Neutral Power Grid Corporation of India of Rs 302: Motilal Oswal

Neutral

Motilal Oswal's research report on Power Grid Corporation

In 3QFY26, Power Grid Corporation (PWGR) reported a standalone revenue in line with our estimate at INR110b. EBITDA was also in line with our estimate at INR94b. Reported PAT came in 3% above our estimate at INR41.6b, aided by higher-than-expected other income, partially offset by a higher tax rate and a positive net movement in regulatory deferral account balances of INR2.6b. Adj. PAT was broadly in line at INR39.6b.

Outlook

Following the analyst meet, we raise our FY26-28 PAT estimates by 3-4%. We derive our TP of INR302 for PWGR based on Dec’27 BVPS and a P/B multiple of 2.5x (unchanged).

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