1. Economic Landscape
Global Economy
The global economy recorded moderate growth in FY 2025-26 amid an increasingly uncertain geopolitical and macroeconomic environment. Higher trade barriers, geoeconomic fragmentation and policy uncertainty weighed on economic activity, while resilient labour markets and continued investment in technology and artificial intelligence provided support. The escalation of geopolitical conflicts in early 2026 further dampened growth momentum by disrupting trade, increasing energy price volatility and intensifying supply chain risks. In its World Economic Outlook, April26, International Monetary Fund (IMF) has projected global growth of 3.1% in 2026 and 3.2% in 2027, both below the recorded growth of ~3.4% in 2025. Emerging and developing economies continue to be the primary drivers, projected to grow 3.9% in 2026 against 1.8% for advanced economies, while risks stay elevated on conflict, volatile energy prices, supply-chain disruptions and persistent inflation.
Indian Economy
Against this backdrop, India continues to be the worlds fastest-growing major economy. According to the International Monetary Fund (IMF), Indias economy grew by 7.6% in FY 2025-26 and is projected to expand by 6.5% in each of the next two years. The World Banks India Development Update (April 2026) also estimates GDP growth at 7.6% for FY 2025-26 and 6.6% for FY 2026-27, while the Ministry of Statistics and Programme Implementation (MoSPI) reported real GDP growth of 7.7% in FY 2025-26, reaffirming the countrys strong economic fundamentals.
Indias resilient domestic demand, sustained public capital expenditureandrobustfinancialsystem continue to support a positive growth outlook, with real GDP projected to grow between 6.8% and 7.2% in FY 2026-27. This sustained economic expansion is driving electricity demand across manufacturing, construction, commercial services and urban centres, further accelerated by the growth of data centres, industrial clusters, transport electrification and emerging green hydrogen and greenammonia facilities.
2. Power Sector: Trends & Drivers
2.1 Global Power Sector
The global power sector is undergoing a fundamental shift from a centralised, fossil-fuel-based model to a decentralised, digitised and decarbonised ecosystem. The sector is witnessing a surge in electricity demand, driven by the rapid expansion of AI-enabled data centres, the transition to low carbon energy sources, and the growing requirements for advanced cooling solutions. This trend is further reinforced by a global manufacturing revival, which requires power grids to deliver reliable and scalable energy.
Key Trends and Developments
IEAs Electricity 2026 report highlights that transmission networks and grid modernisation will play a pivotal role in enabling reliable, resilient and sustainable electricity systems. Key global trends include:
a Electrification and Demand Growth: Global electricity demand grew by 3.0% in 2025, following a 4.4% increase in 2024 and an average growth of 2.7% during 2010 2023. Demand is projected to rise at an average 3.6% annually during 2026 2030, growing at least 2.5 times faster than overall energy demand, driven by industry, electric vehicles, air conditioning and data centres. Annual demand growth over the next five years is expected to be 50% higher than the previous decades average, with emerging economies accounting for nearly 80% of additional consumption, led by India and Southeast Asia.
a Renewable Energy Expansion: On the supply side, renewable energy continues to lead global capacity additions. Renewables and nuclear together are expected to account for about half of global electricity generation by 2030. In percentage terms, renewable generation is forecast to rise at an annual rate of 8% per year. Renewable output is forecast to grow by about 1,000 TWh annually through 2030, with solar PV alone accounting for over 600 TWh of that annual growth.
a Decarbonization and Emissions: The transition to low-carbon energy sources is reshaping global generation portfolios. The continued decline in carbon dioxide emissions from the power sector is being accelerated by increased use of renewables and advances in energy efficiency.
a System Reliability and Resilience: As power systems integrate higher shares of renewable energy and meet rapidly growing electricity demand, resilient transmission networks have become indispensable.
The increasing pipeline of renewable energy, storage and large-load projects necessitates faster grid expansion and modernisation. Grid-enhancing technologies, including dynamic line rating, advanced power-flow control, reconductoring and voltage uprating, are helping optimise existing infrastructure while supporting reliable and flexible power systems.
2.2 Indian Power Sector
Indias power sector is a key driver of economic growth and social development, supporting industrial expansion, infrastructure development and improved quality of life. The sector is witnessing a strong growth phase, driven by the vision of Viksit Bharat by 2047, the accelerating electrification of transport, industry and other energy end uses, and the transition towards a cleaner energy mix.
With rising electricity demand, India continues to expand its generation, transmission and distribution infrastructure to support sustainable growth. Built on the three core pillars of generation, transmission and distribution, the sector has evolved significantly over the years into a more reliable, resilient and future-ready power ecosystem.
| FY | FY | FY | FY | FY | YoY (FY26 | |
| Description | 2021-22 | 2022-23 | 2023-24 | 2024-25 | 2025-26 | vs FY25) |
| Generation | ||||||
| Total installed capacity (incl RE) (GW) | 399 | 416 | 442 | 475 | 533 | 12.11% |
| Non-Fossil sources (GW) | 163 | 179 | 199 | 228 | 283 | 24.23% |
| Total Generation (incl. RE), (ex. Bhutan | 1,484 | 1,618 | 1,732 | 1,824 | 1,840 | 1.00% |
| Import) (BU) | ||||||
| Transmission | ||||||
| Transmission lines (ckm) | 4,56,716 | 4,71,341 | 4,85,544 | 4,94,374 | 5,06,513 | 2.46% |
| (220 kV & above) | ||||||
| Transformation Capacity (MVA) | 11,04,450 | 11,80,352 | 12,51,080 | 13,37,513 | 14,50,526 | 8.45% |
| Inter-regional Power Transfer | 1,12,250 | 1,12,250 | 1,18,740 | 1,18,740 | 1,20,340 | 1.35% |
| Capacity (MW) | ||||||
| Inter-regional Power Transfer (BU) | 228 | 236 | 249 | 260 | 252 | (2.99%) |
| Power Markets | ||||||
| Short Term Transactions (nos.) | 89,544 | 1,02,692 | 1,20,246 | 1,52,657 | 2,40,566 | 47.59% |
| Short Term Transactions- Energy | 163 | 172 | 172 | 170 | 204 | 19.93 % |
| Transacted (BU) | ||||||
| Power Supply Position | ||||||
| Peak Demand (GW) | 203 | 216 | 243 | 250 | 245 | (1.77%) |
| Peak Met (GW) | 201 | 207 | 240 | 250 | 245 | (1.78%) |
| Deficit (%) | 1.2% | 4.0% | 1.4% | 0.0% | 0.0% | |
| Energy Demand (BU) | 1,380 | 1,512 | 1,626 | 1,694 | 1,707 | 0.80% |
| Energy Met (BU) | 1,374 | 1,504 | 1,622 | 1,692 | 1,707 | 0.86% |
| Deficit (%) | 0.4% | 0.5% | 0.3% | 0.1% | 0.0% |
Source: CEA Monthly Reports, Grid India PSP Report
Generation
As India advances its energy transition, the generation sector is undergoing significant expansion and diversification. Supported by a balanced mix of conventional and renewable sources, India today ranks among the worlds leading electricity producers.
FY 2025-26, with non-fossil fuel sources accounting for over Thesectorachievedasignificant
50% of the countrys installed power capacity, driven by a record addition of 55.3 GW of non-fossil capacity during the year. Looking ahead, Indias clean energy ambitions have been further strengthened, with the country targeting a 60% share of non-fossil fuel energy sources in installed electricity generation capacity by 2035, reaffirming the countrys commitment to a secure, sustainable and low-carbon energy future.
Transmission
The increasing share of renewable energy is reshaping generation patterns and reinforcing the need for a robust, flexible, resilient and integrated transmission network to efficiently evacuate power with reliability. With the growth of renewable energy, the strategic importance of a reliable transmission system has become paramount. Historically viewed primarily as an evacuation channel from generation plants to load centres, the transmission grid has emerged as the central platform empowering Indias energy transition. The national grid is undergoing continuous expansion through the addition of transmission lines and transformation capacity to support the rapid growth of non-fossil generation and to meet rising electricity demand. This expansion is enabling seamless integration of non-fossil energy into the grid, while advancements in high-voltage transmission technologies are enhancing the efficiency, reliability and capacity of bulk power transfer.
POWERGRIDs Role in Indian Power Sector
Indias transmission network comprises inter-State and intra-State systems owned by central and state utilities, along with private sector participation. Established in 1989 and majority owned by Govt. of India, POWERGRID is the largest power transmission company in India and the backbone of the countrys inter-state power transmission system. The Company continues to be the leader in the competitive bidding regime in ISTS. The Company was a key enabler in realising the countrys vision of "One Nation, One Grid, One Frequency" by integrating five regional networks and currently accounts for about 84% of the national inter-regional transfer capacity, contributing approximately 101,180 MW out of the total 120,340 MW.
Empowering energy transition, your Company has also been contributing significantly to renewable energy integration including through Green Energy Corridors and continues to be the Government of Indias preferred partner for cross-border transmission projects. The availability of its transmission system has been consistently maintained above 99.8%, which is at par with international utilities, by deploying best operation and maintenance practices. A pioneer in advanced transmission technologies, POWERGRID commissioned the countrys first ?800 kV HVDC system, test-charged the 1,200 kV UHVAC line (the highest voltage in the world) and established the first 1,200 kV test centre at Bina among many others. Leveraging its transmission assets, experience and expertise developed over the years, the Company has diversified into telecom and consultancy businesses respectively.
Distribution
The distribution sector is the most critical link in Indias electricity value chain, directly influencing the reliability, accessibility, affordability and sustainability of power supply. According to the 14th Annual Integrated Rating & Ranking of Power Distribution Utilities, the sector continued to strengthen its operational and financial performance in FY 2024-25. Aggregate Technical & Commercial (AT&C) losses declined from 15.97% in FY2023-24 to 15.04% in FY2024 25, while billing efficiency improved from 86.99% to 87.59%, reflectingsustained progress in loss reduction, energy accounting and revenue realisation. A key driver of this improvement is the Revamped Distribution Sector Scheme (RDSS), which focuses on infrastructure modernisation, loss reduction and eliminating the gap between the Average Cost of Supply (ACS) and Average Revenue Realized (ARR).
As India accelerates renewable energy integration, rooftop solar adoption under PM Surya Ghar, and consumer participation as ‘prosumers, financiallysustainable distribution sector is modern,digitalisedand crucial for delivering reliable, affordable and green power while advancing the nations energy security and sustainability goals.
2.3 Key Initiatives, Reforms and Regulatory Changes in Transmission Sector
Several key initiatives, policy reforms and regulatory developments were undertaken during the year. Some of the key reforms are discussed below;
a) Energy Storage Systems (ESS): Enabling Grid Flexibility
Electricity (Amendment) Rules, 2025
Ministry of Power issued amendments to the Electricity Rules, 2005 to introduce use of Energy Storage Systems (ESS) either as an independent system or as part of generation, transmission or distribution infrastructure, with the provision that ESS may be developed, owned, leased or operated by a generating company, transmission licensee, distribution licensee, consumer, system operator or independent energy storage service provider. The rules give the developer or owner of the ESS the option to sell, lease or rent out the storage capacity, wholly or partially, to any consumer, utility involved in generation, transmission or distribution, load dispatch centre or any other person.
b) Late Payment Surcharge and Related Matters
Amendment in Electricity Rules, 2022
Ministry of Power extended the applicability of these rules to all transmission licencees including intra-State transmission licencees, thereby strengthening the receivable-recovery framework across the transmission sector.
The amendment aims to strengthen payment discipline, ensure timely recovery of transmission charges, improve the financial liquidity of transmission utilities, and promote greater financial stability across the power sector.
c) Faster Approval of ISTS Projects
Amendment in Electricity (Transmission System Planning, Development and Recovery of Inter-State Transmission Charges) Rules, 2021
Ministry of Power issued amendments delegating powers to the NCT and CTU for approving ISTS projects subject to cost limits specified by the Central Government from time to time. This delegation is expected to accelerate approval timelines.
d) Viability Gap Funding (VGF) Scheme for BESS
Ministry of Power issued guidelines for VGF Scheme for development of Battery Energy Storage Systems supported through the Power System Development Fund (PSDF). The scheme targets development of 30 GWh of BESS capacity to ensure grid integration of RE and reliable electricity supply and has a provision for VGF of 18 lakh per MWh linked to progress of the BESS project, with budgetary allocation of 5,400 crore entirely from PSDF.
e) Right of Way Framework in Electricity Act
Draft Electricity (Amendment) Bill, 2025
The draft proposes to incorporate the Right of Way framework within the Electricity Act under Section 164, providing a self-contained legal framework for transmission licencees to exercise RoW for laying transmission lines. The Bill also proposes inclusion of energy storage in the statutory definition of the power system.
f) RoW Supplementary Guidelines
Amendment to Supplementary Guidelines for payment of compensation in regard to RoW for transmission lines
MoP amended the supplementary guidelines to expedite the land valuation process by introducing a timebound methodology for determination of land value.
g) Regulatory Framework for Integrated Energy Storage Systems (IESS)
CERC (Terms and Conditions of Tariff) (Second Amendment) Regulations, 2025
The amendment introduced provisions for installation of Integrated Energy Storage Systems (IESS) in generating stations and transmission systems. The regulation mandates prior in-principle approval from CERC beforecapitalexpenditureonESSsubject fulfillmentof the conditions stipulated. The structure of supplementary tariff forIESSincludesfixedstorage charges and energy charges. The regulations further refined the tariff-determination framework for IESS by a Transmission Service Provider. Regulatory Sandbox provision
The amendment also introduced a Regulatory Sandbox provision, permitting R&D expenditure of up to 1% of annual fixed cost or 100 crore, whichever is lower. i) Dual Connectivity, waiver of transmission charges etc.
CERC (Sharing of Inter-State Transmission Charges and Losses) (Fourth Amendment) Regulations, 2025
CERC issued the Fourth Amendment to the Sharing Regulations, which introduced revised transmission deviation treatment for generators having dual connectivity (ISTS and intra-state), new conditions related to waiver of transmission charges for Hydro PSP ESS, offshore wind projects, Battery Energy Storage Systems and for use of ISTS for Green Hydrogen or Green Ammonia Plant as a drawee DIC.
The amendment also aligned Transmission System Availability Factor calculations under TBCB with the relevant Tariff Regulations.
2.4 Growth Drivers for Power Sector Energy Transition
Indias energy transition is being powered by a rapidly evolving electricity sector. To enhance energy security and reduce dependence on imported fossil fuels, the country is accelerating the deployment of renewable energy while expanding nuclear and hydropower capacity, promoting green hydrogen, and investing in pumped storage. Energy storage has become central flexibilityto firm Indiaspowersystem,providingthe up variable renewable generation and to shift daytime surpluses to the evening peak.
Achieving these goals requires continued development of a resilient and future-ready National Grid, supported by high-capacity AC and HVDC transmission systems, along with advanced technologies such as synchronous condensers for effective grid management and stability. Indias vast renewable energy potential, Green Hydrogen initiatives, energy storage and climate action plan are key elements in attaining these energy transition goals and transmission continues to empower this energy transition in the country.
Surge in Electricity Demand
Indias per capita Electricity consumption is expected to rise from about 1,541 kWh in 2024 to around 2,000 kWh by 2030, over 4,000 kWh by 2047, and 7,000-10,000 kWh by 2070. This sustained growth in consumption will necessitate the development of power infrastructure.
Further, energy demand is expected to grow at the fastest rate among major economies, driven by rapid urbanisation, industrialisation, the rise of electric mobility, the use of energy intensive technologies, digital infrastructure, and green hydrogen production. According to the Mid-Term Review of the 20th Electric Power Survey (EPS), the countrys peak electricity demand is projected to increase from 289 GW (1929 BU) in 2026-27 to 345 GW in 2029-30 (2388 BU) and further to 388 GW (2703 BU) by 2031-32. Since April 1, 2026, the country has witnessed multiple new all-time peak demand records, with the highest demand reaching 270.8 GW on May 21, 2026.
Data Centres, Digital Infrastructure and Green Hydrogen
The country is building a secure, reliable and AI-ready digital infrastructure to support its rapidly expanding digital economy and governance ecosystem. A key enabler of this transformation is the fast-growing data centre segment. Data Centres and Green Hydrogen are emerging as new demand centres. AI-led data centre clusters are coming up as large, concentrated point loads, while green hydrogen is expected to add ~ 71 GW of demand by 2032.
