Power Grid Corporation of India has informed stock exchanges about a credit rating update from Fitch Ratings, which revised the company's stand-alone credit profile while maintaining its overall issuer default ratings. The disclosure was made under Regulation 30 of SEBI listing regulations on February 12, 2026.

Credit Profile Revision Details

Fitch Ratings communicated the revision of POWERGRID's stand-alone credit profile (SCP) through its official communication dated February 12, 2026. The rating agency explained that this change stems from analytical recalibration under its revised Corporate Rating Criteria rather than any deterioration in company performance.

Key Clarifications from Rating Agency

Fitch Ratings emphasized that the revision primarily reflects analytical recalibration under new criteria rather than fundamental changes to POWERGRID's business profile. The rating agency specifically noted that this adjustment does not indicate any deterioration in:

• Company's business fundamentals
• Financial performance metrics
• Liquidity position
• Operational capabilities

Issuer Default Ratings Maintained

Despite the stand-alone credit profile revision, POWERGRID's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) remain stable at 'BBB-' with a stable outlook. This consistency reflects the ratings' continued alignment with India's sovereign rating profile.

Regulatory Compliance

The company fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary and Compliance Officer Satyaprakash Dash signed the regulatory filing, ensuring timely communication to both NSE and BSE regarding this rating development.

The revision represents a technical adjustment within Fitch's updated rating methodology rather than a reflection of changed business conditions or financial performance at POWERGRID.

Power Grid Corporation of India Limited has secured a significant transmission infrastructure project in Maharashtra, marking another milestone in the company's expansion of India's power transmission network. The company announced on February 11, 2026, that it has been declared the successful bidder under Tariff Based Competitive Bidding (TBCB) for a critical transmission project in the Pune region.

Project Details and Scope

The awarded project, officially titled "Network Expansion scheme in Maharashtra for removal of Transmission constrains in Pune Region-I (765/400 kV AIS Pune East)," will be executed on a Build, Own, Operate and Transfer (BOOT) basis. POWERGRID received the Letter of Intent (LoI) on February 11, 2026, formalizing its selection for this intra-state transmission system development.

Infrastructure Components

The comprehensive project encompasses multiple critical infrastructure elements designed to address transmission constraints in the Pune region. The scope includes the establishment of a new Air Insulated Substation (AIS) in Ahilyanagar District, which will serve as a key node in the expanded transmission network.

The project's transmission infrastructure components include:

• Construction of 765kV transmission lines traversing Maharashtra
• Development of 400kV transmission lines across the state
• Bay extension works at existing substations in Maharashtra
• Establishment of AIS Substation in Ahilyanagar District

Strategic Significance

This project represents a crucial step in addressing transmission bottlenecks in Maharashtra's power infrastructure, particularly in the Pune region. The network expansion is designed to remove existing transmission constraints and enhance the reliability and efficiency of power supply in one of India's key industrial and commercial hubs.

Regulatory Compliance

POWERGRID announced this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders and the investment community. The company's proactive disclosure demonstrates its commitment to maintaining high standards of corporate governance and regulatory compliance.