News ArticlePower Grid Corporation commissions key transmission lines and sets FY27 capex guidance at ₹37,000-40,000 crore
H1 FY27 system availability achieved at 99.81%, with ₹2.20 lakh crore order pipeline under management
Power Grid Corporation of India Limited presented its H1 FY27 performance highlighting 1,87,576 ckm transmission lines, 99.81% system availability, and FY27 capex guidance of ₹37,000-40,000 crore with capitalisation of ₹25,000-30,000 crore. The presentation details new substations, project commissions, and a ₹2.20 lakh crore order pipeline supporting future grid expansion.
Power Grid Corporation of India Limited
Investor Presentation
Power Grid Corporation of India Limited announced key operational achievements and financial guidance for the half-year ended 30 September 2026. The company reported a system availability of 99.81%, commissioned several transmission lines and substations, and set capital expenditure guidance between ₹37,000 and ₹40,000 crore for FY27.
During Q2 FY27, Power Grid commissioned five major transmission lines totaling 981 circuit kilometers and added 14,600 MVA of transformation capacity. Additional elements were commissioned after September 2026 increasing transmission lines by 2,616 ckm and transformation capacity by 25,100 MVA, including substations such as Koppal–II and Bidar 765 kV.
Financially, the company guided for capital expenditure of ₹37,000-40,000 crore and capitalization of ₹25,000-30,000 crore for FY27 on a consolidated basis. Year-to-date capex and capitalization figures were ₹15,385 crore and ₹16,864 crore respectively.
Power Grid continues to maintain a strong credit profile with ratings of AAA by CRISIL, ICRA, and CareEdge, and BBB ratings by S&P and Fitch, reflecting stable outlooks. Shareholding is majorly held by the Government of India at 51.34%, with institutional investors owning significant stakes.
The company manages a transmission network spanning 1,87,576 circuit kilometers of lines and transformation capacity of 6,49,116 MVA across 293 substations, reflecting its role as India's flagship power transmission utility. It maintains a high system reliability with availability consistently above 99.75%.
Power Grid also highlighted technology advancements including indigenous development of Silicon Carbide power modules for HVDC systems and deployment of equipment like insulated aerial work platforms and programmable drones for maintenance efficiency and emergency response. The order pipeline totals approximately ₹2.20 lakh crore covering transmission works and renewal projects.
Highlights
- Commissioned 981 ckm of transmission lines and 14,600 MVA transformation capacity during Q2 FY27.
- Achieved 99.81% system availability in H1 FY27, exceeding 99.75% incentive threshold.
- FY27 capex guidance set at ₹37,000-40,000 crore, with capitalization guidance of ₹25,000-30,000 crore.
- Total operational transmission network of 1,87,576 circuit kilometers and 6,49,116 MVA transformation capacity.
- Order pipeline valued at ₹2.20 lakh crore with 89% under tariff-based competitive bidding.
- Maintained credit ratings at AAA from domestic agencies and BBB with stable outlook from international agencies.
Key Data Snapshot
What happened
- Power Grid Corporation commissioned major transmission lines and substations in Q2 and H1 FY27, enhancing India's power transmission infrastructure.
- The company maintained high system availability at 99.81%, ensuring reliable power transmission.
- Announced FY27 capital expenditure guidance of ₹37,000-40,000 crore and capitalization guidance of ₹25,000-30,000 crore.
Key details
- Major Q2 FY27 commissioned lines include 765 kV Koppal–II PS – Raichur and Bidar PS – Maheshwaram among others covering 981 ckm.
- Additional commissioning after September 2026 added 2,616 ckm of transmission lines and 25,100 MVA transformation capacity.
- The company manages 1,606 transmission lines and 293 substations with total transformation capacity of 6,49,116 MVA.
- Government of India holds 51.34% stake; foreign and domestic institutional investors hold 24.03% and 20.91% respectively.
Financial performance
- Consolidated capex for Q2 and H1 FY27 were ₹8,404 crore and ₹15,385 crore respectively.
- Capitalization for Q2 and H1 FY27 were ₹9,099 crore and ₹16,864 crore respectively, indicating ongoing asset creation.
- Credit ratings were reaffirmed by S&P (BBB Stable) and Moody’s (Baa3 Stable) with domestic ratings at AAA level.
Operational performance
- System availability for H1 FY27 was 99.81%, slightly below 99.83% of H1 FY26 but above full incentive threshold of 99.75%.
- Tripping rate per transmission line remained stable at 0.17 during H1 FY27.
- Notable technology deployments include indigenous Silicon Carbide power modules for HVDC upgrades and deployment of aerial work platforms and heavy lift drones for maintenance efficiency.
Order and execution details
- The order pipeline comprises approximately ₹2.20 lakh crore in transmission works, with 89% ordered through tariff-based competitive bidding.
- Projects under bidding amount to ₹67,200 crore comprising 28 projects with inter- and intra-state transmission infrastructure.
- Plans include extensive work on Green Energy Corridors and augmentation projects to support renewable energy evacuation by FY2032-33.
Regulatory and governance context
- Company disclosure made in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
- Presentation given at Analysts’ and Institutional Investors’ Meet on 3rd November 2026.
Highlights
- Commissioned 981 ckm of transmission lines and 14,600 MVA transformation capacity during Q2 FY27.
- Achieved 99.81% system availability in H1 FY27, exceeding 99.75% incentive threshold.
- FY27 capex guidance set at ₹37,000-40,000 crore, with capitalization guidance of ₹25,000-30,000 crore.
- Total operational transmission network of 1,87,576 circuit kilometers and 6,49,116 MVA transformation capacity.
- Order pipeline valued at ₹2.20 lakh crore with 89% under tariff-based competitive bidding.
- Maintained credit ratings at AAA from domestic agencies and BBB with stable outlook from international agencies.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Government of India holds 51.34% shareholding.
Source Information
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