Announcement
Announcement under Regulation 30 (LODR)-Acquisition 12 Oct - POWERGRID acquired Lakadia C Power Transmission Limited for about Rs. 19.94 crore on 12.10.2026.
Source: Bse
Power Grid Corporation of India Limited (POWERGRID)
Large CapPower stocks · Large cap · NSE
Power Grid Corporation of India Limited (POWERGRID) is India's central transmission utility, owning and operating a vast inter-state transmission system. It also provides consultancy and telecom services. A government-owned entity, it holds a significant market share in transmission projects, including those under the Tariff Based Competitive Bidding (TBCB) regime.
₹247.05
-3.30 · -1.32%
Market cap ₹2,32,283 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 01:15 pm ISTDetails
Quote21 Oct, 01:15 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result06 Aug, 04:07 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
18Strong Bearfull bear SMA stack · SMA20 -3.7% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
POWERGRIDD candles · FIT view-22.6%TODAY · PROVISIONALLatest price ₹247.05 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-2.5%
RSI
35
MACD hist
-0.23
52W pos
3%
2026-10-21O ₹253.50H ₹253.60L ₹246.95C ₹247.05Vol 69.9L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
POWERGRIDNifty PowerNifty 500
- POWERGRID
- -13.3%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -7.7 pp
Chart stats
19 Oct 2026- From 52W high
- -23.0%
- 52W range position
- 7%
- ATR (14)
- 2.0%
- Volume vs 20D
- 0.85x
- Avg traded value
- ₹256 Cr
- 20D price channel
- ₹244.7 - ₹270.9
₹325
₹244.7 - ₹325
₹5.1
Latest completed session
20-session average
22.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST38
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +2.7% · PAT -0.9% YoY
Technical
Strong Bear18
Price trend and sector-relative-strength timing.
Valuation
Legacy model-47.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -1% YoY · Rev +3% YoY · margin expansion
Filed 05 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,497 Cr | +2.7% | -1.4% |
| EBITDA | ₹9,430 Cr | +3.6% | +77.8% |
| Operating margin | 82.0% | +100 bps | +3700 bps |
| PAT | ₹3,598 Cr | -0.9% | -20.9% |
| PAT margin | 31.3% | -113 bps | -767 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.60
- P/B
- 2.31
- EV/EBITDA
- 8.02
- Market Cap
- 232283.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 9.10%
- ROA
- 5.39%
- Dividend Y
- 3.61%
Growth (CAGR)
- Revenue 5Y
- 3.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 1.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 1.47
- Interest Coverage
- 4.03×
- Altman Z
- 1.82
- Book Value
- 108.00
Cash Flow
- FCF Yield
- 2.36%
- FCF Positive Y
- 8/5
- OCF
- 40935.00 Cr
- EPS TTM
- 17.09
Shareholding
- Promoter Hold
- 51.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 46.7k+2.1% vs prev
Net Profit
₹ CrLatest: 15.9k+2.6% vs prev
Return on Equity
%Latest: 15.8-5.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 35.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 35 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
30
RS percentile
Stage 4 Downtrend
1M return
-7.4%
3M return
-13.3%
6M return
-21.7%
1Y return
-13.1%
RS 1D
+1
RS 20D
-3
Sector rank
#17
Industry rank
-
Stage evidence
- Price is 12.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 92.04+0.99%
RS vs Nifty 50092
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation6/30
Growth5/25
Quality8/20
Balance Sheet7/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
38
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
38/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -47.7%.
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Growth is weaker at 5/25; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
14.6
PB
2.3
EV/EBITDA
8.0
ROE
15.3%
ROCE
9.1%
FCF Yield
2.4%
Debt/Equity
1.5
MoS
-47.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
38
Previous: 38
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-47.7%
Previous: -49.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
38
38
38
38
38
38
38
38
38
38
38
38
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹203.79
-21.2% MoS
Growth-justified P/E
9.8
Growth-justified Value
₹167.31
-47.7% MoS
PEG
4.87
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ADANIENSOL
Large
Adani Energy Solutions Limited
Power Transmission
match 156
24
57.1
9.4%
-86%
OVERVALUED
PIXTRANS
Small
Pix Transmissions Limited
Power Transmission
match 114
58
19.0
16.4%
+39%
FAIR VALUE
DPSCLTD
Small
DPSC Limited
Power Transmission
match 114
18
51.1
1.4%
-1237%
OVERVALUED
OMPOWER
Small
Om Power Transmission Limited
Power Transmission
match 113
77
12.3
38.2%
+59%
DEEP VALUE
GVT&D
Mid
GE Vernova T&D India Limited
Electrical Equipment
match 90
64
74.9
57.4%
-96%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-12T09:13:06.471Z
Management commentary snapshot
Q1 FY27 PAT declined 1% YoY to Rs. 3,598 crore despite a 3% increase in transmission charges, impacted by regulatory tariff characteristics and lower interest on differential tariffs.
PAT growth is under pressure due to the inherent regulatory tariff regime, which reduces revenue from older assets after 12 years, and lower interest income from CERC order differentials. While underlying transmission charges and the asset base continue to grow, the regulatory drag masks operational performance.
Current business mix
Works in Hand by Project Type (as of July 2026)
Latest issuer-disclosed distribution across 3 reported categories.
TBCB83.4%
RTM14.3%
Other business (smart metering, data center, BESS)2.4%
Growth engines
Renewable Energy Integration
Projects associated with RE generation in states like Karnataka and Rajasthan are being commissioned.
