Power Grid Corporation of India Limited delivered impressive financial performance in Q3FY26, demonstrating strong operational efficiency and strategic growth momentum. The company's Board of Directors, in their meeting held on January 30, 2026, approved the unaudited financial results for the quarter and nine months ended December 31, 2025, in compliance with SEBI LODR Regulations 30, 33, 43 and 52.

Board Meeting and Regulatory Compliance

The Board meeting commenced at 05:30 P.M. (IST) and concluded at 07:35 P.M. (IST) on Friday, January 30, 2026. In pursuance of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board considered and approved multiple strategic decisions including financial results, dividend payment, and borrowing proposals.

Financial Performance Highlights

The transmission utility giant reported robust financial metrics across key parameters during the third quarter of FY26. The consolidated results showed strong performance with net profit exceeding analyst expectations:

Operational Excellence and Margin Expansion

POWERGRID demonstrated exceptional operational performance with EBITDA reaching ₹10,650.00 crore in Q3FY26 compared to ₹9,540.00 crore in the corresponding previous quarter, marking a robust growth of 11.60%. The company's EBITDA margin improved to 85.95% from 84.92% year-on-year, reflecting enhanced operational efficiency and cost management.

Dividend Declaration and Capital Allocation

The Board approved significant shareholder returns through dividend distribution. Following the first interim dividend of ₹4.50 per share declared in November 2025, the company announced a second interim dividend of ₹3.25 per equity share of ₹10.00 each, representing 32.50% of the paid-up equity share capital.

Strategic Borrowing Authorization

To support its ambitious expansion plans, the Board approved a comprehensive borrowing proposal of up to ₹32,000.00 crore during FY2025-26. This funding will be sourced through multiple channels including domestic bonds, term loans, external commercial borrowings, foreign currency bonds, multilateral funding, and suppliers' credit arrangements.

Transmission Income Recognition

The company recognized transmission income totaling ₹10,341.17 crore for Q3FY26 as per tariff orders issued by the Central Electricity Regulatory Commission (CERC), compared to ₹9,143.13 crore in the corresponding previous quarter. Additionally, ₹256.65 crore was recognized provisionally for transmission assets awaiting final tariff orders.

Power Grid Corporation of India 's Board of Directors has approved significant organizational changes with the promotion and appointment of 12 senior officials as Executive Directors, effective January 25, 2026. The board meeting, conducted under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, commenced at 06:35 PM and concluded at 06:50 PM.

Key Leadership Appointments

The appointments encompass senior management personnel across critical business functions, with several promotions from subsidiary company leadership positions. The newly appointed Executive Directors will serve one level below the Board of Directors, strengthening the company's senior management structure.

Technical and Engineering Leadership

Several appointments focus on strengthening technical capabilities across transmission and engineering functions. Abhay Kumar, Executive Director (Engineering-S/s/TL/Civil/CE), brings over three decades of experience in substation engineering and international consultancy, including overseas experience in Dubai.

Abhinav Verma, Executive Director (Rajasthan Projects), oversees critical transmission projects for renewable energy evacuation. His background includes electrical engineering with PGDM from IIM Rohtak, contributing to the country's Sustainability Development Goals.

HVDC and Grid Management Expertise

The appointments include specialists in high-voltage direct current (HVDC) systems and grid management. Vikas Bagadia, Executive Director (CTUIL), possesses 32 years of expertise in HVDC systems and transmission system planning. His leadership has been pivotal in strengthening India's HVDC backbone and improving operational reliability.

Rajesh V, Executive Director (Khavda-Nagpur HVDC Project), brings 30 years of experience in large-scale transmission project execution, particularly focusing on renewable energy evacuation through the Khavda HVDC project.

Regional and Specialized Functions

The appointments span various regional and specialized functions:

• M S Hejib (Executive Director SR-II): Three decades of experience in ERP & IT, substation maintenance, and TBCB project execution
• Harinarayanan Puthan Kalam (Executive Director HR): Over 35 years in human resource management and industrial relations
• Ashok Kumar Naik (Executive Director ER-II): Extensive experience in cross-border transmission projects and consultancy assignments
• Arindam Chakraborty (Executive Director FQA): 33 years of experience in quality assurance and grid management

Terms and Educational Background

All appointments follow POWERGRID's service rules for terms and conditions. The newly appointed Executive Directors hold diverse educational qualifications including electrical engineering degrees from prestigious institutions, with several holding post-graduate management degrees from IIM Rohtak, MDI Gurgaon, and XIM Bhubaneshwar.

The appointments reflect POWERGRID's focus on promoting experienced professionals across critical functions including renewable energy transmission, digital transformation, and grid modernization initiatives. These leadership changes position the company to advance its strategic objectives in India's evolving power sector landscape.