According to reports from Business Standard, Power Grid Corporation of India Limited (PGCIL) reported mixed financial results for FY26. Standalone FY26 revenue was ₹40,900 crore, down 1.3% year-on-year, while FY26 EBITDA stood at ₹33,000 crore, declining 6.3% YoY. The consolidated performance showed revenue of ₹43,900 crore, down 4.6% YoY, and EBITDA of ₹35,200 crore, declining 10.5% YoY. The company declared a final dividend of ₹1.25 per share, equating to a full-year dividend of ₹9 per share.
As reported by Business Standard, PGCIL demonstrated strong execution capabilities with FY26 capex of ₹39,900 crore and capitalisation of ₹28,200 crore, both exceeding guidance. The company added 4,765 circuit kilometres, 72 GVA of transformation capacity, and nine substations during FY26. System availability remained robust at 99.84% with full incentives earned, while the annual tripping rate improved to 0.26 in FY26 from 0.27 in FY25. The company's works-in-hand stood at ₹1.7 trillion, with 81% being TBCB projects and 17% RTM projects.
According to Business Standard, PGCIL won nine out of 28 TBCB projects awarded during FY26, achieving a market share of 32%, which is lower than its historical share of 50-60%. The company has identified a potential pipeline of ₹15 trillion across renewable energy evacuation, the Brahmaputra hydro corridor, and OSOWOG interconnections. PGCIL maintains 22 HVDC projects at various stages of bidding and planning with a capacity of 127 GW. The bidding pipeline remains strong at over ₹1.1 trillion, with ₹5,200 crore to be floated and ₹1.053 trillion under bidding.
As reported by Business Standard, PGCIL has implemented AI-driven monitoring systems and deployed handheld devices for early fault detection and real-time project status updates. The company signed its first BESS (Battery Energy Storage System) purchase agreement for the Kalikiri project with an annual tariff of ₹29 crore. FY26 billing of ₹40,200 crore was matched by a 101.2% realisation rate, with ₹40,700 crore recovered. Consultancy revenue grew significantly from ₹800 crore in FY25 to ₹1,760 crore in FY26, while telecom revenue for FY26 stood at ₹1,200 crore.
According to Business Standard, analyst sentiment remains cautiously optimistic following the Q4 results. 11 of the 19 analysts polled are bullish, while two are bearish and the remaining six are neutral on the stock. Their average one-year target price is ₹329.63 for the stock, which closed at ₹298.60 on Tuesday on the BSE. The company has reiterated its FY27 and FY28 capex guidance of ₹37,000 crore and ₹45,000 crore, respectively, with capitalisation guidance of ₹30,000 crore and ₹35,000 crore, respectively. Given India's transmission and power sector ramp-up and transition to higher renewable energy mix, the long-term opportunity is estimated at ₹15 trillion.
