Power Grid Corporation of India Ltd.Strong Execution Drive

Power Grid Corporation demonstrated robust execution momentum in Q3 FY26, with management raising both CapEx and capitalization guidance for the year.

The company achieved ₹26,761 crore CapEx in nine months, up 52% year-on-year, and now targets exceeding ₹32,000 crore for FY26, a 14% increase from original guidance. Capitalization guidance was also upgraded to ₹22,000 crore from ₹20,000 crore, supported by 74% growth in nine-month capitalization to ₹12,915 crore. Q3 profit after tax grew 8% to ₹4,185 crore despite flat nine-month performance. Power Grid crossed the ₹3 lakh crore gross fixed assets milestone and maintains an order book of ₹1.95 lakh crore providing three to four years revenue visibility.

Management highlighted resolution of right-of-way bottlenecks through new government guidelines showing tangible ground results. The company faces a massive ₹6.6 lakh crore project pipeline through 2032, with ₹70,000 crore already under bidding or approved. FY27 and FY28 CapEx is guided at ₹37,000 crore and ₹45,000 crore respectively, indicating sustained growth trajectory.