Financials Power Grid Corporation of India Limited

Equities

POWERGRID

INE752E01010

Electric Utilities

Market Closed - NSE India S.E. Other stock markets 05:27:37 19/01/2026 pm IST			5-day change	1st Jan Change
257.65 ^INR	+0.14%		-0.35%	-2.63%

08/01	Power Grid Corp declared as successful bidder under TBCB	RE
30/12	Power Grid Corp named successful bidder for 2,000 MWh battery energy storage project	RE

Projected Income Statement: Power Grid Corporation of India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	3,76,656	3,99,281	4,33,430	4,58,154	4,63,253	4,63,517	4,93,838	5,15,783
Change	-	6.01%	8.55%	5.7%	1.11%	0.06%	6.54%	4.44%
EBITDA ¹	3,30,559	3,49,217	3,72,738	3,67,548	3,52,765	3,93,841	4,22,020	4,41,264
Change	-	5.64%	6.74%	-1.39%	-4.02%	11.64%	7.15%	4.56%
EBIT ¹	2,13,443	2,23,711	2,43,339	2,41,966	2,29,243	2,56,250	2,76,757	2,91,959
Change	-	4.81%	8.77%	-0.56%	-5.26%	11.78%	8%	5.49%
Interest Paid ¹	-85,010	-82,109	-97,442	-90,469	-94,793	-99,877	-1,10,405	-1,19,181
Earnings before Tax (EBT) ¹	1,46,261	2,03,275	1,72,147	1,85,740	1,83,388	1,92,832	2,09,510	2,30,458
Change	-	38.98%	-15.31%	7.9%	-1.27%	5.15%	8.65%	10%
Net income ¹	1,19,358	1,70,938	1,53,330	1,54,746	1,53,536	1,58,092	1,68,981	1,83,426
Change	-	43.21%	-10.3%	0.92%	-0.78%	2.97%	6.89%	8.55%
Announcement Date	17/06/21	21/05/22	19/05/23	22/05/24	19/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	89,887	90,579	96,766	99,425	97,766	99,292	1,00,010	1,02,212	1,04,461	1,06,557	1,07,464	1,14,949	1,10,822	1,12,058	1,14,676	1,22,537	1,08,504	1,13,833	1,16,092	1,24,824	1,12,569	1,09,266	1,13,568	1,29,530
Change	-	0.77%	6.83%	2.75%	-1.67%	1.56%	0.72%	2.2%	2.2%	2.01%	0.85%	6.97%	-3.59%	1.12%	2.34%	6.86%	-11.45%	4.91%	1.98%	7.52%	-9.82%	-2.93%	3.94%	14.06%
EBITDA ¹	78,772	79,710	84,605	87,472	85,724	87,851	86,883	88,759	88,017	89,582	93,795	1,01,345	90,995	92,072	94,006	91,422	87,441	87,870	85,227	92,227	81,178	93,050	98,007	1,13,998
Change	-	1.19%	6.14%	3.39%	-2%	2.48%	-1.1%	2.16%	-0.84%	1.78%	4.7%	8.05%	-10.21%	1.18%	2.1%	-2.75%	-4.35%	0.49%	-3.01%	8.21%	-11.98%	14.62%	5.33%	16.32%
EBIT	50,802	50,744	58,473	57,219	60,612	56,417	54,954	56,884	55,991	57,389	-	-	-	-	-	-	-	56,254	54,485	61,795	-	-	68,716	81,337
Change	-	-0.11%	15.23%	-2.14%	5.93%	-6.92%	-2.59%	3.51%	-1.57%	2.5%	-	-	-	-	-	-	-	-	-3.14%	13.42%	-	-	-	18.37%
Charge d'intérêts ¹	-22,786	-20,950	-21,511	-19,763	-22,976	-19,590	-18,517	-21,027	-	-22,058	-	-	-	-	-	-	-	-26,046	-21,271	-25,875	-23,044	-26,300	-23,500	-23,200
Earnings before Tax (EBT) ¹	23,580	38,080	39,515	45,086	69,264	42,254	42,792	48,964	41,882	40,678	37,648	-	44,552	44,627	45,175	52,082	42,930	41,441	48,099	50,919	41,723	44,800	48,559	57,600
Change	-	61.49%	3.77%	14.1%	53.63%	-39%	1.27%	14.42%	-14.46%	-2.87%	-7.45%	-	-	0.17%	1.23%	15.29%	-17.57%	-3.47%	16.07%	5.86%	-18.06%	7.38%	8.39%	18.62%
Net income ¹	19,789	31,174	33,238	35,156	60,854	33,383	33,494	43,206	37,659	36,510	37,017	42,144	35,426	38,340	39,702	41,278	34,122	37,112	38,941	43,362	36,532	37,366	39,471	47,300
Change	-	57.53%	6.62%	5.77%	73.1%	-45.14%	0.33%	29%	-12.84%	-3.05%	1.39%	13.85%	-15.94%	8.22%	3.55%	3.97%	-17.34%	8.76%	4.93%	11.35%	-15.75%	2.28%	5.63%	19.84%
Announcement Date	10/08/20	11/11/20	11/02/21	17/06/21	10/08/21	09/11/21	09/02/22	21/05/22	08/08/22	05/11/22	31/01/23	19/05/23	31/07/23	07/11/23	07/02/24	22/05/24	26/07/24	06/11/24	03/02/25	19/05/25	30/07/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1	2024 S1
Net sales ¹	1,97,059	2,11,018	2,20,940
Change	-	7.08%	4.7%
EBITDA ¹	1,73,575	1,77,599	1,82,120
Change	-	2.32%	2.55%
EBIT	-	-	-
Change	-	-	-
Charge d'intérêts	-	-41,876	-
Earnings before Tax (EBT)	-	-	-
Change	-	-	-
Net income ¹	-	74,169	36,512
Change	-	-	-50.77%
Announcement Date	09/11/21	05/11/22	07/11/23

