National Grid Company of Pakistan Limited, also known as ("NGC" or "the Company"), is a public unlisted company, incorporated in Pakistan on November 06, 1998. The registered office is situated at WAPDA House, Lahore.

Following the unbundling of WAPDA, the National Transmission and Despatch Company Limited (NTDC) was incorporated as an unlisted public company on November 6, 1998. Under the first Business Transfer Agreement (BTA-I) dated March 1, 1999, NTDC assumed ownership of the assets, rights, and obligations pertaining to WAPDA’s transmission segment. As part of continued power sector reforms, a second agreement (BTA-II) was executed on June 3, 2015, between NTDC and Central Power Purchasing Agency (Guarantee) Limited (CPPA-G), through which NTDC transferred its commercial operations and contract registration functions to CPPA-G.
NTDC was initially granted a 30-year transmission license by the National Electric Power Regulatory Authority (NEPRA) on December 31, 2002. However, on March 21, 2023, NEPRA issued a modified license, separating NTDC’s responsibilities into two distinct roles: a Transmission License for transmission business and a System Operator License for system operations. Under this revised framework, NTDC was required to separate the system operator function through the establishment of a new legal entity and transfer the corresponding license. This was to be completed in two phases: functional separation within three months of license issuance and legal separation no later than two years. In line with this requirement, a new entity — Independent System and Market Operator of Pakistan (Guarantee) Limited (ISMO) — was incorporated on December 4, 2024. Subsequently, the third Business Transfer Agreement (BTA-III) was signed on April 14, 2025, between NTDC (now renamed the National Grid Company of Pakistan Limited – NGC) and ISMO, providing for the transfer of assets, liabilities, and personnel related to the National Power Control Center (NPCC), effective from the date of system operator license transfer. NEPRA formally transferred the license to ISMO on April 30, 2025.
As a result of this restructuring initiative led by the Government of Pakistan, NTDC has now been restructured into three distinct entities:
 - National Grid Company of Pakistan Limited (NGC): The legal successor of NTDC, responsible for transmission operations and infrastructure maintenance.
 - Independent System and Market Operator (ISMO): An autonomous entity responsible for system operations and electricity market oversight.
 - Energy Infrastructure Development and Management Company (EIDMC): A newly established public sector entity, incorporated on January 3, 2025, tasked with executing and managing sustainable energy infrastructure projects. EIDMC is intended to address chronic issues including project delays, cost overruns, and lack of transparency in transmission infrastructure development, and to attract private-sector investment in Pakistan's power sector.

As the nation's primary transmission utility, NGC operates Pakistan's 220kV and 500kV network, ensuring reliable and efficient power delivery from generation sources to distribution companies nationwide. Beyond transmission operations, NGC is responsible for grid planning and development, asset management, and execution of system expansion projects, including those funded by development partners. The Company's network spans almost all regions of Pakistan, except for K-Electric's licensed service territory in Karachi.

NGC is 88% owned by the GoP through the Ministry of Energy (Power Division). Whereas, 12% shares are owned by employees of the Company under the "Benazir Employee Stock Option Scheme" (BESOS).

The NGC stands as a key pillar of Pakistan’s power sector, with its stability anchored in strong government sponsorship and ownership. NGC owns and operates Pakistan’s high-voltage transmission network, comprising 220 kV and 500 kV lines and grid stations, which serves as the backbone of the national power system. This expansive infrastructure plays a critical role in delivering electricity from generation companies to distribution companies across the country.

The Government of Pakistan (GoP), acting through the Ministry of Energy (Power Division), provides NGC with strong institutional backing, policy continuity, and regulatory alignment—critical factors for long-term stability. The government's commitment to structural reforms in the power sector, as demonstrated through the unbundling of NTDC into NGC, ISMO, and EIDMC, reflects a clear direction towards enhanced governance, transparency, and operational efficiency. These reforms are aligned with international best practices and signal a forward-looking approach by the GoP to modernize the transmission segment.

As a fully state-owned entity, NGC benefits from sovereign support, regulatory protection, and access to concessional funding from development partners. This backing not only reinforces its financial profile but also ensures continuity in policy alignment and long-term strategic planning.

The Board of Directors consists of ten seasoned professionals with diverse expertise spanning energy, finance, and public sector governance. The Board includes five independent directors, while the remaining members represent the Ministry of Energy (Power Division), PPIB, and CPPA-G. This composition facilitates informed decision-making and ensures alignment with sectoral policies and regulatory priorities.

