Indigrid Infrastructure Trust (540565) Q3 25/26 earnings summary

Executive summary

• AUM reached INR 32,800 crore, spanning 20 states and 2 UTs, with 90 revenue-generating elements including transmission lines, substations, solar, and BESS projects.

• Signed SPA to acquire Gadag Transmission Limited for INR 332–372 crore and definitive agreements with EnerGrid for two under-construction projects totaling INR 2,534 crore.

• Raised INR 1,500 crore via oversubscribed institutional placement, reducing Net Debt/AUM to ~56.5%.

• Q3 FY26 revenue grew 11.7% year-over-year to INR 862.2 crore, driven by new acquisitions and operational milestones.

• DPU declared at INR 4.00, up 6.7% year-over-year, in line with full-year guidance.

Financial highlights

• Q3 FY26 revenue: INR 862.2 crore (up 11.7% YoY); EBITDA: INR 784.3 crore (up 13% YoY).

• NDCF for the quarter was INR 328 crore, impacted by working capital changes.

• DPU: INR 4.00 (up 6.7% YoY); gross distribution for the quarter at INR 381 crore.

• NAV per unit at 146.4; AUM at INR 32,800 crore; Net Debt/AUM at 61% (post-placement: ~56.5%).

• Net profit for the quarter was INR 99.91 crore, up from INR 57.80 crore YoY.

Outlook and guidance

• DPU guidance for FY26 maintained at INR 16 per unit.

• Focus on stable operations, predictable distributions, and value-accretive acquisitions.

• Greenfield and under-construction project pipeline of INR 7,500 crore, with expected AUM growth to INR 40,000 crore.

• Execution of augmentation and BESS projects; monitoring EnerGrid projects.

• Sustain 99.5%+ availability and strengthen digital asset management.