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Q3FY26 & 9MFY26 Investor Presentation 02 February 2026 Mumbai Transmitting Power, Transforming Lives 400kV D/c Tuticorin PS – Madurai Transmission Line
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Disclaimer 2 By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: ▪ This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of Power Grid Corporation of India Limited (the “Company”), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of the Company. ▪ The information in this document is being provided by the Company and is subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. ▪ This document contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. ▪ You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. ▪ Neither the delivery of this document nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.
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Overall Agenda 3 Key Highlights Project Execution Other Businesses Financials Operations Business Outlook ESG, CSR & Accolades
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Key Business Highlights 4 ₹3 Trillion + Gross Fixed Assets India’s National Transmission Backbone POWERGRID’s International Expansion through Partnership with Africa50 Entry into BESS with First Win under the Build-Own-Operate (BOO) Model Asia’s First Transformer Using Synthetic Ester Oil Commissioned Renewables Now Account for 50% of Total Power Consumption 1 3 4 5 6 FY26 Capex and Capitalization on Track; Poised to Exceed Annual Guidance 2
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*At par with Sovereign Domestic International* BBB (Outlook: Stable) BBB- (Outlook: Stable) Baa3 (Outlook: Stable) AAA (Highest Safety) AAA (Highest Safety) AAA (Highest Safety) Powered by Purpose CREDIT RATINGS International* MOU RATING: “Excellent” for FY 2024-25 Gross Fixed Assets: > ₹3 Trillion SUBSIDIARIES: 78* | JOINT VENTURES: 13 MAJOR SHAREHOLDING GoI: 51.34% | FIIs: 24.73% | DIIs: 20.26% India's FLAGSHIP Power Transmission Utility 5 * Including POWERGRID Vemagiri Transmission Ltd. All information as on 31.12.2025
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Governance That Energizes Growth Dr. R. K. Tyagi Chairman & Managing Director Sh. G. Ravisankar Director (Finance) Sh. Burra Vamsi Rama Mohan Director (Projects) Sh. Naveen Srivastava Director (Operations) Dr. Yatindra Dwivedi Director (Personnel) Dr. Saibaba Darbamulla Govt. Nominee Director Sh. Abhay Bakre Govt. Nominee Director Sh. Rohit Vaswani Independent Director Smt. Sajal Jha Independent Director 6 POWERGRID remains committed to excellence across Corporate Governance, Diversity, and Value Creation Sh. Shiv Tapasya Paswan Independent Director
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1,566 nos. 1,83,174 ckm 288 nos. 5,99,016 MVA 99.84%~101 GW 84% of total IR Sub-Stations IR* capacity System Availability Unmatched Scale, Unrivaled Reliability STRENGTHENING THE GRID TO MEET CURRENT AND FUTURE POWER DEMAND Availability as on 31.12.2025 and all other information as on 31.01.2026 18 HVDC SUBSTATIONS 70 765 kV SUBSTATIONS 169 400 kV SUBSTATIONS 22 SVC/ STATCOMS 201 AIS SUBSTATIONS 68 GIS SUBSTATIONS >4,000 TRANSFORMERS & REACTORS 31 SUBSTATIONS (below 400 kV) WORLD’S LARGEST 765kV TRANSMISSION NETWORK IS OPERATED BY POWERGRID Transmission Lines 7 >2,92,000 TRANSMISSION TOWERS * Inter-Regional Capacity
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Financial Highlights –Q1FY21 (Standalone)Project Execution 8 Capex & Capitalization Major Elements Commissioned
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Financial Highlights –Q1FY21 (Standalone)Capex & Capitalization (₹ in crore) * Exclusive of FERV * Includes assets capitalised as Finance Lease (₹ in crore) 7,649 17,651 11,376 26,761 Q3 9M FY25 FY26 3,417 7,423 9,027 12,915 Q3 9M FY25 FY26 Consolidated Consolidated As on 31st Jan 2026 is ~ ₹29,200 Cr. Capex Capitalization* 9 As on 31st Jan 2026 is ~ ₹18,700 Cr.
