Whalesbook
Power Grid Corporation of India Limited is a Maharatna CPSU and India’s largest electric power transmission company. GoI holds a 51.34% stake in the company as on March 31, 2021. PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines.The company moves large blocks of power from the central generating agencies and areas that have surplus power to load centres within and across regions. It is under the administrative control of the Ministry of Power, GoI.PGCIL also executes several strategically important projects, assigned to the company by GoI on nomination basis. Power Grid Corporation of India is principally engaged in planning, implementation, operation and maintenance of Inter-State Transmission System (ISTS), Telecom and consultancy services.
Business Segments Q1 FY25
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Power Grid Corpn | 269.10 | 16.21 | 250279.25 | 3.34 | 3554.80 | -4.21 | 9999.60 | -2.54 | 12.97 | 41031.10 | 82.55 | 15438.29 | 3554.80 | 2.54 | 6.09 | 1.38 |
| 2. | IndiGrid Trust | 168.58 | 63.09 | 17923.35 | 6.47 | 38.63 | -54.90 | 826.72 | -1.08 | 7.51 | 3343.63 | 85.00 | 284.10 | 43.13 | 3.05 | 1.36 | 4.78 |
| 3. | Powergrid Infra. | 94.20 | 6.33 | 8564.01 | 6.37 | 279.29 | 177.79 | 316.63 | -1.04 | 16.05 | 1260.86 | 155.60 | 1352.24 | 279.29 | 1.12 | 11.62 | 0.14 |
| 4. | Anzen IYEP Trust | 115.00 | – | 2256.23 | 5.02 | -8.05 | -139.58 | 100.67 | 59.26 | 1.88 | 351.11 | 85.36 | -9.28 | -8.05 | 1.56 | -0.84 | 1.32 |
| – | Median: 4 Co. | 141.79 | 16.21 | 13243.68 | 5.7 | 158.96 | -29.55 | 571.67 | -1.06 | 10.24 | 2302.24 | 85.18 | 818.17 | 161.21 | 2.05 | 3.73 | 1.35 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 10,746 | 10,677 | 10,121 | 10,245 | 10,068 | 9,928 | 11,328 | 11,051 | 10,983 | 10,468 | 10,419 | 10,260 | 10,000 |
Expenses | 1,367 | 1,276 | 1,598 | 1,584 | 1,385 | 1,810 | 1,277 | 2,083 | 1,760 | 1,632 | 1,371 | 1,473 | 1,990 |
Operating Profit | 9,379 | 9,401 | 8,523 | 8,661 | 8,683 | 8,118 | 10,051 | 8,968 | 9,223 | 8,837 | 9,049 | 8,787 | 8,010 |
Other Income | 960 | 903 | 1,533 | 702 | 782 | 1,543 | 820 | 1,203 | 1,550 | 587 | 825 | 1,370 | 1,868 |
Profit before tax | 3,999 | 4,630 | 4,854 | 4,100 | 4,232 | 4,387 | 5,167 | 5,034 | 5,143 | 4,029 | 4,343 | 4,391 | 4,263 |
Tax % | 7% | 14% | 20% | 14% | 19% | 17% | 18% | 18% | 16% | 9% | 12% | 15% | 17% |
Net Profit | 3,702 | 3,970 | 3,894 | 3,543 | 3,412 | 3,653 | 4,217 | 4,128 | 4,336 | 3,651 | 3,834 | 3,711 | 3,555 |
EPS in Rs | 3.98 | 4.27 | 4.19 | 3.81 | 3.67 | 3.93 | 4.53 | 4.44 | 4.66 | 3.93 | 4.12 | 3.99 | 3.82 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 15,115 | 17,177 | 20,666 | 25,710 | 29,765 | 34,119 | 36,186 | 37,666 | 39,933 | 43,343 | 42,391 | 41,431 | 41,031 |
Expenses | 2,456 | 2,571 | 2,460 | 3,224 | 4,106 | 7,428 | 4,821 | 4,218 | 5,730 | 4,595 | 6,211 | 5,907 | 7,158 |
Operating Profit | 12,659 | 14,606 | 18,206 | 22,486 | 25,659 | 26,691 | 31,365 | 33,448 | 34,203 | 38,748 | 36,181 | 35,525 | 33,873 |
Other Income | 768 | 748 | 650 | 1,050 | 4,577 | 1,563 | 3,853 | 1,790 | 6,363 | 1,407 | 3,531 | 4,926 | 6,494 |
Interest | 3,168 | 3,979 | 5,135 | 6,304 | 7,591 | 9,091 | 9,814 | 8,501 | 8,211 | 9,744 | 9,047 | 9,479 | 9,577 |
