from 272 today
We retain HOLD on Power Grid.
PGCIL reported a subdued Q1 with consolidated PAT falling 1% YoY on a drop in interest on differential tariff. Management reiterated its FY27E/28E capex and capitalisation guidance, but with EPS CAGR capped at ~6% due to falling core RoE and a high base effect, we retain 'HOLD' with an unchanged TP of INR283.
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