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Major Elements Commissioned (After 30 Sep. 2025) Transmission Line 765 kV D/C Khetri - Narela transmission line 765 kV D/C Ahmedabad - Lakadia transmission line 765 kV D/C Bhadla II - Sikar II transmission line Till Jan’26 New Substations 10 765 kV D/C Ahmedabad - New Navsari transmission line Transformation Capacity • 765/400 kV 1500 MVA ICT#7 at Raigarh Kotra PS • 765/400 kV 1500 MVA ICT#7 at KPS2 • 765/400 kV 1500 MVA ICT#1 at Ahmedabad • 3 nos. 765/400 kV 1500 MVA ICTs at Narela GIS • 765/400 kV 1500 MVA ICT#6 at KPS2 • 765/400 kV 1500 MVA ICT at Indore S/s • 2 nos. 765/400 kV 1500 MVA ICTs at Dausa S/s 765kV • 500 MVA ICT-V at Kurnool-III • Upgradation of ICT at Bawana • 2 nos. 500 MVA ICTs at Fatehgarh-III • 500 MVA ICT at Bhuj S/s • 500 MVA ICT at Bhachau 400kV 400 kV Kishenpur - Kishtwar transmission line 400 kV Kurnool III - Ananthapuram transmission line 765/400 kV Narela GIS 400/220 kV Ananthapuram S/s 765 kV Banaskantha - Ahmedabad transmission line 400 kV Maharani Bagh - Narela transmission line
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Financial Highlights –Q1FY21 (Standalone)Operations 11 Key Operating Metrics New Initiatives
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Financial Highlights –Q1FY21 (Standalone)Key Operating Metrics * Full incentive capped at 99.75% 0.36 0.33 0.27 0.28 0.27 0.21 FY21 FY22 FY23 FY24 FY25 Upto Dec'25 99.78% 99.83% 99.82% 99.85% 99.82% 99.84% FY21 FY22 FY23 FY24 FY25 Upto Dec'25 AVAILABILITY ANNUAL TRIPPING PER LINE 99.75%* 12
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Financial Highlights –Q1FY21 (Standalone)Mobile GIS Substation for Rapid Restoration 13 Indigenous development of Mobile GIS at 132 kV, 220 kV & 400 kV 220 kV Mobile GIS developed - Under implementation for 132 kV & 400 kV variants Rapid restoration of failed S/s - Improves grid availability and operational resilience Modular & Rapidly deployable - For emergency and planned outages Mobile GIS
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Financial Highlights –Q1FY21 (Standalone)Financials 14 Financial Metrics Snapshot Financial Performance Other Key Financial Information Commercial Performance
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Financial Highlights –Q1FY21 (Standalone)Financial Metrics Snapshot (9MFY26) # Including Gross Lease Receivables (All information on Consolidated Basis) Net Worth ₹98,906 Cr. Total Income ₹35,714 Cr. EBITDA ₹29,846 Cr. Profit After Tax ₹11,382 Cr. Gross Fixed Assets # ₹3,04,336 Cr. Debt : Equity 59:41 15
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Financial Highlights –Q1FY21 (Standalone)Financial Performance (Standalone) STANDALONE (₹ in crore) Description Q3FY26 Q3FY25 Growth (%) 9MFY26 9MFY25 Growth (%) Income ❑ Transmission Charges 10,795 9,976 8 30,434 30,092 1 ❑ Consultancy Services 210 144 46 499 357 40 ❑ Other Income 1,431 1,489 (4) 4,108 3,394 21 Total Income 12,436 11,609 7 35,041 33,843 4 ❑ Operating Expenses (including movement in regulatory deferral balance other than DA for DTL) 1,659 1,546 7 4,951 4,360 14 EBITDA - Gross Margin 10,777 10,063 7 30,090 29,483 2 ❑ Depreciation 3,207 3,074 4 9,233 9,309 (1) ❑ Interest 2,472 2,217 12 7,022 6,786 3 ❑ Tax (Net of DA for DTL) 938 878 2,467 2,371 Profit After Tax 4,160 3,894 7 11,368 11,017 3 16