The Board of Directors has been reconstituted by the Federal Government of Pakistan. Dr. Fiaz Ahmad Chaudhry serves as Chairman of the Board, while Engr. Muhammad Shahid Nazir served as Acting Managing Director prior to the assumption of office by Engr. Altaf Hussain Malik as Managing Director in November 2025. The reconstituted Board includes Mr. Naweed Akhtar Sharif, an independent director with a business background, and Mr. Naveed Arshad, an Associate Professor at the Lahore University of Management Sciences (LUMS), also serving as an independent director. The remaining Board members comprise experienced professionals with diverse technical and managerial expertise drawn from the energy and infrastructure sectors, representing public sector entities including the Ministry of Energy (Power Division), PPIB, and CPPA-G. The collective professional profile of the Board provides coverage across engineering, regulatory affairs, finance, and public administration, which supports informed deliberation on NGC's strategic and operational challenges.

The Board of Directors operates through four dedicated committees: i) Audit, Finance, Investigation, Financial Risk Management, and Internal Control Committee, ii) Human Resources, Legal, and Miscellaneous Matters Committee, iii) Procurement Committee, and iv) Technical, Initiatives, Development, Operational Risk Management, and Operations Committee. Each committee has clearly defined Terms of Reference (TORs) and plays a vital role in maintaining a effective control environment within the organization.

For the financial year ended June 30, 2025, the Company's external auditors, M/s Yousuf Adil & Co., Chartered Accountants, issued a qualified opinion on the financial statements due to a long-standing receivable from WAPDA of Rs. 20,185 million. WAPDA disputes this balance and has not recorded a corresponding liability, and the auditors were unable to obtain sufficient audit evidence regarding its recoverability. This marks a change from the previous year's unqualified opinion.

NGC operates under a well-defined organizational structure. The Managing Director, Chief Internal Auditor, and Board Committees function under the oversight of the Board of Directors. Six core operational departments Asset Development & Management, Finance, Legal, Security Operations, Procurement & Engineering, Human Resources, and Information Technology are led by Chief Officers or Deputy Managing Directors, all of whom report directly to the Managing Director. This structure ensures effective management, operational control, and accountability across key functional areas.

Mr. Altaf Hussain Malik serves as the CEO – Executive Director of NGC. The management team comprises seasoned professionals with deep institutional knowledge and relevant sectoral expertise, including Mr. Muhammad Aamir Khan as Chief Financial Officer (CFO), who brings extensive experience in financial management, strategic planning, and corporate governance, Mr. Naeem Aslam as Company Secretary; and Mr. Rasheed A. Bhutto as Deputy Managing Director (Asset Development and Management). Their longstanding association with the Company enhances operational continuity and supports the execution of strategic initiatives.

The Company follows a well-structured management process with clearly defined departmental responsibilities across key functions such as operations, finance, and regulatory affairs. Regular coordination meetings and active support from the Board ensure effective oversight and strategic alignment. A sound internal control framework further reinforces transparency, accountability, and risk management.

NGC has initiated the process to achieve Digital Transformation by implementing ERP with an aim to achieve Business Automation of the Company's processes. M/S Siemens, Pakistan is responsible to supply, design and implement the ERP in the Company. The ERP consists of Business Intelligence Analytics along with modules of Project Delivery and Asset Management supported by the modules of Finance, Supply Chain and Human Resource. A.F.Ferguson & Co. has been engaged as the quality assurance consultant for ERP implementation.

NGC maintains an effective control environment with defined policies and procedures. The Company's internal audit function performs regular reviews on financial, operational, and compliance controls and reports directly to the audit committee for all critical issues. However, the Audit Committee was dissolved due to the retirement of its members and has not yet been reconstituted.

Pakistan's power transmission industry remains a state-dominated, structurally constrained sector operating under the NEPRA Act, 1997, with NGC as the sole national-level transmission licensee (500/220kV) alongside K-Electric's vertically integrated Karachi network and specialized private licensees such as PMLTC's Matiari-Lahore HVDC line. The industry is marked by a widening gap between generation and grid capacity, as installed generation capacity (41,121 MW) outpaced transmission expansion, with no net addition of 220kV grid stations despite rising demand — a mismatch reflected in significant transformer overloading (41 of 48 power transformers at 500/220kV loaded above 80% capacity) and under-utilisation of key evacuation corridors like the 4,000 MW HVDC line (34.9% average loading). Compounding this operating environment is an ongoing institutional restructuring, the split of NTDC into NGC, ISMO, and EIDMC, intended to separate asset ownership, system dispatch, and project execution to address historic delays, though the final allocation of assets, revenues, and obligations remains unresolved, sustaining regulatory and rating uncertainty across the sector. Overall, the industry reflects a capacity-based, cost-plus tariff regime providing revenue stability for incumbents like NGC, while ongoing restructuring efforts and sectoral debt management remain key areas of focus for the transmission segment's future development.