With an existing capacity of around 1,280 MW, Indias data centre ecosystem is projected to expand four to five times by 2030, driven by the increasing adoption of AI, cloud computing, digital services and data-driven technologies. This growth is expected to boost electricity demand, creating new opportunities across the sector.
A recent announcement by a leading hyperscaler to invest 15,000 crore in AI Hub, in one of the Southern states, which also envisages the development of gigawatt-scale data centre Infrastructure, together with the grant to it of a distribution license to directly procure and distribute power for the 1 GW campus is one of the recent examples of this fast-emerging demand segment.
3. Opportunities in Transmission Sector
Inter-State Transmission System
As per CTUILs ISTS Rolling plan 2030-31, transmission schemes comprising 77,228 ckm of transmission lines and transformation capacity of 6,97,747 MVA at estimated cost of 5,41,481 crore are envisaged for addition to the grid in the next five years.
| Sl. No. | Financial Year | Ckm addition | MVA addition | Estimated cost (in crore) |
| 1 | 2025-26 | 4,872 | 58,815 | 22,797 |
| 2 | 2026-27 | 25,146 | 2,48,050 | 1,42,979 |
| 3 | 2027-28 | 6,498 | 1,02,717 | 43,372 |
| 4 | 2028-29 | 7,726 | 1,04,205 | 51,558 |
| 5 | 2029-30 | 22,041 | 1,20,260 | 1,95,183 |
| 6 | 2030-31 | 10,946 | 63,700 | 85,592 |
| Total | 77,228 | 6,97,747 | 5,41,481 |
Of the above, ~42,000 ckm and 414 GVA with an estimated cost of 2.83 lakh crore are under construction and remaining i.e. ~34,400 ckm & 284 GVA with an estimated cost of 2.58 lakh crore are under planning/ approval/ bidding stage. The IR transmission capacity is expected to grow from the present level of 120 GW to about 167 GW by 2030-31 as per ISTS Rolling plan.
Intra-State Transmission System and Green Energy Corridors (Phase-II)
Green Energy Corridor (GEC) Phase-II for intra-State Transmission System (InSTS) is under implementation and envisages addition of approximately 10,750 ckm of transmission lines and approx. 27,500 MVA transformation capacity of substations. The scheme shall facilitate evacuation of 20 GW in seven RE rich states. The newly proposed GEC-III scheme is further expected to facilitate the intra-state evacuation of additional 134.7 GW of Solar, Wind and Hydro power from RE plants and 25.2 GW of pumped storage systems, with the augmentation of the grid in 25 RE-rich states. The scheme will strengthen transmission infrastructure by 51,126 circuit kilometres and establish substations of aggregate capacity of 228,903 MVA. transmission network expansion, grid strengthening are expected Inadditiontoabove,significant to generate sizeable opportunities in the intra-State transmission segment.
Cross-Border Interconnections, Under Sea & One Sun One World One Grid
Transmission of power is generally more economical than transportation of fuel. Establishing electrical interconnections with neighbouring countries offers benefits in meeting growing power demand, sharing various types of energy resources, decreasing operational cost through better resource management, utilising renewable energy resources and deferring investment by optimising spinning reserve. Due to its geographical location, India shares its boundaries with many South Asian countries and is already playing a key role in exchange of power between India and its neighbouring countries for optimal utilisation of resources and development of the regional economy. The existing cumulative cross-border power transfer capacity between India and Nepal, Bhutan, Bangladesh and Myanmar stands at about 10 GW and is expected to increase to about 18 GW including about 8 GW under implementation between India and Nepal. With another more than 7 GW planned with these neighbouring countries, the total cross-border power transfer capacity of India is slated to rise to about 26 GW going forward.
Additional emerging opportunities through cross-border and undersea transmission projects include India-Sri Lanka HVDC interconnection and Paradeep Andaman undersea HVDC link. Over the long term, One Sun-One World-One Grid initiative could also be a significant growth driver for power transmission.
Grid-Scale Battery Energy Storage
Energy storage is becoming central to grid utilisation. Cumulative battery energy storage system (BESS) capacity rose from about 0.78 GWh in December 2025 to roughly 8.7 GWh by June 2026 and is expected to reach 12-15 GWh by the end of 2026. The scale-up has been supported by a maturing policy framework, including the National Framework for Energy Storage, viability gap funding for standalone projects, competitive bidding guidelines, market access in ancillary services and the recognition of storage as infrastructure. The opportunity ahead is large. Industry estimates place Indias cumulative storage requirement at about 888 GWh by 2035-36, comprising roughly 321 GWh of battery storage and 567 GWh of pumped storage. Realising this build-out will require close integration of storage with the transmission network to enable reliable evacuation, balancing and grid stability.
Hydrogen Economy and Data Centre Demands
Emerging demand from green hydrogen and green ammonia projects represents a significant new transmission planning consideration. An additional demand of about 24 GW from Green Hydrogen/Ammonia projects has been considered as direct drawl from ISTS by 2030-31 and industrial demand & data centres of about 16 GW.
1150 kV Transmission System
To facilitate evacuation of power from renewable energy-rich regions and associated energy storage systems, meet the growing demand of large Green Hydrogen hubs, and transmit power from major conventional generating stations to load centres, potential corridors for the deployment of a 1150 kV AC transmission system have been identified.
3.1 Opportunity Size
Indias power sector is on a multi-decade investment cycle in which transmission has evolved into a platform empowering energy transition. The Central Electricity Authoritys plan for integrating over 900 GW of non-fossil capacity by 2035-36 envisages about 137,500 ckm of transmission lines and 8,27,600 MVA of transformation capacity, entailing investment of roughly 7.93 lakh crore, part of a wider transmission opportunity of about 9.15 lakh crore under the National Electricity Plan. This includes ongoing project bids of about 1.1 lakh crore consisting of ISTS & InSTS projects of about 18,900 ckm of transmission lines and about 1,88,000 MVA transformation capacity. Development of about 76 GW of hydropower capacity across 12 sub-basins of Brahmaputra, with an estimated investment of 1.9 lakh crore upto 2035 and 4.5 lakh crore beyond 2035 is another major opportunity for transmission expansion.
Twenty-two HVDC schemes with a combined capacity of ~127 GW which are at various stages of planning and bidding, include multiple renewable energy-linked corridors in Rajasthan, Gujarat and Andhra Pradesh, alongside hydro-linked HVDC corridors proposed for the Brahmaputra Basin.
4. COMPANYS OUTLOOK
Transmission
As the backbone of the countrys inter-State Transmission System, POWERGRID is strategically positioned to support Indias expanding power system and translate the growing demand for transmission infrastructure into sustainable growth. With a Gross Fixed Asset base exceeding 3 trillion, it is also among the largest transmission utilities in the world. The Companys continued leadership in the competitively bid out projects complements its large portfolio of Regulated Tariff Mechanism (RTM) assets, which continues to provide stability under the regulatory framework.
With approximately 1.7 lakh crore works in hand including CWIP of 0.48 lakh crore, and a bidding pipeline in excess of 1.1 lakh crore, providing strong multi-year execution visibility, your Company is poised for a sustained multi-year investment and growth cycle. For FY 2026-27, capex is targeted at approximately 37,000 crore and capitalisation at approximately 30,000 crore. Taken together, a healthy order book, a strong bidding pipeline and a clear capital expenditure roadmap position the Company well to sustain steady growth over the coming years, while empowering Indias energy transition journey.
In FY2026-27, several challenging projects for evacuation of RE power are targeted for completion. These include the establishment of substations at Koppal, Gadag, Vataman, Kurnool-III (new), Ananthpuram etc., along with their associated transmission lines.
With a large number of projects under execution, your Company is placing strong emphasis on technology-led interventions and procurement strategies to overcome the challenges. To address persistent Right of Way issues in urban areas, the Company successfully implemented the countrys first insulated cross-arm at 400 kV level. The Company continues to deploy advance digitalisation solutions across project management and execution. The Company is also entering the storage business through both the competitive and the regulated routes. During the year it secured its maiden Battery Energy Storage System (BESS) project (150 MW/300 MWh BESS project in Andhra Pradesh) through competitive bidding, which is being implemented through its wholly owned subsidiary, PESL. As discussed under the ‘Key Initiatives and Reforms section, a significant regulatory development has opened storage as a core transmission opportunity, treating storage co-located with the grid as a natural extension of the transmission business and opening a new investible asset class.
Telecom
Operating through its wholly owned subsidiary, POWERGRID Teleservices Limited (PowerTel), your Company leverages its existing Right of Way (RoW) and the Optical Ground Wire (OPGW) on its transmission lines, to undertake its telecom business.
PowerTel is a reputed telecom and digital infrastructure player with revenue in excess of 1,000 crore. It continues to position itself as Indias preferred infrastructure partner for hyperscalers, cloud providers and AI factories, given the rising demand for high-speed bandwidth, data centres and 5G backhaul services. Building upon decades of expertise in land acquisition, development of large-scale infrastructure, reliable multi-source power supply, high-capacity transmission systems, and one of the worlds largest OPGW networks with a bouquet of services, PowerTel offers an integrated value proposition to its customers.
Through its foray into Data Centre business, PowerTel further intends to leverage the network & execution strengths of the parent company while diversifying its earnings. Further, leveraging its decades-long relationship with customers, the Company expects to establish a place for itself in the growing data centre market. The Company is hopeful that its Sovereign offering, Govt. of India entity status, reliability and trust built over the years will keep it in good stead.
The data centre business is expected to begin commercial operations in FY 2026-27 while the work of Zone-2 Data Centre at Chennai is also envisaged to start shortly.
Other Business
The Company continues to expand its consultancy business by drawing on its extensive expertise in engineering, project execution and grid integration, serving central and state utilities as well as clients in India and abroad. On the domestic front, Company is pursuing opportunities with state utilities for infrastructure modernisation and upgradation. Further, with increasing infrastructure growth in the country, a higher volume of consultancy related to diversion is also anticipated.
Having built a footprint across 25 countries, the Company is strengthening its international presence through its first overseas Public-Private Partnership (PPP) transmission project in Kenya. Taking forward its experience in Kenya, the Company is pursuing similar opportunities across Africa, including Zimbabwe and Mozambique.
The Company is also pursuing opportunities across South Asia, the Middle East, South America, Europe and Australia.
5. Major Constraints / Challenges / Threats faced in construction, operation & maintenance of Transmission systems and mitigation thereof
5.1 Project Implementation - Challenges and Mitigation
The major constraints and concerns faced by the Company in project implementation and operation & maintenance of the Inter-State Transmission System are discussed below: The major challenges include
a Right of Way (RoW) constraints simultaneous
a Securing Land for construction of substations
a Obtaining forest, wildlife and other statutory clearances in a timely manner
a Shortage of skilled manpower
a Supply-chain constraints for transmission equipment
a Shorter gestation period of RE generation vis-a-vis transmission
a Adverse impact of extreme weather events on construction activities and schedules Right of Way (RoW) Constraints
Securing Right of Way (RoW) for transmission lines continues to be one of the key challenges in project execution. Increasing urbanisation, expanding infrastructure such as highways, railways, pipelines and communication networks, and competing land-use requirements have progressively reduced the availability of suitable transmission corridors. The challenge is particularly acute in renewable energy-rich states, where large transmission corridors must be developed while balancing environmental considerations, forest clearances, wildlife sensitivities and community concerns.
To address these challenges, the Company is adopting a combination of engineering and digital solutions as well as engagement with stakeholders. Deployment of compact, multi-circuit and monopole towers, advanced survey and route optimisation tools, digital platforms of the Government etc., are being utilised to minimise RoW constraints. The Companys teams maintain continuous and rigorous engagement with state administration and other statutory authorities to address RoW challenges. Further, continued support from the Government of India, State Governments and local administration, coupled with regular reviews through mechanisms such as PRAGATI, are also facilitating resolution of issues.
Securing Land for Construction of Substations
The availability of suitable land for construction of substations remains a critical challenge, particularly in urban and peri-urban areas. Even in rural locations close to renewable energy zones, securing contiguous parcels of adequate size for 765 kV or HVDC substations is becoming increasingly challenging. To mitigate the above challenges, your Company prioritises solutions that minimise land requirements for new substations, such as design interventions and a preference for non-agricultural or barren government land.
For private land, a voluntary approach is adopted through mutually negotiated rates with landowners while closely working with State governments and District Administrations to identify suitable land.
Obtaining Forest, Wildlife and Other Statutory Clearances in a Timely Manner
The process of obtaining clearances from forest departments, defence establishments, the aviation department, railway authorities and other statutory bodies remains time intensive. Each clearance involves distinct procedural requirements, multiple tiers of approval and, in some cases, compensatory afforestation obligations or tree-plantation commitments that must be completed before construction can commence. The growing scale of transmission projects, with multiple lines traversing several states and forest divisions, amplifies the coordination effort.
To address the above, close coordination with State Forest Departments, Wildlife Authorities, the Ministry of Environment, Forest and Climate Change, and other agencies is maintained. Proactive compensatory afforestation planning and advance identification of alternate sites further reduce the overall clearance cycle. Shorter Gestation Period of RE Generation vis-a-vis Transmission
The pace of renewable energy capacity addition has accelerated sharply. This creates a structural challenge for transmission because generation projects, particularly solar, have shorter gestation periods than transmission infrastructure. The mismatch is compounded when RE capacity is added in clusters, creating concentrated evacuation demand that requires rapid scaling of grid infrastructure.
For timely project execution, the Company is deploying a suite of digital solutions, including in-house portals and real-time monitoring across the project lifecycle, aimed at enhancing efficiency.
Considering the challenges being faced in the development of the transmission sector, the Government has also revised the project implementation timelines.
Shortage of Skilled Manpower in building power transmission systems, the sector is also grappling Withsignificant with a shortage of skilled manpower specifically for tower erection and stringing activities.
To address this, the Company has set up a number of Skill Development Centres at different locations across the country. These centres focus on empowering unemployed young people by providing specialised training in power transmission line tower erection & stringing, after which they are hired by industry players.
Supply-Chain Constraints for Transmission Equipment
Sustained infrastructure activity across the power sector and adjacent sectors has tightened the availability of key inputs such as transformers, reactors and GIS equipment. Vendor concentration in certain equipment categories, long lead times for high-voltage components, and global supply-chain disruptions further compound the situation. The introduction of new technologies such as 1150 kV AC systems, HVDC VSC converters and underground subsea cables call for the development of new manufacturing capabilities within the country.
The Company addresses supply-chain constraints through strategic vendor development, diversification of supplier base and long-term procurement planning including bulk procurement. Critical spares planning for key equipment categories ensures operational continuity. POWERGRID has also been actively supporting indigenous manufacturing capability development for high-technology equipment.
5.2 Operations and Maintenance Challenges & Mitigation
Your Company has been managingitsvasttransmissionnetworkefficientlyand reliably at par with global standards. This network is expanding rapidly and becoming increasingly complex with the growing integration of renewable energy, commissioning of HVDC corridors, introduction of digital substations, deployment of energy storage systems and progressive ageing of legacy assets.
Maintaining high system availability requires continuous improvement in operational and maintenance efficiency across several dimensions.
The Company is continuously making efforts to maintain the high standards of availability and reliability of its transmission system through planned maintenance and the use of the latest maintenance practices and digital interventions which include new technological tools and techniques, adoption of artificial intelligence and development and deployment of in-house applications. The Company is further exploring vegetation monitoring techniques for strengthening predictive maintenance capabilities.
The Company has also undertaken on-site repair and maintenance works, saving both time and money. Further, in association with an industry partner, engineering and development of 220 kV and 132 kV Mobile GIS systems has been undertaken by your Company.
In parallel to these technological and operational initiatives, focused training programmes, digital learning platforms, augmented reality-based maintenance tools and supervised field exposure are being leveraged to develop specialised skills required for sustained operational excellence.
6. Risk Management Framework
The Company has implemented an Enterprise Risk Management (ERM) framework designed to support its objectives by systematically identifying, categorizing, assessing, prioritising, mitigating, monitoring and reporting risks or potential threats. This framework encompasses a wide range of risks, including strategic, operational, financial, HR, compliance, sustainability and information, cyber security etc., which are identified by various business functions and are consistently monitored and managed through the key performance indicators.
