Power Grid Corporation of India transmits more than 45% of power generated in India. Though major revenue driver is transmission business, company is leveraging its electricity network topology to form optic fiber network for long distance telecommunication network. Power Grid Corporation Of India has further diversified its revenue basket by providing consultancy services to State owned Utilities, private utilities, government departments etc. In the present scenario with government reforms giving huge fillip to power & infrastructure, Electric Utilities sector stands to gain in the long run. We recommend BUY for the stock for medium & long term investment with PE multiple of 12.08 x FY18E & 10.74 x FY19E with a target price of Rs. 285.