State-owned Power Grid Corporation of India Ltd reported an 8.4% year-on-year increase in consolidated net profit to ₹3,866.16 crore for the September quarter of FY27. The company had posted a net profit of ₹3,566.08 crore in the corresponding quarter last year.
Revenue from operations increased 2.97% to ₹11,816.22 crore from ₹11,475.95 crore a year earlier. Total income, including other income, rose 3.3% to ₹12,055.11 crore from ₹11,670.24 crore. The company’s board approved the unaudited financial results on November 1.
Profit Growth Outpaces Revenue
Consolidated profit before tax increased 17.8% to ₹4,568.44 crore from ₹3,878.17 crore in the year-ago quarter. However, it declined marginally from ₹4,587.32 crore in the June quarter.
Net profit rose 7.4% sequentially from ₹3,598.42 crore in Q1 FY27, while revenue from operations grew 2.8%.
For the first half of FY27, consolidated revenue from operations increased approximately 2.8% to ₹23,312.94 crore. Net profit rose 3.7% to ₹7,464.58 crore. The half-year figures indicate a more moderate earnings trajectory than the growth reported in the September quarter.
Power Grid Reports ₹16,864 Crore Capital Expenditure
The company reported consolidated capital expenditure of ₹16,864 crore during the first half of FY27, reflecting continued investment in transmission infrastructure.
During the same period, it capitalised assets worth ₹9,300 crore, excluding foreign exchange rate variation and including assets capitalised as finance leases. Capital expenditure covers ongoing project investments, while capitalisation reflects assets brought into service and recognised in the company’s asset base.
As of September 30, 2026, consolidated gross fixed assets, including gross lease receivables, stood at ₹3,29,852 crore.
Board Approves CTUIL Stake Divestment
In a separate development, the board approved the sale of its entire equity stake in Central Transmission Utility of India Ltd (CTUIL) to Grid Controller of India Ltd. The decision follows an in-principle approval granted in March 2026.
The company also disclosed progress towards exiting investments in certain joint ventures, including Torrent Power Grid Ltd, Sikkim Power Transmission Ltd and Parbati Koldam Transmission Company Ltd.
According to its financial statement disclosures, the company received approval from the Department of Investment and Public Asset Management (DIPAM), through the Ministry of Power, during the September quarter for the proposed exits.
Transmission Network Maintains 99.81% Availability
At the end of September 2026, the company and its subsidiaries operated 1,87,576 circuit kilometres of transmission lines, 293 substations and transformation capacity of 6,49,116 MVA.
Average transmission system availability stood at 99.81% during the first half of FY27. The figure reflects the operational reliability of its transmission network as the company continues to support India’s power transmission requirements.
Power Grid Declares ₹3 Interim Dividend
The board approved a first interim dividend of ₹3 per equity share of ₹10 face value for FY27. This represents 30% of the share’s face value.
The company has fixed November 6, 2026, as the record date to determine eligible shareholders. It will pay the dividend on November 30.
Project Execution Remains Key to Growth
The September-quarter results show stronger profit growth alongside relatively modest revenue expansion. The company’s substantial capital expenditure also highlights the scale of its ongoing infrastructure investment.
The pace of project completion and commissioning will remain important for future earnings. The conversion of capital expenditure into operational assets, regulated transmission income and returns on capital will shape the company’s financial performance in the coming quarters.
