Financials Power Grid Corporation of India Limited Bombay S.E.

Equities

POWERGRID

INE752E01010

Electric Utilities

Market Closed - Bombay S.E. 11:00:49 03/05/2024 BST 5-day change 1st Jan Change
310.7 INR -0.88% Intraday chart for Power Grid Corporation of India Limited +6.00% +30.99%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,035,332 832,346 1,128,192 1,512,278 1,574,360 2,891,093 - -
Enterprise Value (EV) 1 2,345,406 2,162,612 2,384,258 2,829,220 2,792,964 3,992,952 3,933,242 3,837,261
P/E ratio 10.4 x 7.7 x 9.45 x 8.85 x 10.3 x 18.9 x 17.5 x 16.5 x
Yield 4.21% 6.29% 5.56% 6.8% 6.54% 3.65% 3.71% 3.84%
Capitalization / Revenue 3.03 x 2.3 x 3 x 3.79 x 3.63 x 6.4 x 6.08 x 5.83 x
EV / Revenue 6.87 x 5.98 x 6.33 x 7.09 x 6.44 x 8.84 x 8.27 x 7.73 x
EV / EBITDA 8.01 x 6.89 x 7.21 x 8.1 x 7.49 x 10.3 x 9.62 x 9.02 x
EV / FCF 63.6 x 10 x 11.3 x 13.5 x 8.67 x 19.4 x 19.2 x 18.2 x
FCF Yield 1.57% 9.95% 8.87% 7.42% 11.5% 5.15% 5.21% 5.48%
Price to Book 1.75 x 1.29 x 1.62 x 1.99 x 1.9 x 3.25 x 3.03 x 2.81 x
Nbr of stocks (in thousands) 9,300,604 9,300,604 9,300,604 9,300,604 9,300,604 9,300,604 - -
Reference price 2 111.3 89.49 121.3 162.6 169.3 310.8 310.8 310.8
Announcement Date 29/05/19 20/06/20 17/06/21 21/05/22 19/05/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 341,191 361,855 376,656 399,281 433,430 451,919 475,543 496,274
EBITDA 1 292,821 314,017 330,559 349,217 372,738 388,499 408,747 425,500
EBIT 1 190,814 203,285 213,443 223,711 243,339 251,819 264,228 272,051
Operating Margin 55.93% 56.18% 56.67% 56.03% 56.14% 55.72% 55.56% 54.82%
Earnings before Tax (EBT) 1 114,890 126,474 146,261 203,275 172,147 185,924 204,806 218,411
Net income 1 99,386 108,112 119,358 170,938 153,330 152,725 165,030 178,041
Net margin 29.13% 29.88% 31.69% 42.81% 35.38% 33.79% 34.7% 35.88%
EPS 2 10.69 11.63 12.83 18.38 16.48 16.48 17.71 18.89
Free Cash Flow 1 36,869 215,240 211,432 209,949 322,037 205,662 205,117 210,442
FCF margin 10.81% 59.48% 56.13% 52.58% 74.3% 45.51% 43.13% 42.4%
FCF Conversion (EBITDA) 12.59% 68.54% 63.96% 60.12% 86.4% 52.94% 50.18% 49.46%
FCF Conversion (Net income) 37.1% 199.09% 177.14% 122.82% 210.03% 134.66% 124.29% 118.2%
Dividend per Share 2 4.686 5.625 6.750 11.06 11.06 11.35 11.52 11.95
Announcement Date 29/05/19 20/06/20 17/06/21 21/05/22 19/05/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4
Net sales 1 96,766 99,425 97,766 99,292 197,059 100,010 102,212 104,461 106,557 211,018 107,464 114,949 110,822 113,923 220,940 116,962 126,438
EBITDA 1 84,605 87,472 85,724 87,851 173,575 86,883 88,759 88,017 89,582 177,599 93,795 101,345 90,995 94,981 182,120 100,470 107,687
EBIT 58,473 57,219 60,612 56,417 - 54,954 56,884 55,991 57,389 - - - - - - - -
Operating Margin 60.43% 57.55% 62% 56.82% - 54.95% 55.65% 53.6% 53.86% - - - - - - - -
Earnings before Tax (EBT) 1 39,515 45,086 69,264 42,254 - 42,792 48,964 41,882 40,678 - 37,648 - 44,552 44,820 - 46,803 50,239
Net income 1 33,238 35,156 60,854 33,383 - 33,494 43,206 37,659 36,510 74,169 37,017 42,144 35,426 35,936 36,512 39,193 43,196
Net margin 34.35% 35.36% 62.24% 33.62% - 33.49% 42.27% 36.05% 34.26% 35.15% 34.45% 36.66% 31.97% 31.54% 16.53% 33.51% 34.16%
EPS 2 3.572 3.780 6.540 3.592 - 3.600 4.650 3.960 3.968 - 3.728 4.530 4.178 3.700 - 4.200 4.600
Dividend per Share - 1.688 - - - - - - - - - - - - - - -
Announcement Date 11/02/21 17/06/21 10/08/21 09/11/21 09/11/21 09/02/22 21/05/22 08/08/22 05/11/22 05/11/22 31/01/23 19/05/23 31/07/23 - 07/11/23 - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,310,075 1,330,266 1,256,065 1,316,942 1,218,605 1,101,860 1,042,149 946,168
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.474 x 4.236 x 3.8 x 3.771 x 3.269 x 2.836 x 2.55 x 2.224 x
Free Cash Flow 1 36,869 215,240 211,432 209,949 322,037 205,662 205,117 210,442
ROE (net income / shareholders' equity) 17.5% 17.5% 17.8% 23.5% 19.2% 17.3% 17.6% 17.6%
ROA (Net income/ Total Assets) 4.23% 4.31% 4.68% 6.81% 6.21% 8.06% 7.93% 8%
Assets 1 2,351,768 2,510,142 2,549,405 2,510,834 2,470,876 1,894,171 2,081,722 2,226,680
Book Value Per Share 2 63.50 69.30 74.80 81.90 89.00 95.50 103.0 110.0
Cash Flow per Share 2 24.90 31.80 29.60 26.50 37.90 33.50 53.40 59.50
Capex 1 194,620 80,061 63,892 36,453 30,645 80,238 117,057 158,273
Capex / Sales 57.04% 22.13% 16.96% 9.13% 7.07% 17.75% 24.62% 31.89%
Announcement Date 29/05/19 20/06/20 17/06/21 21/05/22 19/05/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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