Power Grid’s TBCB Transmission Wins and Debt Moves Dominate Q2FY27 Filings (NSE: POWERGRID)

Between 30 June and 26 September 2026, **Power Grid Corporation of India Limited** (POWERGRID, BSE 532898) filed notices for nine distinct tariff‑based competitive bidding transmission project wins and acquired five project special purpose vehicles, while its board approved enhanced borrowing limits, a ₹10,000 crore term loan from State Bank of India, and a bond issuance. The filings capture a quarter in which the company’s project pipeline deepened, particularly in renewable energy evacuation corridors in Rajasthan, Gujarat, and southern India.

· Analysis by Alpha Inflection · Edited by Prakhar Nigam

Power Grid Corpn — market news

TBCB wins from Khavda commissioning to HVDC bids

The quarter began with a commissioning milestone. On 14 July 2026, Power Grid informed exchanges that the Transmission System for Evacuation of Power from potential RE zone in Khavda Area of Gujarat under Phase IV (7 GW) – Part E4 project achieved commercial operation effective 21 June 2026 (BSE filing, 14 July 2026).

On the bidding front, the company’s disclosures moved quickly. A few key filings:

SPV acquisitions formalise the wins

As is typical under the TBCB framework, Power Grid acquired the project SPVs after winning the bids. The five acquisitions disclosed during the quarter were:

| Date | SPV Acquired | Consideration | Connected Project | |------|--------------|---------------|-------------------| | 29 June 2026 | Kakinada I Transmission Limited | ~₹20.50 Cr | Green hydrogen/ammonia transmission in Kakinada area (Phase‑I) | | 30 June 2026 | WR ER Part A Power Transmission Limited | ~₹18.62 Cr | WR‑ER Inter‑Regional Network Expansion Scheme Part‑A | | 3 August 2026 | Krishnagiri REZ Transmission Limited | Not disclosed | Krishnagiri REZ Phase‑I (bid won 10 July) | | 28 August 2026 | Fatehgarh II Transmission Limited | ~₹19.11 Cr | Synchronous condensers at Fatehgarh‑II (bid won 17 July) | | 23 September 2026 | Barmer HVDC Power Transmission Limited | ~₹18.98 Cr | Rajasthan REZ Phase‑IV 6 GW HVDC system (bid won 2 September) |

All acquisitions were disclosed via BSE filings on the respective dates.

Financing headroom expands: borrowing limits, bonds, and a ₹10,000 Cr term loan

The board approved a series of funding measures that run alongside the capital expenditure needs implied by the new projects.