A Board-level Risk Management Committee is tasked with reviewing the ongoing and emerging risks and their mitigating actions while placing strong emphasis on compliance-related risks, ensuring adherence to regulatory standards. The Company has appointed a Chief Risk Officer to oversee the risk management process. During the reporting period, the Risk Management Committee was convened three times to monitor and review risks, ensuring the continued alignment of the risk management strategy with the Companys objectives.
7. Internal Financial Control and Adequacy
POWERGRID has a comprehensive internal control mechanism in place to verify the Accounting and Financial Management System, adequacy of controls, material checks, financial propriety aspects and compliance implementation mechanism. The elaborate guidelines for preparation of Accounts are followed consistently for uniform compliance.
In line with the regulatory requirements, the Internal Auditors were appointed by the Board of Directors. Regular and exhaustive Internal Audit on half yearly basis is carried out by the experienced Cost / Chartered Accountant Firms in close co-ordination with Companys own Internal Audit department to ensure that all checks and balances are in place and all internal controls/systems are in order. The Corporate Internal Audit Department also carries out System Audit and Management Audit to reassure the effectiveness of internal control mechanism. The scope of the Internal Audit is derived from the Internal Audit Plan approved by the Audit Committee. The Audit Committeemeetsatregularintervals.Thesignificant/ material audit findings are placed before the Audit Committee for review, discussion and subsequent action.
8. Integrated Management Policy:
POWERGRID is committed to:
a Establish and maintain an efficient and effective "National Grid" with due regard to time, cost, Technology and value additions.,
a Sustainable development through conservation of natural resources and adopting environment friendly technology on principles of Avoidance, Minimization and Mitigation.,
a Ensure safe, occupational hazard free and healthy work environment to the satisfaction of stakeholders in all areas of its activities and shall endeavor to continually improve its management systems and practices in conformity to legal and regulatory provisions.
9. Financial Discussion and Analysis
Total Income
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Revenue from Operations | 40,904.20 | 41,431.49 | (1.27) |
| Other Income | 6,091.68 | 4,893.83 | 24.48 |
| Total Income | 46,995.88 | 46,325.32 | 1.45 |
Total income in FY 2025-26 was 46,995.88 crore, which represented an increase of 1.45% over the total income of 46,325.32 crore in FY 2024-25. In FY 2025-26, transmission and transmission related activities constituted 85.14% of our total income, with the balance coming from consultancy, and other income.
Factor affecting your Companys results of operations
Tariff norms
The transmission charges of the transmission system or an element used for inter-state transmission of electricity and implemented under Regulated Tariff Mechanism (RTM) Mode are governed by tariff regulations notified by CERC in line with the Tariff Policy and legislations of the Government of India. The transmission licencee shall make an application as prescribed in the CERC Tariff Regulations, for determination of tariff based on capital expenditure incurred or projected to be incurred during the prevailing tariff block for the transmission system, as the case may be.
Under Tariff Regulations, your Company has been permitted to charge transmission charges for recovery of Annual Fixed Cost ("AFC") consisting of tariff components such as Return on Equity, Interest on Loan, Depreciation, Operation & Maintenance expenditure and Interest on Working Capital. CERC vide public notice dated 15th March, 2024 has issued CERC (Terms and Conditions of Tariff) Regulations, 2024 which shall be applicable for the 2024-29 Tariff Block.
The salient changes in the new tariff regulations are:
The Return on Equity (RoE) for transmission assets commissioned before 1st April, 2024 has been protected as per the earlier CERC (Terms and Conditions of Tariff) Regulations, 2019 (2019-24 Tariff Regulations) at the rate of 15.5% on post-tax basis. However, the RoE for transmission assets to be commissioned on and after 1st April, 2024 is computed at the base rate of 15.0% which is then grossed up by the effective income tax rate to arrive at the pre-tax RoE of the respective financial year.
Depreciation for existing assets shall continue at the same rates specified under CERC (Terms and Conditions of Tariff) Regulations, 2019 (2019-24 Tariff Regulations). For assets commissioned after 1st April, 2024, accelerated depreciation is provided for 15 years at slightly reduced rates and after 15 years, remaining depreciation spread in balance useful life. The interest on the loan is calculated considering repayment of the loan for each year deemed to be equal to the allowed depreciation.
Recovery of Operation & Maintenance (O&M) expenses for maintaining the transmission systems are based on specified norms for Transmission Lines, Substations, HVDC systems, etc. Recovery of Insurance expense, Security Expense & Capital spares are allowed separately. Subsequently, CERC vide 1st amendment to Tariff Regulations, 2024 has increased maximum allowable premium in case of Self Insurance Schemes to 0.12 % from 0.09 %.
For interest on working capital, the rate of interest is considered on a normative basis and is linked to a one-year MCLR of SBI plus 325 bps as of 1st April of the tariff year (reduced from 350 bps in 2019-24 block).
Besides the above, rebate for timely payment of transmission charges as per CERC (Sharing of Transmission Charges and Losses in inter-State Transmission System) Regulations, 2020 as amended from time to time and Late Payment Surcharge (LPS) for delayed payments are also applicable in terms of MoP "the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022".
2nd Amendment to Tariff Regulations, 2024
CERC vide notification dated 20.03.2026 has issued 2nd amendment to Tariff Regulations, 2024 which introduces a comprehensive regulatory framework for Integrated Energy Storage Systems (IESS) attached to coal, lignite, gas-based generating stations and inter-state transmission systems (ISTS). Under the proposed amendment, transmission licencees may install Battery Energy Storage Systems (BESS) in existing substations after the in-principle approval by CERC. Transmission licence to a. Share its proposal with all LTTCs or DICs of the region, concerned RPC, CTU, and concerned RLDC, for their consideration and seek response. b. To obtain concurrence for each IESS from CTU, NLDC, and concerned RLDC for submission to CERC. c. To file a petition for in-principal approval before CERC in the planning stage along with the response of LTTCs or DICs. Subsequent to the approval, IESS shall be implemented by Transmission Licencees at existing substations under Regulated Tariff Mechanism (RTM) and shall approach CERC for determination of Supplementary tariff based on actual capital expenditure duly certified by the Auditor. Supplementary tariff shall consist of the following components: i. Supplementary fixed storage charges (Fixed charges) a. Return on equity 14% post tax b. Interest on loan capital similar to other RTM projects c. Depreciation - similar to other RTM projects d. Interest on working capital- similar to other RTM projects; and e. Operation and maintenance expenses: 2% of admitted capital expenditure (excluding IDC and IEDC) as on COD ii. Supplementary energy charges - shall consist of the cost of the electricity sourced, after adjustment of round-trip efficiency and auxiliary energy consumption of the energy storage system.
Your company proposes to install the BESS in its existing substations situated in Northern region and Western region and necessary petitions are being filed before CERC forits in-principle approval.
Regulatory Sandbox for Innovation to scale up research, development, and innovation (RDI) in power sector CERC, vide 2nd amendment, has allowed the generating company or the transmission licencee to participate in the Regulatory Sandbox for undertaking innovation and research projects in the power sector, with prior approval of the Commission, and the additional cost on this count shall be allowed up to 1% of annual fixed cost or 100 Cr, whichever is less.
Your company is in the process of filing of petition before CERC seeking participation in Regulatory Sandbox.
Projects under TBCB route
For projects being implemented under the TBCB route, the tariff is discovered through a competitive bidding process wherein the successful bidder would be the one who has quoted the lowest transmission tariff for a period of 35 years. The tariff quoted by successful bidder shall be adopted by Appropriate Commission.
Provisions related to Commissioning declaration
The commissioning of transmission elements is governed by CERC (Indian Electricity Grid Code) Regulations, 2023 (IEGC 2023). These regulations stipulate the requirements and procedures related to trial run operations, the necessary documents and tests to be completed prior to the declaration of Commercial Operation, as well as the formal declaration of Commercial Operation (DOCO) and the determination of the Commercial Operation Date (COD).
Sharing of transmission charges
The sharing of Inter-state transmission charges for RTM projects and TBCB projects is governed by CERC
(Sharing of Interstate Transmission Charges and Losses) Regulations, 2020 (Sharing Regulations, 2020). As per the Sharing Regulations, 2020, Recovery of Yearly Transmission Charges of transmission licencees has been specified through four components viz. National Component (NC), Regional Component (RC), Transformer Component (TC) and AC System Component (ACC). The Central Transmission Utility (CTU) has the responsibility of billing, collection and disbursement of transmission charges on behalf of all ISTS licencees in the country. Your Company ceased to be the CTU w.e.f. 1st April 2021 and the Central Transmission Utility of India Limited (CTUIL), a wholly-owned subsidiary of the Company, has been notified to undertake and discharge all functions of CTU. However, even with this change, your Company continues to be a deemed Transmission Licencee under the Electricity Act, 2003. Subsequently, CERC vide Notification dated 20th October 2023 had issued "Second Amendment to Sharing Regulations, 2022" which provide for transmission charges payable and transmission charges liability in cases having mismatch between ISTS and other ISTS or Intra State elements. Under amended regulations, for ISTS licencees whose elements (except Drawl ICTs) are ready but not in use due to mismatch will get 50% of its Trans. charges for first 6 months post deemed COD or actual power flow, whichever is earlier and thereafter 100% of its Trans. Charges from 7th month. The entity which is delayed will pay 50% of its Trans. Charges OR
50% of Trans. Charges of ready transmission system, whichever is lower, till it achieves its COD.
Provisions related to non-payment of transmission tariff by customers
Presently, Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 issued by MOP on 3rd June, 2022 are in vogue. Amendment to the said Rules was issued by MoP on 28th February, 2024 to align it with CERC (Connectivity and General Network Access to the inter-State Transmission System) Regulations, 2022.
The LPS shall be payable on outstanding dues after 45 days at the rates specified in the rules. The "Base rate of LPS" is linked to the one-year MCLR of SBI as of 1st April of the financial year plus 500 bps. In addition, regulation of access for default in payment of dues has also been provided in the rules. Subsequently, Ministry of Power vide notification dated 02.05.2025 has issued the amendment to LPS Rules, 2022 wherein the applicability of these rules has been extended to all transmission licencees including intra- state transmission licencees.
Certain expenses and income, allowed under CERC Regulations are required to be reimbursed/ passed on to beneficiaries in future, and are to be accounted for in the Statement Profitand Loss as per the provisions of Ind AS 114 ‘Regulatory Deferral Accounts. Such expenses and income, to the extent recoverable/payable as part of tariff under CERC Regulations, are treated as Regulatory Deferral Assets/Liabilities.
9.1 Revenue from Operations
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Revenue from Transmission Business | 40,013.22 | 40,843.21 | (2.03) |
| (including Other Operating Revenue) | |||
| Consultancy- Project Management & | 890.98 | 588.28 | 51.46 |
| Supervision | |||
| Total | 40,904.20 | 41,431.49 | (1.27) |
Your Company is mainly engaged in the business of Transmission of Power. The revenue from transmission business has decreased by 2.03% mainly due to decrease in interest on differential between provisional and final tariff and one time CERC Order Impact.
Your Company also earns revenue from Consultancy (including project management and supervision services). Consultancy income mainly consists of fee for the execution of transmission and communication system projects on a turnkey basis and technical consulting assignments for Indian state utilities, joint venture and subsidiaries companies and utilities in other countries. The revenue from consultancy business increased by 51.46%, mainly on account of consultancy income from consultancy services provided to TBCB companies and other assignments.
9.2 Other Income
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Other Income | 6,091.68 | 4,893.83 | 24.48 |
The other income increased mainly due to an increase in dividend income from Subsidiaries, JVs & Associates etc. and interest on Loan to Subsidiaries.
10. Expenses
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Expenses | 30,236.78 | 27,986.51 | 8.04 |
Expenses have been categorised as (i) Employee Benefits Expense (ii) Finance Costs (iii) Depreciation and Amortization Expense (iv) Other Expenses.
10.1 Employee Benefits Expense
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Employee Benefits Expense | 2,643.92 | 2,593.00 | 1.96 |
Employee benefits expenses include salaries and wages, allowances & benefits, contributions to provident and other funds and staff welfare expenses. The increase is mainly on account of capitalisation of new transmission systems and an increase in basic salary, DA, HRA, medical expenses, leave encashment, etc.
10.2 Finance Costs
( in crore)
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Finance Costs | 10,050.43 | 9,479.32 | 6.02 |
As compared to previous year, the increase of 6.02% in finance cost was mainly due to increase in interest and finance charges on redeemable bonds, loans Rate Variation limited up to domestic borrowing cost, increase in working capital loans and capitalization of new assets, which is partially offset by repayment of long-term loans.
10.3 Depreciation and Amortisation Expenses
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Depreciation and amortisation expenses | 12,329.79 | 12,352.23 | (0.18) |
As compared to previous year, the decrease of 0.18% in Depreciation and Amortization Expenses was mainly due to completion of 12 years of useful life of certain assets, which is partially offset by capitalization of new assets.
10.4 Other Expenses
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Other Expenses | 5,212.64 | 3,561.96 | 46.34 |
As compared to previous year, the increase of 46.34% in other expenses is mainly on account of an increase in foreign exchange rate variation, Repairs & Maintenance charges, Hiring of Vehicles, Travelling Expenses, Bandwidth Charges etc.
During the year, allowance for impairment amounting to 210.39 crore (previous year 51.70 crore) has been provided towards impairment of investment in Energy Efficiency ervices Limited (EESL). S
11. Profit before Tax & Regulatory Deferral Account Balances
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Profit before Tax & Regulatory Deferral Account | 16,759.10 | 18,338.81 | (8.61) |
| Balances |
11.1 Tax Expenses
Tax expenses consist of Current tax and Deferred tax.
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Current Tax | 2,943.35 | 3,177.83 | (7.38) |
| Deferred Tax | (4,928.86) | 88.03 |
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted as at the reporting date and are expected to apply in the period in which the temporary differences are realised or settled, in accordance with Ind AS 12 Income Taxes. The Company has measured deferred tax using the tax rate applicable under the new tax regime, which is expected to apply in future periods. Accordingly, deferred tax balances recognised in earlier periods have been re-measured to reflect the revised expected manner of recovery or settlement of the underlying assets and liabilities. In the opinion of the management, it is probable that future economic benefits will flow to the Company in the form of availability of set off against future income tax liability by recognising MAT credit as follows: Future taxable profits will be adjusted against (a) initial depreciation on the assets to be commissioned in future and (b) regular income tax depreciation u/s 32 of Income Tax Act, 1961 / (u/s 33 of Income Tax Act 2025) and thereafter tax amount will be set off against MAT credit as per provisions of Income Tax Act 2025. Hence, the same has been recognised as Deferred Tax Assets during the year.
11.2 Net Movement in Regulatory Deferral Account Balances-Income/(Expenses) (Net of Tax)
Net movement in Regulatory Deferral Account Balances-Income/(Expenses) (net of tax) for FY 2025-26 stood at ( 2,823.61) crore as against 280.62 crore in previous year. The decrease was mainly due to reduction in deferred assets for deferred tax liability pursuant to remeasurement of deferred tax balances pursuant to Financial Institutions, Foreign Exchange enactment of the Finance Act, 2026.
12. Profit after Tax (PAT)
| Particulars | FY 2025-26 | FY 2024-25 | Change % |
| Profit after Tax (PAT) | 15,921.00 | 15,353.57 | 3.70 |
Your Company recorded an increase in PAT at 3.70% as compared to previous year mainly on account of the remeasurement of deferred tax balances pursuant to enactment of the Finance Act, 2026 and due to commissioning of new transmission assets.
13. Return on Net Worth
| Particulars | FY 2025-26 | FY 2024-25 | Change |
| Return on Net Worth | 15.93 | 16.65 | (4.32) |
Return on Net Worth has decreased by 4.32% in FY 2025-26 compared with the previous year despite the increase in profitability because shareholders funds increased owing to higher retained earnings and reserves.
14. Financial Ratios
| Particulars | FY 2025-26 | FY 2024-25 | |
| Debtors Turnover | 4.40 | 4.37 | |
| Inventory Turnover | 28.95 | 30.89 | |
| Interest Coverage Ratio | 3.93 | 3.94 | |
| Current Ratio | 0.70 | 0.74 | |
| Debt Equity Ratio | 1.48 | 1.42 | |
| Operating Profit Margin | 98% | 97% | |
| Net Profit Margin | 39% | 37% |
reasons for variance >25%.
