Guidance ledger · Q4 FY26

Power Grid Corporation of India Ltd POWERGRID

5 revisions on record · 0 lowered · 4 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↑ raised FY26 Capex guidance Q3 FY26 → Q4 FY26

~~Rs. 32,000 crores (Q3FY26)~~ → Rs. 35,000 plus crore (Q4FY26 achieved)

“we are now announcing that our Capex guideline will be Rs . 35,000 plus crore, and already we have achieved Rs . 35,000 crore”

↑ raised FY26 Capitalization guidance Q3 FY26 → Q4 FY26

~~Rs. 22,000 crores (Q3FY26)~~ → Rs. 25,000 crore plus (Q4FY26)

“Our capitalization will be Rs. 25,000 crore plus”

↑ raised FY27 Capex guidance Q3 FY26 → Q4 FY26

~~Rs. 37,000 crores (Q3FY26)~~ → Rs. 37,000 crore committed, definitely more (Q4FY26)

“next year, we are already committed with Government of India to be Rs. 37,000 crore. Definitely, it is going to be more than Rs. 37,000 crore”

↑ raised FY28 Capex guidance Q3 FY26 → Q4 FY26

~~Not previously quantified~~ → Rs. 45,000 crore (Q4FY26)

“for next financial year, it will be Rs. 45,000 crore Capex”

↔ widened Total transmission visibility Q3 FY26 → Q4 FY26

~~Rs. 9.1 lakh crore (Q3FY26 NEP-2032)~~ → Rs. 15 lakh crore by 2035 incl. cross-border (Q4FY26)

“total, the visibility for transmission project is will be somewhere Rs. 15 lakh crore”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.