Power Grid Corporation of India Ltd (PGCIL) has further upwardly revised its capital expenditure (capex) guidance for FY26 (full year) to Rs.35,000 crore. Interestingly, the Central PSU has already overshot this level, as of March 22, 2026.
PGCIL, in an investor presentation, said that its capex guidance for FY26 has been revised to Rs.35,000 crore for FY26 (full year: April 1, 2025 to March 31, 2026). It may be recalled that in early February 2026, PGCIL had upwardly revised its capex target to Rs.32,000 crore from the originally-planned Rs.28,000 crore.
It is worth noting that PGCIL, as of March 22, 2026, had already incurred Rs.35,540 crore worth of capex, implying that the capex target already stands surpassed by around 1.5 per cent with around ten days still left for FY26 to close.
With respect to capitalization, PGCIL has also maintained optimism, enhancing the latest FY26 guidance to Rs.25,000 crore. In early February 2026, the guidance was increased to Rs.22,000 crore from the originally announced Rs.20,000 crore.
As of March 22, 2026, PGCIL’s cumulative capitalization stood at Rs.22,749 crore, implying that around 91 per cent of the FY26 was achieved till given date.
As reported by tndindia.com on February 4, 2026, PGCIL, in Q3FY26, saw a smart recovery in capitalization, inspiring the Central PSU to enhance its capex and capitalization targets.
Physical achievement
During the period April 1, 2025 to March 22, 2026, PGCIL commissioned 4,239 ckm of transmission lines and 60,370 MVA of transformation capacity, the presentation observed. This transformation capacity was realized through eight new substations, apart from substation augmentation projects.
Projected capex
For FY27, PGCIL has projected capital expenditure of Rs.37,000 crore that would grow further to Rs.45,000 crore in FY28. In terms of capitalization, the targets for the next two years are set at Rs.30,000 crore (FY27) and Rs.35,000 crore (FY28). These projections are consistent with those announced in early February 2026.
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