Power Grid Q2 Results: Net profit rises 8.4% to Rs 3,866 cr; declares Rs 3 interim dividend

The company announced its results on November 1, 2026, following a board meeting. It also declared its first interim dividend of Rs 3 per equity share for FY27. The dividend is on shares with a face value of Rs 10 each. POWERGRID Q2 FY27 financial performance ParticularsQ2 FY27Q2 FY26ChangeConsolidated revenue from operationsRs 11,816.22 croreRs 11,475.95 crore+3%Consolidated net profitRs 3,866.16 croreRs 3,566.08 crore+8.4%Standalone revenue from operationsRs 10,048.43 croreRs 9,999.60 croreMarginal increaseStandalone net profitRs 3,819.08 croreRs 3,554.80 crore+7.4% The consolidated results include the performance of POWERGRID's subsidiaries and its share of results from joint ventures.

Standalone figures reflect the parent company's financial performance. What drove POWERGRID's Q2 FY27 performance? POWERGRID's consolidated expenses declined to Rs 7,483.09 crore in Q2 FY27 from Rs 7,733.40 crore in the year-ago quarter. Lower depreciation and other expenses helped offset increases in some cost items. Finance costs rose to Rs 2,191.34 crore from Rs 2,148.07 crore, while employee benefit expenses increased to Rs 703.89 crore from Rs 668.04 crore.

Depreciation and amortisation expenses declined to Rs 3,195.53 crore from Rs 3,223.12 crore, and other expenses fell to Rs 1,392.33 crore from Rs 1,694.17 crore. 86 lakh cr Green Corridor scheme: 3 stocks riding the transmission boom Other income increased to Rs 238.89 crore from Rs 194.29 crore, taking consolidated total income to Rs 12,055.11 crore. Consolidated profit before tax and regulatory deferral account balances rose to Rs 4,568.44 crore from Rs 3,878.17 crore.

The company's share of losses from joint ventures narrowed to Rs 3.58 crore from Rs 58.67 crore in Q2 FY26. After tax and the net movement in regulatory deferral account balances, consolidated net profit stood at Rs 3,866.16 crore. Earnings per share, including the movement in regulatory deferral account balances, increased to Rs 4.16 from Rs 3.84. The standalone business reported revenue from operations of Rs 10,048.43 crore, compared with Rs 9,999.60 crore a year earlier.

Other income rose to Rs 1,851.53 crore from Rs 1,348.67 crore, taking total income to Rs 11,899.96 crore from Rs 11,348.27 crore. Standalone expenses declined to Rs 7,530.70 crore from Rs 7,604.14 crore. Finance costs increased to Rs 2,733.50 crore from Rs 2,557.95 crore, while depreciation and amortisation expenses fell to Rs 2,986 crore from Rs 3,056.19 crore. Other expenses declined to Rs 1,115.97 crore from Rs 1,327.12 crore.

Standalone profit before tax and regulatory deferral account balances rose to Rs 4,369.26 crore from Rs 3,744.13 crore. Net profit increased 7.4% to Rs 3,819.08 crore. POWERGRID's reported earnings also include regulatory deferral account movements. These entries relate to certain income and expenses that can be recovered from or paid to beneficiaries in later periods under the applicable regulatory framework.

The company reported a positive net movement of Rs 93.96 crore in the standalone September quarter, compared with Rs 519.26 crore in the same quarter last year. On a consolidated basis, the corresponding movement stood at Rs 94.14 crore, against Rs 517.27 crore a year earlier. What did POWERGRID announce on dividend and other decisions? POWERGRID's board declared a first interim dividend of Rs 3 per equity share for FY27.

This represents 30% of the paid-up equity share capital. The company fixed November 6, 2026, as the record date and said the dividend would be paid on November 30, 2026. Shareholders whose names appear in the company's records on the applicable record date will be eligible for the payment, subject to the usual rules. For FY26, POWERGRID had paid a total dividend of Rs 9 per share, comprising an interim dividend of Rs 7.75 and a final dividend of Rs 1.25.

The latest announcement is the first interim dividend for FY27. The company had given in-principle approval for the divestment in March 2026. Its November 1 filing confirmed that the board had now approved the sale of its entire stake in CTUIL. The investment had already been classified as an asset held for sale in the financial statements. The filing stated: "The Board of Directors, at its meeting held on 01 November 2026, accorded its approval for the divestment of entire equity stake in CTUIL."

The company did not disclose the transaction value or completion timeline. Further disclosures will be needed to establish the value and timing of the sale. POWERGRID also provided an update on its proposed exits from certain joint ventures, including Sikkim Power Transmission Limited and Parbati Koldam Transmission Company Limited. It said it received approval from the Department of Investment and Public Asset Management (DIPAM), through the Ministry of Power, during the September quarter for the proposed exits.

The filing also noted that Torrent Power Grid Limited ceased to be a joint venture with effect from May 30, 2025. Investments in the relevant ventures had been classified as assets held for sale under the applicable accounting standard. How did POWERGRID perform in the first half of FY27? For the six months ended September 30, 2026, consolidated revenue from operations rose to Rs 23,312.94 crore from Rs 22,672.17 crore in the corresponding period last year.

Consolidated net profit increased to Rs 7,464.58 crore from Rs 7,196.66 crore, while total income rose to Rs 23,751.83 crore from Rs 23,114.66 crore. Standalone performance was more subdued. Revenue from operations for the first half stood at Rs 19,843.83 crore, compared with Rs 19,927.83 crore a year earlier. Standalone net profit was Rs 7,230.03 crore, against Rs 7,208.03 crore in the year-ago period.