15. Other Comprehensive Income (Net of Tax)
| Particulars | FY 2025-26 | FY 2024-25 |
| Items that will not be reclassified to Profit or Loss (Net of Tax) | 173.38 | (239.33) |
| Items that will be reclassified to Profit or Loss (Net of Tax) | (27.60) | - |
| Other Comprehensive Income | 145.78 | (239.33) |
16. Credit Ratings
Your Companys financial prudence is strongly reflected in the credit ratings accorded by domestic and international ratings agencies. For details, refer Report on Corporate Governance.
17. Liquidity and Capital Resources
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Cash and cash equivalents | 5,162.11 | 3,723.53 | 38.63 |
The Company depends on both internal and external sources of liquidity to provide working capital and to fund capital requirements. The increase in cash and cash equivalents compared with the previous year is mainly on account of an increase in term deposits (with maturity less than 3 months) (including interest accrued) and balance with banks in Current Accounts.
18. Cash Flows
| Particulars | Year ended March 31st | |
| 2026 | 2025 | |
| Cash and cash equivalents at the beginning of the year | 3,723.53 | 2,620.55 |
| Net cash from operating activities | 31,982.62 | 31,356.87 |
| Net cash from /(used in)Investing activities | (26,547.85) | (17,896.81) |
| Net cash from /(used in) Financing activities | (3,996.19) | (12,357.08) |
| Cash and cash equivalents at the end of the year | 5,162.11 | 3723.53 |
18.1 Net Cash from Operating Activities
Net cash flows from operating activities are principally used to service long-term debt, for investments and for payment of dividend.
18.2 Net Cash from /(used in) Investing Activities
Net cash used in investing activities during FY 2025-26 was primarily reflected in expenditure on Purchase of Property, Plant & Equipment, Intangible Assets, Capital Work-in-Progress etc. (including advances for capital expenditure) of 5,604.33 crore, investment in Subsidiaries, Joint Ventures & Others (Net) of 5,021.63 crore, Loans & Advances to Subsidiaries, Joint Ventures & Associates (including repayment) of 21,455.72 crore, and receipt of interest on deposits, bonds and loans to subsidiaries & JVs, PGInvIT etc. of 3,246.44 crore, surcharge received of 198.19 crore and dividend received of 1,713.87 crore.
18.3 Net Cash from /(used in) Financing Activities
During FY 2025-26, your Company raised 28,166.02 crore of new long-term borrowings. These borrowings included principally Rupee bonds/Loans. The Company repaid 15,537.29 crore of long-term borrowings and cost of 9,533.67 crore. In FY 2025-26, the Company paid dividend of 8,370.55 crore comprising paidfinance final dividend of 1,162.58 crore for FY 2024-25 and interim dividend of 7,207.97 crore for FY 2025-26.
19. Capital Expenditure
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Capital Expenditure (Cash Basis) | 33,305 | 24,630 | 35.22 |
Your Companys capital expenditure is primarily used for the installation of new transmission capacity and the expansion of existing capacity. Our capital expenditure during FY 2025-26 and FY 2024-25, included CAPEX for TBCB companies of 27,480 crore and 18,393 crore respectively.
20. Non-current Assets
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Non-Current Assets | 2,44,512.83 | 2,22,997.03 | 9.65 |
Non-current assets have been categorised as (i) Property, Plant & Equipment; (ii) Capital work-in- progress; (iii) Investment Property; (iv) Intangible assets; (v) Intangible assets under development; (vi) Investments (vii) Trade receivables (viii) Loans; (ix) other non-current financial assets; and (x) other non-current assets.
20.1 Property, Plant and Equipment
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Property, Plant & Equipment (Net Block) | 1,50,776.96 | 1,52,384.51 | (1.05) |
Property, Plant & Equipment (Net Block) has decreased by 1.05%. It mainly consists of Land, Buildings, Transmission Lines, Substations, HVDC, ULDC Equipment, Furniture Fixtures, Right of Use (ROU) assets etc.
20.2 Capital work in progress
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Capital work-in-progress | 8,354.24 | 12,166.85 | (31.34) |
Capital work-in-progress decreased by 31.34% in FY 2025-26. The cost of materials consumed, erection charges and other expenses incurred for the construction of Property, Plant and Equipment are shown on the Balance Sheet as capital work-in-progress, pending capitalisation of the completed project. The change in this amount is due to the capitalisation of several transmission projects and the undertaking of new transmission projects.
20.3 Investment Property
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Investment Property | 1.87 | 1.87 | - |
20.4 Intangible assets
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Intangible Assets | 1,373.17 | 1,250.35 | 9.82 |
Intangible Assets consist of Electronic Data Processing Software, Right of Way-Afforestation Expenses and development of 1200 kV Transmission System.
20.5 Intangible assets under development
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Intangible assets under development | 37.04 | 232.19 | (84.05) |
Right of way-afforestation expenses during construction period are shown as intangible assets under development. The change is on account of the undertaking of new transmission projects and the capitalisation of expenditure on transmission projects during FY 2025-26.
20.6 Investments
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Investments (Quoted) | 1,420.15 | 1,233.59 | 15.12 |
| Investments (Un-Quoted) | 14,720.81 | 10,078.71 | 46.06 |
| Total | 16,140.96 | 11,312.30 | 42.69 |
Investments under ‘Quoted category are investments made in PTC India Limited and POWERGRID Infrastructure Investment Trust (PGInvIT) computed at Fair Value. Investments under ‘Unquoted category consist of equity investment in Subsidiaries & Joint venture companies at cost. Major investments in Subsidiaries & Joint venture as on March 31, 2026 are:
| Sl. Name of the Subsidiary/Joint Venture No. | Amount invested as on 31.03.2026 |
| ( in crore) | |
| Subsidiaries | |
| 1. POWERGRID NM Transmission Limited | 490.95 |
| 2. POWERGRID Khetri Transmission System Limited | 198.75 |
| 3. POWERGRID Medinipur Jeerat Transmission Limited | 661.60 |
| 4. POWERGRID Mithilanchal Transmission Limited | 233.20 |
| 5. POWERGRID Ajmer Phagi Transmission Limited | 115.00 |
| 6. POWERGRID Himachal Transmission Limited | 432.50 |
| 7. POWERGRID Fatehgarh Transmission Limited | 141.00 |
| 8. POWERGRID Southern Interconnector Transmission System Limited | 709.00 |
| 9. POWERGRID Varanasi Transmission System Limited | 187.56 |
| 10. POWERGRID Bhuj Transmission Limited | 232.00 |
| 11. POWERGRID Rampur Sambhal Transmission Limited | 151.30 |
| 12. POWERGRID Meerut Simbhavali Transmission Limited | 205.98 |
| 13. POWERGRID Bhind Guna Transmission Limited | 111.95 |
| 14. POWERGRID Bikaner Transmission System Limited | 204.95 |
| 15. POWERGRID Sikar Transmission Limited | 169.81 |
| 16. POWERGRID Teleservices Limited | 700.69 |
| 17. POWERGRID Narela Transmission Limited | 286.48 |
| 18. POWERGRID Neemuch Transmission System Limited | 168.41 |
| 19. POWERGRID Ramgarh Transmission Limited | 254.99 |
| 20. POWERGRID Aligarh Sikar Transmission Limited | 110.72 |
| 21. POWERGRID Energy Services Limited | 282.62 |
| 22. POWERGRID Khavda II-C Transmission Limited | 2,925.05 |
| 23. POWERGRID Vataman Transmission Limited | 1,650.88 |
| 24. POWERGRID Mandsaur Transmission Limited | 150.45 |
| 25. POWERGRID Mewar Transmission Limited | 229.69 |
| 26. POWERGRID Sirohi Transmission Limited | 270.99 |
| 27. POWERGRID Beawar-Mandsaur Transmission Limited | 186.61 |
| 28. POWERGRID South Olpad Transmission Limited | 247.74 |
| 29. POWERGRID Kurawar Transmission Limited | 205.13 |
| 30. POWERGRID West Central Transmission Limited | 463.39 |
| 31. POWERGRID Barmer I Transmission Limited | 128.92 |
| 32. POWERGRID Bikaner IV Transmission Limited | 161.29 |
| 33. POWERGRID Kurnool-IV Transmission Limited | 120.93 |
| Joint Ventures | |
| 34 Powerlinks Transmission Limited | 229.32 |
| 35. North East Transmission Company Limited | 106.96 |
| 36 Bihar Grid Company Limited | 337.39 |
| 37. Energy Efficiency Services Limited (Net of provision for diminution in |
435.40 |
| value of Investment) |
20.7 Trade Receivables (Non-Current Assets)
| Particulars | FY 2025-26 | FY 2024-25 |
| Trade receivables | - | 41.72 |
The Companys portion of dues has been presented at fair value under Trade Receivables (Non-current/Current) where dues have been rescheduled pursuant to the Electricity (Late Payment Surcharge and Related Matters) Rules, 2022 or otherwise.
20.8 Loans (Non-Current)
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Loans to Related Parties | 56,729.85 | 35,702.66 | 58.90 |
| Loans to Employees | 595.90 | 546.62 | 9.02 |
| Total | 57,325.75 | 36,249.28 | 58.14 |
The increase in loans in comparison to previous year was mainly due to increase in Unsecured Loans given to Subsidiaries for execution of Projects acquired by the Company through Tariff Based Competitive Bidding (TBCB) route.
20.9 Other non-current financial assets
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Other non-current financial assets | 4,714.11 | 5,285.72 | (10.81) |
Other non-current financial assets mainly consist of amounts recoverable from GOI fully serviced bonds, Contract Assets and Lease Receivables. Company has issued Government of India fully serviced bonds amounting to 3,487.50 crore during FY 2018-19 for raising of Extra Budgetary Resources (EBR) for GoI scheme of Power System Development Fund in terms of letter no. 7/1/2018-OM dated January 21, 2019 of Ministry of Power, Government of India for meeting accrued liabilities for creation of Capital Assets. The repayment of principal and the interest payment on such bonds shall be met by GoI.
20.10 Other non-current assets
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Other non-current assets | 5,788.73 | 4,072.24 | 42.15 |
Other non-current assets mainly comprise advances for capital expenditure, deferred foreign currency Fluctuation Asset, advance recoverable in kind or for value to be received from Customs Port Trust and other authorities.
21. Current Assets
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Current Assets | 28,403.71 | 24,932.88 | 13.92 |
Current Assets have been categorised as (i) Inventories; (ii) Investments; (iii) Trade receivables; (iv) Cash & Cash Equivalents; (v) Bank Balances other than cash and cash equivalents; (vi) Loans; (vii) Other current financial assets (viii) Other current assets and (ix) Assets classified as held for sale.
21.1 Inventories
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Inventories | 1,446.70 | 1,377.82 | 5.00 |
Inventories are valued at lower of the cost, determined on weighted average basis, and net realizable value. Inventories consist of components, spares & other spare parts, loose tools, consumable stores and other items.
21.9 Assets classified as held for Sale
The Board of Directors, at its meeting held on March 09, 2026, accorded in principle approval for sale of entire stake in Central Transmission Utility of India Limited (CTUIL), a wholly owned subsidiary of Company, to Grid Controller of India Limited (GRID-INDIA). The Board of Directors also accorded in principle approval for the sale of entire stake in the joint ventures (JVs) of the Company namely Torrent Power Grid Limited (ceased to be JV w.e.f May 30, 2025) & Sikkim Power Transmission Limited on May 19, 2025 and Parbati Koldam Transmission Company Limited on July 30, 2025. Accordingly, investments in these companies are classified as asset held for sale in line with Ind AS 105. Further, the POWERGRIDs investment in the above companies as on March 31, 2026 is as follows:
| Particulars | FY 2025-26 | FY 2024-25 |
| Investments in Equity Instruments (fully paid up) | ||
| Central Transmission Utility of India Limited | 0.05 | - |
| 50000 (Previous Year 50000) Equity Shares of 10 each | ||
| Torrent Power Grid Limited | 23.40 | - |
| 23400000 Equity Shares of 10/- each | ||
| Parbati Koldam Transmission Company Limited | 70.94 | - |
| 70937620 Equity Shares of 10/- each | ||
| Sikkim Power Transmission Limited | 120.12 | - |
| 120120000 Equity Shares of 10/- each |
22. Indebtedness
The Company relies on both Rupee and foreign currency denominated borrowings. A significant part of our external funding has been through long-term foreign currency loans from multilateral agencies such as the World Bank and the Asian Development Bank, which are guaranteed by GOI. The following table sets forth, by currency, our outstanding debt, and its maturity profile (currency conversions are as of March 31, 2026):
| Loan Name | 2026-27 | 2027-28 | 2028-29 | 2029-30 | 2030-31 | Total |
| Onwards | ||||||
| 1. Domestic Bonds | 12,140.06 | 10,632.20 | 5,854.20 | 7,595.10 | 38,049.05 | 74,270.61 |
| 2. Domestic Loans | 3,951.18 | 3,611.27 | 4,444.60 | 4,311.54 | 16,366.16 | 32,684.75 |
| 3. Foreign Loans | ||||||
| USD | 2,544.71 | 2,276.23 | 2,042.87 | 2,032.51 | 16,555.01 | 25,451.33 |
| EUR | 776.93 | 763.03 | 741.03 | 730.21 | 529.57 | 3,540.77 |
| SEK | 250.30 | 184.82 | 59.67 | 0.00 | 0.00 | 494.79 |
| JPY | 274.03 | 263.03 | 263.03 | 1,249.06 | 2,517.61 | 4,566.76 |
| Sub Total (3) | 3,845.97 | 3,487.11 | 3,106.60 | 4,011.78 | 19,602.19 | 34,053.65 |
| TOTAL (1+2+3) | 19,937.21 | 17,730.58 | 13,405.40 | 15,918.42 | 74,017.40 | 1,41,009.01 |
22.1 Long-term borrowings
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Long-term borrowings | 1,21,071.80 | 1,09,857.95 | 10.21 |
Long-term borrowings include amounts raised from private placement of bonds, term loans from banks and financial institutions. Our borrowings have increased by 10.21%compared to the previous year.
22.2 Secured Loans
The secured loans (excluding current maturities of long-term loans) as at March 31, 2026 and 2025 were 46,094.33 crore and 57,545.37 crore respectively. Most of these loans have been secured by floating charges on the moveable and immovable properties of the Company. The following table presents the
| Particulars | Amount ( in crore) | % of total secured debt |
| Bonds denominated in Rupees | 20,040.63 | 43.48 |
| Term Loans and other Loans from Banks and Financial Institutions: | ||
| Denominated in Foreign Currency | 24,054.08 | 52.18 |
| Denominated in Rupees | 1,999.62 | 4.34 |
| Total | 46,094.33 | 100 |
22.3 Unsecured Loans
The unsecured loans (excluding current maturities of long-term loans) as at March 31, 2026 and 2025 were 74,977.47 crore and 52,312.57 crore respectively, which consist of domestic bonds, loans from foreign financial institutions/ Banks such as the Natixis (Formerly Credit National) in France, Japan International Cooperation Agency (Formerly Japan Bank for International Co-operation) in Japan, SMBC in Japan, Skandinaviska Enskilda Banken AB (publ.) in Sweden and AB Svensk Exportkredit, Sweden etc.
The following table presents our unsecured debt as at March 31, 2026:
| Particulars | Amount ( in crore) | % of total unsecured debt |
| Bonds denominated in Rupees | 42,089.92 | 56.14 |
| Term Loans (From Domestic Banks and Foreign Currency Loans): | ||
| Denominated in Foreign Currency | 6,153.60 | 8.20 |
| Denominated in Rupees | 26,733.95 | 35.66 |
| Total | 74,977.47 | 100 |
23. Advance Against Depreciation (AAD) (Current and Non-Current)
Advance against depreciation (AAD) was a component of tariff that was permitted to be charged under CERC regulations for the Block 2004-09, to cover shortfall in respect of depreciation in a year on assets, for repayment of debts. AAD was done away with in the tariff block 2009-14 and the depreciation rates were reworked. Due to changes in these tariff norms and the depreciation rates w.e.f. April 01, 2009, the outstanding AAD has been taken to transmission income after 12 years from the date of commercial operation to the extent the depreciation charged in respect of transmission system is more than the depreciation recovery under tariff. As on March 31, 2026, AAD has decreased by 19.04% 468.01 crore during FY 2024-25 to 378.89 crore in FY 2025-26.
