Power Grid Q1 result: Profit down marginally to ₹3,598 crore; company approves ₹857 crore transmission upgrade project
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State-owned Power Grid Corporation of India Ltd (PGCIL) reported a marginal decline in consolidated net profit for the first quarter of FY27, even as total income increased and the company continued to expand its transmission network.
The company posted a consolidated net profit of ₹3,598.42 crore for the quarter ended June 30, 2026, compared with ₹3,630.58 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing. Total income rose to ₹11,696.72 crore during the April-June quarter from ₹11,444.42 crore a year earlier.
Separately, the company's board approved an ₹856.94 crore transmission upgrade project on August 5 to replace existing conductors with high-temperature low-sag (HTLS) conductors on the Tirunelveli-Udumalpet and Pugalur-Madurai 400 kV double-circuit transmission lines. The project is scheduled to be completed within 24 months, by February 11, 2028. The company said the project will be accounted for as additional capital expenditure.
During the quarter, Power Grid incurred a consolidated capital expenditure of ₹7,765 crore and capitalised assets worth ₹5,277 crore, excluding foreign exchange rate variation (FERV) and including assets capitalised under finance leases.
The company's consolidated gross fixed assets stood at ₹3.26 lakh crore (including gross lease receivables) as of June 30, 2026.
As of the end of the quarter, Power Grid and its subsidiaries operated 1,86,595 circuit kilometres (ckm) of transmission lines, 291 substations, and 6,34,516 MVA of transformation capacity. The company maintained an average transmission system availability of 99.80% during the quarter.
The company also secured a JPY 80 billion loan from the Japan Bank for International Cooperation (JBIC) during the quarter to fund the Khavda-Nagpur High Voltage Direct Current (HVDC) Transmission Project, one of its key infrastructure projects.
Under the tariff-based competitive bidding (TBCB) route, Power Grid emerged as the successful bidder for five transmission projects during the quarter, comprising three inter-state transmission system (ISTS) projects and two intra-state transmission system (InSTS) projects.
At 11.45 am on Thursday, shares of Power Grid fell 3.67% to ₹271.40 apiece on the NSE.