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India's state-owned electricity transmission monopoly, operating the national power grid that moves electricity from generators to distributors.
India's state-owned electricity transmission monopoly, operating the national power grid that moves electricity from generators to distributors.
Is paid regulated tariffs for keeping its lines available, not for the power carried, so income follows the value of transmission assets in service and the returns the central regulator allows. It also wins new lines through competitive bidding. The Government of India is the majority shareholder.
In one line: India's version of a regulated national grid operator.
Moat: wide (regulatory licence, scale, installed base). Near-monopoly on India's inter-state transmission grid with regulated, cost-plus tariffs.
Headquarters: Gurugram, India · Founded: 1989 · Employees: 30,489
Size Power Grid Corporation of India (POWERGRID.NS) is an India Utilities company (Electric Utilities) with a market value of $25.6B, the 37th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹259.90 on 6 Nov 2026.
Performance Over six months the shares fell 17.2%, against +0.2% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +7.2%); the operating margin is 54.8% (peer median 21.3%).
Valuation It trades at 14.4× forward earnings against a peer median of 17.9× (5th cheapest of 20).
Capital Return on invested capital runs 3.2 points below its cost of capital (10.9% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹474B | ₹456B | ₹450B | ₹452B | ₹452B |
| Revenue growth | — | +1% | 0% | 0% | — |
| Gross profit | ₹260B | ₹281B | ₹278B | ₹281B | ₹280B |
| EBITDA | ₹390B | ₹386B | ₹392B | ₹399B | ₹401B |
| Net income | ₹162B | ₹159B | ₹155B | ₹156B | ₹154B |
| Free cash flow | n/a | -₹53.2B | ₹35.3B | ₹170B | ₹237B |
| Capital expenditure | n/a | ₹373B | ₹241B | ₹114B | ₹82.4B |
| Total debt | ₹1.51T | ₹1.48T | ₹1.31T | ₹1.24T | ₹1.29T |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Power Grid Corporation of India POWERGRID.NS | $25.6B | -17% | +3% | 55% | 14.4× | n/a |
| Adani Energy Solutions ADANIENSOL.NS | $18.9B | +5% | +33% | 25% | 37.4× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | POWERGRID.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.7% | +6.3% | 5th lowest of 21 |
| 6-month return | -17.2% | +0.2% | 2nd lowest of 21 |
| Distance from 52-week high | -20.0% | -9.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +2.6% | +7.2% | 5th lowest of 21 |
| Operating margin | 54.8% | 21.3% | highest of 21 |
| Forward P/E | 14.4× | 17.9× | 5th cheapest of 20 |
| ROIC minus cost of capital | -3.2 pp | -1.1 pp | 4th lowest of 21 |
| EV / EBITDA | 9.9× | 13.0× | 4th cheapest of 17 |
| Net debt / EBITDA | 3.7× | 5.5× | 6th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |