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

Executive summary

• Operational revenue for Q4 FY26 rose 9.5% year-over-year to ₹874 crore, with operational EBITDA up 8.5% to ₹782 crore at an 89% margin.

• Full-year FY26 operational revenue reached ₹3,311 crore (up 3.1%), and operational EBITDA was ₹2,982 crore (up 2.4%) at a 90% margin.

• FY26 reported revenue was ₹4,768 crore (up 45.0%), and reported EBITDA was ₹3,129 crore (up 7.0%).

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

• Declared Q4 FY26 DPU of ₹4.00, delivering full-year guidance of ₹16.00; FY27 DPU guidance set at ₹16.48, a 3% YoY increase.

Financial highlights

• Q4 FY26 operational revenue: ₹874 crore (up 9.5% YoY); operational EBITDA: ₹782 crore (up 8.5% YoY).

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

• FY26 operational revenue: ₹3,311 crore (up 3.1% YoY); operational EBITDA: ₹2,982 crore (up 2.4% YoY); reported revenue: ₹4,768 crore (up 45.0%); reported EBITDA: ₹3,129 crore (up 7.0%).

• Net Debt/AUM at 57.6% as of March 31, 2026; AUM at ₹33,815 crore.

• Q4 FY26 collections: 102% for transmission assets, 97% for solar assets; DSO days at 37 for both segments.

Outlook and guidance

• FY27 DPU guidance of ₹16.48, representing a 3% YoY growth.

• Board approved Q4 FY26 DPU of ₹4.00, meeting full-year guidance of ₹16.00.

• Focus on stable operations, value-accretive acquisitions, and disciplined capital deployment.

• Plans to execute augmentation in existing projects, new BESS projects, and greenfield opportunities.

• Management expects continued growth driven by operational excellence and a robust asset pipeline.