Mumbai: Power Grid Corporation of India Limited (POWERGRID), the central transmission utility, announced its unaudited financial results for the quarter and nine months ended December 31, 2025.
Q3 FY26: Profit Surges 6.8%, Tops ₹4,160 Crore
The company reported robust growth in profitability for the third quarter of FY26.
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Standalone Profit After Tax (PAT): ₹4,160.17 Crore, a 6.8% increase from ₹3,894.09 Crore in Q3 FY25.
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Standalone Revenue from Operations: ₹11,005.28 Crore (Q3 FY25: ₹10,120.72 Crore).
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Standalone Earnings Per Share (EPS): ₹4.47 (including regulatory deferral account movements).
Nine-Month Performance (9M FY26)
For the cumulative nine-month period:
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Standalone PAT: ₹11,368.20 Crore (9M FY25: ₹11,017.40 Crore).
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Standalone Revenue: ₹30,933.11 Crore.
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Standalone EPS: ₹12.22.
Also Read: SAIL Q3 FY26 Results: Net Profit Surges 60% YoY to ₹1,554 Crore
Key Board Decisions Announced
In the same meeting, the Board of Directors approved several significant proposals:
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Second Interim Dividend: Declared a second interim dividend of ₹3.25 per equity share (32.5% on face value of ₹10) for FY 2025-26. The record date is February 9, 2026, and the dividend will be paid on February 27, 2026. This is in addition to the first interim dividend of ₹4.50 paid in December 2025.
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Borrowing Plan: Approved a proposal to borrow/tie up credit limits of up to ₹32,000 Crore during FY26 through various instruments like bonds, term loans, ECBs, and multilateral funding.
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Merger Schemes: Noted progress on schemes of arrangement for the merger/amalgamation of several wholly-owned transmission subsidiaries to consolidate operations.
Consolidated Results
The consolidated financial performance (including all subsidiaries and joint ventures) was also strong:
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Consolidated PAT (Q3 FY26): ₹4,184.96 Crore.
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Consolidated PAT (9M FY26): ₹11,381.62 Crore.
Segment-Wise and Operational Highlights
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Transmission Business remained the core revenue driver, contributing the majority of segment profit.
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The company recognized transmission income based on CERC's Tariff Regulations, 2024, including provisions for assets awaiting final tariff orders.
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The Board has given in-principle approval for the sale of the company's entire stake in three joint ventures: Torrent Power Grid Ltd, Sikkim Power Transmission Ltd, and Parbati Koldam Transmission Company Ltd. Investments in these JVs are now classified as 'Assets Held for Sale'.
Financial Position & Ratios
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Net Worth (Standalone): ₹98,387.41 Crore as of December 31, 2025.
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Total Borrowings (Standalone): ₹1,43,077.38 Crore.
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Debt-Equity Ratio: 1.45.
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Interest Service Coverage Ratio (Standalone): 3.84.
Compliance & Auditors' Review
The results were reviewed by the Audit Committee and approved by the Board. The statutory auditors, ASA & Associates LLP, Sagar & Associates, G. D. Apte & Co., and Jain Paras Bilala & Co., have issued an unmodified limited review report on both standalone and consolidated results.
About Power Grid Corporation of India Ltd.
POWERGRID, a 'Maharatna' CPSE under the Ministry of Power, is India's principal electric power transmission utility. It operates a vast network of transmission lines and substations across the country.