Power Grid Corporation of India Limited — Investor Meet, 28-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Power Grid reported Q4 revenue of INR 12,482 Cr and PAT of INR 4,336 Cr; FY25 revenue reached INR 46,325 Cr with PAT at INR 15,354 Cr. Capex for FY25 was INR 26,255 Cr, surpassing targets, with capitalization at INR 9,014 Cr, delayed by ROW and manpower issues in key states. FY26 capitalization is guided at INR 23,000-25,000 Cr, with capex expected above INR 28,000 Cr.

Order book stands robust at INR 1.55 lakh Cr, including INR 92,000 Cr from recent TBCB wins and a FY26 pipeline of ~INR 46,000 Cr. Key HVDC projects face delays but remain on track for Q2 FY26 awards. Transmission lines operate at 99.82% availability, with powergrid advancing digital substations, green hydrogen efforts, and sustainability goals. Dividend cut supports equity for capex; ROE is ~16.75%. Management is confident of meeting growth and government targets.