Power Grid Corporation of India delivered exceptional performance in FY26, achieving a record capex of Rs 35,000 crore while significantly raising its capitalization targets. During a webinar held on March 23, 2026, Chairman and Managing Director Dr. R.K. Tyagi announced these milestone achievements and outlined the company's robust growth trajectory.

Record Financial Performance

The company exceeded its revised capex guidance of Rs 32,000 crore, achieving Rs 35,000 crore in actual capex for FY26. This represents a substantial increase from previous years, demonstrating Power Grid's enhanced execution capabilities.

The company has already achieved Rs 22,749 crore in capitalization through major project commissioning including Khetri Narela, Bhadla III Sikar II line, and Navsari Ahmedabad line. With the expected commissioning of Navasari-Phadge by March 28-29, 2026, total capitalization will exceed Rs 25,000 crore.

Infrastructure Additions and Operational Excellence

Power Grid commissioned significant transmission infrastructure during FY26, reinforcing its position as India's largest transmission utility.

The company operates 290 substations across 400 kV, 765 kV, and 800 kV HVDC systems, with total MVA capacity of 6,12,331 MVA out of the country's 14 lakh MVA capacity. Power Grid maintains the world's largest 765 kV transmission network and operates 11 HVDC projects across India.

Multi-Year Growth Guidance

Power Grid outlined ambitious multi-year capex and capitalization targets, reflecting strong project pipeline visibility and execution confidence.

The company has works-in-hand worth Rs 1,48,000 crore and Capital Work in Progress (CWIP) of over Rs 49,000 crore, providing strong execution visibility for the coming years.

Market Opportunity and Strategic Positioning

Power Grid identified substantial market opportunities driven by India's energy transition and infrastructure development needs. The Central Electricity Authority (CEA) guidelines project Rs 7.9 lakh crore transmission investment opportunity through 2035, supported by peak demand expectations of 459 GW and non-fossil fuel capacity of 786 GW.

Additional opportunities include:

• HVDC interconnections with neighboring countries: Rs 3-4 lakh crore
• Brahmaputra Basin projects: Rs 4 lakh crore
• Total transmission investment visibility: Rs 15 lakh crore

Assuming a 50% market share, Power Grid expects project visibility of Rs 6 lakh crore through 2035, translating to approximately Rs 60,000 crore annual capex requirements.

Operational Improvements and Strategic Initiatives

The company has addressed previous execution challenges through systematic improvements:

Right of Way (RoW) Solutions:

• Government revised compensation guidelines: 30% for rural, 45% for semi-urban, 60% for urban areas
• Dedicated RoW cells established in each region
• Enhanced corporate-level RoW management team

Skilled Manpower Development:

• 5 operational skill development centers training 50 technicians every 3 months
• 2 additional centers planned, targeting 1,400-1,500 trained technicians annually
• Formation of 100+ erection gangs per year

Supply Chain Enhancement:

• Equipment manufacturers expanding capacity beyond 4 lakh MVA annually
• Improved transformer and reactor supply chain management
• Government support for addressing procurement challenges

Corporate Restructuring Progress

Power Grid received MCA approval for merging 19 SPVs into 2 SPVs and is seeking approval for merging 28 wholly-owned subsidiaries into 2 entities. This restructuring will improve governance efficiency and administrative control while maintaining operational independence of transmission assets.

Power Grid Corporation of India has announced significant senior management changes with the promotion of two Chief General Managers to Executive Director positions. The appointments, effective 01st April, 2026, were disclosed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Appointments

The company has promoted Shri Gyaneshwar Prasad Payasi and Shri Pradeep Kumar from their Chief General Manager positions to Executive Director roles. Both appointments represent senior management personnel positions, which are one level below the Board of Directors within the organizational hierarchy.

Executive Profiles and Experience

Shri Gyaneshwar Prasad Payasi brings more than three decades of distinguished experience across multiple functions including PESM, CMD Coordination, TBCB, CMG and project execution. He holds a BE degree with an ME from IIT Roorkee and PGDM from MDI Gurgaon. His expertise encompasses:

• Asset management and Project Management
• Telecom and IT operations
• TBCB (Tariff Based Competitive Bidding) processes
• Asset Monetization initiatives
• Transmission line projects for power evacuation from remote locations in Rajasthan
• Independent Power Producer projects in Chhattisgarh

In his new role, he will be in-charge of the CMD-Coordination Cell, leveraging his extensive operational and strategic experience.

Shri Pradeep Kumar contributes nearly three decades of diversified experience across asset management, substation maintenance, and consultancy assignments. An Electrical Engineering graduate from Dayalbagh Educational Institute, Agra, he joined POWERGRID as Executive Trainee in 1994 and also possesses management qualifications.

Strategic Appointments

Currently, Shri Pradeep Kumar heads a strategically significant Government of India project in Arunachal Pradesh focused on the Comprehensive Scheme for Strengthening of Transmission & Distribution (T&D) Systems. His promotion to Executive Director (CTDS-AP) recognizes his leadership in this critical infrastructure development initiative.

Terms of Appointment

Both executives' terms of appointment will be governed by POWERGRID's Service Rules. The company has confirmed that neither executive has any relationships with existing directors, maintaining independence in the senior management structure.

The promotions reflect POWERGRID's commitment to recognizing internal talent and promoting experienced professionals who have demonstrated expertise across various operational and strategic functions within the power transmission sector.