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Financial Highlights –Q1FY21 (Standalone)Financial Performance (Consolidated) CONSOLIDATED (₹ in crore) Description Q3FY26 Q3FY25 Growth (%) 9MFY26 9MFY25 Growth (%) Income ❑ Transmission Charges 11,787 10,825 9 33,143 32,368 2 ❑ Consultancy Services 352 172 105 1,173 427 175 ❑ Telecom 256 236 8 751 722 4 ❑ Other Income 204 510 (60) 647 1,352 (52) Total Income 12,599 11,743 7 35,714 34,869 2 ❑ Operating Expenses (including movement in regulatory deferral balance other than DA for DTL) 1,815 1,643 10 5,719 4,640 23 ❑ Share of Net Profits/(Loss) of investments in JVs accounted for using Equity Method (46) (5) (149) (81) EBITDA - Gross Margin 10,738 10,095 6 29,846 30,148 (1) ❑ Depreciation 3,381 3,216 5 9,735 9,708 0 ❑ Interest 2,089 2,008 4 5,859 6,292 (7) ❑ Tax (Net of DA for DTL) 1,083 1,009 2,870 2,769 Profit After Tax 4,185 3,862 8 11,382 11,379 0 17
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Financial Highlights –Q1FY21 (Standalone)Financial Performance Description Standalone Consolidated As on 31.12.25 As on 31.12.24 As on 31.12.25 As on 31.12.24 ❑ Gross Fixed Assets$ (₹ in crore) 2,69,780 2,63,090 3,04,336 2,88,804 ❑ Capital Work-in-Progress# (₹ in crore) 12,085 12,124 50,173 29,603 ❑ Debt (₹ in crore) 1,43,077 1,29,288 1,43,077 1,29,288 ❑ Net Worth (₹ in crore) 98,387 90,984 98,906 91,620 ❑ Earnings Per Share* (₹) 12.22 11.85 12.24 12.23 ❑ Book Value per Share (₹) 105.79 97.83 106.34 98.51 ❑ Key Financial Ratios ❑ Debt : Equity 59:41 59:41 59:41 59:41 ❑ Return on Net Worth*(%) 11.55 12.11 11.51 12.42 * Not Annualized # Includes Construction Advances $ Including Gross Lease Receivables 18
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Financial Highlights –Q1FY21 (Standalone)Other Key Financial Information (₹ in crore) * On Standalone basis Description Q3FY26 Q3FY25 ❑ Income for previous periods (Consol.) 509 63 ❑ Int. on differential tariff* 95 102 ❑ Int. from Subsidiaries & JVs* 802 560 ❑ Incentive (Consol.) 239 150 ❑ Dividend from JVs* 22 3 ❑ Dividend from Subsidiaries* 347 423 ❑ CSR Expenses* 130 161 ❑ FERV (Gross Block) 166 238 ❑ Equity in TBCB - Operational* 5,543 4390 ❑ Equity in TBCB - U/ Constn.* 4,268 302 ❑ Short Term Loan# 5,500 1,960 # Includes Bill Discounting 19
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Commercial Performance: Strong Collections (Apr’25 - Dec’25) ₹28,161Cr. BILLING ₹29,024 Cr. REALIZATION 103.07% % REALIZATION 20 1,799 1,512 1,375 1,352 1,387 1,149 Q1FY26 Q2FY26 Q3FY26 O/s > 45 days O/s < 45 days 3,151 2,524 2,899 Outstanding dues (at end of Quarter) 19.41* 15.16* *Receivable (days billing) (₹ in Cr.) 13.43* Lowest-ever trade receivable days: 24.65 days# at the end of Q3FY26 #Corresponding to Total Outstanding of ₹2,524 Cr.
