POWERGRIDPower Grid Corporation Of India Ltd.
Power Grid Corporation Of India Q2 FY27 Results: Consolidated Net Profit ₹3,866 Crore on Total Income of ₹12,055 Crore
- Earnings
- Power transmission
Reviewed byRachit TripathiBlacklitt Research
Power Grid Corporation Of India (NSE: POWERGRID) reported total income of ₹12,055.11 crore and net profit of ₹3,866.16 crore on a consolidated basis for the quarter ended 30 Sep 2026, and ₹11,899.96 crore and ₹3,819.08 crore standalone, it said in a filing on 01 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹12,055.11 crore, up 3.3% YoY and 3.1% QoQ
- Net profit: ₹3,866.16 crore, up 8.4% YoY and 7.4% QoQ
- EPS: ₹4.16 basic, against ₹3.84 a year earlier
- Finance costs: ₹2,191.34 crore, up 2.0% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹11,899.96 crore, up 4.9% YoY and 4.7% QoQ
- Net profit: ₹3,819.08 crore, up 7.4% YoY and 12.0% QoQ
- EPS: ₹4.10 basic, against ₹3.82 a year earlier
- Other income: ₹1,851.53 crore, up 37.3% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 12,055.11 | 11,670.24 | +3.3% | 11,696.72 | +3.1% | |
| Revenue from operations | 11,816.22 | 11,475.95 | +3.0% | 11,496.72 | +2.8% |
| Other income | 238.89 | 194.29 | +23.0% | 200.00 | +19.4% |
| 3,866.16 | 3,566.08 | +8.4% | 3,598.42 | +7.4% | |
| Finance costs | 2,191.34 | 2,148.07 | +2.0% | 2,022.94 | +8.3% |
| Depreciation | 3,195.53 | 3,223.12 | -0.9% | 3,128.47 | +2.1% |
| Tax expense | 796.42 | 829.36 | -4.0% | 882.74 | -9.8% |
| Net profit margin | 32.07% | 30.56% | +1.51 pp | 30.76% | +1.31 pp |
| Tax as share of profit before tax | 17.4% | 21.4% | -3.97 pp | 19.3% | -1.83 pp |
| EPS, basic (₹) | 4.16 | 3.84 | +8.3% | 3.87 | +7.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit grew faster than total income. Net profit rose 8.4% YoY while total income rose 3.3%, and the tax expense fell 4.0% to ₹796.42 crore, which is 17.4% of profit before tax against 21.4% a year earlier.
Revenue from operations rose 3.0% YoY, slower than other income, which rose 23.0% to ₹238.89 crore. Other income is 2.0% of total income this quarter. Finance costs of ₹2,191.34 crore are 18.2% of total income, up 2.0% on the year-ago quarter and 8.3% on the previous quarter.
The company reports EPS both including and excluding this movement; the excluding figure is ₹4.06 basic for the quarter. Consolidated net profit is ₹47.08 crore higher than standalone net profit, and the notes say 33 subsidiaries not reviewed by the auditors contributed total revenue of ₹1,203.92 crore for the quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 11,899.96 | 11,348.27 | +4.9% | 11,370.04 | +4.7% | |
| Revenue from operations | 10,048.43 | 9,999.60 | +0.5% | 9,795.40 | +2.6% |
| Other income | 1,851.53 | 1,348.67 | +37.3% | 1,574.64 | +17.6% |
| 3,819.08 | 3,554.80 | +7.4% | 3,410.95 | +12.0% | |
| Finance costs | 2,733.50 | 2,557.95 | +6.9% | 2,514.78 | +8.7% |
| Depreciation | 2,986.00 | 3,056.19 | -2.3% | 2,924.96 | +2.1% |
| Tax expense | 644.14 | 708.59 | -9.1% | 729.00 | -11.6% |
| Net profit margin | 32.09% | 31.32% | +0.77 pp | 30.00% | +2.09 pp |
| Tax as share of profit before tax | 14.7% | 18.9% | -4.18 pp | 17.2% | -2.43 pp |
| EPS, basic (₹) | 4.10 | 3.82 | +7.3% | 3.67 | +11.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone other income rose 37.3% YoY to ₹1,851.53 crore, while revenue from operations rose only 0.5% to ₹10,048.43 crore. Other income is 42.4% of standalone profit before tax of ₹4,369.26 crore. The filing does not state the reason for the rise in other income.
Standalone finance costs of ₹2,733.50 crore are 23.0% of total income, up 6.9% YoY. Net profit rose 7.4% YoY, slower than profit before tax at 16.7%. Standalone tax expense fell 9.1% to ₹644.14 crore, 14.7% of profit before tax.
The standalone notes say transmission income of ₹9,106.68 crore for the quarter was recognised per CERC tariff orders, and ₹544.31 crore provisionally for assets awaiting tariff orders. The notes also record a ₹5.43 crore increase for earlier years following a CERC final order.
Inference
The Board declared a first interim dividend of ₹3.00 per equity share of ₹10 for FY 2026-27, with a record date of 06 Nov 2026 and payment on 30 Nov 2026. The filing does not state the total payout, which the share count is needed to work out.
The filing reports Non-Convertible Debentures of ₹2,000 crore issued by private placement on 29 Sep 2026, with nil utilisation as at 30 Sep 2026. Consolidated net worth stood at ₹1,06,748.38 crore and standalone total borrowings at ₹1,51,207.00 crore. The filing does not say when the proceeds will be used.
The Board approved divestment of the entire stake in Central Transmission Utility of India Limited on 01 Nov 2026, and the filing says DIPAM approval for exits from three joint ventures has been received. The timing of these completions is not stated, and the outcome of the Regional Director's review of the subsidiary mergers is awaited.
Filed with BSE on . Reference: Original filing (PDF)
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