Power Grid Corporation of India Ltd (POWERGRID) is positioned for an extended growth cycle as India’s electricity generation capacity expands and the power mix increasingly shifts towards renewable energy.
The company has an existing work-in-hand position of around ₹2.2 lakh crore, alongside a bidding pipeline of ₹67,200 crore and potential opportunities worth another ₹1.3 lakh crore under the Green Energy Corridor Phase III (GEC-III) programme.
The company’s future growth opportunities are expected to come from interstate and intrastate transmission projects, high-voltage direct current (HVDC) systems, renewable energy evacuation infrastructure and battery energy storage systems (BESS).
These investments are becoming increasingly important as solar and wind capacity additions require stronger transmission networks to transport electricity from generation centres to consumption hubs.
POWERGRID has also increased its FY27 capital expenditure guidance to ₹37,000–40,000 crore from the earlier estimate of ₹37,000 crore.
However, its capitalisation guidance has been revised downward to ₹25,000–30,000 crore from ₹30,000 crore, reflecting the pace at which ongoing projects are expected to be completed and brought into service.
During Q2 FY27, the company reported revenue of ₹11,800 crore, registering 3% year-on-year growth.
EBITDA increased 7% to ₹9,700 crore, while net profit rose 8.4% to ₹3,870 crore. Its EBITDA margin improved by 284 basis points to 82%.
The company added 14,600 MVA of transformation capacity and 981 circuit kilometres of transmission lines during the quarter. Its system availability stood at 99.81%.
The GEC-III programme represents another major opportunity for the transmission sector. With an estimated outlay of ₹1.86 lakh crore, it aims to support the evacuation of 135 GW of renewable energy and create 50 GWh of battery storage capacity.
