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Capex momentum likely to improve for Power Grid Corporation of India

Record project wins were also reported with ₹92,000 crore, and works-on-hand is ₹1.55 trillion. The management hopes capex improvement will translate to asset capitalisation of ₹28,000 crore in FY26

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For FY25, PGCIL reported revenues of ₹46,000 crore (up 1.8 per cent Y-o-Y), operating profit of ₹39,300 crore (flat Y-o-Y) and net profit of ₹15,500 crore (down 0.3 per cent Y-o-Y). Photo: Shutterstock

Devangshu Datta Mumbai

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Power Grid Corporation of India (PGCIL) closed FY2025 with a flat profit of ₹15,500 crore. It was adversely impacted by the weak capitalisation of ₹9,000 crore in the year. The capex at ₹26,200 crore was up 110 per cent year-on-year (Y-o-Y) with the guidance of further improvement to ₹28,000 crore in FY26 and ₹35,000 crore in FY27.
 
Record project wins were also reported with ₹92,000 crore, and works-on-hand is ₹1.55 trillion. The management hopes capex improvement will translate to asset capitalisation of ₹28,000 crore in FY26.
 
The Q4FY25 results reported consolidated a net profit of ₹4,140 crore (down 0.6 per