Powergrid Infrastructure Investment Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Powergrid Infrastructure Investment Trust trades at ₹97.2, in a confirmed uptrend and 8 weeks into that stage. That is +4.9% against its own 200-day average. It sits at 95% of a 52-week range of ₹89 to ₹98. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 8 of stage 2, confirmed. At ₹97.2 it trades +4.9% versus its 200-day average and sits at 95% of its 52-week range (₹89–₹98).

Against the market, two honest reads. Cumulative: over the last 5.2 years the stock moved −6% while the NIFTY 500 moved +82% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 61st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Powergrid Infrastructure Investment Trust trades at 10.0× P/E, mid-range by its own standards (61st percentile). Its long-run median P/E is 9.4×, measured across 4.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 10.0× is mid-range by its own standards (61st percentile), against a long-run median of 9.4× measured over 4.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −22.4% against a +4.4% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Powergrid Infrastructure Investment Trust reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 12.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

42.9/100 — rank 4 of 9 in Infrastructure Investment Trusts · 82% evidence confidence

Powergrid Infrastructure Investment Trust scores 42.9 out of 100 against the 9 companies it is compared with in Infrastructure Investment Trusts, ranking 4. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 6.4 + 9.5 + 15.7 + 11.3 = 42.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Powergrid Infrastructure Investment Trust reported ₹311 Cr of revenue in the Mar 26 quarter, +0.0% year on year. Over 4 years it has compounded at 0.8% a year. The last full year, FY26, came in at ₹1,258 Cr. The last four reported quarters add to ₹1,258 Cr.

Powergrid Infrastructure Investment Trust reported ₹311 Cr of revenue in the Mar 26 quarter, +0.0% year on year. Over 4 years it has compounded at 0.8% a year. The last full year, FY26, came in at ₹1,258 Cr. The last four reported quarters add to ₹1,258 Cr.

FY26 revenue came in at ₹1,258 Cr (−0.6% on the year), capping 4 years at 0.8% compound. The latest quarter (Mar 26) printed ₹311 Cr, +0.0% year on year.

Pace check: the last four quarters averaged −0.7% growth against the decade's 0.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −0.7% over the last 4 quarters against −0.3%/yr over the last 8 — stabilising; TTM profit −22.2% vs −3.7%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 94.0% this quarter (−215.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Powergrid Infrastructure Investment Trust's operating margin is 94.0% in the Mar 26 quarter, −215.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −24.0% to 133.0%. The current quarter sits inside that band.

Powergrid Infrastructure Investment Trust's operating margin is 94.0% in the Mar 26 quarter, −215.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −24.0% to 133.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 94.0%, −215.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −24.0%–133.0%.

🚨 Why the margin moved: operating margin went −214.1 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −64.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Powergrid Infrastructure Investment Trust earned ₹244 Cr of net profit in the Mar 26 quarter, −64.5% year on year. Full-year FY26 profit was ₹912 Cr. The 4-year compound rate is 18.5%. That is 78.5% of the quarter's revenue. The same quarter a year earlier earned ₹687 Cr.

Powergrid Infrastructure Investment Trust earned ₹244 Cr of net profit in the Mar 26 quarter, −64.5% year on year. Full-year FY26 profit was ₹912 Cr. The 4-year compound rate is 18.5%. That is 78.5% of the quarter's revenue. The same quarter a year earlier earned ₹687 Cr.

Mar 26 profit was ₹244 Cr, −64.5% year on year. On the full year, FY26 printed ₹912 Cr (−22.2%), and the 4-year compound rate is 18.5%.

🚨 Why profit moved: revenue contributed +0.0% and the margin −215.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +44.1% vs revenue −0.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 118% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 118% of Powergrid Infrastructure Investment Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,176 Cr of operating cash against ₹912 Cr of profit. After ₹135 Cr of capital spending, ₹1,041 Cr was left as free cash.

FY26: operating cash of ₹1,176 Cr against reported profit of ₹912 Cr, leaving free cash of ₹1,041 Cr after ₹135 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 118% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 118%: the cash cycle tightened 46 days between FY22 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 54-day cycle and ₹923 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Powergrid Infrastructure Investment Trust's cash conversion cycle runs 54 days in FY26, down from 100 days in FY22. Capital spending ran ₹923 Cr over the last 3 years. At FY26 sales of ₹1,258 Cr each day of that cycle holds about ₹3.4 Cr, so roughly ₹186 Cr sits inside the business at any moment.

FY26: debtors at 54 days (an asset-light business — no inventory to speak of) — for a full cycle of 54 days, tighter than FY22's 100.

In money terms: at FY26 sales of ₹1,258 Cr, each day of the cycle holds about ₹3.4 Cr — so the 54-day loop keeps roughly ₹186 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹923 Cr over the last 3 fiscal years against ₹949 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹16.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 12% and the ROIC − WACC spread is −5.8 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Powergrid Infrastructure Investment Trust earns a ROCE of 12% in FY26. That is up from a trough of −6% in FY23. Return on invested capital clears the cost of that capital by −5.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 72.5% net margin on 0.13× asset turns.

FY26 ROCE is 12%, recovered from a FY23 trough of −6% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 72.5% net margin × 0.13× asset turns × 1.33× balance-sheet leverage ≈ 12.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 6.2% − 12.0% = a −5.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.14.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Powergrid Infrastructure Investment Trust carries total debt of ₹572 Cr against shareholder equity of ₹8,328 Cr as of Jun 23, a debt-to-equity of 0.07 — effectively unlevered. On the annual view that ratio went from 0.06 in FY22 to 0.07 in FY23. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 23: total debt of ₹572 Cr against shareholder equity of ₹8,328 Cr — a debt-to-equity of 0.07. On the annual view, debt-to-equity went from 0.06 (FY22) to 0.07 (FY23). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Powergrid Infrastructure Investment Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Powergrid Infrastructure Investment Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions