PGINVIT - Powergrid Infra.

📊 NSE: PGINVIT 🏢 Power Generation And Supply 📅 Last Updated: 12/14/2025 11:09

💰 Financial Performance

Revenue Growth by Segment

Consolidated total income for H1 FY 2025-26 was ₹651.75 Cr. Segment-wise revenue for April-Sept 2025: VTL ₹109.51 Cr, KATL ₹32.60 Cr, PPTL ₹168.01 Cr, WTL ₹187.57 Cr, and JPTL ₹132.22 Cr.

Geographic Revenue Split

100% of revenue is generated within India across five SPVs: PVTL (Vizag), PKATL (Kala Amb), PPTL (Parli), PWTL (Warora), and PJTL (Jabalpur).

Profitability Margins

Consolidated EBITDA margin for H1 FY 2025-26 stood at 93.7% (EBITDA of ₹610.77 Cr on income of ₹651.75 Cr).

EBITDA Margin

93.7% for H1 FY 2025-26. Core profitability is driven by availability-linked tariffs, with all SPVs maintaining availability above 98%.

Capital Expenditure

Acquired balance 26% equity in PVTL for ₹330.79 Cr in March 2022. Acquired additional revenue rights for PPTL, PWTL, and PJTL for ₹304.15 Cr.

Credit Rating & Borrowing

Maintains AAA credit rating from ICRA, CARE, and CRISIL. Net borrowing ratio is 4.88%. Interest rate on internal loans from InvIT to SPVs is 14.5% p.a.

⚙️ Operational Drivers

Raw Materials

Transmission infrastructure assets (towers, conductors, substations) represent the core asset base; O&M costs are the primary operational expense.

Import Sources

Not applicable as the company operates as a transmission utility; assets are domestically located in India.

Key Suppliers

POWERGRID Corporation of India Limited (PGCIL) acts as the Project Manager and primary provider of O&M services.

Capacity Expansion

Current portfolio consists of 5 operational SPVs. Future expansion is targeted through the National Monetisation Pipeline, which identifies ₹45,200 Cr of power transmission assets for monetisation by FY2025.

Raw Material Costs

O&M costs are minimal relative to revenue; price escalations in O&M contracts are not expected to materially affect cash flows.

Manufacturing Efficiency

Maintains 98%+ availability across all SPVs since commercial operations, ensuring full recovery of transmission charges.

Logistics & Distribution

Not applicable; revenue is derived from availability-linked transmission charges collected via CTUIL.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

Growth Strategy

Acquisition-led growth model focusing on operational transmission assets from POWERGRID, state governments, and private providers, supported by a low-leverage structure (4.88% net borrowing) and a ₹45,200 Cr sector pipeline.

Products & Services

Power transmission services provided through high-voltage transmission lines and substations.

Brand Portfolio

PGInvIT, POWERGRID.

New Products/Services

Acquired rights for additional annual transmission charges at rates of 2.787% (PPTL), 3.445% (PWTL), and 5.226% (PJTL) due to 'Change in Law'.

Market Expansion

Actively engaging with state governments and private Transmission Service Providers to advocate for the monetisation of operational assets.

Strategic Alliances

Strategic relationship with Sponsor and Project Manager, POWERGRID, and centralized billing/collection through CTUIL.

🌍 External Factors

Industry Trends

Increasing use of InvITs as a preferred platform for transmission asset monetisation in India to meet power sector targets.

Competitive Landscape

Competes with other infrastructure trusts and private players for the acquisition of operational transmission assets.

Competitive Moat

Durable moat derived from 35-year long-term TSAs, high-quality assets with 27+ years average remaining life, and sponsorship by POWERGRID.

Macro Economic Sensitivity

Sensitive to the National Electricity Plan and government policies regarding power sector asset monetisation.

Consumer Behavior

Not applicable for B2B utility infrastructure.

Geopolitical Risks

Low risk due to the domestic nature of power transmission infrastructure and long-term regulated contracts.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by CERC (Central Electricity Regulatory Commission) tariff determinations and SEBI InvIT Regulations requiring 90% distribution of NDCF.

Taxation Policy Impact

SPVs like JPTL pay taxes under the new regime at an effective rate of 25.17%.

Legal Contingencies

POWERGRID has undertaken to indemnify the Trust against claims arising from the period prior to May 13, 2021; no major contingent liabilities reported post-acquisition.