Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA. A Buy-side analyst.

I cover BFSI, Autos, Tech, AI and several other sectors across geographies.
   
I am a CA and CFA, with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is fundamental driven, focused on the catalysts which would have a direct impact on a stocks performance and market valuation. These days, I look for names which have a clear mis-pricing evident in its valuation vs. fundamental business moats/ growth/ NAV. Fortunately, there are always such stories around. More importantly, the timeline of when the mis-pricing is resolved and what triggers this resolution is what interests me.

PowerGrid (PGCIL): India's Indispensable Grid Operator!

Thematic Report- Indian IT: AI Is Rewriting the Business Model

India Glycols: The Only Bio-Based Chemical Manufacturer in India!

Equity Bottom-Up

Power Grid Corporation of India / Equity Bottom-Up

Power Grid Corporation of India (PWGR IN)

<ul>
<li>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.</li>
<li>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.</li>
<li>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.</li>
</ul>


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.


Power Grid Corporation of India

PowerGrid (PGCIL): Recovery on the Way