Company Update : Power Grid Corporation of India Ltd By JM Financial Services Ltd
Power Grid (PGCIL) reported in-line revenue for 2QFY26. EBITDA and Adj. PAT missed estimates by 5% and 14%, respectively, due to 77% YoY increase in other expenses. Key highlights from the results are as follows:
* Revenue in 2QFY26 stood at INR 115bn (2% YoY, -1% JMFe, -1% Cons.).
* EBITDA for the quarter came in at INR 91bn (-6% YoY, -5% JMFe, -7% Cons) due to increase in other expenses by INR 7.4bn YoY.
* EBITDA margin in 2QFY26 stood at 79.4% vs. 86% in 1QFY25, down by 661bps due to impact of other expenses.
* PAT stood at INR 36bn (-6% YoY, -14% JMFe, -7% Cons.).
* Board has declared first interim dividend of INR 4.5 per share for FY26.
* ConCall is scheduled tomorrow at 4:00 PM (IST).
* Detailed note follows post ConCall.
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SEBI Registration Number is INM000010361
