Power – Sector Update – Transmission: PWGR leads near-term execution visibility
Published on 17 Sep 2026
All-India under-construction inter-state power transmission projects, as of Jul’26 increased by 12–13% since Dec’25, after adjusting for the exclusion of the Leh-Pang project and lines commissioned over the past 6 months. This improves sector visibility on upcoming commissioning and capitalization. As per the Central Electricity Authority (CEA), PWGR’s FY28E capitalization expected at INR752bn, significantly above our estimate of INR350bn. A substantial portion of this capitalization is expected in Q1FY28, providing a strong execution cushion, with potential project delays likely to be absorbed within FY28. PWGR’s FY27 projects are also well advanced (CEA expects it at INR331bn) ), with 95% of foundations and 85% of towers completed, supporting near-term capitalization visibility. Its FY28 line commissioning (as per CEA) of INR752bn, with 67% of foundations already completed, further strengthens the medium-term outlook. While ADANIENS’ FY27 projects are progressing well, its FY28 pipeline remains in the early stage of execution. We maintain ‘BUY’ on Power Grid (TP: INR331), considering its relatively stronger capitalization and execution visibility, and ‘HOLD’ on Adani Energy Solutions (TP: INR1,752).
