Indian state-owned electric utilities company operating the nationwide power transmission network in India with nationwide coverage.
Profile & Fundamentals
Power Grid Corporation of India: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Power Grid Corporation of India Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Power Grid Corporation of India Limited, an electric power transmission utility, engages in the power transmission business in India and internationally. It operates in three segments: Transmission Services, Telecom Services, and Consultancy Services. As of 31 March 2026, the company owned and operated 184,960 circuit kilometers of transmission lines, and 291 substations with an aggregate transformation capacity of 624,016 mega volt amperes. It also provides telecom services that offer overhead optic fiber network services using optical ground wire on power transmission lines under the POWERTEL brand name, as well as lease lines, MPLS-VPN, data, infrastructure, and international long-distance services. In addition, it provides consultancy services; environmental and social studies; design and engineering; contract/procurement services; project management and construction supervision; capacity building; operation and maintenance; asset management; owners and lenders engineer services; preparation of grid code, tariff mechanisms, and market analysis; legal and technical advisory in power transmission; power system studies/DPR preparation; smart grid and EV charging; load despatch and communication; sub-transmission/distribution/rural electrification services; testing and quality assurance and inspection; energy efficiency; capacity building; owners and lenders' engineer; operation and maintenance; and preventive vigilance; and oil testing laboratory services, as well as human resource development. Further, it operates electric vehicle charging stations; and engages in solar power generation, smart metering solutions, battery energy storage system, and green hydrogen production. The company was formerly known as National Power Transmission Corporation Limited and changed its name to Power Grid Corporation of India Limited in October 1992. The company was incorporated in 1989 and is based in Gurugram, India.
Company profile record
Power Grid Corporation of India Limited
Common Stock · Utilities · Electric Utilities
Company
- Company / asset
- Power Grid Corporation of India Limited
- Security type
- Common Stock
- Sector
- Utilities
- Industry
- Electric Utilities
- HQ
- 🇮🇳 India
- Head office
- Saudamini, Plot No. 2, Gurugram, India, 122001
Leadership & scale
- Full-time employees
- 9.7K
- Fiscal year end
- March
Fundamentals snapshot
- Market Cap
- INR 2.39T
- P/E
- 12.2x
- Revenue (Q2 26)
- INR 115.0B
- Profit (Q2 26)
- INR 36.0B
- Dividend Yield
- 2.4%
- Revenue (FY 26)
- INR 467.3B
- Shares in public float
- 4.3B
- Insider ownership
- 52.91%
Reporting & identifiers
- Symbol
- POWERGRID.NSE
- Listing
- 🇮🇳 India | Dividend Tax: 20%
- Ticker Currency
- INR
- Income Statement Currency
- INR
- Balance Sheet Currency
- INR
- Cash Flow Currency
- INR
- EPS Currency
- INR
- Contract Type
- SPOT
- ISIN
- INE752E01010
- Asset ID
- equity_643edad1-fae0-593d-a41f-8ffef450e11f
Ownership
Shares Outstanding
Latest: 9.3B | Max: 9.3B | Min: 4.4B
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
46.00%
4.3B latest reported shares
Insider Ownership
52.91%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2010-01-01 | 4,379,185,200 |
| 2018-01-01 | 9,302,963,000 |
| 2019-01-01 | 9,302,963,000 |
| 2020-01-01 | 9,302,963,000 |
| 2021-01-01 | 9,302,963,000 |
| 2022-01-01 | 9,302,963,000 |
| 2023-01-01 | 9,302,963,000 |
| 2024-01-01 | 9,305,133,000 |
| 2025-01-01 | 9,300,604,000 |
| 2026-01-01 | 9,298,243,000 |
Top Holders
Available reported ownership records.
No reported records are available in this preview.
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Power Grid's headline revenue grew modestly by 2.05% in fiscal 2026 to 467 billion rupees, while reported net profit surged 20.5% to 187 billion rupees. However, that headline profit surge conceals a critical accounting detail: approximately 40 billion rupees resulted from a non-recurring tax adjustment following a shift in corporate tax regimes. Strip away this accounting boost, and clean operational earnings were essentially flat compared to the prior year. Underlying cash generation remains anchored by high transmission line availability above 99.8%, which earns consistent regulatory bonuses. While reported numbers appear volatile due to regulatory true-ups, the core business continues generating steady income from operating power lines.