24. Current Liabilities
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Current Liabilities | 40,488.62 | 33,505.22 | 20.84 |
Current Liabilities includes (i) Borrowings; (ii) Trade payables (iii) Other current Financial Liabilities (iv) Other current Liabilities; (v) Provisions; (vi) Current Tax Liabilities (Net) and (vii) Lease Liabilities.
24.1 Borrowings (Current)
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Borrowings | 26,937.21 | 21,107.01 | 27.62 |
Borrowings increased mainly on account of an increase in unsecured short-term borrowings from banks and current maturities of Long Term Borrowings.
24.2 Lease Liabilities (Current)
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Lease Liabilities | 7.44 | 9.04 | (17.70) |
Lease Liabilities as at March 31, 2026 were 17.70% lower as compared to March 31, 2025.
24.3 Trade payables
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Trade payables | 705.48 | 567.68 | 24.27 |
Trade payables as at March 31, 2026 were 24.27% higher as compared to March 31, 2025.
24.4 Other Current Financial Liabilities
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Other current financial liabilities | 8,749.56 | 7,446.74 | 17.50 |
Other current financial liabilities mainly include Interest accrued but not due on borrowings, dues for capital expenditure, deposits/retention money from contractors and others etc. Other current financial liabilities as at March 31, 2026 were 17.50% higher as compared to March 31, 2025.
24.5 Other Current liabilities
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Other current liabilities | 3,396.19 | 3,605.26 | (5.80) |
Other current liabilities as at March 31, 2026 were 5.80% lower as compared to March 31, 2025 mainly on account of decrease in statutory dues, deferred income from foreign currency fluctuations (Net) etc.
24.6 Provisions
| Particulars | FY 2025-26 | FY 2024-25 | % Change |
| Provisions for Employee Benefits and others | 692.74 | 605.46 | 14.42 |
As compared to previous year, the provisions for Employee Benefits and others increased by 14.42%.
25. BUSINESS AND FINANCIAL REVIEW OF JOINT VENTURE COMPANIES and SUBSIDIARIES for FY 2025-26
JOINT VENTURE (JV) COMPANIES: i) POWERLINKS TRANSMISSION LIMITED (POWERLINKS):
POWERGRID and Tata Power Company Limited are the Joint Venture Partners in this Joint Venture Company and hold 49% and 51% equity respectively. POWERLINKS was incorporated to undertake the implementation of Transmission Lines associated with Tala HEP, East-North interconnector and Northern Region Transmission System from Siliguri in West Bengal via Bihar to Uttar Pradesh and was the first public - private partnership in Power Transmission. POWERLINKS progressively commissioned the project by August 2006. POWERGRID received 47.01 crore as dividend during FY 2025-26 from this JV. As on March 31, 2026, POWERLINKS had a paid-up capital of 468.00 crore and POWERGRIDs share in its paid-up capital is 229.32 crore
Financial Highlights of this JV:
| Particulars | FY 2025-26 | FY 2024-25 |
| POWERGRIDs investment in Equity | 229.32 | 229.32 |
| Gross Income | 285.79 | 132.70 |
| Profit after Tax | 82.24 | 78.76 |
| Earnings per Share* ( ) | 1.76 | 1.68 |
*Face value per Share is 10 each.
ii) NORTH EAST TRANSMISSION COMPANY LTD. (NETC):
POWERGRID entered into a Joint Venture Agreement with ONGC Tripura Power Project Company Ltd. (OTPC), Government of Tripura, Manipur, Mizoram, Assam Electricity Grid Corporation Ltd., Meghalaya and Nagaland for establishment of Transmission Line of 400 kV D/C Palatana- Silchar- Bongaigoan Transmission Project associated with 726.6 MW Palatana Gas based Power Project in the state of Tripura. As on March 31, 2026, NETC had paid-up share capital of 411.40 crore. POWERGRIDs share in the paid- up capital is 106.96 crore. The project was progressively commissioned in February, 2015. NETC paid a dividend of 16.04 crore during FY 2025-26 to POWERGRID.
Financial Highlights of this JV:
| Particulars | FY 2025-26 | FY 2024-25 |
| POWERGRIDs investment in Equity | 106.96 | 106.96 |
| Gross Income | 266.05 | 279.96 |
| Tax Profit after | 80.48 | 78.80 |
| Earnings per Share* ( ) | 1.96 | 1.91 |
*Face value per Share is 10/- each. iii) PARBATI KOLDAM TRANSMISSION COMPANY LIMITED (PKTCL)
POWERGRID and India Grid Trust (IGT) are the Joint Venture Partners in this Joint Venture Company and hold 26% and 74% equity respectively. PKTCL was incorporated to undertake the implementation of transmission lines associated with Parbati-II (800 MW) HEP and Koldam (800 MW) HEP.
As on March 31, 2026, PKTCL had paid-up capital of 272.84 crore. POWERGRIDs share in the paid-up capital is 70.94 crore. The Project was progressively commissioned in November 2015. POWERGRID has received 5.68 crore dividend during FY 2025-26 from this JV.
Financial Highlights of this JV:
| Particulars | FY 2025-26# | FY 2024-25 |
| POWERGRIDs investment in Equity$ | 70.94 | 70.94 |
| Gross Income | 114.98 | 137.35 |
| Profit after Tax | 18.81 | 45.97 |
| Earnings per Share* ( ) | 0.67 | 1.70 |
*Face value per Share is 10/- each. #unaudited. $ Classified as Assets held for sale. iv) SIKKIM POWER TRANSMISSION LIMITED (SPTL)
POWERGRID and Teesta Urja Ltd. are the Joint Venture Partners in this Joint Venture Company and hold 30.92% and 69.08% equity respectively. SPTL was incorporated to undertake the implementation of transmission lines associated with 1,200 MW Teesta-III Hydro Electric Power Project to Kishanganj sub- station.
As on March 31, 2026, SPTL had Paid-Up Capital of 388.45 crore. POWERGRIDs share in the paid-up capital was 120.12 crore. The Project was commissioned progressively in February, 2019. POWERGRID has received 36.04 crore dividend during FY 2025-26 from this JV.
Financial Highlights of this JV:
| Particulars | FY 2025-26# | FY 2024-25 |
| POWERGRIDs investment in Equity$ | 120.12 | 120.12 |
| Gross Income | 238.04 | 246.49 |
| Profit after Tax | 65.30 | 64.81 |
| Earnings per Share* ( ) | 1.68 | 1.67 |
*Face value per Share is 10/- each. #unaudited. $ Classified as Assets held for sale. v) NATIONAL HIGH POWER TEST LABORATORY PRIVATE LIMITED (NHPTL):
The National High Power Test Laboratory Pvt. Ltd. (NHPTL), is a Joint Venture Company of POWERGRID, NTPC, NHPC, DVC and CPRI and incorporated for the establishment of an independent, standalone, state of the art, professionally managed, international class online High Power Short-circuit Test Facility at Bina, Madhya Pradesh, India. NHPTL provides wide range of short-circuit testing of EHV transformers in conformity with Indian and International Standards for the manufacturers in domestic market, National Power Utilities and International Transformer manufacturers. The Company commenced commercial operation of the dynamic short-circuit test for transformers of 400kV voltage class w.e.f. July 01, 2017 and for 765kV w.e.f.
September 11, 2017.
As on March 31, 2026, NHPTL had paid up share capital of 285.09 crore. POWERGRID is the major equity stakeholder (50%) with a share in the paid- up capital of 142.54 crore.
Financial Highlights of this JV:
| Particulars | FY 2025-26 | FY 2024-25 |
| POWERGRIDs investment in Equity | 89.89 | 89.89 |
| Gross Income | 37.21 | 37.94 |
| Profit after Tax | 20.31 | 18.86 |
| Earnings per Share* ( ) | 0.71 | 0.66 |
*Face value per Share is 10/- each. vi) BIHAR GRID COMPANY LIMITED (BGCL):
POWERGRID entered into a Shareholders Agreement on December 29, 2012 with Bihar State Power (Holding) Company Limited {BSP(H)CL} for implementation of Intra-State Transmission System in the State of Bihar on 50:50 equity participation basis.
As on March 31, 2026, BGCL had the Paid-up Share Capital of 674.78 crore. POWERGRIDs share in the paid-up capital was 337.39 crore.
The Company is implementing Transmission System Strengthening Schemes in Bihar worth 3,823 crore. The major components of Projects are under commercial operation. BGCL paid a dividend of 33.74 crore during FY 2025-26 to POWERGRID.
Financial Highlights of this JV:
| Particulars | FY 2025-26 | FY 2024-25 |
| POWERGRIDs investment in Equity | 337.39 | 337.39 |
| Gross Income | 403.03 | 488.78 |
| Profit after Tax | 5.02 | 91.01 |
| Earnings per Share* ( ) | 0.07 | 1.35 |
*Face value per Share is 10/- each.
vii) RINL POWERGRID TLT PRIVATE LIMITED (RPTPL)
POWERGRID and RashtriyaIspat Nigam Ltd. (RINL) formed a joint venture Company, RPTPL, on 50:50 equity participation basis for setting up a Transmission Line Tower (TLT) manufacturing plant at Visakhapatnam with a view to exploit the emerging opportunity in transmission line tower manufacturing business. As on March 31, 2026, the JV Company has paid up share capital of 10.00 crore. However, keeping in view the business scenario of tower manufacturing, the Board of Directors of POWERGRID accorded approval for closure of the Company. viii) ENERGY EFFICIENCY SERVICES LIMITED (EESL):
POWERGRID entered into a Joint Venture Agreement with NTPC Ltd., Power Finance Corporation Ltd., and REC Ltd. The JV Company viz. EESL is to promote measures of Energy Efficiency, Energy Conservation and Climate Change and is carrying out business related to energy audit of Government buildings, consultancy assignments etc. in India and globally.
As on March 31, 2026, EESL had Paid-up Share Capital of 2,156.82 crore. POWERGRIDs share in the paid- up capital was 846.61 crore (39.25%).
Financial Highlights of this JV (Consolidated):
| Particulars | FY 2025-26 | FY 2024-25 |
| POWERGRIDs investment in Equity | 846.61 | 846.61 |
| Gross Income (including other income) | 1,898.15 | 1782.80 |
| Loss for the year | (475.28) | (556.21) |
ix) RAJASTHAN POWER GRID TRANSMISSION CO LIMITED (RPTCL)
POWERGRID and Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPN) formed a joint venture Company, Rajasthan Power Grid Transmission Co Limited (RPTCL) on 74:26 equity participation basis respectively for Implementation of Intra-State Transmission System in the State of Rajasthan. The JV Company was incorporated in November 2024 but projects are yet to be assigned to it by RVPN. x) CROSS BORDER POWER TRANSMISSION COMPANY LIMITED (CBPTCL):
POWERGRID entered into Shareholders Agreement on July 9, 2012 with IL&FS Energy Development Company Limited (IEDCL), SJVN Limited (SJVN) and Nepal Electricity Authority (NEA) of Nepal and incorporated a JV
Company in India i.e. Cross Border Power Transmission Company Limited for implementation of Indian portion viz. Muzaffarpur-Sursand section (India Portion) of 400 kV D/C Muzaffarpur-Dhalkebar Indo-Nepal Cross Border transmission line.
It is prudent to mention here that IEDCL vide their letter dated August 25, 2021 had informed that their board has proposed to divest the shares held by IEDCL in CPTC (i.e. 38%), as per mandate of NCLT approved resolution framework. After the divestment of IEDCL shares to the other shareholders of CBPTCL viz. POWERGRID, SJVN and NEA in proportion to their existing shareholdings in line with the Shareholders Agreement, the Shareholding of POWERGRID, SJVN and NEA in the said JV Company is 41.94%, 41.94% and 16.12% respectively. As on March 31, 2026, CPTCL had paid-up capital of 48.50 crore. Initially, POWERGRID equity was 12.62 crore. Further, during divest of IEDCL shares in CPTC, POWERGRID purchased additional equity shares of 14.73 crore in December 2024. xi) POWER TRANSMISSION COMPANY NEPAL LIMITED (PTCNL):
POWERGRID entered into a Joint Venture cum Share Purchase Agreement on April 5, 2014 with Nepal Electricity Authority (NEA), Hydroelectricity Investment & Development Company Ltd. (HIDCL) of Nepal and IL&FS Energy Development Company Ltd. (IEDCL) and incorporated a JV Company in Nepal i.e. Power Transmission Company Nepal Limited (PTCNL) for implementation of Dhalkebar Bhittamod 400 kV Transmission Line (Nepal Portion of 400 kV D/C Dhalkebar - Muzaffarpur Indo-Nepal Cross Border transmission line). The Dhalkebar - Muzaffarpur Indo-Nepal Cross Border Transmission line is being used for Transmission of power between India & Nepal.
The Shareholding of NEA, POWERGRID, HIDCL and IEDCL in the said JV Company is 50%, 26%, 14% and 10% respectively. It is prudent to mention here that IEDCL vide their letter dated March 10, 2023 had informed that their board has proposed to divest the shares held by IEDCL in PTCNL (i.e. 10%), as per mandate of NCLT approved resolution framework. Further, IEDCL proposed the divestment of the shares directly to other shareholders of PTCNL viz. NEA, POWERGRID and HIDCL in proportion to their existing shareholdings in line with the Shareholders Agreement dated April 05, 2014 (SHA). Currently, the divestment of the shares of IEDCL is under process.
As on 31st March 2026, PTCNL had Authorised, issued & paid-up share capital of NPR 45 crore. At present, POWERGRID equity is NPR 11.70 crore including 1,30,000 Bonus shares of NPR 100/- each. The line is under commercial operation w.e.f. February 19, 2016. xii) BUTWAL - GORAKHPUR CROSS BORDER POWER TRANSMISSION LIMITED (BGCBPTL)
POWERGRID entered into a Joint Venture Agreement with Nepal Electricity Authority (NEA) for implementation of Indian portion of 400 kV New Butwal (Nepal) Gorakhpur (India) Cross Border Transmission Line. The Shareholding of both NEA & POWERGRID is 50% each in the JV Company. The JV
Company was incorporated on August 31, 2022 in India.
As on March 31, 2026, BGCBPTL had paid-up capital of 70 crore. POWERGRIDs shares in the paid-up capital was 35 crore.
SUBSIDIARY COMPANIES:
(i) POWERGRID NM TRANSMISSION LIMITED (PNMTL)
PNMTL was acquired by POWERGRID on March 29, 2012 under Tariff Based Competitive Bidding for establishing Transmission System associated with IPPs of Nagapattinam / Cuddalore Area (Package A) on build, own, operate and maintain (BOOM) basis. The Transmission System comprising 765kV D/C and 765kV S/C traverses the states of Tamil Nadu and Karnataka. PNMTL was granted transmission licence by CERC in June, 2013. All the project elements had been progressively commissioned by January 2019. As on March 31, 2026, PNMTL had an Authorised and Paid-up Share Capital of 496.25 crore and 490.95 crore respectively. PNMTL paid first interim dividend of 14.73 crore, second interim dividend of 14.24 crore, third interim dividend of 15.22 crore and forth interim dividend of 14.73 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 161.20 | 166.46 |
| Profit after Tax | 59.44 | 58.53 |
(ii) POWERGRID UNCHAHAR TRANSMISSION LIMITED (PUTL)
POWERGRID Unchahar Transmission Limited ("PUTL") was acquired by POWERGRID on March 24, 2014 under Tariff Based Competitive Bidding for establishment of transmission system for Associated Transmission System ("ATS") of Unchahar Thermal Power Station ("TPS") on a build-own-operate-maintain (BOOM) basis. The transmission system comprising Unchahar - Fatehpur 400kV Double Circuit (D/C) line (about 106.74 circuit kilometers) traverses the state of Uttar Pradesh. PUTL was granted transmission licence by Central Electricity Regulatory Commission on July 21, 2014 and the project had been commissioned on October 01, 2016. PUTL is also Investment Manager of POWERGRID Infrastructure Investment Trust ("PGInvIT"). As on March 31, 2026, PUTL had an Authorised Share Capital of 14 crore and Paid-up Share Capital of 12.96 crore respectively. PUTL paid first interim dividend of 3.24 crore, second interim dividend of 3.56 crore and third interim dividend of 3.89 crore for FY 2025-26. PUTL further proposed a final dividend of 3.89 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 28.63 | 28.58 |
| Profit after Tax | 15.33 | 15.48 |
(iii) POWERGRID SOUTHERN INTERCONNECTOR TRANSMISSION SYSTEM LIMITED (PSITSL)
PSITSL was acquired by POWERGRID on December 04, 2015 under tariff based competitive bidding for "Strengthening of Transmission System Beyond Vemagiri" Project on build, own operate and maintain (BOOM) basis. The transmission project comprise of 765 kV & 400 kV D/C transmission lines which traverse the states of Andhra Pradesh, Telangana & Karnataka and include establishment of one 765/400 kV Substation as well as 400kV bay extension at two existing sub-stations in the state of Andhra
Pradesh. The Company was granted transmission licence by CERC in March 2016. All the project elements had been progressively commissioned by January 2020. PSITSL, comprising elements viz- Vemagiri-II Chilakaluripeta 765kV D/C Line, Chilakaluripeta-Cuddapah 765 kV D/C, Chilakaluripeta-Narsaraopeta (Sattenapalli) 400kV (quad) D/C Line, Cuddapah Madhugiri 400kV (quad) D/C Line, Srikaukulam Pooling Station-Garividi 400kV (quad) D/C Line and 765/400 kV substation at Chilakaluripeta on Build, own, operate and maintain (BOOM) basis, have been successfully commissioned progressively on January 18, 2020.
