PowerGrid Q2 FY27: PAT +8.4% YoY to ₹3,866 Cr, margins expand on steady growth

Consolidated revenue came in at ₹11,816.22 Cr, up 2.96% YoY and 2.78% QoQ, while consolidated PAT rose faster at ₹3,866.16 Cr, up 8.41% YoY and 7.44% QoQ, taking EPS to ₹4.16 from ₹3.84 a year ago. Net profit margin expanded to roughly 33% from 30.6% in the year-ago quarter and 30.8% last quarter. Standalone PAT of ₹3,819.08 Cr (EPS ₹4.10) tracks the consolidated print closely — no material divergence between the two bases this quarter. The core transmission segment, which carries essentially all of the group's profit, grew PBIT 5.0% YoY to ₹6,737.83 Cr on CERC-recognised transmission income of ₹9,127.64 Cr under final tariff orders plus ₹588.30 Cr provisional, up from ₹9,018.16 Cr and ₹485.26 Cr the prior quarter. The two smaller segments pulled the other way: consultancy revenue fell 15.3% YoY to ₹520.46 Cr with PBIT down 19.8%, and telecom PBIT fell 13.7% YoY — together too small (under 7% of segment revenue) to dent the consolidated print. Finance costs rose 8.3% QoQ (2.0% YoY) to ₹2,191.34 Cr as total borrowings grew 11.2% YoY to ₹1,51,207 Cr funding the ongoing capex ramp. Management gives no formal revenue or PAT guidance for FY27, instead anchoring on capex: H1 FY27 consolidated capex of ₹18,912.69 Cr is already about 51% of the ₹37,000 Cr full-year target, a sharp acceleration from Q1's ₹5,277 Cr (14%) pace, confirming the 'cautiously optimistic' near-term tone management struck on the August concall. No analyst Q2 FY27 preview turned up in search, so there is no street comparison to grade this against. Alongside the results, the board approved divestment of the company's entire stake in Central Transmission Utility of India (CTUIL) to Grid Controller of India Ltd, continuing the restructuring begun in March 2026 that also includes merging 23 wholly-owned transmission SPVs into two transferee entities, still awaiting Regional Director confirmation after filing on 3 September 2026 — a corporate simplification rather than a P&L driver this quarter. The board declared a first interim dividend of ₹3.00 per share (30% of face value, record date 6 November 2026), consistent with the ₹9/share paid out for FY26. With capex running ahead of the pace needed for the FY27 target and the transmission segment still expanding margins, the next checkpoints are capitalisation progress toward the ₹30,000 Cr FY27 target and whether the consultancy and telecom segments stabilise after this quarter's YoY declines.