In today’s briefing:
- PowerGrid (PGCIL): Recovery on the Way
PowerGrid (PGCIL): Recovery on the Way
- Power Grid has work-in-hand of ~5x FY27 capex guidance, while 1QFY27 showed a clear improvement in execution through stronger capitalisation and continued TBCB wins.
- India’s transmission opportunity remains structurally strong, and we believe Power Grid is entering an operational recovery phase. The key catalyst is sustained project execution and monetisation through 2027e.
- We value Power Grid at 3.5x FY28E P/B, implying 60%+ upside over a medium-term horizon, largely driven by re-rating as execution and tariff conversion become more visible.
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