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Financial Highlights –Q1FY21 (Standalone)Other Businesses 21 Telecom Consultancy
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Financial Highlights –Q1FY21 (Standalone)Telecom Highlights (Q3FY26) 0201 03 Orders Received (incl. multi-year) ~ ₹206 Cr. Customers added 18 Nos. Backbone Availability 100% HIGHLIGHTS ~ ₹120 Cr. order received from a strategic Govt. of India entity for its pan India requirements Total Income# ₹825 Cr. (9MFY25) ₹879 Cr. (9MFY26) # On consolidated basis before elimination of inter-segment revenue 04 Telecom Network ≍ 100,000 km 22
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Financial Highlights –Q1FY21 (Standalone)Consultancy Highlights (Q3FY26) Revenue from Operation ₹427 Cr. (9MFY25) ₹1173 Cr.* (9MFY26) * New Business of Smart Meter of PESL in 9M FY 2025-26 for ₹603 Cr. (On consolidated basis) Opportunities in RE, Intra-State, BESS, Green Hydrogen etc. in Domestic Market DOMESTIC 3 23 5 Pursuing transmission opportunities across South Asia, Africa, Americas, Europe and Australia for strategic global growth INTERNATIONAL # Includes RDSS but excludes TBCB/ Diversion/ BOOM assignments NEW ORDERS 77 ONGOING# 186 TBCB/Diversion/BOOM 3 02 ORDERS 14 ONGOING 25 countries FOOTPRINTS
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Financial Highlights –Q1FY21 (Standalone)Business Outlook 24 Key Demand Drivers Execution Pipeline Capex & Capitalization Guidance TBCB wins, Entry into BESS & Int’l Expansion Challenges
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India’s Energy Transition: Structural Tailwinds Demand Drivers Reshaping India’s Power System Ascending India $10 Trillion economy; rapid industrialization & urbanization EVs, Green Hydrogen, Data Centers to catalyze India’s electricity demand Energy Storage Expansion* BESS: 47 GW by 2032 PSP: 27 GW by 2032 Key enabler for RE balancing & RTC supply Clean Energy Commitments* > 600 GW non-fossil fuel capacity by 2032 ~ 71 GW additional electricity demand from green hydrogen production by 2032 Global Energy Integration OSOWOG: 'One Sun, One World, One Grid' advancing through SAARC-ASEAN links Positioning India as regional power hub under G20 & ISA initiatives * Estimates as per National Electricity Plan Volume I (Generation), March 2023 25
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Execution Pipeline Includes: Cross-Border, Data Centre, Smart Metering & International Projects # As on 30-Jan-2026 TARIFF BASED COMPETITIVE BIDDING ₹1,09,767 Cr.* Works in Hand# ₹9,934 Cr. ONGOING REGULATED TARIFF MECHANISM Building a Sustainable Energy Future Together… NEW REGULATED TARIFF MECHANISM ₹23,608 Cr. OTHERS ₹2,204 Cr. 26 ₹1,45,513 Cr. * Includes ₹250 Cr. BESS project won by POWERGRID under TBCB
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FY26 Capex & Capitalization Guidance - Upward Revision 27 Earlier: ₹28,000 Cr. → Now: ₹32,000 Cr. CAPEX CAPITALIZATION Earlier: ₹20,000 Cr. → Now: ₹22,000 Cr. Upward revision reflects strong execution visibility for FY26 and beyond ₹3 Trillion + GROSS FIXED ASSETS
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Financial Highlights –Q1FY21 (Standalone)Key TBCB wins (FY26) 28 Transmission system for evacuation of power from Pumped Storage Projects in Sonbhadra District, UP. (ISTS) Inter-regional (NR- WR) Transmission System strengthening to relieve the loading of 765 kV Vindhyachal- Varanasi D/c line. (ISTS) Network expansion scheme in Maharashtra for removal of Transmission constrains in Pune Region-I (765/400 kV AIS Pune East) (InSTS) Inter-Regional Strengthening between SR (Southern Region) Grid and WR (Western Region) Grid. (ISTS) 1 Transmission system strengthening at Davanagere for integration of RE generation. (ISTS) ₹379 Cr. NCT COST ₹42.3 Cr. TARIFF 2 ₹3,626 Cr. NCT COST ₹328.4 Cr. TARIFF ₹2,368 Cr. NCT COST 3 ₹323.1 Cr. TARIFF 4 ₹368.5 Cr. TARIFF ₹1,007 Cr. NCT COST 5 ₹104.7 Cr. TARIFF Inter-Regional Strengthening between SR (Southern Region) Grid and ER (Eastern Region) Grid. (ISTS) ₹2,723 Cr. NCT COST 6 ₹311.9 Cr. TARIFF Transmission system strengthening for integration of additional RE potential at Davanagere (0.25 GW) and Bellary (2.75 GW) (ISTS) ₹1,111 Cr. NCT COST 7 ₹130 Cr. TARIFF Inter-regional grid strengthening & RE evacuation
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Strategic Entry into Battery Energy Storage System (BESS) 29 Awarded LoA for 150 MW/ 300 MWh Standalone BESS project under TBCB at Kalikiri, Andhra Pradesh Build-Own-Operate (BOO) Model with VGF support (PSDF*) Strategic enabler for large-scale renewable energy integration Shall enable on-demand power availability and enhance grid stability & reliability Key Highlights * Power System Development Fund Estimated Cost: ₹250 Cr. Annual Tariff: ₹29.52 Cr.
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Transmission Lines: • 400kV Loosuk - Lessos line (165 km) • LILO of 400kV Loyangalani - Suswa at Loosuk Substations: • 400kV Loosuk (New) and 400kV Lessos (New) Transmission Lines: • 220kV Kibos - Kakamega - Musaga line • LILO of both circuits of 132KV Lessos - Musaga at Musaga (New) Substations: • 220/132 kV Kakamega & 220/132 kV Musaga S/s Financial Highlights –Q1FY21 (Standalone)POWERGRID’s International Expansion 30 Expanding POWERGRID’s Global Transmission Footprint in partnership with Africa50 through Kenya PPP Project Risk sharing with multilateral development partner (Africa50) 1st INDEPENDENT TRANSMISSION PROJECT IN AFRICA POWERGRID’s first large, project-financed transmission PPP in Africa KEY HIGHLIGHTS ~$311 M ESTIMATED COST OF THE PROJECT Project Line-1 MAJOR DEVELOPMENT SCOPE Project Line-2
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Challenges in Project Implementation 31 Skilled Manpower availability Securing of land for construction of Substation Difficult terrain, extreme weather Right of Way (High population, industrial zones, and expensive land lead to disputes) Forest / Wildlife Clearances Supply Chain Constraints Manufacturing Capacity
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ESG, CSR & Accolades 32 ESG Milestones CSR Recent Accolades
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33 50% of total power consumption met through renewable energy (Dec’25) ENERGY MANAGEMENT 33 Rooftop Solar installations across POWERGRID facilities Achieved through key initiatives Additional renewable power sourced from 85 MW Solar PV plant at Nagda Pan-India green energy initiatives, reflecting Company’s commitment to Sustainability Strengthens POWERGRID’s ESG roadmap and supports India’s clean energy transition Key ESG Milestone
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Milestone in Transformer Technology 34 A pioneering step towards sustainable and fire safe insulation technology, replacing conventional mineral oil with synthetic ester oil KEY BENEFITS • Improved environmental performance • Naturally Bio-degradable • Improved fire safety ASIA’S FIRST 315 MVA, 400/220 kV transformer WITH SYNTHETIC ESTER OIL COMMISSIONED AT HVDC BHIWADI SUBSTATION
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Financial Highlights –Q1FY21 (Standalone)Transmission Infrastructure Innovation First-ever deployment of Insulated Cross Arms (ICAs) at 400 kV voltage level in India • Implemented on 400 kV Maharani Bagh - Narela Multi-Circuit transmission line • ICAs enable more compact tower configurations • Approx. 35-40% reduction in Right-of-Way (RoW) • Optimized land utilization • Lower environmental and social impact ICA deployed on 400 kV Maharani Bagh - Narela transmission line KEY HIGHLIGHTS ADVANTAGES 35
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CSR Initiatives: Community Welfare 36 Improving Healthcare Access and Community Infrastructure Vishram Sadan inaugurated at Siddharthnagar, Uttar Pradesh CSR Initiative • 50-bed Vishram Sadan providing safe accommodation for patients and their families • 500 solar lights and 500 hand pumps deployed to foster sustainable community development and improve living standards in the region CSR Impact
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Skill Development & Healthcare 37 Strengthening Vocational Training Infrastructure • Hon’ble Chief Minister of Uttar Pradesh inaugurated the Government ITI at Gorakhpur • This initiative will strengthen skill development and vocational training infrastructure in the region 1 Improving Access to Advanced Cancer Care • Handed over Advanced Imaging Systems to Homi Bhabha Cancer Hospital & Research Centre, New Chandigarh • Enhances cancer diagnostics and interventional care through advanced CT & DSA* technology 2 *Digital Subtraction Angiography
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Recent Accolades 38 “Outstanding Leadership in Asset Management” award to Director (Operations) by IAM*, India *IAM: Institute of Asset Management 19th Exceed Award for Outstanding CSR Work in Rainwater Harvesting & Conservation
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THANK YOU www.powergrid.in