The Company has also implemented following works under regulated tariff mechanism: i) 765 KV Spare (1-Ph) Reactor unit at 765 KV Chilakaluripeta substation (Commissioned w.e.f. 31.08.2023). ii) To bypass NGR to use switchable line reactor as Bus reactor at 765 KV Chilakaluripeta substation (Commissioned w.e.f. May 12, 2023). As on March 31, 2026, PSITSL had an Authorised and Paid-up Share Capital of 731 crore and 709 crore respectively. PSITSL paid first interim dividend of 37.57 crore; third interim dividend of 40.41 crore and fourth interim dividend of 34.74 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 495.40 | 809.48 |
| Profit after Tax | 151.13 | 381.12 |
(iv) POWERGRID MEDINIPUR JEERAT TRANSMISSION LIMITED (PMJTL)
PMJTL was acquired by POWERGRID on March 28, 2017 under Tariff based competitive bidding to establish Transmission System associated with 765kV Strengthening in Eastern Region (ERSS-XVIII) on build, own, operate and maintain (BOOM) basis. The Transmission System includes establishment of 765kV and 400kV Transmission lines which traverse the states of West Bengal and Jharkhand and includes establishment of two new 765/400kV Substations at Medinipur and Jeerat (New) in West Bengal. The Company was granted transmission licence by CERC in June, 2017. All the project elements had been progressively commissioned by August, 2022. The Board of Directors of PMJTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PMJTL had an Authorised and Paid-up Share Capital of 682.00 crore and of 661.60 crore respectively. PMJTL paid first interim dividend of 58.22 crore, second interim dividend of 58.22 crore, third interim dividend of 59.54 crore and fourth interim dividend of 50.28 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 602.27 | 651.74 |
| Profit after Tax | 227.86 | 255.87 |
(v) POWERGRID MITHILANCHAL TRANSMISSION LIMITED (PMTL)
PMTL was acquired by POWERGRID on January 12, 2018 under Tariff based competitive bidding to establish transmission system for Eastern Region Strengthening Scheme XXI (ERSS-XXI)" on build, own, operate and maintain (BOOM) basis. The Transmission System includes establishment of 400kV Transmission lines in the state of Bihar and establishment of three new 400/220/132 kV Substations in Bihar. The Company was granted transmission licence by CERC in April 2018. All the project elements had been progressively commissioned by October 2021. The Board of Directors of PMTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PMTL had an Authorised and Paid-up Share Capital of 245.50 crore and 233.20 crore respectively. PMTL paid first interim dividend of 11.43 crore, second interim dividend of 10.73 crore, third interim dividend of 12.36 crore, fourth interim dividend of 12.12 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 175.99 | 177.20 |
| Profit after Tax | 47.09 | 44.89 |
(vi) POWERGRID VARANASI TRANSMISSION SYSTEM LIMITED (PVTSL)
PVTSL was acquired by POWERGRID on March 27, 2018 under Tariff Based Competitive Bidding to establish Transmission System for new Western Region Northern Region 765kV Inter Regional Corridor on build, own, operate and maintain (BOOM) basis. The Transmission System includes establishment of a 765kV
D/C Transmission Line from Vindhyachal pooling station to Varanasi which traverse the states of Madhya Pradesh and Uttar Pradesh. The Company was granted transmission licence by CERC in August 2018. The project was commissioned in August 2021. The Board of Directors of PVTSL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PVTSL had an Authorised and Paid-up Share Capital of 198.90 crore and 187.56 crore respectively. PVTSL paid first interim dividend of 8.06 crore, second interim dividend of 12.38 crore, third interim dividend of 7.88 crore, fourth interim dividend of 7.50 crore FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 126.75 | 121.36 |
| Profit after Tax | 35.29 | 28.51 |
(vii) POWERGRID JAWAHARPUR FIROZABAD TRANSMISSION LIMITED (PJFTL)
PJFTL was acquired by POWERGRID on December 21, 2018 under Tariff based competitive bidding to establish intra-state Transmission System in Uttar Pradesh for Evacuation of Power from 2 X 660 MW
Jawaharpur Thermal Power Project and Construction of 400 kV substation at Firozabad along with associated Transmission Lines on build, own, operate and maintain (BOOM) basis. Being the Intra state project, the Company was granted transmission licence by UPERC on July 05, 2019. All the project elements had been progressively commissioned by July 2021. As on March 31, 2026, PJFTL had an Authorised and Paid-up Share Capital of 93.70 crore and 89.60 crore respectively. PJFTL paid first interim dividend of 3.58 crore, second interim dividend of 4.48 crore, third interim dividend of 8.51 crore, and fourth interim dividend of 5.37 crore for FY 25-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 61.47 | 57.64 |
| Profit after Tax | 23.33 | 20.31 |
(viii) POWERGRID KHETRI TRANSMISSION SYSTEM LIMITED (PKTSL)
PKTSL was acquired by POWERGRID on August 29, 2019 under Tariff based competitive bidding to establish Transmission system associated with LTA application from Rajasthan SEZ (Part-C) on build, own, operate and maintain (BOOM) basis. The Company was granted transmission licence by CERC on December 19, 2019. The project was commissioned on October 04, 2021. The Board of Directors of PKTSL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PKTSL had an Authorised and Paid-up Share Capital of 209 crore and 198.75 crore respectively. PKTSL paid first interim dividend of 11.92 crore, second interim dividend of 10.93 crore, third interim dividend of 12.92 crore and fourth interim dividend of 12.72 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 155.78 | 156.51 |
| Profit after Tax | 48.00 | 45.66 |
(ix) POWERGRID BHIND GUNA TRANSMISSION LIMITED (PBGTL)
PBGTL was acquired by POWERGRID on September 11, 2019 under Tariff based competitive bidding to establish transmission system for Intra-State Transmission Work associated with construction of 400 kV Substation near Guna & Intra-State Transmission Work associated with construction of 220 kV S/s near Bhind in Madhya Pradesh on Build, Own, Operate and maintain (BOOM) basis. Being the Intra state project, the Company was granted transmission licence in January 2021 by MPERC. The project was commissioned on October 07, 2022.
As on March 31, 2026, PBGTL had an Authorised and Paid-up Share Capital of 120.42 crore and 111.95 crore respectively. PBGTL paid first interim dividend of 5.14 crore, second interim dividend of 5.59 crore, third interim dividend of 5.48 crore and fourth interim dividend of 5.00 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 67.16 | 67.81 |
| Profit after Tax | 21.43 | 20.88 |
(x) POWERGRID AJMER PHAGI TRANSMISSION LIMITED (PAPTL)
PAPTL was acquired by POWERGRID on October 03, 2019 under Tariff based competitive bidding to establish transmission system for Construction of Ajmer (PG)-Phagi 765 kV D/C line along with associated bays for Rajasthan SEZ on build, own, operate and maintain (BOOM) basis. The Company was granted transmission licence by CERC on March 04, 2020. The project was commissioned on May 06, 2021. The Board of Directors of PAPTL has approved merger of the Company (along with other transferor companies) with POWERGRID
Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval. As on March 31, 2026, PAPTL had an Authorised and Paid-up Share Capital of 125 crore and 115 crore respectively. PAPTL paid first interim dividend of 5.18 crore, second interim dividend of 4.60 crore, third interim dividend of 5.52 crore, and fourth interim dividend of 5.06 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 76.41 | 77.27 |
| Profit after Tax | 20.61 | 19.39 |
(xi) POWERGRID FATEHGARH TRANSMISSION LIMITED (PFTL)
PFTL was acquired by POWERGRID on October 14, 2019 under Tariff based competitive bidding to establish Transmission system associated with LTA applications from Rajasthan SEZ Part-B on build, own, operate and maintain (BOOM) basis. The Company was granted transmission licence by CERC on March 04, 2020. The project was commissioned on September 01, 2021. The Board of Directors of PFTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PFTL had an Authorised and Paid-up Share Capital of 141.00 crore. PFTL paid first interim dividend of 6.34 crore, second interim dividend of 6.34 crore, third interim dividend of 6.34 crore, fourth interim dividend of 6.34 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 90.95 | 91.07 |
| Profit after Tax | 25.37 | 24.11 |
(xii) POWERGRID BHUJ TRANSMISSION LIMITED (PBTL)
PBTL was acquired by POWERGRID on October 16, 2019 under Tariff based competitive bidding to establish transmission system for providing connectivity to RE projects at Bhuj-II (2000MW) in Gujarat on build, own, operate and maintain (BOOM) basis. The transmission system includes establishment of new 2 x 1500 MVA (765/400 kV), 4 x 500 MVA (400/220 kV) Bhuj - II PS and reconfiguration 765 kV D/c line so as to establish Bhuj II Lakadia 765 kV D/c line as well as Bhuj Bhuj II 765 kV D/c line. The Company was granted transmission licence by CERC on March 03, 2020. All the project elements had been progressively commissioned by November, 2022.
The Company is also implementing ‘Requirement of additional FOTE of STM-16 capacity at Bhuj-II substation to cater to connectivity of RE Gencos works under regulated tariff mechanism.
As on March 31, 2026, PBTL had an Authorised share capital of 236.00 crore and a Paid-up share capital of 232.00 crore. During the financial year 2025 26, the Company declared and paid first interim dividend of 8.82 crore, second interim dividend of 9.51 crore, third interim dividend of 19.02 crore, and fourth interim dividend of 14.62 crore, paid out of the profits and retained earnings of the Company.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 203.72 | 157.07 |
| Profit after Tax | 73.08 | 35.13 |
(xiii) POWERGRID RAMPUR SAMBHAL TRANSMISSION LIMITED (PRSTL)
PRSTL was acquired by POWERGRID on December 12, 2019 under Tariff based competitive bidding to establish transmission System for construction of 765/400/220kV GIS Substation at Rampur and 400/220/132kV GIS Substation at Sambhal with associated Transmission Lines on build, own, operate and maintain (BOOM) basis. Being the Intra state project, the Company was granted transmission licence by UPERC in September 2020. The project was commissioned on March 31, 2023.
As on March 31, 2026, PRSTL had an Authorised and Paid-up Share Capital of 166 crore and 151.30 crore respectively. The Company declared and paid first interim dividend of 2.27 crore, second interim dividend of 9.68 crore, and third interim dividend of 21.79 crore, paid out of the profits and retained earnings of the Company.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 107.69 | 105.26 |
| Profit after Tax | 33.60 | 30.93 |
(xiv) POWERGRID MEERUT SIMBHAVALI TRANSMISSION LIMITED (PMSTL)
PMSTL was acquired by POWERGRID on December 19, 2019 under Tariff based competitive bidding to establish transmission system for Construction of 765/400/220 kV GIS Substation at Meerut with associated lines and 400/220/132 kV GIS Substation at Simbhavali with associated Transmission lines on build, own, operate and maintain (BOOM) basis. Being the Intra state project, the Company was granted transmission licence by UPERC on September 18, 2020. The project has been completely commissioned with effect from April 29, 2023.
As on March 31, 2026, PMSTL had an Authorised and Paid-up Share Capital of 220.00 crore and 205.98 crore respectively. The Company has paid a interim dividend of 8.24 crore.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 119.27 | 113.10 |
| Profit after Tax | 27.03 | 23.05 |
(xv) POWERGRID RAMGARH TRANSMISSION LIMITED (PRTL)
PRTL was acquired by POWERGRID on March 09, 2021 under Tariff based competitive bidding to establish Transmission System for "Transmission System Strengthening Scheme for evacuation of Power from Solar Energy Zones in Rajasthan (8.1 GW) under Phase-II Part-A" on Build, Own, Operate and Maintain (BOOM) basis. The Company was granted transmission licence by CERC on May 31, 2021. All the project elements were commissioned on December 24, 2023. The Board of Directors of PRTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
The Company is also implementing following works under regulated tariff mechanism: ofBhujPS LakadiaPS i) Implementation of Transmission system for evacuation of power from REZ in Rajasthan (20GW) under Phase-III Part E1 ii) Implementation of Bus Sectionalizer at 400kV Level of 765/400/220kV Fatehgarh- III PS (Section-2) iii) Implementation of Transmission system for evacuation of power from REZ in Rajasthan (20 GW) under Phase III Part E2
Transmission Limited (PBSTL) (ix) POWERGRID Ananthpuram Kurnool Transmission Limited (PAKTL) (x) POWERGRID Neemrana Bareilly Transmission Limited (PNBTL) (xi) POWERGRID Koppal Gadag Transmission Limited (PKGTL) and (xii) POWERGRID Bidar Transmission Limited (PGTL) stand amalgamated/ merged with POWERGRID Khavda II C Transmission Limited w.e.f. March 01, 2026 As on March 31, 2026PKIICTL had an Authorised and Paid-up Share Capital of 3772.84 crore and 2935.25 crore respectively. The Company paid interim dividend of 3.57 crore for FY 2025-26.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 309.60 | 0.58 |
| Profit after Tax | 52.56 | (18.57) |
For projects/SPVs merged with PKIICTL, the status is as under:
a PKIIBTL was acquired by POWERGRID on March 21, 2023 under Tariff based competitive bidding for establishment of Transmission scheme for evacuation of 4.5 GW RE injection at Khavda P.S. under Phase-II Part B on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on August 22, 2023. The project has been commissioned.
a PKRETSL was acquired by POWERGRID on March 21, 2023 under Tariff based competitive bidding to establish Transmission Network Expansion in Gujarat associated with integration of RE projects from Khavda potential RE zone on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on August 17, 2023. The project has been commissioned.
a PKPS2TSL was acquired by POWERGRID on March 21, 2023 under Tariff based competitive bidding for establishment of Khavda Pooling Station-2 (KPS2) in Khavda RE Park on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on August 04, 2023. The project is under implementation. The Company is also implementing ‘Interconnection of RE developers DTL at Bay no 416 of KPS-2 (400kV Bus Section-I) works under regulated tariff mechanism.
a PKPS3TL was acquired by POWERGRID on March 21, 2023 under Tariff based competitive bidding for establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on August 31, 2023. DOCO of the project has been achieved on August 04, 2025. The Company is also implementing ‘Transmission system for evacuation of power from potential Renewable Energy Zone in Khavda area of Gujarat under Phase IV (7GW): Part E3 works under regulated tariff mechanism.DOCO of the project has already been declared.
a PEPTL was acquired by POWERGRID on March 21, 2023 under Tariff based competitive bidding to establish Transmission System for Transmission system strengthening scheme for 400/220/132 KV Jagdalpur sub-station of CSPTCL and 400/220 KV Jeypore sub-station of POWERGRID. The Company was granted transmission licence by CERC on July 31, 2023. The project is under implementation.
a PRPDTL was acquired by POWERGRID on March 28, 2023 under Tariff Based Competitive Bidding to establish Transmission System associated with Western Region Expansion Scheme -XXVII (WRES-XXVII) on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on August 23, 2023. The project has been commissioned in March 2025.
a PDTL was acquired by POWERGRID on March 28, 2023 under Tariff based competitive bidding to establish Western Region Expansion Scheme- XXVIII (WRES-XXVIII) & XXIX (WRES-XXIX) on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on July 31, 2023. The project WRES-XXIX was commissioned on March 28, 2025 and WRES-XXVIII was commissioned on April 08, 2025.
a PBSTL was acquired by POWERGRID on March 28, 2023 under Tariff based competitive bidding to establish Transmission system associated with LTA applications from Rajasthan SEZ Part-E on Build, Own, Operate and Maintain (BOOM) basis. The Company was granted transmission licence by CERC on August 30, 2023. The project is under implementation.
a PAKTL was acquired by POWERGRID on September 27, 2023 under Tariff based competitive bidding to establish Inter-StateTransmission System for "Transmission scheme for Solar Energy Zone in Anathpuram (Ananthapur) (2500MW) and Kurnool (1000MW), Andhra Pradesh". The Company was granted transmission licence by CERC on February 29, 2024. The project is under implementation.The Company is also implementing ‘3 nos. of 400kV line bays at Ananthapuram PS for integration of RE generation projects works under regulated tariff mechanism.
a PNBTL was acquired by POWERGRID on December 27, 2023 under Tariff based competitive bidding to establish Transmission System for evacuation of power from Rajasthan REZ Ph-IV (Part-I) Bikaner Complex-Part D on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on April 22, 2024. The project is under implementation.
a PKGTL was acquired by POWERGRID on December 26, 2023 under Tariff based competitive bidding for "Transmission Scheme for Integration of Renewable Energy Zone (Phase-II) in Koppal-II (Phase-A & B) and Gadag-II (Phase-A) in Karnataka" on Build, Own, Operate and Transfer (BOOT) basis. The Company has filed petition with CERC for grant of transmission licence and CERC Granted transmission licence on July 26, 2024. The project is under implementation.
a PBTL was acquired by POWERGRID on February 09, 2024 under Tariff based competitive bidding to establish Transmission System for "Transmission Scheme for Solar Energy Zone in Bidar (2500 MW), Karnataka" on Build, Own, Operate and Transfer (BOOT) basis. The project is under implementation.
