POWERGRID

Power Grid Corporation of India Limited

Maharatna PSU that owns most of India's inter-state high-voltage transmission network

Utilities›Power›Power›Power - Transmission

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Key metrics

Price as of 2026-10-16

Stock price
₹250.45
Market cap
2,32,874 Cr
Stock P/E
14.7
P/B
2.32
Dividend yield
3.6%
ROE (FY26)
15.8%
ROCE (FY26)
9.3%
Operating margin (FY26)
53.4%
Debt / equity (FY26)
1.47
OCF / EBITDA (FY26)
107.8%
OCF / EBITDA (3Y)
97.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

POWERGRID (Power Grid Corporation of India) owns and runs high-voltage power transmission lines and substations across India, earning transmission tariffs, with smaller consultancy and telecom businesses; the Government of India holds 51.34% of the company.

Company snapshot

1stBy market cap

Ranked among 2 companies in Power - Transmission.

Segment mix

Reportable segments as of 2024-12-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.6% of revenue

SegmentRevenue shareRevenuePBTAssets
Consultancy
1.6%
499 Cr33 Cr—
Transmission
100.6%
30,642 Cr17,682 Cr—

Shares add up to 102% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Net margin of 34.1% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales11,267 Cr11,550 Cr11,978 Cr11,006 Cr11,278 Cr11,233 Cr12,275 Cr11,196 Cr11,476 Cr12,395 Cr11,666 Cr11,497 Cr
Operating expenses (approx.)1,359 Cr1,337 Cr1,879 Cr1,404 Cr1,576 Cr1,695 Cr2,052 Cr2,049 Cr2,362 Cr1,742 Cr2,600 Cr1,960 Cr
EBITDA9,908 Cr10,213 Cr10,099 Cr9,602 Cr9,701 Cr9,538 Cr10,224 Cr9,147 Cr9,114 Cr10,653 Cr9,066 Cr9,536 Cr
OPM %87.9%88.4%84.3%87.2%86.0%84.9%83.3%81.7%79.4%85.9%77.7%82.9%
Other income263 Cr270 Cr327 Cr273 Cr568 Cr510 Cr315 Cr248 Cr194 Cr204 Cr305 Cr200 Cr
Interest2,341 Cr2,446 Cr1,928 Cr2,039 Cr2,441 Cr1,917 Cr2,303 Cr1,934 Cr2,148 Cr2,191 Cr2,175 Cr2,023 Cr
Depreciation3,277 Cr3,293 Cr3,259 Cr3,200 Cr3,292 Cr3,216 Cr3,196 Cr3,130 Cr3,223 Cr3,381 Cr3,295 Cr3,128 Cr
Profit before tax4,355 Cr4,816 Cr5,125 Cr4,603 Cr4,678 Cr4,952 Cr5,062 Cr4,499 Cr4,395 Cr5,497 Cr155 Cr4,481 Cr
Tax %13.2%16.4%18.7%19.1%18.9%22.0%18.2%19.3%18.9%23.9%-2829.0%19.7%
Net profit3,781 Cr4,028 Cr4,166 Cr3,724 Cr3,793 Cr3,862 Cr4,143 Cr3,631 Cr3,566 Cr4,185 Cr4,546 Cr3,598 Cr
EPS (₹)₹4.06₹4.33₹4.48₹4.00₹4.08₹4.15₹4.46₹3.90₹3.84₹4.50₹4.89₹3.87

