Indigrid Infrastructure Trust (540565) Q2 2026 earnings summary

Executive summary

• Operating across 20 states and 2 union territories, with 90 revenue-generating elements and an AUM of INR 32,500 crore, spanning 9,300 circuit kilometers and 25,000 MV of transformation capacity, including 1.5 GW peak solar generation.

• Signed definitive agreement to acquire NERSS 16/NERES XVI interstate transmission project at an EV of INR 460 crore, with expected COD by Dec-26.

• Raised INR 438 crore via preferential allotment to institutional and non-institutional investors, enhancing growth headroom.

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

• EnerGrid secured a 125 MW/500 MWh BESS win in Uttar Pradesh, increasing total BESS capacity to 2.1 GWh.

Financial highlights

• Q2 FY26 revenue rose 2.6% year-over-year to INR 826.7 crore (INR 8,267 million), driven by recent acquisitions.

• EBITDA dipped 1.1% year-over-year to INR 7,249 million due to a one-time solar turbine breakdown and regulated tariff true-up; both issues now resolved.

• NDCF for the quarter was INR 362.9 crore (INR 3,629 million), up 13.5% year-over-year.

• DPU declared at INR 4 per unit, a 6.7% increase year-over-year, aligning with full-year guidance.

• NAV per unit as of September stood at INR 148.4.

Outlook and guidance

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

• Focus on stable operations, timely project completion, and leveraging a robust pipeline in transmission and battery storage.

• AUM expected to double in the next five to six years, with transmission remaining the dominant segment.

• Aiming to sustain 99.5%+ availability and strengthen O&M with digital analytics.