Indigrid Infrastructure Trust (540565) Q4 25/26 earnings summary

Executive summary

• Assets under management reached ₹33,815 crore, spanning 20 states and two union territories, with 94 revenue-generating elements, 55 transmission lines (~9,700 ckms), 18 substations (~32,550 MVA), 1.5 GWp solar, and 2.5 GWh BESS.

• Commissioned Gujarat BESS (180 MW/360 MWh), India's largest standalone utility-scale BESS project, and completed the acquisition of Gadag Transmission Limited.

• Focus remains on value-accretive growth, predictable distributions, and maintaining an optimal capital structure.

• Industry outlook is robust, with India targeting 900 GW of non-fossil fuel integration by 2035-36 and a multi-decade transmission opportunity.

• Major projects and acquisitions have expanded the asset base and strengthened operational capabilities.

Financial highlights

• Q4 FY26 operational revenue was ₹874 crore, up 9.5% year-over-year; full-year operational revenue was ₹3,311 crore, up 3.1%.

• Q4 FY26 operational EBITDA grew 8.5% YoY to ₹782 crore (89% margin); full-year operational EBITDA was ₹2,982 crore (90% margin), up 2.4%.

• Q4 FY26 reported revenue was ₹2,240 crore, up 156.1% YoY; reported EBITDA was ₹916 crore, up 25.6%.

• Net Debt to AUM at fiscal year-end was 57.6%.

• Q4 collections: 102% for transmission, 97% for solar; days sales outstanding improved to 37 for both segments.

Outlook and guidance

• FY27 DPU guidance set at ₹16.48 per unit, a 3% YoY increase, with a focus on stable operations and value-accretive acquisitions.

• Management expects to maintain DPU at ₹16.48 through FY31-32 without additional acquisitions.

• Ongoing focus on greenfield development, timely execution of RTM and battery energy projects, and disciplined capital deployment.

• Plans to execute augmentation in existing projects and strengthen digital asset management.