Power Grid Corporation of India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Power Grid Corporation of India Ltd filed with BSE on 01 Apr 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Power Grid Corporation of India held a webinar on March 23, 2026 where the Chairman and Managing Director Dr. R.K. Tyagi reviewed capex and capitalization achievements for FY26 and outlined multi-year investment plans. Management stated it had achieved capex of Rs 35,000 crore and capitalization above Rs 22,749 crore for the year, with capitalization expected to exceed Rs 25,000 crore by year end. Management also discussed transmission opportunity visibility of roughly Rs 15 lakh crore over the next decade, the merger of SPVs and wholly owned subsidiaries, and steps taken to address right-of-way, skilled manpower and equipment supply constraints.
Numbers mentioned
Capex achieved: Rs 35,000 crore (FY26)
p. 5
“So today, we are now announcing that our Capex guideline will be Rs. 35,000 plus crore, and already we have achieved Rs. 35,000 crore.”
Dr. R.K. Tyagi, page 5 of the filed PDF · View the filing
Capitalization achieved: Rs 22,749 crore (FY26)
p. 5
“but we have already achieved Rs. 22,749 crore with a commissioning of Khetri Narela with a commissioning of Bhadla III Sikar II line, with the commissioning of Navsari Ahmedabad line.”
Dr. R.K. Tyagi, page 5 of the filed PDF · View the filing
Transmission line commissioned: 4,239 circuit kilometer (FY26)
p. 6
“we are talking about transmission line, 4,239 circuit kilometer, transformation capacity, although it is written 60,370 MVA, but actually so far, it is 52,555 MVA”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Transformation capacity commissioned: 52,555 MVA (FY26)
p. 6
“but actually so far, it is 52,555 MVA, but in next one week, It will be more than 62,000 MVA.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Transmission line availability: 99.84% (FY26)
p. 5
“This financial year, we are having availability of 99.84%.”
Dr. R.K. Tyagi, page 5 of the filed PDF · View the filing
Trippings per line: 0.25 (FY26)
p. 5
“Trippings per line, 0.25 trippings per line, that means our one line trips in every 4 years on an average.”
Dr. R.K. Tyagi, page 5 of the filed PDF · View the filing
Capex over last 5 years: more than Rs 100,000 crores (FY21-FY26)
p. 5
“We have done Capex of more than one Rs. 100,000 crores in the last 5 years and capitalized more than Rs 90,000 crore projects from FY21 to FY26.”
Dr. R.K. Tyagi, page 5 of the filed PDF · View the filing
Market capitalization: Rs 2,77,000 crore (February 2026)
p. 6
“And on last February 2026 our market Capitalization was Rs. 2,77,000 crore.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Dividends paid: more than Rs 50,000 crores (FY21-FY26)
p. 6
“In last 5 years from FY 21 to FY 26, we have paid dividends more than Rs. 50,000 crores to our investors, to our shareholders.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Works in hand: Rs 1,48,000 crores
p. 6
“We have works in hand about Rs. 1,48,000 crores, and CWIP is about more than Rs. 49,000 crores.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
TBCB winning percentage: more than 50%
p. 12
“Yeah, because already, whatever projects we have won under TBCB, our winning percentage has been more than 50%, till today.”
Dr. R.K. Tyagi, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capitalization — more than Rs 25,000 crore · FY26
stated firmly by Dr. R.K. Tyagi
p. 5
“So we are committing today that our capitalization for this financial year is going to be more than Rs 25,000 crores.”
Dr. R.K. Tyagi, page 5 of the filed PDF · View the filing
Capex — Rs 45,000 crore · next financial year
stated firmly by Dr. R.K. Tyagi
p. 6
“So, for next financial year, it will be Rs. 45,000 crore Capex.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Capex — Rs 37,000 crore · FY27
stated firmly by Dr. R.K. Tyagi
p. 6
“So next year, we are already committed with Government of India to be Rs. 37,000 crore.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Capitalization — Rs 30,000 crore · next year
stated firmly by Dr. R.K. Tyagi
p. 6
“Similarly capitalisation. This year, Rs. 25,000 crore next year, Rs. 30,000 crore, then in FY28 it is going to be Rs. 35,000 crore.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Capitalization — Rs 35,000 crore · FY28
stated firmly by Dr. R.K. Tyagi
p. 6
“then in FY28 it is going to be Rs. 35,000 crore.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
Transmission investment opportunity — Rs 15 lakh crore · by 2035
stated as an aspiration by Dr. R.K. Tyagi
p. 6
“So total, the visibility for transmission project is will be somewhere Rs. 15 lakh crore, investment in transmission system, considering national international inter-state, inter-state, all projects will be somewhere about Rs. 15 lakh crore.”
Dr. R.K. Tyagi, page 6 of the filed PDF · View the filing
TBCB win rate — 50%
stated as an aspiration by Dr. R.K. Tyagi
p. 12
“So, we would like to maintain that 50%.”
Dr. R.K. Tyagi, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said price escalation risk is managed and additional tariff is claimed from CERC where applicable.
Answered by Dr. R.K. Tyagi
Asked by Raj Gandhi: Will cost escalations in TBCB projects hit estimated IRRs?
p. 7
“So, we are not expecting any abnormal price escalation, which is causing our project to be less, returns will be maintained.”