Depreciation | 3,996 | 5,085 | 6,180 | 7,663 | 9,091 | 10,201 | 11,073 | 11,712 | 12,551 | 12,940 | 12,558 | 12,352 | 12,143 |
Profit before tax | 6,264 | 6,289 | 7,541 | 9,570 | 13,554 | 8,962 | 14,331 | 15,025 | 19,805 | 17,471 | 18,107 | 18,619 | 18,646 |
Net Profit | 4,497 | 4,979 | 5,948 | 7,520 | 8,245 | 9,939 | 10,811 | 11,936 | 17,094 | 15,333 | 15,475 | 15,354 | 15,438 |
EPS in Rs | 4.84 | 5.35 | 6.40 | 8.09 | 8.86 | 10.69 | 11.62 | 12.83 | 18.38 | 16.49 | 16.64 | 16.51 | 16.60 |
Dividend Payout % | 30% | 21% | 20% | 30% | 33% | 44% | 48% | 53% | 60% | 67% | 68% | 55% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 5,232 | 6,975 | 6,975 | 9,301 | 9,301 | 9,301 |
Reserves | 29,228 | 32,935 | 38,580 | 44,576 | 49,183 | 53,786 | 59,208 | 64,347 | 69,176 | 75,869 | 77,566 | 82,915 | 89,196 |
Borrowings | 83,170 | 95,045 | 108,255 | 118,698 | 131,213 | 146,086 | 147,980 | 143,073 | 134,695 | 128,583 | 123,490 | 131,013 | 135,968 |
Other Liabilities | 21,960 | 25,110 | 26,363 | 26,192 | 38,306 | 41,392 | 43,148 | 41,639 | 37,038 | 36,796 | 35,065 | 34,642 | 35,010 |
Total Liabilities | 139,589 | 158,321 | 178,429 | 194,697 | 223,933 | 246,496 | 255,568 | 254,291 | 247,885 | 248,223 | 245,422 | 257,871 | 269,475 |
Fixed Assets | 73,154 | 89,686 | 114,942 | 135,508 | 153,610 | 163,860 | 169,836 | 176,944 | 179,732 | 172,278 | 162,702 | 153,637 | 149,580 |
Gross Block | 96,504 | 118,264 | 121,337 | 149,732 | 177,100 | 197,793 | 215,191 | 234,284 | 249,954 | 255,824 | 258,807 | 262,462 | – |
Accumulated Depreciation | 23,350 | 28,578 | 6,395 | 14,224 | 23,490 | 33,933 | 45,354 | 57,341 | 70,222 | 83,546 | 96,105 | 108,825 | – |
CWIP | 49,477 | 52,924 | 43,795 | 35,884 | 30,307 | 33,578 | 30,400 | 17,972 | 7,376 | 7,699 | 9,672 | 12,399 | 13,008 |
Investments | 999 | 926 | 841 | 1,330 | 1,608 | 2,757 | 3,764 | 4,265 | 7,229 | 7,415 | 9,340 | 11,312 | 13,580 |
Other Assets | 15,960 | 14,784 | 18,851 | 21,975 | 38,408 | 46,301 | 51,568 | 55,110 | 53,548 | 60,832 | 63,707 | 80,522 | 93,307 |
Total Assets | 139,589 | 158,321 | 178,429 | 194,697 | 223,933 | 246,496 | 255,568 | 254,291 | 247,885 | 248,223 | 245,422 | 257,871 | 269,475 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 15,399 | 15,042 | 16,151 | 21,251 | 21,881 | 23,149 | 29,239 | 27,614 | 24,640 | 35,268 | 34,790 | 31,357 |
Cash from Investing Activity | -26,518 | -23,843 | -21,148 | -23,434 | -22,981 | -18,648 | -9,368 | -7,803 | 2,189 | -4,316 | -10,434 | -17,897 |
Cash from Financing Activity | 13,874 | 6,447 | 5,387 | 3,871 | -612 | -2,374 | -18,712 | -20,186 | -28,801 | -29,264 | -25,882 | -12,357 |
Net Cash Flow | 2,756 | -2,355 | 391 | 1,688 | -1,712 | 2,127 | 1,159 | -375 | -1,973 | 1,689 | -1,526 | 1,103 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 38 | 45 | 48 | 46 | 45 | 50 | 49 | 82 | 83 | 120 | 93 | 64 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 38 | 45 | 48 | 46 | 45 | 50 | 49 | 82 | 83 | 120 | 93 | 64 |
Working Capital Days | -363 | -343 | -315 | -242 | -205 | -300 | -272 | -192 | -225 | -151 | -112 | -132 |
ROCE % | 9% | 8% | 9% | 10% | 12% | 10% | 11% | 12% | 12% | 13% | 13% | 13% |
Direct from BSE filings, auto-summarised
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