Power Grid Corporation of India Ltd (POWERGRID) is India's largest power transmission utility, operating inter-state transmission systems with consultancy and telecom arms and a fast-growing TBCB franchise. The Q2 print will speak to whether the ~₹560 crore regulatory drag that weighed on Q1 persists, and how the ₹30,000 crore FY27 capitalization target is tracking after a 3.13x YoY start in Q1.
| Results date | November 01, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 11,496.72 Cr (consolidated, Q1 FY27) |
| Previous quarter PAT | Rs. 3,598.42 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 81.91% (consolidated, Q1 FY27) |
| Market cap | Rs. 242,104.61 Cr |
| CMP | Rs. 260.0 |
The Board of Directors is scheduled to meet on November 1, 2026, to approve the Q2/H1 FY27 (ended September 30, 2026) unaudited financial results and consider the 1st interim dividend for FY 2026-27. The trading window remained shut from September 30 to November 3, 2026, reopening on November 4.
An analyst and institutional investor meet is scheduled for November 3, 2026, at 3:00 PM at Hotel Trident BKC, Mumbai, organized with PL Capital / Prabhudas Lilladher after the Q2 results. CMD Burra Vamsi Rama Mohan, Director (Finance) & CFO Amol Taori, Director (Projects) Akhilesh Pathak and Director (Personnel) Yatindra Dwivedi are slated to attend.
The Board will consider the 1st interim dividend for FY 2026-27 at its November 1, 2026 meeting. The record date for the dividend is November 6, 2026.
The Q2 FY27 print is the first results under new Director (Finance) & CFO Amol Babulal Taori, and the central question is whether the ~₹560 crore regulatory drag from Q1 (₹330 crore depreciation-plus-interest plus ₹230 crore interest differential versus the CERC order date) persists or reverses. Execution momentum is the supporting pillar: Q1 FY27 capitalization of ₹5,277 crore ran 3.13x the prior year, capex crossed 10% of FY26's ₹39,967 crore achievement in Q1 alone, and TBCB wins reached 10 in FY27 by October 16 with cumulative annual charges of ₹7,863.63 Cr. Management's FY27 markers — capex of ₹37,000 crore and capitalization of ₹30,000 crore (consolidated) — remain the scorecard, with FY28 set at ₹45,000 crore capex and ₹35,000 crore capitalization and an open-ended path for annual profits from ₹15,000 crore to over ₹19,000 crore. Revenue stability is underpinned by transmission charges that are fixed per annum and not governed by power flow, though about ₹300 crore of RTM revenue remains pending deemed-DOCO clearance from the regulator. The upcoming call is also expected to cover the promised separate TBCB revenue/EBITDA/PAT disclosures and the unresolved question of whether FY27 capex and capitalization phasing is front-loaded or back-ended.
Guidance scorecard: FY27 capex and capitalization tracking: Management's stated targets and where delivery stood after Q1 FY27.
Regulatory drag and RTM deemed-DOCO orders
TBCB disclosures and capex phasing
SPV consolidation, BESS and portfolio pruning
Leadership transition and interim dividend
Standalone PAT fell 6.63% YoY to Rs. 3,410.95 Cr even though commissioning should have added ₹788 crore of transmission charges and about ₹247 crore of PAT. Management quantified a regulatory drag of about ₹560 crore in Q1 — roughly ₹330 crore of depreciation and interest plus ₹230 crore of interest differential between the company's filing and the CERC order date.
Revised guidance of ₹25,000-26,000 crore (FY27) and ₹28,000 crore (FY28) came in below prior conference-call guidance of ₹35,000-40,000 crore for those years. Management attributed the lag to 'a time lag of about two years from capex to capitalization' given right-of-way and other challenges; FY27 capitalization guidance was subsequently raised to ₹30,000 crore.
Management has stated that POWERGRID's transmission charges are fixed per annum and not governed by power flow, so generation delays or underutilization do not impact revenues and earnings. RTM revenue accrues upon deemed-DOCO clearance (about ₹300 crore pending), and TBCB revenue starts after a specified period without separate regulatory clearance.
Analysts have asked for separate disclosures of consolidated revenue, EBITDA and PAT from TBCB projects, citing limited transparency on the key growth driver. Management acknowledged the concern and committed to examining ways to improve disclosures.
POWERGRID had 10 TBCB wins in FY27 by October 16, 2026, with cumulative annual charges of ₹7,863.63 Cr, including the Barmer-II 6 GW HVDC evacuation win at ₹3,244.33 Cr annual charges. Equity in operational TBCB projects more than doubled YoY to ₹9,965 crore in Q1 FY27.