Power Grid Corporation of India Ltd
Power Grid Corporation of India Limited is a Maharatna CPSU and India’s largest electric power transmission company. GoI holds a 51.34% stake in the company as on March 31, 2021. PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines.
Strengths
- +Stock is providing a good dividend yield of 3.07%.
- +Company has been maintaining a healthy dividend payout of 67.0%
Weaknesses
- −Stock is trading at 2.71 times its book value
- −The company has delivered a poor sales growth of 1.66% over past five years.
- −Tax rate seems low
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 51.34% | 51.34% | 51.34% | 51.34% | 51.34% | 51.34% | 51.34% | 51.34% |
| FIIs | 28.73% | 28.26%▼0.5 | 28.11%▼0.2 | 26.79%▼1.3 | 26.5%▼0.3 | 25.66%▼0.8 | 24.73%▼0.9 | 25.02%▲0.3 |
| DIIs | 16.32% | 16.89%▲0.6 | 16.99%▲0.1 | 18.3%▲1.3 | 18.49%▲0.2 | 19.33%▲0.8 | 20.19%▲0.9 | 20.05%▼0.1 |
| Public | 3.61% | 3.5%▼0.1 | 3.5% | 3.52%▲0.0 | 3.61%▲0.1 | 3.6%▼0.0 | 3.67%▲0.1 | 3.51%▼0.2 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,677 | 11,051 | 10,068 | 10,260 | 10,121 | 10,983 | 9,928 | 10,000 | 11,005 | 9,971 |
| Expenses | 1,276 | 2,083 | 1,385 | 1,473 | 1,598 | 1,760 | 1,810 | 1,990 | 1,586 | 6,288 |
| Operating Profit | 9,401 | 8,968 | 8,683 | 8,787 | 8,523 | 9,223 | 8,118 | 8,010 | 9,419 | 3,683 |
| OPM % | 88% | 81% | 86% | 86% | 84% | 84% | 82% | 80% | 86% | 37% |
| Net Profit | 3,970 | 4,128 | 3,412 | 3,711 | 3,894 | 4,336 | 3,653 | 3,555 | 4,160 | 4,553 |
| EPS ₹ | 4.27 | 4.44 | 3.67 | 3.99 | 4.19 | 4.66 | 3.93 | 3.82 | 4.47 | 4.9 |
AI Insights
Mar 2026 revenue at ₹40,904Cr, down 1.3% YoY. OPM at 74%.
Borrowings at ₹1,48,051Cr. Debt-to-equity ratio: 1.63x. High leverage — monitor closely.
CWIP at ₹8,354Cr (5% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 20.05% (+7.50pp change). FIIs: 25.02% (-8.12pp change). Promoters hold 51.34%.
ROCE improving from 8% (Mar 2015) to 10% (Mar 2026). Working capital days: -177.
PE 17.3x with 10.2% ROCE. Price is 178% above book value of ₹107. Dividend yield: 3.07%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Investor Presentation 4m - Presentation proposed to be given at Analysts and Institutional Investors'' meet scheduled to be held on 18th May, 2026 at 11:30 A.M. in Mumbai.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 1d - Newspaper publication of audited financial results for quarter and Financial Year ended 31st March, 2026.
- Announcement under Regulation 30 (LODR)-Cessation 1d - Smt. Sajal Jha’s Independent Director tenure ended on 15 May 2026.
- Announcement under Regulation 30 (LODR)-Change in Directorate 1d - Smt. Sajal Jha’s tenure as Independent Director ended on 15 May 2026.
- Announcement under Regulation 30 (LODR)-Change in Management 1d - POWERGRID promoted Jiten Das, Rajiv Gandhi and Sanjay Kumar Gupta as Executive Directors effective 15 May 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse