The Ministry of Power released the latest PM Dhara scheme on September 30, earmarking a staggering ₹186,405 lakh crore for the third phase, a leap of 15.6 times the ₹10,000 crore allocation for phase‑I and 15.5 times the ₹12,000 crore of phase‑II.
The announcement sent Power Grid’s stock, ticker POWERGRID.NS, up 2.3% in pre‑market trading, reflecting investors’ belief that the company’s 100% stake in national transmission assets will benefit directly from the new capital infusion.
L&T, KEC International, and GE Vernova T&D are also positioned for ancillary build‑outs, with L&T’s shares up 6.7% this quarter on the scheme news. Industry analysts note that the 50 GWh battery storage allocation could drive demand for GE Vernova’s energy storage solutions, potentially nudging its EPS higher by 12% next quarter.
The scheme’s focus on 12–13 HVDC projects and 135 GW of renewable capacity aligns with the central government’s push to decongest renewable‑rich states, a trend that has already nudged the renewable energy index up 7.2% year‑to‑date.
Power Grid’s board will announce its Q2 earnings on October 15, with analysts projecting a 9% YoY increase in net profit, up from a 3% rise in Q1. The company is also expected to lift its 2026‑27 guidance for operating margin by 1.2 percentage points in response to the scheme’s funding.