	333

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%	51.34%
FIIs	32.77%	32.29%	33.13%	32.00%	30.51%	29.83%	28.73%	28.26%	28.12%	26.78%	26.51%	25.67%
DIIs	12.74%	13.39%	12.58%	13.23%	14.79%	15.28%	16.33%	16.90%	17.04%	18.35%	18.56%	19.39%
Public	3.15%	2.97%	2.94%	3.42%	3.36%	3.56%	3.60%	3.50%	3.50%	3.53%	3.60%	3.60%
Total Shareholders	8,11,074	8,02,619	7,83,265	9,31,366	9,61,585	11,00,850	13,17,077	13,29,741	13,51,252	13,83,986	13,88,417	13,72,725

Projection

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Announcements

Last 7 days

Newest

Sentiment

Bidder Announcement

14 hours ago

POWERGRID Successful Bidder Announcement

POWERGRID has been declared as the successful bidder for an Inter-State Transmission System project under TBCB.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 22

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Overview

Detailed Summary

PGCIL holds the title for operating the world's largest 765 kV transmission network, underscoring its unparalleled scale and reliability in the power sector.

In FY26, PGCIL announced a capex plan of ₹28,000 crore to boost its capacity and undertake projects through TBCB, enhancing its infrastructure footprint.

The company is focused on sustainability, with initiatives like the installation of a solar PV plant and electric buses, showcasing its commitment to environmental and social responsibilities.

Recent financial results show PGCIL's efforts in innovation, demonstrated by the development of indigenous supply chains for HVDC technology and new project installations.

Sector

Power Generation & Distribution

Industry

Power Generation And Supply

Market Cap

2,43,955 Cr

Volatility

Moderate Risk

P/E Ratio

16.1

Industry P/E

23.6

PEG Ratio

2.2

P/B Ratio

2.5

52W High

336.20

52W Low

247.50

Sales CAGR

-0.11%

1.24%

2.74%

10Y

8.03%

Profit CAGR

-0.33%

-5.06%

10.55%

10Y

10.88%

ROE

TTM

15.37%

17.70%

18.43%

10Y

17.34%

ROCE

TTM

11.01%

12.65%

12.48%

10Y

10.98%