IndiGrid Infrastructure Trust
IndiGrid Infrastructure Trust
UtilitiesKey Fundamentals
SmallcapPower TransmissionPowerTapetide Score
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Key Insights
Strengths
3- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 94.9%
- Debtor days have improved from 80.1 to 59.7 days.
Weaknesses
4- Stock is trading at 2.66 times its book value
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 6.51% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
IndiGrid Infrastructure Trust is a power transmission-focused InvIT with a market capitalisation of about Rs 16,384 crore. It trades at a P/E of 34.4x and reports a return on equity of about 7% over 1, 3 and 5 years. Revenue has grown at a 27% CAGR over 3 years and 51% on a TTM basis, while 3-year profit CAGR is -1%. That gap reflects an acquisition-led model where rising interest and depreciation costs have absorbed much of the top-line expansion.
- Revenue has compounded at 27% over 3 years and 23% over 5 years, with TTM sales growth of 51%. This shows the asset base is scaling steadily through acquisitions.
- The trust pays out 94.9% of earnings as distributions, in line with InvIT rules that require most cash flows to go to unitholders. This gives a predictable, income-oriented return profile.
- TTM profit growth of 68% suggests recently acquired assets are starting to add to earnings after a weak 3-year stretch of -1% profit CAGR.
- Debtor days improved from 80.1 to 59.7, a drop of about 25%. This points to better collections from counterparties and stronger working-capital efficiency.
- The P/B of 1.58x (per key metrics) is moderate for a Rs 16,384 crore infrastructure platform with long-life transmission assets, whose revenues are largely contracted and availability-based.
- ROE has held steady at about 7% across the last year, 3 years and 5 years. For an infrastructure yield vehicle, that consistency points to stable, low-volatility returns on its regulated-style assets.
- Units have delivered an 8% CAGR over 3 years and 5% over 5 years before distributions. With the 94.9% payout layered on top, total return exceeds price appreciation alone.
- Profit CAGR of -1% over 3 years and 4% over 5 years lags far behind sales CAGR of 27% and 23%. Growth has not translated proportionally into bottom-line earnings.
- ROE of 6.51% over the last 3 years is low in absolute terms. It may sit below the trust's cost of debt, which limits value creation from further leveraged acquisitions.
- The trust has a low interest coverage ratio. Its acquisition-led, debt-funded model leaves earnings sensitive to interest-rate movements and refinancing terms.
- A P/E of 34.4x is elevated for an entity generating about 7% ROE, which implies the market is already pricing in continued earnings recovery.
- The units trade at 2.71x book value on one measure, above the 1.58x P/B in key metrics. Either way, at about 7% ROE the premium to book is not strongly backed by return on capital.
- Unit price returns have been muted: 3% over 1 year and 5% CAGR over 5 years. Much of the historical return has depended on distributions rather than capital appreciation.
- A low reported tax rate helps current earnings, but reported profit could shift if the tax treatment of the trust or its SPVs changes.
- A 94.9% payout leaves little retained capital. Future growth depends on external debt and fresh unit issuance, which can dilute per-unit distributions.
This is AI-generated analysis, not financial advice. Do your own due diligence. Note: the input data has gaps and inconsistencies. P/B is shown as 1.58x in key metrics but 2.71x in the cons, debt-to-equity and 52-week range were not provided, and the 2.4% dividend yield may understate InvIT distribution yields, which usually include interest and capital repayment components. Verify figures against the trust's latest filings.
AI News Digest
- Related-party deal, approval pending Sep 26
The Luhri Power Transmission acquisition, worth up to ₹13,360 million (about ₹1,336 crore), involves a related party and needs unitholder approval. That brings governance scrutiny and execution risk. Note that the headline's '₹13,360 crore' figure looks like a unit error, since ₹13,360 million is about ₹1,336 crore.
