Power Grid Corporation
POWERGRID · NSE · Mega Cap
Power Grid Corporation
National transmission monopoly; renewable evacuation capex super-cycle. ₹4.9 L Cr transmission capex through FY32 per NEP.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Power Grid Corporation: renewable evacuation super-cycle + grid modernization order book provide multi-year visibility.
Bull case for Power Grid Corporation: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Power Grid Corporation: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 18.6x | — |
| Forward P/E | — | — |
| EV/EBITDA | 10.8x | — |
| EV/Sales | 9.2x | — |
| P/B | 2.9x | — |
| FCF Yield | 4.4% | — |
Project pipeline
2 tracked projects
Financials
Source: Screener.in (consolidated) · ticker POWERGRID · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Sales | 39,640 | 41,622 | 45,603 | 45,843 | 45,792 |
| Operating Profit | 34,906 | 35,826 | 39,576 | 39,244 | 38,837 |
| OPM % | 88% | 86% | 87% | 86% | 85% |
| Net Profit | 12,036 | 16,824 | 15,420 | 15,573 | 15,521 |
| EPS (₹) | 12.94 | 18.09 | 16.58 | 16.74 | 16.69 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 11,278 | 11,233 | 12,275 | 11,196 |
| OPM % | 85% | 85% | 83% | 81% |
| Net Profit | 3,793 | 3,862 | 4,143 | 3,631 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Equity Capital | 5,232 | 6,975 | 6,975 | 9,301 | 9,301 |
| Reserves | 64,704 | 69,272 | 76,051 | 77,845 | 83,362 |
| Borrowings | 1,43,232 | 1,34,696 | 1,28,584 | 1,23,516 | 1,31,030 |
| Fixed Assets | 1,83,726 | 1,91,773 | 1,85,437 | 1,77,761 | 1,72,320 |
| Total Assets | 2,55,708 | 2,50,950 | 2,52,225 | 2,50,829 | 2,66,019 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Operating | 29,403 | 26,124 | 40,203 | 37,290 | 36,223 |
| Investing | -9,244 | 753 | -7,138 | -13,114 | -23,533 |
| Financing | -20,521 | -28,967 | -30,450 | -25,903 | -12,357 |
| Net Cash Flow | -362 | -2,090 | 2,615 | -1,727 | 333 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary