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Strong outlook for Power Grid Corp
Business Standard
|March 25, 2026
One of the few stocks to have gained in the past six weeks is Power Grid Corporation of India (PGCIL).
The utility that undertakes bulk transmission of power across states has raised its capex and capitalisation guidance for FY26 for the second time, to 35,000 crore (from 32,000 crore) and ₹25,000 crore (from 22,000 crore), respectively. It reiterated prior guidance for FY27 and FY28.
PGCIL exceeded its FY26 capex targetactual is 35,500 crore (as of March 22, 2026) and capitalisation has reached 22,700 crore.
Capitalisation and capex guidance for FY27 and FY28 were at ₹30,000 crore, ₹35,000 crore and ₹37,000 crore, ₹45,000 crore, respectively.
The improved capitalisation is due to resolution of Right of Way (ROW) issues and the FY27 guidance may be exceeded.
Capitalisation-to-capex ratio is improving and now at 0.7x.
The management highlighted Central Electricity Authority's estimate of transmission capex of ₹7.9 trillion for non-fossil capacities by FY36, with other potential opportunities of 3 trillion from undersea projects such as India-UAE/Saudi Arabia and India-Singapore, and in the Brahmaputra basin (4 trillion).
This story is from the March 25, 2026 edition of Business Standard.
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