The filing evidence

Every figure above traces to a dated filing
DateWhat the filing saidDetailSource
30 Jun 2026Power Grid acquires WR ER Part A Power Transmission SPV, its second transmission project SPV acquisition in four days under TBCB routePower Grid Corporation of India Limited has acquired 100% of WR ER Part A Power Transmission Limited, a project SPV for the WR-ER Inter-Regional Network Expansion Scheme Part-A transmission project, on a BOOT basis from REC Power Development and Consultancy Limited for an aggregate value of about Rs. 18.62 crore.filing
9 Jul 2026Power Grid wins TBCB order for augmentation at Bhadla-III, Ramgarh and Kanpur substationsPower Grid Corporation of India has been declared successful bidder under Tariff Based Competitive Bidding for an Inter-State Transmission System project involving augmentation and bay extension works at Bhadla-III (Rajasthan), Ramgarh (Rajasthan) and Kanpur (Uttar Pradesh) substations on BOOT basis. The Letter of Intent was received on 9 July 2026.filing
10 Jul 2026Power Grid declared successful bidder for TBCB project to integrate Krishnagiri REZ Phase-I, comprising new substations and transmission lines in southern India.Power Grid Corporation of India has been declared the successful bidder under Tariff-Based Competitive Bidding for the 'Transmission System for integration of Krishnagiri REZ Phase-I' project on a Build, Own, Operate and Transfer (BOOT) basis. The Letter of Intent was received on 10 July 2026. The project includes setting up two new 765/400 kV substations in Andhra Pradesh and constructing 765 kV and 400 kV transmission lines crossing Andhra Pradesh, Telangana, and Karnataka, along with associated bays.filing
14 Jul 2026Power Grid Corporation successfully commissions transmission project for Khavda RE Zone Phase IV (7 GW) Part E4Power Grid has commissioned the 'Transmission System for Evacuation of Power from potential RE zone in Khavda Area of Gujarat under Phase IV (7 GW) - Part E4' project with effect from June 21, 2026, as confirmed by the receipt of the DOC (Date of Commercial Operation) on July 14, 2026.filing
17 Jul 2026Power Grid wins TBCB order for installation of 2 synchronous condensers at Fatehgarh-II substationPower Grid Corporation of India Limited has been declared the successful bidder under the Tariff Based Competitive Bidding (TBCB) process for establishing an Inter-State Transmission System project involving installation and commissioning of 2 synchronous condenser units at the 765/400/220 kV Fatehgarh-II Pooling Station on a Build, Own, Operate and Transfer (BOOT) basis. The Letter of Intent was received on 17 July 2026.filing
3 Aug 2026Power Grid acquires Krishnagiri REZ Transmission SPV after winning TBCB bid for interstate transmission system integrating Krishnagiri REZ Phase-I.Power Grid Corporation of India Limited has acquired Krishnagiri REZ Transmission Limited, the project SPV, after being declared the successful bidder under tariff-based competitive bidding. The project involves building two new 765/400kV substations in Andhra Pradesh and associated 765kV and 400kV transmission lines traversing Andhra Pradesh, Telangana, and Karnataka on a BOOT basis.filing
21 Aug 2026Power Grid wins TBCB order for Jam Khambhaliya REZ Phase-II and Jamnagar Phase-I transmission project at ₹822.91 crore per annum tariff.Power Grid Corporation of India Limited has been declared the successful bidder under Tariff Based Competitive Bidding for establishing an interstate transmission system to integrate power from renewable energy projects in Gujarat's Jam Khambhaliya REZ (Phase II, 5500 MW) and Jamnagar (Phase I, 1000 MW). The project will be executed on a Build, Own, Operate and Transfer (BOOT) basis at a discovered tariff of ₹822.91 crore per annum. The Letter of Intent was received on August 21, 2026.filing
28 Aug 2026Power Grid acquires Fatehgarh II Transmission SPV for ₹19.11 crore, formalizing its TBCB win for synchronous condensers at Fatehgarh-II substation.Power Grid Corporation has acquired Fatehgarh II Transmission Limited, the project SPV, for an aggregate value of about ₹19.11 crore, pursuant to being selected as the successful bidder under tariff-based competitive bidding to install 2 synchronous condensers at the Fatehgarh-II substation.filing
2 Sept 2026Power Grid wins TBCB order for Rajasthan REZ Phase-IV transmission project with annual tariff of ₹3,244.33 crorePower Grid has been declared the successful bidder under tariff-based competitive bidding for a project to evacuate power from Rajasthan REZ Phase-IV (Part-5, 6 GW) at Barmer Complex. The project includes HVDC terminals, a ~1,000 km bipole line, and associated transmission infrastructure on a BOOT basis, with a quoted annual transmission charge of ₹3,244.33 crore. The Letter of Intent was received on September 2, 2026.filing
3 Sept 2026Power Grid wins TBCB order for Lakadia REZ Phase-II transmission project with Rs. 1,152.49 crore annual tariff.Power Grid Corporation of India has been declared the successful bidder under the Tariff-Based Competitive Bidding (TBCB) process for establishing an inter-state transmission system to integrate power from renewable energy projects in Lakadia REZ, Gujarat (Phase-II, 7500 MW). The project will be executed on a BOOT basis and includes a new 765/400 kV substation, transmission lines, and synchronous condensers. The quoted annual transmission charge is Rs. 1,152.49 crore, and the Letter of Intent was received on September 3, 2026.filing
23 Sept 2026Power Grid acquires Barmer HVDC Power Transmission SPV for ₹18.98 crore to build a 6 GW HVDC transmission system for Rajasthan REZ Phase-IV.Power Grid Corporation of India Limited acquired Barmer HVDC Power Transmission Limited, the project SPV, for ₹18.98 crore (subject to adjustment) after being selected as the successful bidder under tariff-based competitive bidding (TBCB). The SPV will establish an interstate transmission system comprising ±800 kV HVDC terminals at Barmer-II (Rajasthan) and South Kalamb (Maharashtra), a ~1,000 km HVDC bipole line, and associated transmission infrastructure to evacuate 6 GW of power from Rajasthan REZ Phase-IV (Part-5, Barmer Complex).filing
