Brokers mixed after India's Power Grid upgrades FY26 capex

Power Grid of India

24/03/2026 09:24

** Power Grid Corp PGRD.NS slips about 1% to 298.90 rupees

** On Monday, co upgraded FY26 estimate by 9.4% to 350 billion rupees ($3.73 billion), capitalisation estimate by 13.6% to 250 bln rupees

** Antique Stockbroking ("hold", PT hike to 326 rupees from 294 rupees) highlights resolution of execution bottlenecks, including land rights, skilled manpower, transformer supply; long-term pipeline visibility improved

** Motilal Oswal ("neutral", PT 302 rupees) notes sharp execution pickup in Jan-Feb after missing most FY26 targets

** HSBC ("hold", PT 290 rupees) calls management's 15 trln rupee 10-year TAM assessment "optimistic", likely back-ended due to geopolitical issues

** YTD, PGRD up about 13%

($1 = 93.8725 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

((abhirami.g@thomsonreuters.com))