Power Grid Corporation of India Ltd. reported a Q2 profit of ₹3,598.42 crore, a 0.9% dip YoY, while operating revenue climbed 2.7% to ₹11,496.72 crore—up from ₹11,196.22 crore a year earlier.
The transmission arm, the company’s largest segment, generated ₹10,929.16 crore in the quarter, beating the ₹10,694.66 crore recorded in June 2025.
According to the BSE filing, the firm secured 10 transmission projects under the Tariff‑Based Competitive Bidding framework for FY 2026‑27, totaling ₹7,863.63 crore in annual charges, a 15% uptick from the ₹6,825.42 crore booked in the previous fiscal year.
The latest win—an intra‑state Pune West 765kV GIS project at ₹199.55 crore per annum—adds to a broader pipeline that includes a ₹822.91 crore inter‑state renewable integration scheme in Gujarat, underscoring a steady inflow of regulated revenue.
Analysts noted the company’s EBIT margin contracted slightly to 18.7% from 19.1% last year, citing higher transmission expenses. Forward guidance from the board signals continued acquisition of TBCB contracts, with a projected 12% rise in annual transmission charges for FY 2027‑28.
Investors will watch the upcoming Q3 filing on September 30 for updated guidance and any adjustments to the debt‑to‑EBITDA ratio, as the firm aims to maintain a stable cash‑flow profile amid expanding infrastructure commitments.