26 Sept 2026Power Grid wins TBCB order for interstate transmission system for Lakadia Phase-II, Jam Khambhaliya Phase-II, and Jamnagar Phase-I at ₹430.67 crore annual charges.Power Grid Corporation of India Limited has been declared the successful bidder under Tariff Based Competitive Bidding to establish an Inter-State Transmission System for the Common Transmission System for evacuation of power from Lakadia (Phase-II: 7.5GW), Jam Khambhaliya (Phase-II: 5.5GW) and Jamnagar (Phase-I: 1GW) – Part-C, on Build, Own, Operate and Transfer (BOOT) basis, at quoted annual transmission charges of ₹430.67 crore. The Letter of Intent was received on 25th September 2026.filing
26 Sept 2026Raising of funds through Unsecured Rupee Term Loan/Line of Credit (Bank Facility) — Not specified — by Immediate/ongoing
23 Jul 2026Power Grid plans to increase FY27 borrowing limit to ₹35,000 crore and borrow up to ₹35,000 crore in FY28 — ₹35,000 crore for FY27 (enhanced limit) and ₹35,000 crore for FY28 (new borrowing) — by FY27 and FY28
14 Aug 2026Regulatory depreciation and interest drag of ₹560 Cr kept PAT flat YoY despite strong asset addition, capex and capitalization beat, and robust TBCB wins.filing
29 Jun 2026Power Grid Corporation of India Limited acquires Kakinada I Transmission Limited, a project SPV for green hydrogen/ammonia transmission infrastructure, under tariff-based competitive bidding.POWERGRID has acquired 100% of Kakinada I Transmission Limited (KITL) from PFC Consulting Limited for an aggregate consideration of approximately ₹20.50 crore. KITL is a special purpose vehicle established to build, own, operate and transfer a transmission system for proposed Green Hydrogen/Green Ammonia projects in the Kakinada area (Phase-I), including a 765/400kV GIS substation and 765kV transmission lines in Andhra Pradesh.filing
16 Jul 2026Power Grid Corp board to meet on July 22 to consider enhancing FY27 borrowing limit to ₹35,000 crore and approving FY28 borrowing of up to ₹35,000 crore.Power Grid Corporation has informed exchanges that its Board of Directors will meet on July 22, 2026, to consider and approve a proposal to increase the borrowing limit for FY27 from ₹30,000 crore to ₹35,000 crore, and to authorize borrowing of up to ₹35,000 crore for FY28, through various sources including domestic bonds. Both proposals are subject to shareholder approval at the ensuing Annual General Meeting.filing
22 Jul 2026Power Grid board approves enhancement of FY27 borrowing limit to ₹35,000 crore and borrowing of up to ₹35,000 crore for FY28The Board of Directors of Power Grid Corporation approved increasing the borrowing limit for FY27 from ₹30,000 crore to ₹35,000 crore, and authorized borrowing of up to ₹35,000 crore in FY28, subject to shareholder approval. Additionally, the board appointed M/s. R. M. Bansal & Co. and M/s. Chandra Wadhwa & Co. as joint cost auditors for FY27.filing
18 Sept 2026Power Grid approves issuance of up to ₹5,000 crore bonds on private placement for its 84th series.Power Grid's Committee of Directors for Bonds approved the issuance of unsecured, non-convertible taxable bonds (84th series) for up to ₹5,000 crore on a private placement basis, comprising a base issue of ₹1,000 crore and a green shoe option of ₹4,000 crore, with a 10-year tenor and annual redemption commencing from the 4th year.filing
22 Sept 2026Power Grid board meeting on September 26, 2026 to consider raising funds via unsecured rupee term loan or line of credit.Power Grid Corporation informed exchanges that its board will meet on September 26, 2026 to consider raising funds through an unsecured rupee term loan or line of credit (bank facility).filing
26 Sept 2026Power Grid board approves raising up to ₹10,000 crore via unsecured rupee term loan/line of credit from State Bank of India.Power Grid Corporation's board approved a proposal to raise up to ₹10,000 crore through an unsecured rupee term loan or line of credit from State Bank of India.filing
26 Jun 2026Power Grid board approves increase in borrowing limit to ₹2.20 lakh crore, USD 500 million ECB, and ₹772.65 crore transmission line project.The Board of Directors of Power Grid Corporation of India approved a proposal to increase borrowing limits from ₹1,80,000 crore to ₹2,20,000 crore (subject to shareholder approval), raising up to USD 500 million in foreign currency through ECB from Bank of Baroda, and an investment of ₹772.65 crore for upgrading a 400kV transmission line in Tamil Nadu, to be completed by August 2028.filing
30 Jun 2026Power Grid Corporation of India Limited announces cessation of Executive Director Harinarayanan Puthan Kalam upon superannuation.Shri Harinarayanan Puthan Kalam, Executive Director (one level below the Board), has ceased to be a senior management personnel of Power Grid Corporation of India Limited effective 30th June 2026, upon attaining the age of superannuation.filing
5 Aug 2026PowerGrid reports Q1FY27 consolidated revenue ₹11,497 Cr (+2.7% YoY), PAT ₹3,598 Cr (-0.9% YoY); operating margin at 83% (contracting 200bps YoY); transmission segment steady, telecom drags.filing
18 Aug 2026Power Grid appoints Shri Amol Babulal Taori as Director (Finance) effective 18th August 2026.The Board of Directors of Power Grid Corporation of India Ltd appointed Shri Amol Babulal Taori as Additional Director (Finance) effective 18th August 2026, replacing Dr. Yatindra Dwivedi who had held the additional charge.filing
20 Aug 2026Power Grid appoints Shri Amol Babulal Taori as Director (Finance) and CFO, effective 20th August 2026Shri Amol Babulal Taori was appointed as Additional Director (Finance) and Chief Financial Officer of Power Grid Corporation of India Limited, subsequent to his earlier appointment as Director (Finance) on 18th August 2026 and his confirmation at the 37th AGM on 20th August 2026; he replaces Shri Venkata Subrahamanayam Vallurie who ceased as CFO.filing
26 Aug 2026Power Grid receives fines of ₹11.36 lakh each from BSE and NSE for non-compliance with board composition and committee requirements due to lack of independent directors during Q1 FY27.Power Grid received notices from BSE and NSE imposing fines of ₹11,36,340 each (incl. GST) for non-compliance with SEBI LODR regulations regarding board composition, quorum, and statutory committees during the quarter ended June 30, 2026, due to insufficient independent directors. The company has requested a waiver of the fines, attributing the lapse to the government's delay in appointing independent directors.filing

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