Power Grid Corporation of India reported its financial results for the fourth quarter of FY26, presenting a mixed but largely positive picture. While the company’s operating revenue fell modestly during the quarter, net profit grew meaningfully, supported by lower tax outflows. On the full year front, the company continued investing heavily in network expansion and closed FY26 with a strong order book, signalling confident growth expectations going into FY27.
Revenue Dips but Profit Climbs
For Q4 FY26, Power Grid’s operating revenue came in at Rs 11,666 crore, a 5% decline compared to Rs 12,275 crore in the same quarter last year. However, net profit moved in the opposite direction, rising 9.7% year over year to Rs 4,546 crore from Rs 4,143 crore. The improvement in profitability despite lower revenue was primarily driven by reduced tax payments during the quarter.
On a segmentwise basis, revenue from the Transmission segment slipped from Rs 11,710 crore to Rs 10,870 crore year over year. The Consultancy segment, however, showed notable improvement, jumping from Rs 518 crore to Rs 831 crore. The Telecom segment remained relatively stable, inching up from Rs 303 crore to Rs 316 crore.
Looking at the full FY26 picture, the company’s consolidated Profit After Tax grew 3% year over year to Rs 15,928 crore. Capital expenditure for the year surged 52% compared to the previous year, reaching Rs 39,967 crore and actually exceeding the company’s own guidance. Power Grid also expanded its transmission network significantly, adding 72,055 MVA in transformation capacity, which represents a 119% increase year over year. The company’s order book stands at approximately Rs 1.70 lakh crore, providing strong revenue visibility over multiple years ahead.
Management outlined an aggressive capital expenditure target of Rs 37,000 crore for FY27. The company is also eyeing a near term bidding pipeline worth over Rs 1.1 lakh crore and sees a long term sectoral opportunity exceeding Rs 15 lakh crore, driven largely by the green energy transition. In another significant development, Power Grid entered the energy storage business by securing its first standalone Battery Energy Storage System project.
Dividend Announced
The company declared a final dividend of Rs 1.25 per share for its shareholders for the quarter.
Power Grid’s Q4 FY26 results reflect a company that is investing aggressively in its future while maintaining healthy profitability. With record capex, a massive order book, and a new push into battery energy storage, the company appears well positioned to benefit from India’s rapidly expanding power infrastructure needs in the years ahead.
