Indigrid Infrastructure Trust (540565) Q4 24/25 earnings summary

Executive summary

• Achieved 11.3% year-over-year growth in Q4 FY25 revenue and 11.2% in EBITDA, with operational revenue up 1.6% and EBITDA up 9.9%.

• Commissioned India's first regulated utility-scale standalone battery energy storage project (Kilokari BESS) in Delhi and several augmentation projects.

• Raised DPU guidance to INR 16 per unit for FY26, a 6.7% increase over previous guidance.

• Management reshuffle with key leaders moving to EnerGrid and new CFO appointed.

• Audited consolidated and standalone financial results for the year ended March 31, 2025, were reviewed and approved.

Financial highlights

• Q4 FY25 revenue: INR 8,743 million; EBITDA: INR 7,290 million; EBITDA margin ~90%.

• NDCF for FY25: INR 9,765.35 million; Q4 DPU: INR 4.10 per unit, up 15.5% YoY; annual DPU for FY25: INR 15.35.

• Collections: 115% for transmission, 89% for solar; DSO improved to 38 days (transmission) and 48 days (solar).

• NAV per unit as of March 31: INR 144.11.

• Total distributions to date: INR 101.32 per unit, totaling INR 6,208 crore.

Outlook and guidance

• DPU guidance for FY26 set at INR 16 per unit, with a minimum five-year visibility even without new acquisitions.

• Focus on stable operations, value-accretive acquisitions, and disciplined capital deployment, with greenfield development in transmission and BESS prioritized.

• Targeting 99.5%+ availability and further digitalization of asset management.

• Ongoing and upcoming projects in battery storage and transmission are expected to drive future growth.