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales25,697 Cr29,941 Cr35,059 Cr37,744 Cr39,640 Cr41,616 Cr45,581 Cr45,843 Cr45,792 Cr46,733 CrSign in free for the trailing twelve months
Operating expenses (approx.)3,112 Cr3,837 Cr4,839 Cr4,803 Cr4,647 Cr5,049 Cr6,103 Cr5,940 Cr6,727 Cr8,754 CrSign in free for the trailing twelve months
EBITDA22,586 Cr26,105 Cr30,221 Cr32,940 Cr34,993 Cr36,567 Cr39,478 Cr39,903 Cr39,065 Cr37,979 CrSign in free for the trailing twelve months
OPM %87.9%87.2%86.2%87.3%88.3%87.9%86.6%87.0%85.3%81.3%Sign in free for the trailing twelve months
Other income586 Cr489 Cr602 Cr927 Cr1,184 Cr1,082 Cr1,024 Cr1,070 Cr1,667 Cr952 CrSign in free for the trailing twelve months
Interest6,204 Cr7,324 Cr8,737 Cr9,509 Cr8,135 Cr8,036 Cr9,634 Cr8,773 Cr8,700 Cr8,448 CrSign in free for the trailing twelve months
Depreciation7,722 Cr9,231 Cr10,541 Cr11,607 Cr12,039 Cr12,872 Cr13,333 Cr13,095 Cr12,904 Cr13,030 CrSign in free for the trailing twelve months
Profit before tax9,457 Cr10,394 Cr9,147 Cr14,590 Cr15,501 Cr19,610 Cr17,702 Cr18,514 Cr19,294 Cr14,547 CrSign in free for the trailing twelve months
Tax %21.2%21.1%-9.7%24.2%22.3%14.2%12.9%15.9%19.6%-9.5%Sign in free for the trailing twelve months
Net profit7,451 Cr8,198 Cr10,034 Cr11,059 Cr12,036 Cr16,824 Cr15,417 Cr15,573 Cr15,521 Cr15,928 CrSign in free for the trailing twelve months
EPS (₹)₹14.24₹15.67₹19.18₹21.14₹23.01₹24.12₹22.10₹16.74₹16.69₹17.13Sign in free for the trailing twelve months
Dividend payout %————56.7%64.3%55.4%72.0%62.9%52.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital5,232 Cr5,232 Cr5,232 Cr5,232 Cr5,232 Cr6,975 Cr6,975 Cr9,301 Cr9,301 Cr9,301 Cr
Reserves44,634 Cr49,194 Cr53,857 Cr59,464 Cr64,704 Cr69,272 Cr76,039 Cr77,845 Cr83,362 Cr91,193 Cr
Borrowings1,12,753 Cr1,23,710 Cr1,35,630 Cr1,38,421 Cr1,30,975 Cr1,34,665 Cr1,26,595 Cr1,23,449 Cr1,30,965 Cr1,48,009 Cr
Other liabilities33,026 Cr36,190 Cr52,640 Cr53,537 Cr54,838 Cr40,031 Cr40,686 Cr40,297 Cr42,479 Cr46,224 Cr
Total liabilities1,95,645 Cr2,14,327 Cr2,47,358 Cr2,56,653 Cr2,55,749 Cr2,50,943 Cr2,50,296 Cr2,50,891 Cr2,66,107 Cr2,94,727 Cr
Fixed assets (net)1,36,422 Cr1,54,831 Cr1,71,058 Cr1,79,450 Cr1,82,109 Cr1,90,048 Cr1,83,777 Cr1,76,223 Cr1,70,886 Cr1,74,970 Cr
CWIP38,187 Cr37,604 Cr37,388 Cr34,904 Cr24,680 Cr12,800 Cr13,741 Cr18,082 Cr33,269 Cr43,654 Cr
Investments1,023 Cr1,095 Cr1,296 Cr1,431 Cr1,486 Cr3,788 Cr3,489 Cr4,163 Cr3,117 Cr2,995 Cr
Loans & advances——131 Cr152 Cr127 Cr99 Cr107 Cr132 Cr134 Cr139 Cr
Inventories907 Cr1,049 Cr1,247 Cr1,433 Cr1,367 Cr1,357 Cr1,340 Cr1,406 Cr1,803 Cr2,126 Cr
Trade receivables3,132 Cr3,640 Cr4,728 Cr5,041 Cr3,676 Cr9,475 Cr12,961 Cr11,540 Cr7,965 Cr11,673 Cr
Cash & bank3,241 Cr1,535 Cr3,648 Cr4,840 Cr4,487 Cr2,577 Cr5,192 Cr3,464 Cr3,797 Cr5,281 Cr
Other assets12,732 Cr14,572 Cr27,861 Cr29,401 Cr37,818 Cr30,800 Cr29,687 Cr35,881 Cr45,138 Cr53,889 Cr
Total assets1,95,645 Cr2,14,327 Cr2,47,358 Cr2,56,653 Cr2,55,749 Cr2,50,943 Cr2,50,296 Cr2,50,891 Cr2,66,107 Cr2,94,727 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity21,575 Cr22,710 Cr23,271 Cr31,040 Cr29,312 Cr26,124 Cr38,005 Cr37,290 Cr36,223 Cr40,931 Cr
Cash from investing-23,836 Cr-25,701 Cr-18,727 Cr-11,042 Cr-8,973 Cr753 Cr-6,126 Cr-13,114 Cr-23,533 Cr-35,305 Cr
Cash from financing3,959 Cr1,285 Cr-2,431 Cr-18,806 Cr-20,521 Cr-28,967 Cr-29,264 Cr-25,903 Cr-12,357 Cr-4,006 Cr
Net cash flow1,698 Cr-1,707 Cr2,113 Cr1,192 Cr-182 Cr-2,091 Cr2,615 Cr-1,728 Cr333 Cr1,619 Cr
Free cash flow (OCF − Capex)-2,349 Cr-3,470 Cr821 Cr19,673 Cr19,918 Cr18,157 Cr31,102 Cr25,886 Cr12,089 Cr3,651 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.6%9.9%9.2%11.9%11.8%13.1%13.0%13.0%12.5%9.3%
ROE %14.9%15.1%17.0%17.1%17.2%22.1%18.6%17.9%16.8%15.8%
Debtor days444449493483104926391
Inventory days13131314131211111417
Days payable6342223357
Cash conversion cycle51545860459211210073100
OCF / EBITDA %95.5%87.0%77.0%94.2%83.8%71.4%96.3%93.5%92.7%107.8%
OCF / EBITDA % (3 years)——85.6%86.3%85.2%82.8%84.2%87.5%94.2%97.9%
Debt / equity2.262.272.302.141.871.771.521.421.411.47
Current ratio0.430.430.540.600.620.630.870.780.730.60
Net debt / EBITDA4.85—4.374.063.613.613.083.013.263.76