Indigrid Infrastructure Trust (540565) Q1 25/26 earnings summary

Executive summary

• AUM reached INR 32,400 crores, with 19 revenue-generating assets across 22 states, including new acquisitions RSAPL (300 MW solar) and KNTL (276 km transmission).

• Energrade/EnerGrid secured its first utility-scale BESS project (187.5 MW/750 MWh) in Uttar Pradesh, to be acquired post-COD.

• Q1 FY26 revenue was INR 8,398 million, up 0.6% year-over-year, with DPU declared at INR 4.00, a 6.7% increase YoY, in line with annual guidance.

• Transmission asset availability was 99.04–99.34%; solar CUF/availability was 17.7%/94.1% due to a resolved generator issue.

• India surpassed 50% renewable energy installed capacity, supporting sector growth and investment.

Financial highlights

• Q1 FY26 consolidated revenue: INR 8,398.52 million, up 0.6% YoY; EBITDA: INR 7,037 million, down 8.2% YoY.

• Net distributable cash flow for the quarter was INR 2,862 million; DPU for the quarter was INR 4 per unit.

• NAV per unit improved to INR 148.21 as of June 2025.

• Q1FY26 consolidated net profit: INR 752.83 million; EBITDA margin: 83.79%.

• Distribution for the quarter exceeded net distributable cash flow, requiring a dip into reserves.

Outlook and guidance

• Focus on portfolio growth, stable operations, and predictable distributions, with guidance for INR 16 DPU for FY26 reaffirmed.

• Emphasis on timely execution of greenfield projects, digital/AI-driven O&M, and prudent leverage.

• Management expects minimum 90% distribution of NDCF to be maintained on a cumulative basis.