Power Grid Q2 Results FY27: Profit Rs 3,866 Cr, Rs 3 Dividend

Earnings · Power Transmission · Power Grid

Power Grid reported its September-quarter numbers on 1 November 2026: consolidated profit up 8.4% to Rs 3,866 crore, an EBITDA margin of 82.2% and a Rs 3 interim dividend. Here are the numbers, the dividend dates, the CTUIL stake sale and what is still unconfirmed.

Updated: Tuesday, 3 November 2026, 4:15 PM IST  |  Reading time: 17 min  |  Next update: Friday, 6 November 2026, the dividend record date

Latest update (Tuesday, 3 November 2026, 4:15 PM IST): This page carries the reported Q2 FY27 numbers. Figures come from news reports of the results; I did not open the company’s own filing, so check the exchange filing. A post-results share-price reaction was not found, so none is given.

In plain words: Power Grid owns and runs most of India’s high-voltage power transmission network and earns regulated returns for keeping lines available. Because costs are low compared with revenue, its operating margin is very high, near 80%. This page shows what it reported, how the dividend works, and the corporate changes announced with the results.

Data note: Figures are as of Tuesday, 3 November 2026, 4:15 PM IST. Numbers come from news reports of the results (HDFC Sky, Whalesbook, PowerPeak Digest, Equentis, TradingView and Investywise), cross-checked against each other. I did not open the filing. Derived numbers are my calculation.

What did Power Grid report for Q2 FY27?

The Power Grid Q2 results show consolidated net profit of Rs 3,866 crore, up 8.4%, and revenue from operations of Rs 11,816 crore, up 3%. The board declared a Rs 3 interim dividend and approved selling its CTUIL stake.

Cite this table: PositionalCalls, “Power Grid Q2 FY27 Headline Table, as of 3 November 2026”.

The first useful number is the sequential one. TradingView says profit rose 7.44% on Q1 FY27. Half-year consolidated profit of Rs 7,464.58 crore less Q2 gives Q1 at about Rs 3,598 crore (my calculation), which matches. On the half-year, consolidated profit is 3.7% above Rs 7,196.66 crore, while standalone profit of Rs 7,230.03 crore is only 0.3% above Rs 7,208.03 crore (my calculation). So the second quarter grew faster than the first.

When were the Power Grid Q2 results announced, and at what time?

Power Grid’s board met on Sunday, 1 November 2026 to approve the results and consider the first interim dividend, and approved both. The exchanges were closed that day, so the first trading session after the results was Monday, 2 November. HDFC Sky’s article is stamped 9:29 AM IST on 2 November.

The filing time is not in the reports I opened. Do not quote a time unless the exchange page shows it. Last year’s Q2 results were also approved at an early-November board meeting, with a Rs 4.50 interim dividend and a record date of 10 November 2025 (Whalesbook).

Which Power Grid Q2 results profit should you compare?

Power Grid net profit Q2 FY27 has two bases, so use consolidated with consolidated and standalone with standalone. Both rose, but by different amounts, and the filing shows both.

Cite this table: PositionalCalls, “Power Grid Q2 FY27 Profit Definition Table, as of 3 November 2026”.

Consolidated profit is higher than standalone by Rs 47 crore in Q2 (3,866.16 less 3,819.08, my calculation), a small gap because most of the business sits in the parent. The share of joint-venture profits is included in the consolidated figure, and several of those joint ventures are now being exited, as covered below.

What are the Power Grid Q2 results revenue, EBITDA and margin lines?

Power Grid EBITDA Q2 FY27 was Rs 9,719 crore, up 6.6%, while revenue from operations grew 3% and the margin rose to 82.2%. Three revenue-type lines circulate, and they should not be mixed.

Cite this table: PositionalCalls, “Power Grid Q2 FY27 Revenue and EBITDA Table, as of 3 November 2026”.

EBITDA of Rs 9,719 crore divided by revenue from operations of Rs 11,816.22 crore gives 82.2% (my calculation), which matches the reported margin. The year-ago margin of 79.4% comes from a different report and its basis is not stated, so treat the 2.8-point gain as approximate. A margin this high is normal for a regulated transmission owner, because tariffs recover most costs and the main costs are staff and maintenance.

Why did Power Grid Q2 results profit grow 8% when profit before tax grew 18%?

Consolidated profit before tax, after the share of joint-venture profits, rose 17.8%, but net profit rose only 8.4%. Tax or regulatory items took a larger share this year, and the reports do not say which.

Cite this table: PositionalCalls, “Power Grid Q2 FY27 Profit Gap Table, as of 3 November 2026”.

Net profit as a share of profit before tax was 84.6% this year against 92.0% last year (my calculation), so about 7 percentage points more was absorbed between the two lines. Possible reasons include a higher tax charge or movements in regulatory deferral balances, but this is my reading of the structure, not a reported cause. The notes to the filing would show the split.

What is the Power Grid dividend record date and amount?

The Power Grid dividend record date is Friday, 6 November 2026. The board declared a first interim dividend of Rs 3 per equity share of face value Rs 10, which is 30% of paid-up capital. The record date is Friday, 6 November 2026 and payment is on Monday, 30 November 2026.

Cite this table: PositionalCalls, “Power Grid Interim Dividend Table, as of 3 November 2026”.

The dividend is a third lower than the year-ago Q2 interim dividend (my calculation), although profit is higher. The reports do not explain the cut, and an interim dividend does not set the full-year payout. To receive a dividend you must hold the shares on the record date, and under the current settlement cycle the ex-dividend date is normally the record date itself, so confirm on the NSE notice. For how dividends are taxed, see our guide to capital gains tax on shares; it is general information, not tax advice.

What do capex, capitalisation and the balance sheet show in the Power Grid Q2 results?

Power Grid spent Rs 16,864 crore on capex and capitalised Rs 9,300 crore of assets in the first half, with transmission availability of 99.81%. Capitalisation, the step where spending becomes earning assets, is the number that drives future profit.

Cite this table: PositionalCalls, “Power Grid Capex and Balance Sheet Table, as of 3 November 2026”.

Borrowings of Rs 1,51,207 crore against net worth of Rs 1,06,089.54 crore gives 1.43 times (my calculation), matching the reported ratio. Capex of Rs 16,864 crore against capitalisation of Rs 9,300 crore means that, for the half-year, spending ran well ahead of assets put to use, so a large amount is still under construction. A current ratio of 0.61 is low, which is common for infrastructure companies with long-term assets and short-term payables, but check the filing for the detail. I did not find a full-year capex target in the sources opened.

What is the Power Grid CTUIL stake sale and the joint venture exit?

The Power Grid CTUIL stake sale was approved with the Q2 results: the board approved selling its entire stake in Central Transmission Utility of India Limited, a wholly owned subsidiary, to Grid Controller of India Limited, and DIPAM approved exits from three joint ventures.

Cite this table: PositionalCalls, “Power Grid Corporate Actions Table, as of 3 November 2026”.

Rs 73.46 crore is small against group profit of Rs 3,866 crore, so the sale itself is not material to the quarter’s earnings. Its meaning is structural, since the central transmission utility function moves to another government-linked entity. The number of shares and the percentage held were not stated in the report I opened. Full details are due after completion under SEBI rules.

Whalesbook also notes that Power Grid’s audit committee currently has no independent directors; it has two non-executive directors and one executive director. That is a governance disclosure in the filing, reported as a fact here, and I draw no conclusion from it.

Which other results land around Power Grid?

NHPC and PFC report on Wednesday, 4 November, after the Power Grid Q2 results, and ONGC reports on Thursday, 5 November, with an interim dividend under consideration; see our ONGC Q2 results page. For an earlier PSU result with a dividend, see Coal India Q2 results. The full week is on the Q2 results calendar for 2 to 7 November, and our energy coverage covers the sector. Calendar dates are secondary and can change.

How to read the Power Grid Q2 results in 10 minutes

Read seven lines in order: consolidated profit, standalone profit, revenue from operations, EBITDA margin, profit before tax against net profit, capitalisation and the dividend.

Cite this table: PositionalCalls, “Power Grid Results-Day Decoder, as of 3 November 2026”.

How to read the Power Grid Q2 results filing on NSE or BSE

1. Open the BSE corporate announcements page or the NSE corporate filings page and search for Power Grid.
2. Choose the financial results announcement for the quarter ended 30 September 2026.
3. Find the consolidated statement and the standalone statement.
4. Check the unit, since filings may use Rs crore or Rs lakh.
5. Read the tax line and the regulatory deferral balances to explain the profit gap.
6. Open the notes on the CTUIL sale, held-for-sale joint ventures and the NCD issue.
7. Compare each figure with the year-ago column.

What it costs: reading a filing is free. If you trade the stock, brokerage, securities transaction tax and other charges apply, so check your broker’s current schedule. Scam warning: around results, fake “result alert” groups and sure-shot tips circulate. Nobody can guarantee a gain, and official filings are free.

What is the Power Grid Q2 results checklist?

• Confirm the figures on the BSE or NSE announcement page.
• Note the filing time and stamp what you read with it.
• Open the consolidated and standalone statements before any headline.
• Compare profit with Rs 3,566 crore and Rs 3,554.80 crore.
• Match each margin to the same revenue line.
• Read the notes behind the profit-before-tax gap.
• Check the dividend record date, Friday, 6 November 2026.
• Read the CTUIL note for the true-up and closing terms.
• Write your own plan before the price moves.

What are the risks around the Power Grid Q2 results?

What do most people miss about the Power Grid Q2 results?

• Net profit lags profit before tax. The two grew 8.4% and 17.8%.
• The dividend is lower. Rs 3 against Rs 4.50 a year ago.
• The results came on a Sunday. The 30 October close is before the results.
• Standalone growth is slower. The half-year standalone gain is only 0.3%.
• The CTUIL price is small. Rs 73.46 crore initial payment, plus a true-up.
• High margins are normal. Regulated tariffs keep the margin near 80%.

Analyst’s note: how to think about this quarter

Part of the earnings coverage.

Power Grid Q2 results: frequently asked questions

Sources

• BSE corporate announcements: where the Power Grid filing appears.
• NSE corporate filings: financial results: the same filing on NSE.
• HDFC Sky: Power Grid Q2 profit, income and dividend, 2 November 2026.
• Whalesbook: Power Grid Q2 results and CTUIL divestment, 1 November 2026.
• PowerPeak Digest: power sector news roundup, 2 November 2026.
• Equentis: PowerGrid Q2 results and dividend, 2 November 2026.
• CNBC-TV18 via TradingView: Power Grid Q2 profit, 1 November 2026.
• Investywise: POWERGRID approves sale of CTUIL stake, 1 November 2026.
• Whalesbook: Power Grid Q2 FY26 results, November 2025.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: I compared the reported Q2 FY27 figures across six news reports of the results, took the year-ago base from a Q2 FY26 report, noted where sources differ, and marked every derived number as my calculation. I did not open the company filing. Figures are as of Tuesday, 3 November 2026, 4:15 PM IST.