Among the various operational transmission entities in Pakistan, NGC holds a leading position in terms of scale, ownership, and institutional capacity. As a wholly state-owned entity under the Ministry of Energy (Power Division), NGC operates the largest segment of the national transmission network, spanning approximately 23,117 kilometers and comprising 68 grid stations (18 at 500kV and 50 at 220kV), with a total transmission capacity of 64,250 MVA. In addition, NGC also operates and maintains the ±660 kV Matiari-Lahore HVDC transmission system on behalf of Pak Matiari-Lahore Transmission Company (PMLTC) under an Operation and Maintenance agreement. With decades of experience and deep technical expertise, NGC not only manages the national grid but also plays a pivotal role in supporting and guiding other transmission operators, including project-specific and private licensees, through technical coordination, system planning, and integration support.

NGC reported revenue of PKR 53,502 million during 9MFY26, compared to PKR 53,076 million in 9MFY25 (FY25: PKR 73,549 million; FY24: PKR 71,402 million). Given that NGC operates under a cost-plus model, its transmission tariff is based on return on investment rather than energy volume, with revenue growth driven by the execution of the approved investment plan. During the period, NGC was operating under the previously notified tariff of Rs. 235.30/kW/month. However, NEPRA's recent determination (July 14, 2026) approved a cumulative revenue requirement of Rs. 332.3 billion for FY 2022-23 to FY 2024-25, against NGC's request of Rs. 478.28 billion, with approved rates of Rs. 382.15/kW/month (FY23), Rs. 454.94/kW/month (FY24), and Rs. 710.25/kW/month (FY25), effective from August 1, 2026, valid till July 31, 2027, and Rs. 520.29/kW/month from August 1, 2027 onward. The determination includes a Prior Year Adjustment of Rs. 65.638 billion to recover past under-recoveries. While the approved tariff provides much-needed regulatory clarity and is expected to support NGC's cash flows, it falls significantly short of the Company's request, reflecting NEPRA's prudent review of various cost components.

As a power transmission company, NGC does not incur direct costs of goods sold. Its cost structure mainly comprises operating expenses related to energy transmission. During 9MFY26, the Company's profitability improved, with profit after tax reaching PKR 6,164 million compared to PKR 5,351 million in 9MFY25. This rise in profitability was driven by a decrease in finance costs, attributable to the relaxation in policy rates, while the operating profit margin remained stable. As a result, the net profit margin increased to 11.5% for the nine months ended March 2026.

NGC benefits from a regulated cost‑plus revenue model that ensures stable earnings irrespective of demand fluctuations or market‑based tariff variations. As a transmission utility, NGC's revenue is not exposed to generation‑side market risks; rather, it is determined by NEPRA‑approved investment plans and associated returns, which offer long‑term financial visibility. To maintain alignment with national generation objectives, NGC's transmission planning is guided by the Indicative Generation Capacity Expansion Plan (IGCEP), which prioritizes least‑cost and merit‑order generation. By targeting its network upgrades in these identified regions, NGC ensures timely evacuation of power, alleviates network bottlenecks, and enhances overall grid reliability

Efficient working capital management remains critical to the success of the business. During 9MFY26, trade receivables declined, improving receivable days to 161 from 229 in FY24, while net working capital days reduced to 122 from 184. The current ratio declined to 0.4x during 9MFY26 (FY24: 1.0x; FY23: 1.5x), reflecting tighter liquidity. While the ratio is below 1.0x, risk is mitigated by the Company's strategic importance, strong FCFO of PKR 36.13 billion, and sovereign backing. Additionally, a significant portion of NGC's receivables is adjusted against payables and loan repayments through an offsetting mechanism, which helps manage liquidity pressures. However, the declining trend warrants continued monitoring of receivable recoveries.

NGC's coverage profile reflects the support of strong and stable FCFOs and a decline in finance costs during the review period. FCFOs amounted to PKR 36.13 billion in 9MFY26, compared to PKR 27.05 billion in 9MFY25. The finance cost decreased significantly to PKR 7.05 billion in 9MFY26 from PKR 10.52 billion in 9MFY24, providing substantial relief to the Company's financial burden. As a result, the EBITDA / finance cost coverage ratio improved to 5.9x, reflecting a strong capacity to meet debt servicing obligations from operational cash flows.

Being an infrastructure-based Company, NGC arranges funds from foreign and local financial institutions for the expansion of its network. The Company financed its projects mainly through Government re-lent loans and secured local financing. As of March 2026, the Company's borrowings increased to PKR 489 billion, up from PKR 431 billion in FY25. This rise in borrowings is primarily attributed to project financing secured through international funding sources, including the Asian Development Bank and the World Bank. Consequently, the Company's leverage as of March 2026 rose to 72.3%, compared to 70.4% in FY25 and 64.4% in FY24. This gearing, while higher, is viewed in the context of the ongoing capital-intensive investment plan and the long-term nature of the underlying assets.