Standalone FY26 revenue was Rs 40,900 crore, down 1.3 per cent Y-o-Y, and FY26 EBITDA stood at Rs 33,000 crore, down 6.3 per cent Y-o-Y. Consolidated revenue for FY26 was Rs 43,900 crore, down 4.6 per cent Y-o-Y, and EBITDA was Rs 35,200 crore, down 10.5 per cent Y-o-Y. Final dividend of Rs 1.25 per share equated to a full-year dividend of Rs 9 per share.
FY26 capex was Rs 39,900 crore while capitalisation stood at Rs 28,200 crore, beating guidance for capex of Rs 35,000 crore and capitalisation of Rs 25,000 crore. India’s largest power transmission company reiterated FY27 and FY28 capex guidance of Rs 37,000 crore and Rs 45,000 crore, respectively, with capitalisation of Rs 30,000 crore and Rs 35,000 crore, respectively, with a possible upside.
PGCIL sees a potential pipeline of Rs 15 trillion across renewable energy evacuation, the Brahmaputra hydro corridor, and OSOWOG interconnections (India–Sri Lanka, India–Singapore, etc). It has 22 HVDC projects at various stages of bidding and planning, with a capacity of 127 GW.
PGCIL won nine out of 28 TBCB (tariff-based competitive bidding) projects awarded during FY26, a market share of 32 per cent, which is lower than its historical share of 50-60 per cent. EBITDA declined Y-o-Y in FY26 as some regulated tariff mechanism (RTM) projects crossed the 12-year mark. There is incremental transmission demand from emerging segments such as data centres and green hydrogen projects. PGCIL is now using AI-driven monitoring and handheld devices are being deployed for early fault detection and real-time project status updates.
PGCIL added 4,765 circuit kilometres, 72 GVA of transformation capacity, and nine substations in FY26. System availability was 99.84 per cent, with full incentives earned, and the annual tripping rate improved to 0.26 in FY26 from 0.27 in FY25. Works-in-hand stood at Rs 1.7 trillion (81 per cent of it is TBCB, 17 per cent RTM). The bidding pipeline is over Rs 1.1 trillion (Rs 5,200 crore to be floated and Rs 1.053 trillion under bidding).
PGCIL signed its first BESS (Battery Energy Storage System) purchase agreement for the Kalikiri project with an annual tariff of Rs 29 crore. FY26 billing of Rs 40,200 crore was matched by a 101.2 per cent realisation rate, with Rs 40,700 crore recovered. Consultancy revenue grew from Rs 800 crore in FY25 to Rs 1,760 crore in FY26. Telecom revenue for FY26 stood at Rs 1,200 crore.
Operationally speaking, right-of-way acquisitions, supply-chain constraints (in transformers), shortages of skilled labour, and maintaining project execution timelines remain major monitorables and risk areas.
Return on net worth (RoNW) fell in FY26 due to PGCIL being in a high-growth phase, with equity dilution from the TBCB pipeline outpacing near-term earnings growth. Benefits from capitalisation occurred towards the tail-end of FY26 and will continue in FY27.
Given India’s transmission and power sector ramp-up and transition to a higher mix of renewables, the long-term opportunity is estimated at Rs 15 trillion, while the annual bid pipeline is expected to be in the range of Rs 80,000 crore to Rs 1 trillion.
In March 2026, CERC notified tariff regulations for Integrated Energy Storage Systems (IESS) developed by Transmission Service Providers under Section 62. These regulations open opportunities for the development of integrated transmission systems, and PGCIL is engaged in discussions for potential projects in northern and western regions.
Right of Way is a recurrent challenge for PGCIL. The new policy is market-rate determination by three valuers and timelines to expedite processes, but this remains a major risk. Deferred tax asset revaluation is almost complete with all TBCB projects under the new tax regime. No further significant deferred tax asset creation is expected. The strong transmission capex cycle and order visibility indicate PGCIL’s long-term prospects.
According to Bloomberg, 11 of the 19 analysts polled after the Q4 results (announced on Friday evening) are bullish, while two are bearish and the remaining six are neutral on the stock. Their average one-year target price is Rs 329.63 for the stock, which closed at Rs 298.60 on Tuesday on the BSE.
 "Power grid")