¹INR in Million

Estimates

Forecast Balance Sheet: Power Grid Corporation of India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	12,56,065	13,16,942	12,18,605	11,84,219	12,45,456	13,49,353	14,68,791	16,56,456
Change	-	4.85%	-7.47%	-2.82%	5.17%	8.34%	8.85%	12.78%
Announcement Date	17/06/21	21/05/22	19/05/23	22/05/24	19/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Power Grid Corporation of India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	63,892	36,453	30,645	55,118	51,427	3,04,729	3,55,002	4,34,288
Change	-	-42.95%	-15.93%	79.86%	-6.7%	492.54%	16.5%	22.33%
Free Cash Flow (FCF) ¹	2,11,432	2,09,949	3,22,037	2,92,783	2,62,141	1,16,854	1,65,344	-54,618
Change	-	-0.7%	53.39%	-9.08%	-10.47%	-55.42%	41.5%	-133.03%
Announcement Date	17/06/21	21/05/22	19/05/23	22/05/24	19/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Power Grid Corporation of India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	87.76%	87.46%	86%	80.22%	76.15%	84.97%	85.46%	85.55%
EBIT Margin (%)	56.67%	56.03%	56.14%	52.81%	49.49%	55.28%	56.04%	56.6%
EBT Margin (%)	38.83%	50.91%	39.72%	40.54%	39.59%	41.6%	42.42%	44.68%
Net margin (%)	31.69%	42.81%	35.38%	33.78%	33.14%	34.11%	34.22%	35.56%
FCF margin (%)	56.13%	52.58%	74.3%	63.91%	56.59%	25.21%	33.48%	-10.59%
FCF / Net Income (%)	177.14%	122.82%	210.03%	189.2%	170.74%	73.92%	97.85%	-29.78%
Profitability
ROA	4.68%	6.81%	6.21%	-	6.1%	6.51%	6.52%	6.44%
ROE	17.81%	23.46%	19.23%	18.24%	17.15%	16.59%	16.54%	16.71%
Financial Health
Leverage (Debt/EBITDA)	3.8x	3.77x	3.27x	3.22x	3.53x	3.43x	3.48x	3.75x
Debt / Free cash flow	5.94x	6.27x	3.78x	4.04x	4.75x	11.55x	8.88x	-30.33x
Capital Intensity
CAPEX / Current Assets (%)	16.96%	9.13%	7.07%	12.03%	11.1%	65.74%	71.89%	84.2%
CAPEX / EBITDA (%)	19.33%	10.44%	8.22%	15%	14.58%	77.37%	84.12%	98.42%
CAPEX / FCF (%)	30.22%	17.36%	9.52%	18.83%	19.62%	260.78%	214.71%	-795.14%
Items per share
Cash flow per share ¹	29.6	26.5	37.92	37.41	-	62.83	57.17	60.7
Change	-	-10.47%	43.1%	-1.35%	-	-	-9.01%	6.17%
Dividend per Share ¹	6.75	11.06	11.06	11.25	9	9.194	9.71	10.29
Change	-	63.89%	0%	1.69%	-20%	2.16%	5.61%	5.96%
Book Value Per Share ¹	74.81	81.89	89.02	93.4	-	107.4	115.8	126
Change	-	9.47%	8.71%	4.91%	-	-	7.74%	8.8%
EPS ¹	12.83	18.38	16.48	17.25	16.21	17.06	18.39	20.03
Change	-	43.27%	-10.32%	4.64%	-6.03%	5.24%	7.8%	8.88%
Nbr of stocks (in thousands)	93,00,604	93,00,604	93,00,604	93,00,604	93,00,604	93,00,604	93,00,604	93,00,604
Announcement Date	17/06/21	21/05/22	19/05/23	22/05/24	19/05/25	-	-	-