- Rising leverage from acquisition spree Sep 26
Two SPAs signed in September (Shongtong up to ₹5,315.8 crore and Luhri up to about ₹1,336 crore) add up to roughly ₹6,652 crore of potential outlay. This could push up debt levels and may lead to equity dilution. Both deals still need unitholder approval.
- Shongtong Power acquisition worth ₹5,316cr Sep 5
IndiGrid signed an agreement to buy Shongtong Power Transmission Limited from Enerica ReGrid Infra at a value of up to INR 53,158 million (₹5,315.8 crore). The deal adds a large transmission asset to the portfolio, subject to unitholder approval.
- Luhri transmission asset adds to portfolio Sep 26
An SPA was signed to acquire Luhri Power Transmission Limited for up to ₹13,360 million (about ₹1,336 crore). This continues IndiGrid's push to grow its operating transmission assets and future distributable cash flows.
- ₹880 crore NCD funding raised Sep 9
IndiGrid received ₹880 crore in second pay-in amounts on September 8, 2026, which takes Series AI and AJ NCDs to a fully paid-up value of ₹1,00,000 each. The money adds liquidity for the planned acquisitions.
- FY26 sustainability report filed Sep 26
IndiGrid filed its FY26 Sustainability Report with BSE and NSE as required under InvIT regulations. The filing highlights its ESG and environmental focus.
- One-on-one meeting with Tribeca Investments Sep 11
IndiGrid held an in-person one-on-one investor meeting with Tribeca Investments on September 11, 2026. This is routine investor engagement with no material disclosure.
TL;DR: IndiGrid is growing its transmission portfolio quickly, with about ₹6,652 crore of potential acquisitions (Shongtong and Luhri) signed in September and backed by ₹880 crore of NCD pay-ins. The main risks are higher leverage, possible dilution, and governance scrutiny over the related-party Luhri deal, and both acquisitions still need unitholder approval. Overall the trend is improving because the acquisitions add contracted, cash-generating assets. The next things to watch are the unitholder votes, the funding mix, and how much the new assets add to distributions per unit.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 653 | 716 | 783 | 812 | 835 | 836 | 772 | 874 | 840 | 827 | 862 | 2,240 | 1,087 |
| Expenses | 64 | 141 | 79 | 142 | 77 | 77 | 80 | 165 | 144 | 113 | 100 | 1,351 | 216 |
| Operating Profit | 589 | 576 | 704 | 671 | 759 | 759 | 692 | 710 | 696 | 714 | 763 | 889 | 870 |
| OPM % | 90% | 80% | 90% | 83% | 91% | 91% | 90% | 81% | 83% | 86% | 88% | 40% | 80% |
| Other Income | 1 | 4 | 6 | 12 | 38 | 4 | 32 | 46 | 33 | 37 | 46 | 67 | 64 |
| Interest | 285 | 321 | 350 | 352 | 377 | 384 | 370 | 363 | 380 | 425 | 407 | 439 | 396 |
| Depreciation | 191 | 222 | 262 | 264 | 273 | 276 | 279 | 273 | 275 | 291 | 292 | 287 | 301 |
| PBT | 115 | 37 | 97 | 66 | 146 | 103 | 75 | 120 | 74 | 35 | 110 | 230 | 238 |
| Tax % | 7% | -6% | 6% | 12% | 6% | 4% | 23% | 2% | -2% | -9% | 9% | 20% | -4% |
| Net Profit | 107 | 39 | 92 | 58 | 137 | 99 | 58 | 117 | 75 | 39 | 100 | 185 | 246 |
| EPS in Rs | 1.49 | 0.49 | 1.14 | 0.71 | 1.71 | 1.22 | 0.66 | 1.36 | 0.87 | 0.52 | 1.12 | 1.91 | 2.55 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 448 | 666 | 1,243 | 1,677 | 2,222 | 2,332 | 2,864 | 3,288 | 4,768 | 5,015 |
| Expenses | 40 | 109 | 53 | 252 | 209 | 231 | 425 | 397 | 1,693 | 1,780 |
| