Power Grid Corporation of India financials and balance sheet

NSE: POWERGRIDBSE: 532898PowerLarge Cap

₹247.40₹1.00 (0.40%)BSE ₹247.20

Share price at the NSE close on 23 Oct 2026. Previous close ₹248.40.

52-week range of traded prices to 23 Oct 2026

₹242.30Low, 23 Oct 2026₹324.95High, 27 Apr 2026

Market cap: ₹2,30,097 Cr32nd largest listed
P/E: 14.5
P/B: 2.3
Dividend yield: 3.64%
ROE: 16.5%
ROCE: 10.2%
Debt to equity: 1.47
Volume, NSE: 59,17,09854.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Power Grid Corporation of India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹46,733 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue46,733
Employee costs−2,669
Other expenses−6,085
Operating profit37,979
Depreciation−13,030
Other income+952
One-off items0.0
Finance costs−8,448
Profit before tax17,453
Joint ventures−132
Net profit15,928

What the company owns

Plant, investments and other assets₹2,71,757 Cr
Receivables₹11,673 Cr
Cash and bank₹8,920 Cr
Inventory₹2,126 Cr
Current investments₹251 Cr

What pays for it: net worth and liabilities

Borrowings₹1,48,009 Cr
Net worth₹1,00,494 Cr
Other liabilities₹45,268 Cr
Owed to suppliers₹956 Cr

Power Grid Corporation of India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Power Grid Corporation of India segment results by quarter

Revenue by segment

₹47,625 CrTotal

Transmission₹44,083 Cr92.6% of total
Consultancy₹2,347 Cr4.9% of total
Telecom₹1,195 Cr2.5% of total

Profit by segment

Transmission₹26,353 Cr96.5% of total
Consultancy₹403 Cr1.5% of total
Telecom₹566 Cr2.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Transmission
Revenue, ₹ crore
34,477
37,231
39,492
40,976
44,966
44,902
44,777
44,083
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
16,387
23,542
24,093
23,120
26,618
26,168
26,782
26,353
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Consultancy
Revenue, ₹ crore
507
618
506
781
537
718
1,137
2,347
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
296
277
151
351
84
126
150
403
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Telecom
Revenue, ₹ crore
742
782
783
669
814
910
1,128
1,195
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
394
429
366
224
313
329
522
566
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Asset held for Sale
Revenue, ₹ crore
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	35,726	38,631	40,782	42,426	46,316	46,531	47,042	47,625
Company revenue, as in its results	35,059	37,744	39,640	41,616	45,581	45,843	45,792	46,733
Revenue	34,477	37,231	39,492	40,976	44,966	44,902	44,777	44,083
Revenue growth	–	8.0%	6.1%	3.8%	9.7%	−0.1%	−0.3%	−1.6%
Profit	16,387	23,542	24,093	23,120	26,618	26,168	26,782	26,353
Profit growth	–	43.7%	2.3%	−4.0%	15.1%	−1.7%	2.3%	−1.6%
Margin	47.5%	63.2%	61.0%	56.4%	59.2%	58.3%	59.8%	59.8%
Return on capital	–	12.0%	12.0%	10.9%	12.7%	12.7%	13.0%	12.0%
Assets	–	2,11,212	2,15,346	2,27,078	2,25,499	2,20,672	2,18,619	2,30,311
Liabilities	–	14,969	14,171	14,295	15,734	13,971	13,009	10,771
Capital employed	–	1,96,243	2,01,176	2,12,782	2,09,766	2,06,701	2,05,610	2,19,540
Revenue	507	618	506	781	537	718	1,137	2,347
Revenue growth	–	22.0%	−18.1%	54.2%	−31.3%	33.8%	58.4%	106.4%
Profit	296	277	151	351	84	126	150	403
Profit growth	–	−6.3%	−45.5%	133.0%	−76.0%	49.5%	19.2%	168.8%
Margin	58.3%	44.8%	29.8%	45.0%	15.7%	17.5%	13.2%	17.2%
Assets	–	3,270	2,427	1,899	1,634	1,698	2,446	4,625
Liabilities	–	3,850	3,429	2,744	2,728	2,876	3,832	4,860
Capital employed	–	−581	−1,002	−845	−1,094	−1,178	−1,386	−236
Revenue	742	782	783	669	814	910	1,128	1,195
Revenue growth	–	5.4%	0.1%	−14.6%	21.7%	11.9%	23.9%	5.9%
Profit	394	429	366	224	313	329	522	566
Profit growth	–	8.9%	−14.8%	−38.9%	40.2%	5.1%	58.5%	8.4%
Margin	53.1%	54.9%	46.7%	33.4%	38.5%	36.2%	46.3%	47.4%
Return on capital	–	68.9%	69.4%	80.6%	68.9%	43.4%	57.7%	69.6%
Assets	–	1,162	981	925	1,093	1,538	1,931	2,123
Liabilities	–	539	455	648	638	778	1,026	1,310
Capital employed	–	623	527	277	455	759	906	813
	–	–	–	–	–	–	–	0
Profit	–	–	–	–	–	–	–	0
Return on capital	–	–	–	–	–	–	–	0.0%
Assets	–	–	–	–	–	–	–	2,956
Liabilities	–	–	–	–	–	–	–	2,602
Capital employed	–	–	–	–	–	–	–	354
	–	–	–	0	0	0	–	–
Profit	–	–	–	0	0	0	–	–
Return on capital	–	–	–	0.0%	0.0%	0.0%	–	–
Assets	–	–	–	261	261	261	–	–
Liabilities	–	–	–	0	0	0	–	–
Capital employed	–	–	–	261	261	261	–	–
	–	–	0	–	–	–	–	–
Profit	–	–	0	–	–	–	–	–
Return on capital	–	–	0.0%	–	–	–	–	–
Assets	–	–	6,701	–	–	–	–	–
Liabilities	–	–	364	–	–	–	–	–
Capital employed	–	–	6,337	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Power Grid Corporation of India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 22 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue from operations	25,704	29,941	35,059	37,744	39,640	41,616	45,581	45,843	45,792	46,733
	3,117	3,837	4,839	4,803	4,647	5,049	6,103	5,940	6,727	8,754
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	1,377	1,606	1,784	1,960	2,115	2,244	2,509	2,434	2,604	2,669
Other expenses	1,739	2,231	3,055	2,844	2,532	2,806	3,595	3,506	4,123	6,085
Operating profit before depreciation	22,587	26,105	30,221	32,940	34,993	36,567	39,478	39,903	39,065	37,979
Operating margin	87.9%	87.2%	86.2%	87.3%	88.3%	87.9%	86.6%	87.0%	85.3%	81.3%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	5.4%	5.4%	5.1%	5.2%	5.3%	5.4%	5.5%	5.3%	5.7%	5.7%
Other expenses, % of revenue	6.8%	7.5%	8.7%	7.5%	6.4%	6.7%	7.9%	7.6%	9.0%	13.0%
Depreciation and amortisation	7,722	9,231	10,541	11,607	12,039	12,872	13,333	13,095	12,904	13,030
Operating profit after depreciation	14,865	16,874	19,680	21,333	22,954	23,695	26,145	26,808	26,161	24,949
Other income	584	489	602	927	1,184	1,082	1,024	1,070	1,667	952
Finance costs	6,204	7,324	8,737	9,509	8,135	8,036	9,634	8,773	8,700	8,448
Profit before one-off items and tax	9,245	10,039	11,545	12,752	16,003	16,741	17,535	19,105	19,128	17,453
One-off items	142	0	0	0	−1,079	3,320	0	0	0	0
Profit before tax	9,387	10,039	11,545	12,752	14,924	20,061	17,535	19,105	19,128	17,453
	2,006	2,195	–	–	–	–	2,285	–	3,773	–
Current tax	–	–	–	–	–	–	2,945	–	3,362	–
Deferred tax	–	–	–	–	–	–	−660	–	410	–
Share of profit of joint ventures and associates	–	148	129	155	215	78	−82	−20	−110	−132
Net profit	7,451	8,198	10,034	11,059	12,036	16,824	15,417	15,573	15,521	15,928
Other comprehensive income	–	–	−16	−104	25	291	−105	−235	−236	266
Total comprehensive income	–	–	10,017	10,955	12,062	17,115	15,313	15,339	15,285	16,194
Net margin	29.0%	27.4%	28.6%	29.3%	30.4%	40.4%	33.8%	34.0%	33.9%	34.1%
Net margin without joint ventures and associates	–	26.9%	28.3%	28.9%	29.8%	40.2%	34.0%	34.0%	34.1%	34.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Tax is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2024 and Mar 2026: profit before tax less the tax charge stated does not come to the profit after tax the same statement states, so the tax charge is not shown.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 30 May	Mar 2020Filed 22 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	59,088	64,695	69,936	76,247	83,015	87,145	92,663	1,00,494
Share capital	5,232	5,232	5,232	6,975	6,975	9,301	9,301	9,301
Reserves	53,857	59,464	64,704	69,272	76,039	77,845	83,362	91,193
	1,35,630	1,38,421	1,30,975	1,34,665	1,26,595	1,23,449	1,30,965	1,48,009
Repayable after a year	1,31,330	1,35,421	1,29,175	1,14,199	1,13,891	1,05,067	1,09,858	1,21,072
Repayable within a year	4,300	3,000	1,800	20,466	12,704	18,382	21,107	26,937
	32,615	30,082	30,249	35,315	28,142	34,421	40,245	51,196
Trade payables	365	227	187	267	328	371	620	956
Other financial liabilities	23,360	21,784	23,106	10,177	10,716	11,616	13,467	18,418
Other liabilities	3,889	4,306	3,885	3,228	3,326	3,213	4,253	4,062
Provisions	701	742	845	1,167	1,016	827	631	786
Tax owed	0	23	426	9	53	12	166	38
	1,55,654	1,61,876	1,55,200	1,39,382	1,39,139	1,29,325	1,33,199	1,40,435
Other financial liabilities	3,995	3,523	3,625	3,551	3,627	3,629	3,616	3,721
Other liabilities	9,944	11,279	10,101	9,757	10,364	9,686	8,293	8,687
Provisions	368	425	462	517	578	644	727	800
Deferred tax	10,018	11,229	11,837	11,357	10,679	0	10,705	6,155
Liabilities going with businesses held for sale	–	–	364	–	–	–	–	2,602
	2,47,358	2,56,653	2,55,749	2,50,943	2,50,296	2,50,891	2,66,107	2,94,727
Held for sale or for a demerger	–	–	6,701	261	261	261	–	2,956
	2,21,612	2,28,418	2,19,731	2,18,389	2,15,393	2,14,296	2,26,731	2,54,598
Plant in use, after depreciation	1,71,058	1,79,450	1,82,109	1,90,048	1,83,777	1,76,223	1,70,886	1,74,970
Plant being built	37,388	34,904	24,680	12,800	13,741	18,082	33,269	43,654
Intangible assets	1,682	1,662	1,617	1,724	1,660	1,538	1,434	1,560
Intangible assets being developed	243	273	158	54	31	116	316	92
Property held to earn rent	0	0	0	0	0	0	0	0
Investments	130	99	139	1,926	1,774	1,516	1,234	1,420
Stakes in joint ventures and associates	1,167	1,332	1,347	1,861	1,715	2,039	1,883	1,324
Loans given	188	272	323	406	446	571	583	596
Other financial assets	4,548	4,100	4,434	4,591	5,953	7,832	9,789	21,240
Deferred tax	0	0	0	0	0	62	89	54
Trade receivables	0	0	0	0	733	294	44	0
Other assets	5,209	6,326	4,925	4,978	5,561	6,024	7,205	9,686
	17,662	18,112	18,742	22,360	24,408	26,792	29,499	30,658
Inventories	1,247	1,433	1,367	1,357	1,340	1,406	1,803	2,126
Trade receivables	4,728	5,041	3,676	9,475	12,961	11,540	7,965	11,673
Cash and cash equivalents	3,648	4,840	4,487	2,577	5,192	3,464	3,797	5,281
Other bank balances	689	599	871	2,471	2,192	4,031	6,280	3,640
Current investments	0	0	0	0	0	608	0	251
Loans given	131	152	127	99	107	132	134	139
Other financial assets	6,881	5,818	8,039	6,157	2,385	5,042	9,144	6,962
Tax paid in advance	0	0	0	0	0	0	0	54
Other assets	338	228	175	224	230	568	377	533
Net debt	1,31,293	1,32,982	1,25,616	1,29,617	1,19,210	1,15,345	1,20,888	1,38,837

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 Jun	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	29,312	26,124	38,005	37,290	36,223	40,931
	31,499	29,843	40,858	40,670	39,402	44,152
	−2,505	−6,351	619	1,053	709	5,689
Receivables	1,298	−837	−4,378	3,602	3,453	−3,859
Inventories	36	14	14	−60	−397	−324
Payables	−39	81	61	44	249	0
Other working capital	−3,800	−5,608	4,922	−2,532	−2,596	9,872
Tax paid	−2,187	−3,719	−2,853	−3,381	−3,179	−3,166
Capital spending	9,394	7,632	5,242	9,323	22,614	37,279
Free cash flow	19,918	18,491	32,763	27,966	13,609	3,651
	−8,973	753	−6,126	−13,114	−23,533	−35,305
Plant and property sold	0	0	0	0	23	31
Companies bought	−308	0	0	0	0	0
Interest received	75	238	206	349	485	383
Dividends received	116	228	190	147	182	198
	−20,521	−28,967	−29,264	−25,903	−12,357	−4,006
Borrowings raised	19,590	9,985	20,985	8,053	19,324	29,457
Borrowings repaid	−24,210	−19,311	−31,986	−13,370	−12,686	−15,537
Interest paid	−9,114	−8,821	−9,710	−9,357	−9,221	−9,535
Lease payments	−6	−8	−9	−10	−9	−20
Dividends paid	6,822	10,812	8,545	11,219	9,766	8,371
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−182	−2,091	2,615	−1,728	333	1,619

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Power Grid Corporation of India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 22 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	₹8.01	₹8.81	₹10.79	₹11.89	₹12.94	₹18.09	₹16.58	₹16.74	₹16.69	₹17.13
As stated that year	₹14.24	₹15.67	₹19.18	₹21.14	₹23.01	₹24.12	₹22.10	₹16.74	₹16.69	₹17.13
	₹7.94	₹8.81	₹10.79	₹11.89	₹12.94	₹18.09	₹16.58	₹16.74	₹16.69	₹17.13
As stated that year	₹14.11	₹15.67	₹19.18	₹21.14	₹23.01	₹24.12	₹22.10	₹16.74	₹16.69	₹17.13
	₹2.45	₹2.95	₹4.69	₹5.63	₹7.31	₹11.06	₹11.06	₹11.25	₹9.00	₹9.00
As declared that year	₹4.35	₹5.25	₹8.33	₹10.00	–	₹14.75	₹14.75	₹11.25	₹9.00	₹9.00
	–	–	₹63.53	₹69.56	₹75.20	₹81.98	₹89.26	₹93.70	₹99.63	₹108.05
On that year's share count	–	–	₹112.95	₹123.66	₹133.68	₹109.31	₹119.01	₹93.70	₹99.63	₹108.05
Dividend payout	30.5%	33.5%	43.4%	47.3%	56.5%	61.2%	66.7%	67.2%	53.9%	52.6%
Shareholder yield	–	–	–	–	6.0%	7.1%	5.4%	4.4%	3.6%	3.0%
Market cap at the year end (₹ crore)	1,03,219	1,01,100	1,03,533	83,235	1,12,819	1,51,228	1,57,436	2,57,534	2,70,043	2,75,391

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2021: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Power Grid Corporation of India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 22 Jun	Mar 2021Filed 18 Jun	Mar 2022Filed 23 May	Mar 2023Filed 22 May	Mar 2024Filed 24 May	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue growth	20.4%	16.5%	17.1%	7.7%	5.0%	5.0%	9.5%	0.6%	−0.1%	2.1%
Operating profit growth	21.4%	15.6%	15.8%	9.0%	6.2%	4.5%	8.0%	1.1%	−2.1%	−2.8%
Net profit growth	23.9%	10.0%	22.4%	10.2%	8.8%	39.8%	−8.4%	1.0%	−0.3%	2.6%
Earnings per share growth	–	10.0%	22.4%	10.2%	8.8%	39.8%	−8.4%	1.0%	−0.3%	2.6%
	–	–	17.0%	17.9%	17.9%	23.0%	19.4%	18.3%	17.3%	16.5%
	–	–	–	0.9 pts	0.0 pts	5.1 pts	−3.7 pts	−1.1 pts	−1.0 pts	−0.8 pts
From the net margin	–	–	–	0.4 pts	0.6 pts	5.9 pts	−3.8 pts	0.1 pts	0.0 pts	0.1 pts
From asset turnover	–	–	–	1.0 pts	0.6 pts	1.5 pts	2.1 pts	0.1 pts	−0.6 pts	−1.0 pts
From borrowing	–	–	–	−0.5 pts	−1.2 pts	−2.3 pts	−2.0 pts	−1.3 pts	−0.4 pts	0.2 pts
Return on capital employed	–	–	10.1%	10.5%	11.4%	11.2%	12.5%	12.7%	11.7%	10.0%
Cash conversion	–	–	–	–	243.5%	155.3%	246.5%	239.4%	233.4%	257.0%
Interest cover	2.4	2.3	2.3	2.2	2.8	2.9	2.7	3.1	3.0	3.0
Debt to equity	–	–	2.30	2.14	1.87	1.77	1.53	1.42	1.41	1.47
Receivable days	–	–	49	49	34	83	104	92	63	91
Working capital days	–	–	−156	−139	−139	22	13	21	2	−22
Asset turnover	–	–	0.14	0.15	0.15	0.16	0.18	0.18	0.18	0.17
Assets per rupee of net worth	–	–	4.19	4.07	3.81	3.47	3.15	2.95	2.88	2.90
Sales per rupee of plant	–	–	0.21	0.21	0.22	0.22	0.25	0.26	0.27	0.27
Capital spending to depreciation	–	–	–	–	0.78	0.59	0.39	0.71	1.75	2.86
Plant being built, % of plant in use	–	–	21.9%	19.5%	13.6%	6.7%	7.5%	10.3%	19.5%	24.9%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.7%
Cash from operations against operating profit: 107.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.1%	3.3%	0.8%
Profit growth, yearly rate	10.2%	5.8%	1.1%
Return on equity, average	–	18.9%	17.4%
Return on capital employed, average	–	11.6%	11.5%
Operating margin, average	86.5%	85.6%	84.5%
Net margin, average	32.1%	35.2%	34.0%
Asset turnover, average	–	0.17	0.18
Interest cover, average	2.7	2.9	3.0
Debt to equity, average	–	1.52	1.43

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,78,572	1,14,443	40,931
Cash from investing	−77,326	−71,953	−35,305
Cash from financing	−1,00,498	−42,267	−4,006
Capital spending	82,090	69,216	37,279
Dividends paid	48,712	29,355	8,371
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	87,804	56,834	29,457
Borrowings repaid	92,889	41,593	15,537

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	8	7	7	6	5	5
Altman Z-scorePublished threshold 1.1	–	–	1.19	1.39	1.53	1.77	2.14	2.12	2.02	1.69
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.04	−1.43	−2.54	−2.93	−3.03	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.24	−3.97	−6.57	−3.43	1.10	3.67
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.11	2.12	2.40	2.43
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−1.05	−32.11	152.80	27.27	−11.54	−30.87	44.50
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−3.11	5.47	−4.40	−8.26	6.53	8.54	−4.22
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.75	1.68	0.62	1.95	3.26	4.40	2.55
Effective tax ratePublished threshold 17.16 per cent	21.37	21.87	−7.68	27.69	23.21	13.89	13.03	15.39	19.72	−7.91
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−4.65	−3.24	−2.30	3.11	−26.05

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXIX issue	Crisil AAAReview, Other	Stable	5,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XXXVII issue	Crisil AAAReview, Other	Stable	166.25
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLIX issue	Crisil AAAReview, Other	Stable	435
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bonds	Crisil AAAReview, Other	Stable	30,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XXXVI issue	Crisil AAAReview, Other	Stable	206
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Other		9,500
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXX issue	Crisil AAAReview, Other	Stable	1,484
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LVIII issue	Crisil AAAReview, Other	Stable	2,060
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LII issue	Crisil AAAReview, Other	Stable	466
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXVI issue	Crisil AAAReview, Other	Stable	1,200
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXVIII issue	Crisil AAAReview, Other	Stable	2,434.50
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXII issue	Crisil AAAReview, Other	Stable	308.13
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XXXV issue	Crisil AAAReview, Other	Stable	163.13
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXX issue	Crisil AAAReview, Other	Stable	3,975
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLIV issue	Crisil AAAReview, Other	Stable	1,322
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXIX issue	Crisil AAAReview, Other	Stable	529.90
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLVIII issue	Crisil AAAReview, Other	Stable	645
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LIV issue	Crisil AAAReview, Other	Stable	1,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLV issue	Crisil AAAReview, Other	Stable	166.60
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LV issue	Crisil AAAReview, Other	Stable	1,240
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXVI issue	Crisil AAAReview, Other	Stable	500
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	7.02% Powergrid Bond LXXXIII Issue	Crisil AAAReview, Other	Stable	3,704
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XL issue	Crisil AAAReview, Other	Stable	333.13
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXI issue	Crisil AAAReview, Other	Stable	600
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Other	Stable	28,123.16
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Other		12,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXV Issue	Crisil AAAReview, Other	Stable	1,760
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XXXIX issue	Crisil AAAReview, Other	Stable	1,800
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXIII issue	Crisil AAAReview, Other	Stable	1,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XXXVIII issue	Crisil AAAReview, Other	Stable	855
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LX issue	Crisil AAAReview, Other	Stable	3,060
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	6.94% Powergrid Bond LXXXI Issue	Crisil AAAReview, Other	Stable	6,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LI issue	Crisil AAAReview, Other	Stable	250
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXVIII issue	Crisil AAAReview, Other	Stable	500
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXVII issue	Crisil AAAReview, Other	Stable	2,700
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LIX issue	Crisil AAAReview, Other	Stable	3,070
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLV issue	Crisil AAAReview, Other	Stable	166.60
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXI issue	Crisil AAAReview, Other	Stable	628.58
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXII issue	Crisil AAAReview, Other	Stable	1,200
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	GoI fully serviced bond	Crisil AAAReview, Other	Stable	3,487.50
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LVI issue	Crisil AAAReview, Other	Stable	1,065
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLIII issue	Crisil AAAReview, Other	Stable	260.50
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLVI issue	Crisil AAAReview, Other	Stable	1,454
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - L issue	Crisil AAAReview, Other	Stable	244
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXIV issue	Crisil AAAReview, Other	Stable	756
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	6.98% Powergrid Bond LXXXII Issue	Crisil AAAReview, Other	Stable	5,000
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLI issue	Crisil AAAReview, Other	Stable	236.88
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond – LXXIV issue	Crisil AAAReview, Other	Stable	1,800
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - LIII issue	Crisil AAAReview, Other	Stable	333
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond- LXIII issue	Crisil AAAReview, Other	Stable	600
25 Aug 2026	CRISIL Ratings Limited (opens in a new tab)	Bond - XLVII issue	Crisil AAAReview, Other	Stable	220
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Line of Credit	CARE AAAReview, Re-affirm	Stable	4,953.95
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Bonds	CARE AAAReview, Re-affirm	Stable	220
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AAAReview, Re-affirm	Stable	5,000
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-BG/LC	CARE AAA / CARE A1+Review, Re-affirm	Stable	5,000
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AAAReview, Re-affirm	Stable	4,912.97
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Commercial Paper	CARE A1+Review, Re-affirm		12,000
23 Apr 2026	CARE Ratings Limited (opens in a new tab)	Short Term Instruments-Short Term Borrowing	CARE A1+Review, Re-affirm		12,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.