Power Grid Q3 Outlook: Muted Growth Amid Margin Pressure and TBCB Shift

• Power Grid expects subdued Q3 with marginal revenue and profit growth, but softer EBITDA and margin pressure.
• Revenue projected to rise 1.1% YoY to ₹11,399 crore; PAT estimated to increase 1.7% to ₹3,926 crore.
• EBITDA likely to decline 1.2% to ₹9,463 crore, with core margins moderating to 83% from 85%.
• Capex guidance maintained for FY26-FY28, but FY26 capitalisation guidance revised downward to ₹20,000 crore.
• Transition to Tariff Based Competitive Bidding (TBCB) route and right-of-way challenges impact near-term growth.

Why It Matters: Power Grid faces muted Q3 growth due to margin pressure and a shift to competitive bidding projects.