(xxviii) POWERGRID VATAMAN TRANSMISSION LIMITED (PVTL)
PVTL formerly known as Vataman Transmission Limited was acquired by POWERGRID on December 26, 2023 under Tariff based competitive bidding to establish Transmission System for evacuation of Additional 7GW RE Power from Khavda RE Park under Phase-III Part B. The Company was granted transmission licence by CERC on April 13, 2024. The project is under implementation. Ministry of Corporate Affairs vide Order No. 24/6/2024-CL-III dated January 27, 2026, approved Merger/ Amalgamation of Six (6) wholly owned subsidiaries of POWERGRID with the Company with appointed date as April 01, 2024. Subsequent to the order by the MCA for Scheme B of the arrangement of merger, 5 SPVs namely POWERGRID Bhadla III Transmission Limited (PBIIITL), POWERGRID Ramgarh II Transmission Limited (PRIITL), POWERGRID Beawar Dausa Transmission Limited (PBDTL), POWERGRID Bikaner Neemrana Transmission Limited (PBNTL) and POWERGRID Sikar Khetri Transmission Limited (PSKTL) stand amalgamated/merged with PVTL w.e.f. March 01, 2026
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 39.34 | 0.01 |
| Profit after Tax | (3.07) | (12.62) |
For projects/SPVs merged with PVTL, the status is as under:
a Bhadla III [erstwhile POWERGRID Bhadla III Transmission Limited (PBIIITL)] was acquired by POWERGRID on September 27, 2023 under Tariff based competitive bidding for establishment of a new 765/400/220 kV Pooling Station at Bhadla-3 in Rajasthan and 01 no. 765 kV D/C Transmission Line traversing in the state of Rajasthan and associated bay extension works for evacuation of power from REZ in Rajasthan Phase-III Project (20GW). Deemed DOCO of the project commenced w.e.f. March 15, 2026.
a Ramgarh II [erstwhile POWERGRID Ramgarh II Transmission Limited (PRIITL)] was acquired by POWERGRID on October 26, 2023 under Tariff based competitive bidding for establishment of a new 765/400kV substation at Ramgarh along with STATCOM at Ramgarh, 765kV D/C Transmission Line and associated bays extension works at other existing substation (Bhadla-III) in the state of Rajasthan for evacuation of power from REZ in Rajasthan Phase-III Project (20GW). The project is under implementation.
a Beawar Dausa [erstwhile POWERGRID Beawar Dausa Transmission Limited (PBDTL)] was acquired by POWERGRID on October 30, 2023 under Tariff based competitive bidding for establishment of new 765/400kV substation at suitable location near Dausa and 400kV & 765kV D/C Transmission Lines traversing in the state of Rajasthan and associated bay extension works for evacuation of power from REZ in Rajasthan Phase-III Project (20GW). The project has been commissioned.
a Bikaner Neemrana [erstwhile POWERGRID Bikaner Neemrana Transmission Limited (PBNTL)] was acquired by POWERGRID on December 27, 2023 under Tariff based competitive bidding for establishment of new 765/400/220 kV Pooling Station at Bikaner-III, 2 nos. 400 kV D/C and 1 no. of 765 kV D/C transmission lines traversing in the state of Rajasthan as well as Haryana and associated bay extension works at Neemrana-II Substation in the state of Rajasthan. The project is under implementation.
a Sikar Khetri [erstwhile POWERGRID Sikar Khetri Transmission Limited (PSKTL)] was acquired by POWERGRID on February 09, 2024 under Tariff based competitive bidding for establishment of 02 nos. 765kV D/C transmission lines traversing in Rajasthan and Delhi alongwith associated bays extension works at existing substations located in Rajasthan and Delhi. The project is under implementation.
As on March 31, 2026, PVTL had an Authorised and Paid-up Share Capital of 3009.66 crore and 1650.75 crore respectively.
(xxix) POWERGRID KHAVDA IV-E2 POWER TRANSMISSION LIMITED (PKIVE2PTL)
PKIVE2PTL, formerly known as Khavda IV-E2 Power Transmission Limited, was acquired by POWERGRID on May 30, 2024 under Tariff Based Competitive Bidding to establish Inter State Transmission System for evacuation of power from potential renewable energy zone in Khavda area of Gujarat under Phase IV
(Part 2: 7 GW) Part E2". The Company was granted a transmission licence by CERC on November 18, 2024. The project is under implementation.
As on March 31, 2026, PKIVE2PTL had an Authorised and Paid-up Share Capital of 161.35 crore and 51.49 crore respectively.
(xxx) POWERGRID MANDSAUR TRANSMISSION LIMITED (PMnTL)
PMnTL (Formerly known as Rajasthan IV C Power Transmission Limited) was acquired by POWERGRID on August 19, 2024, under Tariff based competitive bidding for establishment of "Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part C" in Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on February 08, 2025. The project is under implementation. The Board of Directors of PMnTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval. As on March 31, 2026, PMnTL had an Authorised and Paid-up Share Capital of 384.38 crore and 150.45 crore respectively.
(xxxi) POWERGRID MEWAR TRANSMISSION LIMITED (PMeTL)
PMeTL, formerly known as Rajasthan IV E Power Transmission Limited, was acquired by POWERGRID on August 19, 2024 under Tariff based competitive bidding to establish "Transmission System for Evacuation of Power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW) (Jaisalmer/ Barmer Complex): Part E" on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on February 14, 2025. The project is under implementation. The Board of Directors of PMTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PMeTL had an Authorised and Paid-up Share Capital of 486.60 crore and 229.69 crore approx. Respectively.
(xxxii) POWERGRID SIROHI TRANSMISSION LIMITED (PSTL)
PSTL formerly known as Sirohi Transmission Limited was acquired by POWERGRID on August 22, 2024 under Tariff based competitive bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph -IV (Part-2: 5.5 GW) (Jaisalmer/ Barmer Complex) Part B". The Company was granted transmission licence by CERC on November 25, 2024. The project is under implementation. The Board of Directors of PSTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PSTL had an Authorised and Paid-up Share Capital of 549.60 crore and 270.99 crore Respectively.
(xxxiii) POWERGRID BEAWAR-MANDSAUR TRANSMISSION LIMITED (PBMTL)
POWERGRID Beawar-Mandsaur Transmission Limited (Formerly known as Beawar-Mandsaur Transmission Limited) was acquired by POWERGRID on August 22, 2024 under Tariff based competitive bidding for establishment of "Transmission system for Power from Rajasthan REZ Ph-IV (Part-2 5.5 GW) (Jaisalmer/ Barmer Complex): Part D" under TBCB route on build, own, operate and transfer (BOOT) basis. Consequent to such an acquisition, BMTL became a wholly owned subsidiary of POWERGRID, and the name was changed to POWERGRID Beawar-Mandsaur Transmission Limited (PBMTL). The company was granted a transmission licence by CERC on February 08, 2025. The project is under implementation. The Board of Directors of PBMTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval. As on March 31, 2026, PBMTL had an Authorised and Paid-up Share Capital of 368.06 crore and 186.61 crore Respectively.
(xxxiv) POWERGRID KHAVDA PS1 AND 3 TRANSMISSION LIMITED (PKPS1&3TL)
PKPS1&3TL was acquired by POWERGRID on November 07, 2024 under Tariff based competitive bidding for "Provision of Dynamic Reactive Compensation at Khavda Pooling Station 1 (KPS1) and Khavda Pooling Station 3 (KPS3)" on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on March 26, 2025. The project is under implementation.
As on March 31, 2026, PKPS1&3TL had an Authorised and Paid-up Share Capital of 195 crore and 0.46 crore crore Respectively.
(xxxv) POWERGRID BHADLA BIKANER TRANSMISSION LIMITED (PBBTL)
PBBTL (Formerly known as Bhadla-III & Bikaner-III Transmission Limited) was acquired by POWERGRID on August 30, 2024, under Tariff based competitive bidding for establishment of "Transmission System Strengthening for interconnections of Bhadla-III and Bikaner-III complex" in Build, Own, Operate and Transfer (BOOT) basis. The Company was granted a transmission licence by CERC on January 14, 2025. The project is under implementation. As on March 31, 2026, PBBTL had an Authorised and Paid-up Share Capital of 165.91 crore and 31.29 crore Respectively.
(xxxvi) POWERGRID SOUTH OLPAD TRANSMISSION LIMITED (PSOTL)
PSOTL, formerly known as South Olpad Transmission Limited, was acquired by POWERGRID on October 15, 2024 under Tariff based competitive bidding to establish Transmission system for Evacuation of Power from potential renewable energy zone in Khavda area of Gujrat under Phase-IV (7GW): Part B on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted a transmission licence by CERC on August 13, 2025. The project is under implementation. The Board of Directors of PSOTL has approved merger of 11 wholly owned subsidiary Companies into PSOTL
(transferee company) and the merger is under approval.
As on March 31, 2026, PSOTL had an Authorised and Paid-up Share Capital of 956.88 crore and 247.74 crore Respectively.
(xxxvii) POWERGRID BHADLA-III POWER TRANSMISSION LIMITED (PBIIIPTL)
PBIIIPTL, formerly known as Bhadla-III Power Transmission Limited, was acquired by POWERGRID on August 28, 2024 under Tariff based competitive bidding to establish Additional Transmission system for Evacuation of Power from Bhadla III PS as part of Rajasthan REZ Phase-III Scheme (20 GW). The Company was granted transmission licence by CERC on December 15, 2024. The project is under implementation. As on March 31, 2026, PBIIIPTL had an Authorised and Paid-up Share Capital of was 84.1 crore and 22.15 crore respectively.
(xxxviii) POWERGRID KURAWAR TRANSMISSION LIMITED (PKTL)
PKTL, formerly known as Rajasthan IV H1 Power Transmission Limited, was acquired by POWERGRID on October 15, 2024 under Tariff based competitive bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW) (Jaisalmer/Barmer Complex): Part H1 on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on February 28, 2025. The Board of Directors of PKTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of WERGRID) and the merger is under approval.
As on March 31, 2026, PKTL had an Authorised and Paid-up Share Capital of 539.37 crore and 205.13 crore Respectively.
(xxxix) POWERGRID JAM KHAMBALIYA TRANSMISSION LIMITED (PJTL)
PJTL, formerly known as Jam Khambhaliya Transmission Limited was acquired by POWERGRID on October 15, 2024 for Development and Operation of Inter-State transmission System for transmission of electricity through "Augmentation of Transformation capacity at Jam Khambhaliya PS (GIS)". Transmission Licence Order issued by CERC on Dt. March 21, 2025 (Petition-489/TL/2024). The project is under implementation. The Board of Directors of PJTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PJTL had an Authorised and Paid-up Share Capital of 74.10 crore and 1.74 crore Respectively.
(xl) POWERGRID WEST CENTRAL TRANSMISSION LIMITED (PWCTL)
PWCTL, formerly known as Khavda V-A Power Transmission Limited, was acquired by POWERGRID on November 19, 2024 under Tariff based competitive bidding to establish the Inter-State "Transmission System for Evacuation of Power from potential renewable energy zone in Khavda area of Gujarat under Phase-V (8GW): Part A". The Company was granted transmission licence on March 26, 2025. The Brief scope of Project is as follows: a) Establishment of 6000 MW, ?800 kV KPS2 (HVDC) [LCC] terminal station (4x1500 MW) along with associated interconnections with 400kV HVAC Switchyard b) Establishment of 6000 MW, ?800 kV Nagpur (HVDC) [LCC] terminal station (4x1500 MW) along with associated interconnections with 400kV HVAC Switchyard. c) ?800 kV HVDC Bipole line (Hexa lapwing) between KPS2 (HVDC) and Nagpur (HVDC) (1200 km) (with Dedicated Metallic Return) (capable to evacuate 6000 MW with overload as specified). d) Establishment of 6x1500 MVA, 765/400 kV ICTs at Nagpur S/s along with 2x330 MVAR (765 kV) & 2x125 MVAR, 420 kV bus reactors along with associated interconnections with HVDC Switchyard. e) LILO of Wardha Raipur 765 kV one D/c line (out of 2xD/c lines) at Nagpur. f) Installation of 240 MVAR switchable line reactor at Nagpur end on each ckt of Nagpur Raipur 765 kV D/c line.
The Project is under implementation.
As on March 31, 2026, PWCTL had an Authorised and Paid-up Share Capital of 1000.00 crore and 463.39 crore Respectively.
(xli) POWERGRID BARMER I TRANSMISSION LIMITED (PBITL)
PBITL (Formerly known as Barmer I Transmission Limited) was acquired by POWERGRID on November 07, 2024, under Tariff based competitive bidding for establishment of "Transmission System for Evacuation of Power from Rajasthan REZ Ph-IV (Part-2: 5.5 GW)(Jaisalmer/ Barmer Complex): Part F (By clubbing Part F1 & F2)" in Build, Own, Operate and Transfer (BOOT) basis. The Company was granted a transmission licence by CERC on March 26, 2025. The project is under implementation. The Board of Directors of PBITL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval. As on March 31, 2026, PBITL had an Authorised and Paid-up Share Capital of 444.18 crore and 128.92 crore Respectively.
(xlii) POWERGRID BIKANER IV TRANSMISSION LIMITED (PBIVTL)
PBIVTL (Formerly known as Bikaner A Power Transmission Limited) was acquired by POWERGRID on November 11, 2024, under Tariff based competitive bidding for establishment of "Transmission System for evacuation of power from Rajasthan REZ Ph IV (Part 3: 6GW) (Bikaner Complex): Part A" in Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on April 28, 2025. The project is under implementation. The Board of Directors of PBIVTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PBIVTL had an Authorised and Paid-up Share Capital of 925.23 crore and 161.29 crore respectively.
(xliii) POWERGRID SIWANI TRANSMISSION LIMITED
POWERGRID Siwani Transmission Limited formerly known as Bikaner B Power Transmission Limited was acquired by POWERGRID on November 11, 2024 under Tariff based competitive bidding for "Transmission system for evacuation of power from Rajasthan REZ Ph IV (Part 3: 6GW) (Bikaner Complex): Part B". The Company was granted transmission licence on March 26, 2025. The project is under implementation. The Board of Directors of POWERGRID Siwani Transmission Limited has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, the Authorised and Paid-up Share Capital of POWERGRID Siwani Transmission Limited was 870.57 crore and 84.53 crore respectively.
