Power Grid Corporation of India Limited shareholders will vote to enhance the company’s overall borrowing limit to ₹2,20,000 crore and approve the appointment of Burra Vamsi Rama Mohan as Chairman and Managing Director (CMD) at its 37th Annual General Meeting (AGM) on Thursday, August 20, 2026. The Maharatna PSU also seeks ratification for domestic bond issuances totaling up to ₹70,000 crore over FY 2026-27 and FY 2027-28 to fund a capital expenditure programme exceeding ₹77,000 crore across these two years.

The AGM, conducted via Video Conferencing/Other Audio-Visual Means (OAVM), follows the company’s strong financial performance in FY 2025-26, where consolidated Profit After Tax (PAT) rose 2.61% to ₹15,927.95 crore. The Board has recommended a final dividend of ₹1.25 per share, bringing the total dividend payout for the year to ₹9.00 per share (₹8,371 crore), reflecting a 53% payout ratio against net profits.

Capital Structure and Borrowing Limits

The proposal to increase the borrowing limit from ₹1,80,000 crore to ₹2,20,000 crore is driven by significant infrastructure expansion plans. As of March 31, 2026, outstanding borrowings stood at ₹1,44,556 crore. The company estimates a total borrowing requirement of approximately ₹2,17,246 crore after accounting for loan repayments of ₹51,072 crore during FY 2026-27 to FY 2028-29.

Shareholders will also consider two resolutions for domestic bond issuance:

1. FY 2026-27 Enhancement: Increase issuance limit from ₹30,000 crore to ₹35,000 crore to support a CAPEX of ₹37,000 crore.
2. FY 2027-28 Approval: Raise funds up to ₹35,000 crore via Non-Convertible Debentures (NCDs)/Bonds under Private Placement, aligning with an estimated CAPEX of ₹40,000–₹45,000 crore.

Leadership Transition and Governance

Burra Vamsi Rama Mohan (DIN: 09806168) was appointed by the President of India vide Ministry of Power Order No. 25-11/5/2024-PG dated March 18, 2026, effective April 1, 2026. His appointment requires shareholder approval as he is not liable to retire by rotation. The AGM will also ratify the remuneration of Cost Auditors M/s R. M. Bansal & Co. and M/s Chandra Wadhwa & Co., who will share a fee of ₹2,50,000 plus taxes for FY 2026-27.

Financial and Operational Performance

Power Grid reported consolidated total income of ₹47,684.43 crore in FY 2025-26, a 0.47% increase over the previous year. Standalone PAT grew 3.70% to ₹15,921.00 crore. The company maintained a robust balance sheet with consolidated net worth exceeding ₹1 lakh crore and gross fixed assets above ₹3 lakh crore.

Operationally, the transmission system availability remained high at 99.84%. Key additions included 5,772 circuit kilometres of transmission lines and 72,055 MVA of transformation capacity. The telecom subsidiary, PowerTel, contributed standalone revenue of ₹1,195 crore, while collection efficiency reached 101.20% of billing.

What the Numbers Show

The proposed borrowing limit enhancement underscores Power Grid’s aggressive capital deployment strategy. With CAPEX projected at ₹37,000 crore for FY 2026-27 and up to ₹45,000 crore for FY 2027-28, debt financing will remain critical to maintain the target 80:20 debt-equity mix. Despite rising leverage requirements, the company’s consistent PAT growth (>2.5% YoY) and high collection efficiency (>101%) indicate strong operational cash flows capable of servicing increased debt obligations.

Power Grid Corporation of India Limited has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 (April 1, 2025 to March 31, 2026), as Annexure-II to the Directors' Report. The report is structured around the nine principles of the National Guidelines on Responsible Business Conduct (NGRBC) and covers the consolidated business activities of POWERGRID, including all fully owned subsidiaries. Assurance for the report was provided by M/s TUV India Pvt. Ltd, with Reasonable Assurance for BRSR Core indicators and Limited Assurance for BRSR Non-Core indicators.

