PGINVIT
Powergrid Infra. share price & financials
- Price
- ₹93.89
- Market cap
- ₹9.3k Cr
- Sector
- Power
- Calls analysed
- 5
Powergrid Infra. Q4 FY26
What went well
- Profit after tax for FY26 (excluding impairment reversal) increased to ₹7,902 million from ₹6,639 million in FY25.
- Earnings per share for FY26 was ₹10.02.
- Total payout for FY26 was ₹12 per unit, maintaining guidance and marking the 19th consecutive quarterly distribution.
What to watch
- NAV declined to ₹90.79 from ₹94.12 last year, raising concerns about capital erosion.
- Management acknowledged a projected 23-24% dip in revenue top line from FY27-28 due to fixed tariff model.
What Powergrid Infra. does
POWERGRID Infrastructure Investment Trust (PGInvIT) owns and operates five inter-state power transmission Special Purpose Vehicles (SPVs) — VTL, KATL, PPTL, WTL and JPTL — acquired from Power Grid Corporation of India (POWERGRID) under the Tariff Based Competitive Bidding (TBCB) route. Each SPV earns availability-based transmission tariff for evacuating power over its lines and substations under a long-term Transmission Service Agreement, with billing and collection routed through the Central Transmission Utility of India (CTUIL). POWERGRID, a Maharatna CPSE, is both the sponsor and the Investment Manager, and also provides operations & maintenance for the underlying assets; growth comes from acquiring further operational transmission assets rather than building new ones.
Segments
- Inter-State Transmission System (ISTS) assets
- Operational transmission SPVs
- 5 (VTL, KATL, PPTL, WTL, JPTL)
- Transmission lines
- 11 lines spanning 3,698.59 circuit km
- Substations
- 3 substations, 6,630 MVA transformation capacity
- States with asset presence
- Andhra Pradesh, Telangana, Himachal Pradesh, Maharashtra, Madhya Pradesh
- Sponsor & Investment Manager
- POWERGRID (Power Grid Corporation of India), a Maharatna CPSE, holding 1.10% stake in each SPV
- Asset ownership structure
- Perpetual ownership of SPVs with 35-year Transmission Service Agreement (TSA) period
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 2 delivered 0 missed 5 open- Distribution per Unit (DPU) delivered said Q4 FY25 Promised: ₹12 per unit for FY26 Q4 FY26: Total payout for FY26 was ₹12 per unit, in line with guidance. (Q4 DPU of ₹3 declared)
- Distribution per Unit (DPU) open said Q4 FY26 Promised: ₹12 per unit for FY27 Q4 FY26: We intend to maintain this level and target a distribution of ₹12 per unit for FY '26-'27 as well.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 9.8%, net profit down 10.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 223 | 265 | 219 | 245 | 225 +1% | 249 −6% | 234 +7% | 221 −10% |
| EBITDA | 191 | 263 | 1,312 | 241 | 222 +16% | 246 −6% | 160 −88% | 217 −10% |
| Net profit | 180 | 252 | 1,292 | 223 | 205 +14% | 228 −10% | 143 −89% | 200 −10% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +7.5% 1Y
1Y: ₹94.9 on 10 Sept 2025 → ₹101.99. High ₹102.87 (8 Sept 2026), low ₹87.88 (22 Dec 2025).
How the price took the results
close before → close after
- Q4 FY26
- +0.8%
- 19 May
- Q3 FY26
- +0.7%
- 10 Feb
- Q2 FY26
- +0.2%
- 7 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 9.5% a year over 3 years, FY23 to FY26. Operating margin widened to 91.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.3k Cr | ₹946 Cr | ₹884 Cr | ₹953 Cr |
| Operating profit | ₹-313 Cr | ₹1.1k Cr | ₹1.9k Cr | ₹869 Cr |
| Operating margin | -24.4% | 112.6% | 219.5% | 91.2% |
| Interest | ₹41 Cr | ₹48 Cr | ₹57 Cr | ₹74 Cr |
| Depreciation | ₹314 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹-446 Cr | ₹1.0k Cr | ₹1.9k Cr | ₹799 Cr |
| Net margin | -34.7% | 108.2% | 213.6% | 83.8% |
| Cash from operations | ₹-13 Cr | ₹-14 Cr | ₹-25 Cr | ₹-15 Cr |
| Free cash flow | ₹-13 Cr | ₹-14 Cr | ₹-25 Cr | ₹-15 Cr |
| ROCE | -3.0% | 13.0% | 22.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹9.1k Cr | ₹9.1k Cr | ₹9.1k Cr | ₹9.1k Cr | ₹9.1k Cr |
| Reserves | ₹97 Cr | ₹-1.3k Cr | ₹-1.3k Cr | ₹-1.5k Cr | ₹-838 Cr |
| Borrowings | ₹575 Cr | ₹572 Cr | ₹569 Cr | ₹1.1k Cr | ₹1.1k Cr |
| Other liabilities | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹1.4k Cr | ₹1 Cr |
| Total liabilities | ₹9.8k Cr | ₹8.4k Cr | ₹8.3k Cr | ₹10.1k Cr | ₹9.3k Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹9.2k Cr | ₹0 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹0 Cr |
| Investments | ₹4.3k Cr | ₹3.0k Cr | ₹3.1k Cr | ₹0 Cr | ₹4.6k Cr |
| Other assets | ₹5.5k Cr | ₹5.4k Cr | ₹5.2k Cr | ₹951 Cr | ₹4.7k Cr |
| Total assets | ₹9.8k Cr | ₹8.4k Cr | ₹8.3k Cr | ₹10.1k Cr | ₹9.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Powergrid Infra.
Guides on how to read this kind of business and the numbers that matter.