(xliv) POWERGRID KUDANKULAM TRANSMISSION LIMITED (PKkTL)
PKkTL formerly known as Kundankulam ISTS Transmission Limited was acquired by POWERGRID on January 10, 2025 under Tariff based competitive bidding to establish inter-state transmission system for Transmission System under ISTS for evacuation of power from Kudankulam unit 3 and 4 (2X100 MW). The Company was granted transmission licence on March 12, 2026. The Board of Directors of PKkTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PKkTL had an Authorised and Paid-up Share Capital of 107.73 crore and 8.47 crore respectively.
(xlv) POWERGRID GHIROR TRANSMISSION LIMITED (PGTL)
PGTL, formerly known as Rajasthan IV 4A Power Transmission Limited, was acquired by POWERGRID on December 30, 2024 under Tariff based competitive bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-4: 3.5 GW): Part A", project on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted a transmission licence on June 11, 2025. The project is under implementation. The Board of Directors of PGTL has approved merger of the wholly owned subsidiary Companies into PGTL (transferee company) and the merger is under approval. As on March 31, 2026, PGTL had an Authorised and Paid-up Share Capital of 1060 crore and 62.56 crore respectively.
(xlvi) POWERGRID KOPPAL GADAG AUGMENTATION TRANSMISSION LIMITED (PKGATL)
PKGATL, formerly known as Gadag II and Koppal II Transmission Limited was acquired by POWERGRID on January 16, 2025 under Tariff based competitive bidding for System Strengthening at Koppal-II and Gadag-II for integration of RE generation project on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on July 26, 2024. The project is under implementation. As on March 31, 2026, PKGATL had an Authorised and Paid-up Share Capital of 263 crore and 2.63 crore respectively.
(xlvii) POWERGRID KPS 1 AND 2 AUGMENTATION TRANSMISSION LIMITED (PKPS1&2ATL)
PKPS1&2ATL formerly known as Khavda V-B1B2 Power Transmission Limited was acquired by POWERGRID on February 18, 2025 under Tariff based competitive bidding to establish Inter-State Transmission System for Augmentation of transformation capacity at KPS1 (GIS) and KPS2 (GIS) (Phase-V Part B1 and Part B2 scheme) on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on August 02, 2025. The project is under implementation. As on March 31, 2026, PKPS1&2ATL had an Authorised and Paid-up Share Capital of 97.52 crore and 3.44 crore respectively.
(xlviii) POWERGRID BIDAR AUGMENTATION TRANSMISSION LIMITED (PBATL)
POWERGRID Bidar Augmentation Transmission Limited (Formerly known as Bidar Transco Limited) was acquired by POWERGRID on February 18, 2025, under Tariff based competitive bidding for establishment of "Augmentation of transformation capacity by 3x500 MVA, 400/220kV ICTs (6th 8th) and 1x1500 MVA, 765/400kV ICT (4th) at Bidar PS" in Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on June 30, 2025. The project is under implementation. As on March 31, 2026, PBATL had an Authorised and Paid-up Share Capital of 65.66 crore and 0.05 crore respectively.
(xlix) POWERGRID CHITRADURGA BELLARY TRANSMISSION LIMITED (PCBTL)
POWERGRID Chitradurga Bellary Transmission Limited was incorporated as wholly owned subsidiary of PFC Consulting Limited (PFCCL) on June 28, 2024 and acquired by Power Grid Corporation of India Limited (POWERGRID) on March 21, 2025 under Tariff based competitive bidding to establish transmission scheme for integration of Davanagere / Chitradurga REZ and Bellary REZ in Karnataka through TBCB route. The Company was granted a transmission licence on August 31, 2025. The project is under implementation. The Board of Directors of PCBTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PCBTL had an Authorised and Paid-up Share Capital of 668 crore and 7.08 crore respectively.
(l) POWERGRID FATEHGARH BARMER AUGMENTATION TRANSMISSION LIMITED
POWERGRID Fatehgarh Barmer Augmentation Transmission Limited (PFBATL) formerly known as Fatehgarh II and Barmer I PS Transmission Limited was acquired by POWERGRID on March 21, 2025 under Tariff based competitive bidding System to establish Inter-State transmission system for "Augmentation at Fatehgarh-II PS, Fatehgarh-IV PS (Section-II) and Barmer-I PS". The Company was granted transmission licence on August 14, 2025. The project is under implementation. The Board of Directors of PFBATL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PFBATL had an Authorised and Paid-up Share Capital of 86.13 crore and 0.06 crore respectively.
(li) POWERGRID BANASKANTHA AUGMENTATION TRANSMISSION LIMITED (PBATL)
PBATL formerly known as Banaskantha Transco Limited was acquired by POWERGRID on March 24, 2025 under Tariff based competitive bidding System to establish Inter-State Transmission System for "Augmentation of transformation capacity at Banaskantha (Raghanesda) PS (GIS). The Company was granted a transmission licence on July 31, 2025. The project is under implementation. The Board of Directors of PBATL has approved merger of the Company (along with other transferor companies) with POWERGRID
South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval." As on March 31, 2026, PBATL had an Authorised and Paid-up Share Capital of 33.65 crore and 0.18 crore respectively.
(lii) POWERGRID SIROHI KHANDWA TRANSMISSION LIMITED (PSKhTL)
PSKhTL, formerly known as Rajasthan V Power Transmission Limited, was acquired by POWERGRID on March 24, 2025 under Tariff based competitive bidding to establish Transmission system for evacuation of power from Rajasthan REZ Ph-V (Part-1: 4 GW) [Sirohi/Nagaur] Complex on Build, Own, Operate and Transfer (BOOT) basis. The Company was granted transmission licence on July 31, 2025. The project is under implementation. The Board of Directors of PSKhTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PSKhTL had an Authorised and Paid-up Share Capital of 963.50 crore and 0.29 crore respectively.
(liii) POWERGRID KURNOOL-IV TRANSMISSION LIMITED (PK-IVTL)
PK-IVTL, formerly known as Kurnool-IV Transmission Limited, was acquired by POWERGRID on March 24, 2025 under Tariff based competitive bidding to establish Transmission System for Integration of Kurnool-IV REZ- Phase-I (for 4.5 GW) on build, own, operate and transfer (BOOT) basis. The Company was granted transmission licence on September 13, 2025. The project is under implementation. As on March 31, 2026, the Authorised and Paid-up Share Capital of POWERGRID Kurnool-IV Transmission Limited was 1063.55 crore and 120.93 crore respectively.
(liv) POWERGRID KURNOOL-III CPETA TRANSMISSION LIMITED (PK-IIICTL)
PK-IIICTL, formerly known as Kurnool III PS RE Transmission Limited, was acquired by POWERGRID on March 27, 2025 under Tariff based competitive bidding to establish Transmission System Strengthening at Kurnool-III PS for Integration of Additional RE Generation Projects on build, own, operate and transfer (BOOT) basis. The Company was granted transmission licence on July 31, 2025. The project is under implementation. The Board of Directors of PK-IIICTL has approved merger of the Company (along with other transferor companies) with POWERGRID South Olpad Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval. As on March 31, 2026, PK-IIICTL had an Authorised and Paid-up Share Capital of 569.60 crore and 45.67 crore respectively.
(lv) POWERGRID MAHAN REWA TRANSMISSION LIMITED (PMRTL)
POWERGRID Mahan Rewa Transmission Limited (PMRTL) was acquired by POWERGRID on June 04, 2025 under Tariff based competitive bidding from PFC Consulting Limited (the Bid Process Coordinator) to establish "Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh", on build, own, operate and transfer (BOOT) basis. The Company has applied for a grant for a transmission licence to CERC. The project is under implementation. The Board of Directors of PMRTL has approved merger of the Company (along with other transferor companies) with POWERGRID Ghiror Transmission Limited (a wholly owned subsidiary of POWERGRID) and the merger is under approval.
As on March 31, 2026, PMRTL had an Authorised and Paid-up Share Capital of 162.29 crore and 14.37 crore respectively.
(lvi) POWERGRID DAVANAGERE AUGMENTATION TRANSMISSION LIMITED (PDATL)
POWERGRID Davanagere Augmentation Transmission Limited (PDATL), formerly known as Davanagere Power Transmission Limited was acquired by POWERGRID on September 24, 2025 under Tariff based competitive bidding from REC Power Development and Consultancy Limited (the Bid Process Coordinator) to establish "Transmission System Strengthening at Davanagere for Integration of RE Generation", on build, own, operate and transfer (BOOT) basis. It is an Inter-State Transmission System. Consequent to such an acquisition, PDATL became a wholly owned subsidiary of POWERGRID. The Company was granted a transmission licence on January 12, 2026. The project is under implementation. As on March 31, 2026, PDATL had an Authorised and Paid-up Share Capital of 0.05 crore each.
(lvii) POWERGRID PRAYAGRAJ TRANSMISSION LIMITED (PPTL)
POWERGRID Prayagraj Transmission Limited (PPTL), formerly known as Vindhyachal Varanasi Transmission Limited was acquired by POWERGRID on October 16, 2025 under Tariff based competitive bidding from PFC
Consulting Limited (the Bid Process Coordinator) to establish "Inter-regional (NR-WR) Transmission System strengthening to relieve the loading of 765 kV Vindhyachal-Varanasi D/c line", on build, own, operate and transfer (BOOT) basis. It is an Inter-State Transmission System. Consequent to such an acquisition, PPaTL became a wholly owned subsidiary of POWERGRID. The Company was granted transmission licence on February 18, 2026. The project is under implementation. As on March 31, 2026, PPTL had an Authorised and Paid-up Share Capital of 0.01 crore each.
(lviii) POWERGRID MANDSAUR AUGMENTATION TRANSMISSION LIMITED (PMATL)
PMATL, formerly known as Mandsaur I RE Transmission Limited, was acquired by POWERGRID on October 08, 2025 under tariff based Competitive bidding to establish Augmentation of transformation capacity & Implementation of line bays at Mandsaur S/s for RE Interconnection on Build, Own, and Operate and Transfer (BOOT) basis. The Company was granted transmission licence by CERC on January 05, 2026. The project is under implementation. As on March 31, 2026, PMATL had an Authorised and Paid-up Share Capital of 0.01 crore each.
(lix) POWERGRID PARLI BIDAR TRANSMISSION LIMITED (PPBTL)
PPBTL, formerly known as SR WR Power Transmission Limited was acquired by POWERGRID on October 17, 2025 under Tariff based competitive bidding to establish "Inter-Regional Strengthening between SR Grid and WR Grid", on build, own, operate and transfer (BOOT) basis. The Company was granted transmission licence by CERC on March 23, 2026. The project is under implementation.
As on March 31, 2026, PPBTL had an Authorised and Paid-up Share Capital of 0.05 crore each.
(lx) POWERGRID ANGUL SRIKAKULAM TRANSMISSION LIMITED (PAnSTL)
PAnSTL, formerly known as SR and ER Power Transmission Limited, was acquired by POWERGRID on February 03, 2026 under Tariff based competitive bidding to establish "Inter-Regional Strengthening between SR Grid and ER Grid" on build, own, operate and transfer (BOOT) basis. The Company was granted transmission licence by CERC on May 28, 2026. The project is under implementation. As on March 31, 2026, PAnSTL had an Authorised and Paid-up Share Capital of 0.01 crore each.
(lxi) POWERGRID WEST MAHARASHTRA TRANSMISSION LIMITED (PWMTL)
PWMTL, was acquired by POWERGRID on March 12, 2026 under Tariff based competitive bidding from PFC
Consulting Limited (the Bid Process Coordinator) to establish Network Expansion scheme in Maharashtra for removal of Transmission constraints in Pune Region-I (765/400 kV AIS Pune East), on build, own, operate and transfer (BOOT) basis. It is an Maharashtra Intra-State Transmission Project. Consequent to such an acquisition, PWMTL became a wholly owned subsidiary of POWERGRID. Being the Intra state project, the Company has applied for a grant for a transmission licence to MERC. The project is under implementation.
As on March 31, 2026, PWMTL had an Authorised and Paid-up Share Capital of 0.01 crore each.
(lxii) POWERGRID BELLARY DAVANAGERE TRANSMISSION LIMITED (PBDTL)
PBDTL formerly known as Bellary Davanagere Power Transmission Limited was acquired by POWERGRID on February 12, 2026 under Tariff based competitive bidding to establish Transmission system strengthening for integration of additional RE potential at Davanagere (0.25 GW) and Bellary (2.75 GW). The Company has applied for grant for a transmission licence to CERC. The project is under implementation. As on March 31, 2026, PBDTL had an Authorised and Paid-up Share Capital of 0.05 crore each.
(lxiii) POWERGRID VEMAGIRI TRANSMISSION LIMITED (PVTL)
PVTL was acquired by POWERGRID on April 18, 2012 under Tariff based competitive bidding for establishing Transmission system associated with IPPs of Vemagiri Area (Package A). The transmission system comprises 765kV D/C lines which traverse the state of Andhra Pradesh and Telangana.
As on March 31, 2026, PVTL had an Authorised Share Capital and Paid-up Share Capital of 0.05 crore respectively.
CERC vide Order dated April 06, 2015 stated that Vemagiri-Khammam-Hyderabad 765 kV D/C lines under the project is neither required as an evacuation line nor as a system strengthening line, no useful purpose would be served by adopting the transmission charges and granting a licence to the petitioner for the said transmission line and has withdrawn the regulatory approval for the Transmission project.
(lxiv) POWERGRID TELESERVICES LIMITED (POWERTEL)
PowerTel was incorporated on November 25, 2021, as a 100% wholly owned subsidiary of POWERGRID, to undertake the Telecommunications and Digital Technology Business of POWERGRID.
Unified Licence Agreement for service authorizations for National Long Distance (NLD), Internet Service Provider - A (ISP-A) & International Long Distance (ILD) was obtained on May 11, 2022. Further, Infrastructure Provider-1 (IP-1) registration certificate was received on February 16, 2023.
During the year, PowerTel has maintained Telecom backbone availability of 100%. POWERGRID is expanding its business into Data Centre services through PowerTel and a commercial Data Centre at POWERGRID
Manesar Substation; Haryana is under implementation. Further, land has also been acquired by PowerTel in Chennai for establishment of a Zone-2 Data Centre.
During the year, PowerTel has also delivered its first ever ILD link to Bhutan. PowerTel has also delivered its first ever link on 400G interface.
As on March 31, 2026, Company had an Authorised and Paid-Up Share Capital of 1,000.00 crore and 700.69 crore respectively.
| Particulars | FY 2025-26 | FY 2024-25 |
| Gross Income | 1,195.09 | 1,128.10 |
| Profit after Tax | 412.26 | 391.13 |
26. Consolidated Financial Statements of POWERGRID
The consolidated financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) 110- ‘Consolidated Financial Statements and Indian Accounting Standards (Ind AS) 28 ‘Investments in Associates and Joint Ventures. On a consolidated basis, the Total Income of the Company, during FY 2025-26, stood at 47,684.43 crore as against 47,459.38 crore during FY 2024-25, registering an increase of about 0.47%. Total Expenses for the year ended March 31, 2026 stood at 30,231.06 crore as against 28,331.23 crore for the year ended March 31, 2025. Profit after Tax during FY 2025-26 increased by 2.61% vis-a-vis FY 2024-25. A brief summary of the results on a consolidated basis is given below:
| Particulars | FY 2025-26 | FY 2024-25 |
| Total Income | 47,684.43 | 47,459.38 |
| Profit before Tax & Regulatory Deferral Account Balances | 17,321.03 | 19,017.89 |
| Profit after Tax | 15,927.95 | 15,521.44 |
| Net Cash from operating activities | 40,935.36 | 36,221.82 |
27. Material developments in Human Resources / Industrial Relations
Please refer to Human Resource section of Directors Report for details.
| (Burra Vamsi Rama Mohan) | |
| Chairman & Managing Director | |
| DIN: 09806168 | |
| Date: 29th July, 2026 | |
| Place: Gurugram |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132 (Member ID - NSE: 10975 BSE: 179 MCX: 55995 NCDEX: 01249), DP SEBI Reg. No. IN-DP-185-2016, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, Merchant Banker SEBI Regn. No. INM000010940, RA SEBI Regn. No: INH000000248, BSE Enlistment Number (RA): 5016, AMFI-Registered Mutual Fund Distributor & SIF Distributor
ARN NO : 47791 (Date of initial registration – 17/02/2007; Current validity of ARN – 08/02/2027), PFRDA Reg. No. PoP 20092018, IRDAI Corporate Agent (Composite) : CA1099
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