Company Overview and Operations

Power Grid Corporation of India Limited, incorporated in 1989 with CIN L40101DL1989GOI038121, is headquartered at "Saudamini", Plot No.2, Sector 29, Gurugram, Haryana-122001. The company's paid-up capital stands at ₹9,300.60 crore. Power transmission constitutes the primary business activity, accounting for 94.07% of total turnover, with POWERGRID primarily operating in inter-state and intra-state transmission of power across the country.

The company's operational footprint spans 291 substations and 13 offices nationally, in addition to 3 international offices, serving customers across all states and union territories of India and in 6 countries internationally. Exports contributed 0.21% of total turnover. The company holds 76 wholly owned subsidiaries and participates in 12 joint ventures.

Key ESG Performance Highlights for FY 2025-26

Guided by its ESG Vision for 2030 — "Transforming responsibly to a sustainable and greener world" — POWERGRID reported significant progress across environmental, social, and governance dimensions during the reporting period. The company invested ₹205.36 crore directly into environmental initiatives, ₹321.19 crore in R&D and innovation, and ₹391.16 crore towards Corporate Social Responsibility.

Renewable Energy and Decarbonisation

In December 2025, POWERGRID achieved its target of drawing 50% of its monthly electricity consumption from renewable sources. For the full fiscal year FY 2025-26, the renewable share in total electricity consumption stood at 35.74%, contributing to a 17.95% absolute reduction in combined Scope 1 and Scope 2 emissions. Emission intensity dropped to 5.57 metric tonnes CO2 equivalent per ₹ crore of turnover, compared to 6.93 in FY 2024-25. The company's total installed solar PV capacity at its establishments is around 25.70 MW. Additionally, through a wholly owned subsidiary, POWERGRID has installed 85 MW of solar plant at Nagda (MP). In FY 2025-26, 29.36% of auxiliary power consumption needs were fulfilled through the Green Tariff Mechanism. The SF6 gas leakage rate was reduced to 0.06% in FY 2025-26 from 0.15% in FY 2021-22, well below acceptable limits. The company's current green cover consists of 14.42 lakh trees, accounting for an offset of around 12.05% of total emissions. POWERGRID has also contributed ₹19.72 crore for the rejuvenation of 278.76 Ha of degraded forest land in Gujarat under the Green Credit Program.

Workforce and Human Capital

As of the end of FY 2025-26, POWERGRID's total workforce comprised 8,880 employees and 21,609 workers. The company added 1,280 new permanent recruits during the period, bringing its total workforce to 9,745 with 9.34% female representation. A 100% return-to-work rate after parental leave was maintained.

The Board of Directors comprised 10 members, including 1 female (10%). Key Management Personnel totalled 11, including 1 female (9.09%). Well-being expenditure as a percentage of total revenue stood at 0.70% in FY 2025-26, compared to 0.69% in FY 2024-25. In FY 2025-26, a total of 2,166 safety training programmes were conducted for employees and workers. Health and safety training covered 83.00% of total employees and 84.78% of total workers during the year.

Safety Performance

POWERGRID operates a three-tiered safety governance model, with its Occupational Health and Safety Management System certified under ISO 45001:2018. Key safety metrics for FY 2025-26 are presented below.

Governance, Ethics, and Compliance

POWERGRID maintained a zero-tolerance approach to bribery and corruption, supported by its ISO 37001:2016 certified Anti-Bribery Management System. No monetary or non-monetary penalties, fines, or settlements were reported during FY 2025-26. No disciplinary actions for bribery or corruption were taken against any Directors, KMPs, or workers during the year; one employee action was recorded in FY 2024-25. The number of days of accounts payable stood at 54.83 in FY 2025-26, compared to 49.06 in FY 2024-25. Policies were independently assessed by Deloitte Touche Tohmatsu India LLP. The company reported zero data breaches during FY 2025-26 and holds ISO 27001:2022 certification for Information Security Management.

The BRSR was signed by Chairman and Managing Director Burra Vamsi Rama Mohan on July 29, 2026, from Gurugram. Oversight of Business Responsibility policy implementation is held by Director (Operations) Naveen Srivastava (DIN: 10158134). The company's sustainability commitments include achieving net zero emissions by 2047, attaining "Net Water Positive" status by 2030, achieving "Zero Waste to Landfill" status by 2030, and maintaining "Zero Fatality" status across its operations.