ICICI Securities kept Power Grid stock at Buy with INR 325.00 target

Published on 10/08/2026 at 11:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fiscal 2027 first-quarter revenue was INR 97.95 billion, down 1.30 percent. Power Grid stock spans INR 245.80 to INR 324.95 as of October 8, 2026.

Power Grid, INE752E01010, Illustration mit AI erstellt.

Power Grid Corporation of India (INE752E01010) was kept at Buy with an INR 325.00 target by ICICI Securities in its August 7, 2026 update, as reported by DSIJ. The recommendation puts the transmission utility's capitalisation plans against a weaker first-quarter earnings comparison.

Revenue fell in the first quarter

According to DSIJ on August 7, 2026, revenue from operations in the first quarter of fiscal 2027 fell 1.30 percent year over year to INR 97.95 billion. Adjusted profit after tax declined 6.60 percent to INR 34.11 billion, while the EBITDA margin expanded by 104 basis points to 82.80 percent.

The quarterly weakness included a regulatory timing drag of INR 5.60 billion, comprising INR 3.30 billion of lower depreciation recovery and INR 2.30 billion of lower interest income. Excluding those effects, management indicated that adjusted profit after tax would have increased by INR 2.27 billion, according to the same August 7, 2026 report from DSIJ.

Capitalisation is the key comparison

Power Grid spent INR 77.65 billion on capital expenditure in the first quarter of fiscal 2027, compared with INR 69.81 billion in the year-ago quarter. Capitalisation rose to INR 52.77 billion from INR 16.83 billion, giving investors a sharper operational comparison than the headline revenue decline.

DSIJ reported that management retained fiscal 2027 capital expenditure guidance of INR 370.00 billion and capitalisation guidance of INR 300.00 billion. The report also cited 1,635 circuit kilometers of transmission lines and 10,500 MVA of transformation capacity commissioned during the quarter.

Stock range frames the valuation

Power Grid's market capitalization was INR 2.3 trillion on October 8, 2026. The 52-week range was INR 245.80 to INR 324.95, leaving the analyst target of INR 325.00 close to the upper end of the quoted annual range.