Indigrid Infrastructure Trust (540565) Q2 2026 earnings summary

Executive summary

• Operating in 20 states and 2 union territories, with 90 revenue-generating elements and an AUM of INR 32,500 crore across transmission and solar assets.

• Signed definitive agreement to acquire NERSS 16 project for INR 460 crore and raised INR 438 crore via preferential allotment to a mix of institutional and non-institutional investors.

• Included in FTSE Emerging Markets APAC All-Cap and FTSE India All-Cap Index, boosting liquidity and investor visibility.

• Secured a second TBCB win with 125 MW/500 MWh BESS project in Uttar Pradesh, increasing total battery capacity to 2.1 GWh.

• Fair enterprise value of all SPVs as of 30 September 2025 is INR 325,411 million, covering transmission, solar, and battery energy storage assets across India.

Financial highlights

• Q2 FY26 revenue at INR 826.7 crore, up 2.6% year-over-year, driven by recent acquisitions.

• EBITDA dipped 1.1% year-over-year due to one-time solar project issue and regulated tariff true-up.

• NDCF for the quarter at INR 362.9 crore, up 13.5% year-over-year.

• DPU declared at INR 4 per unit, 6.7% higher than last year, in line with annual guidance.

• NAV per unit at INR 148.4 as of September, stable year-over-year.

Outlook and guidance

• DPU guidance of INR 16 for FY26 reaffirmed, with 3-5% CAGR targeted over the next few years.

• Focus on stable operations, timely project completion, and prudent leverage to support organic and inorganic growth.

• AUM expected to double in 5-6 years, with transmission remaining the dominant segment.

• Regulatory environment remains supportive, with government focus on renewables and grid expansion.

• Risks include regulatory changes, project execution delays, and macroeconomic factors affecting WACC and cash flows.