Indigrid Infrastructure Trust (540565) Q2 26/27 earnings summary

Executive summary

• AUM was ₹33,667 crore across 22 states and two UTs, with 94 revenue-generating elements, 10,000 circuit km of lines, 34,000 MVA of substation capacity and ~1.5 GW of solar.

• Q2 DPU was ₹4.12, in line with FY27 guidance of ₹16.48; Rajasthan BESS and Ishanagar’s first 765 kV transmission project were commissioned.

Financial highlights

• Q2 FY27 reported revenue rose 59.0% YoY to ₹1,315 crore and reported EBITDA increased 18.3% to ₹858 crore; operational revenue rose 8.4% to ₹872 crore and operational EBITDA 7.9% to ₹782 crore.

• NDCF was ₹380 crore, up 4.7% YoY; Q2 DPU was ₹4.12 versus ₹4.00 in Q2 FY26.

• Gross distribution was ~₹396 crore; the ₹4.12/unit distribution comprised ₹3.1878 interest and ₹0.9322 capital repayment.

• Collections were 103% for transmission and 94% for solar; September 2026 DSO was 37 days and 35 days, respectively.

Outlook and guidance

• FY27 DPU guidance remains ₹16.48 per unit; any increase will be considered by the board in Q4.

• FY27 plans include ~₹2,000 crore of additions from EnerGrid’s pipeline, alongside transmission, BESS and renewable greenfield and brownfield opportunities.

• Operational portfolio availability target is 99.5%+; priorities include disciplined capital deployment, borrowing-cost optimization and leverage headroom for growth.