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, and 18 substations.

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

• Delivered strong financial performance for FY26, with operational revenue up 3.1% year-over-year and reported revenue up 45%.

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

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 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 57.6%; collections for Q4 were 102% for transmission and 97% for solar assets; DSO days at 37 for both segments.

• DPU for Q4 was ₹4.00–₹4.4 per unit, totaling ₹16 for FY26 as guided; NDCF for FY26 was ₹1,382 crore, down 1.3%.

Outlook and guidance

• FY27 DPU guidance set at ₹16.48 per unit (₹4.12 per quarter), a 3% YoY increase.

• Portfolio strategy focuses on stable operations, value-accretive acquisitions, and disciplined capital deployment.

• Greenfield and augmentation projects, including new BESS, to drive future growth; maintaining minimum 99.5% asset availability remains a priority.

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