Mirae Asset Sharekhan's research report on Power Grid Corporation of India
Standalone revenue of Rs. 9,928 crore was down 1.4% y-o-y and lesser than estimates. Standalone PAT of Rs. 3,653 crore was up 7.1% y-o-y. Capitalization of Rs. 1,800 crore in Q1FY26 is quite less considering the full year guidance of Rs. 22,000 crore. Management has maintained its capex guidance of Rs. 28,000/35,000/45,000 crore in FY26/27/28 respectively. The strong capex expectation provides good earnings visibility for the future.
Outlook
Hence, we maintain a Buy with an unchanged PT of Rs. 350. At CMP, it trades at 2.6x/2.4x its FY26/27 P/BV.
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