Power Grid's headline revenue grew modestly by 2.05% in fiscal 2026 to 467 billion rupees, while reported net profit surged 20.5% to 187 billion rupees. However, that headline profit surge conceals a critical accounting detail: approximately 40 billion rupees resulted from a non-recurring tax adjustment following a shift in corporate tax regimes. Strip away this accounting boost, and clean operational earnings were essentially flat compared to the prior year. Underlying cash generation remains anchored by high transmission line availability above 99.8%, which earns consistent regulatory bonuses. While reported numbers appear volatile due to regulatory true-ups, the core business continues generating steady income from operating power lines.
Revenue, Net Income, and Free Cash Flow
Latest: INR 467.3B | Max: INR 467.3B | Min: INR -53.3B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 14x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Reported operating margins fell from historical highs above 90% to 53.4% in fiscal 2026. This apparent collapse was largely an accounting presentation change regarding project costs and competitive contracts rather than true operational distress. Meanwhile, reported net margin reached 40.0%, flattered by the one-off tax adjustment. Real underlying profitability remains steady. System availability bonuses push return on equity to an attractive 18.61%, well above the regulatory baseline. Although winning projects through competitive bidding carries slightly lower profit margins than older cost-plus assets, superior borrowing costs ensure newly built lines remain profitable.
Reported operating margins fell from historical highs above 90% to 53.4% in fiscal 2026. This apparent collapse was largely an accounting presentation change regarding project costs and competitive contracts rather than true operational distress. Meanwhile, reported net margin reached 40.0%, flattered by the one-off tax adjustment. Real underlying profitability remains steady. System availability bonuses push return on equity to an attractive 18.61%, well above the regulatory baseline. Although winning projects through competitive bidding carries slightly lower profit margins than older cost-plus assets, superior borrowing costs ensure newly built lines remain profitable.
Profitability Margins
Latest: 53.4% | Max: 98.2% | Min: 27.4%
Latest Profitability Ratios as of 2026-03-31
Gross Margin
53.4%
Gross profit / revenue
Operating Margin
53.4%
Operating income / revenue
Net Margin
40.0%
Net income / revenue
FCF Margin
-11.4%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2017-03-31 | 3,961,985,815.6 | 1,148,740,363.86 | -356,174,838.11 |
| 2018-03-31 | 4,600,463,830.44 | 1,260,021,502.07 | -605,346,336.97 |
| 2019-03-31 | 5,067,079,057.67 | 1,450,140,193.67 | 134,413,932.65 |
| 2020-03-31 | 5,009,761,083.09 | 1,467,932,041.41 | 2,611,276,878.15 |
| 2021-03-31 | 5,418,973,342.45 | 1,645,449,077.24 | 2,727,081,339.71 |
| 2022-03-31 | 5,481,580,403 | 2,215,734,228.9 | 2,391,320,953.51 |
| 2023-03-31 | 5,548,498,600.8 | 1,876,109,015.7 | 3,784,179,340.55 |
| 2024-03-31 | 5,499,412,188.1 | 1,868,181,381.96 | 3,105,297,504.8 |
| 2025-03-31 | 5,358,333,723.38 | 1,816,222,794.29 | 1,414,609,173.88 |
| 2026-03-31 | 4,999,237,270 | 2,000,678,219.94 | -569,707,958.92 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2026-03-31 | 13.98 | Trailing four quarters |
| 2025-03-31 | 17.4 | Trailing four quarters |
| 2024-03-31 | 16.55 | Trailing four quarters |
| 2023-03-31 | 13.62 | Annual net income |
| 2022-03-31 | 11.99 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2017-03-31 | 97.79 | 91.98 | 28.99 | -8.99 |
| 2018-03-31 | 97.89 | 92.04 | 27.39 | -13.16 |
| 2019-03-31 | 97.62 | 92.03 | 28.62 | 2.65 |
| 2020-03-31 | 97.98 | 92.31 | 29.3 | 52.12 |
| 2021-03-31 | 98.08 | 92.34 | 30.36 | 50.32 |
| 2022-03-31 | 98.01 | 92.18 | 40.42 | 43.62 |
| 2023-03-31 | 98.19 | 92.25 | 33.81 | 68.2 |
| 2024-03-31 | 97.98 | 92.21 | 33.97 | 56.47 |
| 2025-03-31 | 97.74 | 91.5 | 33.9 | 26.4 |
| 2026-03-31 | 53.39 | 53.39 | 40.02 | -11.4 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-15.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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