New Asset Classes
Maiden foray into Synchronous Condensers to improve grid strength and RE integration, with two such units in Fatehgarh II.
New Load Centers
Data centers, green hydrogen, and green ammonia are emerging as strong intake for transmission systems, with 71 GW potential.
Cross-border Grid Integration
The 'One Sun, One World, One Grid' initiative is gaining active traction for strengthening the grid beyond borders.
Capacity and execution
Transmission Lines Commissioned (Q1 FY27)
1,635 circuit kilometers, representing 35% of last year's Q1 achievement.
Transformation Capacity Added (Q1 FY27)
10,500 MVA added.
Major Systems Completed Post-June '26
765 kV Raichur-Koppal II PS line, 400 kV Gadag II-Koppal II PS, and 400 kV Bikaner II and Bikaner III lines.
New Substation Completion
A new 765/400 kV substation in Koppal has been completed.
Tailwinds
Government Support for RE
National Electricity Plan targets 900+ GW non-fossil capacity by 2035-36, driving transmission investment.
Improved Project Timelines
Government has revisited and improved transmission project timelines to 26-30+ months, making them more practical.
Easing Equipment Supply
OEMs are ramping up capacities, reducing stress on equipment availability and potentially improving pricing and timelines.
New Mobile GIS Bays
Successful indigenous development of 220 kV and 132 kV mobile GIS bays, with 400 kV GIS bay coming soon, aiding urgent situations.
Headwinds
Regulatory Drag on PAT
Revenue reduction of Rs. 560 crore in Q1 FY27 due to depreciation and interest trajectory in the regulated regime.
Lower Interest on Differential Tariff
Reduced revenue of Rs. 230 crore in Q1 FY27 from interest accrued due to CERC order delays compared to Q1 FY26.
Land Compensation Uncertainty
New land compensation guidelines for Right of Way (ROW) are not yet fully factored into project estimates, with states still adopting mechanisms.
Risk radar
Execution Delays
Challenges persist due to Right of Way (ROW) issues, increased urbanization, and other infrastructure development.
Cost Escalation
General estimates for long-term capex (e.g., Rs. 7.9 lakh crore) may not fully factor in inflation or potential increases from new land compensation guidelines.
Equipment Raw Material Costs
Raw material prices for transformers and other equipment remain a factor influencing project costing, despite increased supply capacity.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The transcript explicitly compares Q1 FY27 financial performance and operational metrics (capex, capitalization) with Q1 FY26, indicating a year-on-year focus for performance evaluation.
Sector KPIs management disclosed
Gross Fixed Assets
Rs. 3.25 lakh crore plus (as on 30th June 2026)
Transmission Lines (ckt km)
1,86,000 circuit kilometers (as on 30th June 2026)
Transformation Capacity (MVA)
6,34,516 MVA (as on 30th June 2026)
System Availability
99.8%
Management forward view
Growth & Profitability Balance
Management aims to ensure both growth and profitability in its TBCB endeavors, with returns calibrated for investor comfort.
BESS Opportunity
Actively pursuing integrated storage (BESS) projects under the regulatory portion (Section 62 of Electricity Act), with petitions filed.
Improved Disclosures
Will examine providing better disclosures on TBCB performance to help analysts and investors better appreciate company financials.
Adherence to Government Guidelines
POWERGRID will adhere to government guidelines regarding procurement of equipment from neighboring countries, including Chinese OEMs.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| BESS Project Awards | Petitions filed with regulator after Northern and Western Region RPC clearances. | Regulator's position and actual project awards under the integrated storage business. |
| Rajasthan Barmer Complex HVDC Project | Initial offers submitted and being evaluated by the bid process coordinator. | Announcement of next steps and eRA date by the bid process coordinator. |
| Land Compensation Mechanism | New guidelines adopted by some states, but mechanism for MRC (Market Rate Compensation) still settling. | Clarity on compensation quantum and its impact on project costs and timelines. |
| TBCB Performance Transparency | Limited consolidated P&L disclosure for TBCB projects. | Improved disclosures on TBCB revenue, EBITDA, and PAT to aid investor analysis. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 47th percentile within Power. Main check: financial discipline is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
104 docs text-extracted · 35 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Power: 47th pctile, median 65 · Large: 20th pctile, median 73
Evidence depth
Financial-only
104 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
50
watch · capital discipline
Results
57
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.4%.
- ▸8 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Debt/equity is 1.47.
- ▸ROCE trend is -2.6%.
- ▸OPM spread across recent quarters is 41%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Power Grid Corporation of India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 12 Oct - POWERGRID acquired Jam Khambhaliya REZ Transmission Limited for Rs 19.22 crore on 12.10.2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Sep - Executive Directors Atul Kumar Bali and Dilip Nagesh Rozekar ceased on 30 September 2026 upon superannuation.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 30 Sep - Shri Akhilesh Pathak appointed Director (Projects) effective 30 September 2026 until 31 May 2028.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 23 Sep - POWERGRID acquired Barmer HVDC Power Transmission Ltd on 23 Sep 2026 for Rs 18.98 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Sep - Newspaper publication regarding Special Window for Transfer and Dematerialization of Physical Securities.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - C&AG appoints four joint statutory auditors for FY 2026-27.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 31 Aug - Shri Vibhay Kumar ceases as Executive Director on 31 August 2026 upon superannuation.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 28 Aug - POWERGRID acquired Fatehgarh II Transmission Limited on 28.08.2026 for about Rs. 19.11 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Aug - Newspaper publication of unaudited financial results of the Company for the quarter ended 30.06.2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.