Dr. R.K. Tyagi, page 7 of the filed PDF · View the filing
Management said guidance is based on projects currently in hand and could be revised if more projects are won.
Answered by Dr. R.K. Tyagi
Asked by Siddharth Gupta: Why was there no upward revision to capex guidance for the next two years despite meeting FY26 targets?
p. 9
“Considering that only we have given this guidance.”
Dr. R.K. Tyagi, page 9 of the filed PDF · View the filing
Management said the merger is for administrative and governance purposes rather than cost savings, and requires approval from CERC, MCA and DIPAM.
Answered by Mr. Ravisankar Ganesan – Director (Finance) & CFO
Asked by Mohit Kumar: What savings result from merging SPVs, and is regulatory approval required?
p. 9
“So that's mainly, the focus is on to have a more administrative control, rather than financial savings.”
Mr. Ravisankar Ganesan – Director (Finance) & CFO, page 9 of the filed PDF · View the filing
Management estimated equity requirements of roughly Rs 12,000-14,000 crore against projected profit levels rising to Rs 17,000-19,000 crore.
Answered by Dr. R.K. Tyagi
Asked by Mohit Kumar: What is the capex/equity requirement to evacuate RE capacity per the CEA plan?
p. 10
“So, we don't see any issue in meeting this challenge.”
Dr. R.K. Tyagi, page 10 of the filed PDF · View the filing
Management pointed to the rapid scale-up of capex from Rs 8,000 crore to Rs 35,000 crore over three years as evidence of growing execution capability.
Answered by Dr. R.K. Tyagi
Asked by Christopher James: What is Power Grid's true execution capacity given past constraints?
p. 12
“So, from Rs. 8,000 to Rs. 35,000 crores in 3 years, which is almost more than 4 times.”
Dr. R.K. Tyagi, page 12 of the filed PDF · View the filing
Management explained delays stemmed from unresolved evacuation planning beyond 73 GW from Rajasthan and landing point finalization issues for HVDC.
Answered by Dr. R.K. Tyagi
Asked by Prawin Visesh: Was the slowdown in project tendering last year on the ISTS side or intrastate?
p. 12
“So, there were some delays in this tendering of these projects, or planning beyond 73 GW.”
Dr. R.K. Tyagi, page 12 of the filed PDF · View the filing
Management said none of its projects fell within the GIB-affected area and future projects are being planned outside it.
Answered by Dr. R.K. Tyagi
Asked by Satyadeep Jain: Did the GIB court ruling affect Power Grid's projects such as Ramgarh or Bhadla?
p. 14
“So, we don't see any impact of GIB on power grid transmission projects.”
Dr. R.K. Tyagi, page 14 of the filed PDF · View the filing
Management said it has requested longer timelines from government and new projects are now being awarded with 30-36 month schedules instead of 18-24 months.
Answered by Dr. R.K. Tyagi
Asked by Satyadeep Jain: What is the expected commissioning timeline for new AC and HVDC projects given past delays?
p. 14
“So, at least we should get 30 months or 36 months for this transmission project to be executed.”
Dr. R.K. Tyagi, page 14 of the filed PDF · View the filing
Management said peak demand is expected to reach 270-275 GW in the summer and the grid is prepared to meet it.
Answered by Dr. R.K. Tyagi
Asked by Parth Nanavati: How is grid utilization expected to be affected by anticipated high summer temperatures and potential power deficits?
p. 14
“So, we are prepared, Grid is prepared to meet that requirement, as per the discussion and review taken by our Honorable Power Minister.”
Dr. R.K. Tyagi, page 14 of the filed PDF · View the filing
Management said it could not yet comment on changes from the newly released report and existing guidance from the February investor meet remains unchanged for now.
Answered by Dr. R.K. Tyagi
Asked by Shirom Kapur: How much of the original Rs 9.1 trillion transmission plan has been bid out, and how does the new Rs 7.9 trillion plan affect the bid pipeline?
p. 15
“So, we are maintaining whatever we have discussed on 2nd February in Mumbai during that investors meet.”
Dr. R.K. Tyagi, page 15 of the filed PDF · View the filing
Risks flagged
Delays in evacuation planning and landing point finalization for HVDC beyond 73 GW from Rajasthan
p. 12
“So, there were some, consideration for considering HVDC, but for HVDC, the landing point, say, in Chhattisgarh, or in, Odissa, that landing Point was… the CTUIL or CEA was not able to finalize those projects, because Landing Point was not getting finalized, because Landing Point means there should be demand in that particular area.”
Dr. R.K. Tyagi, page 12 of the filed PDF · View the filing
Uncertainty over the Leh-Kaithal (Pang-Kaithal) HVDC project status
p. 15
“because in between there was a discussion that it will be, changed to AC network. So, that is why we have excluded from our guidance.”
Dr. R.K. Tyagi, page 15 of the filed PDF · View the filing
Competitive pressure from smaller players in battery energy storage bidding
p. 13
“Then, regarding the battery energy storage, we are participating, but we are not able to win, best projects, because in competition there are a number of small, smaller players.”
Dr. R.K. Tyagi, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.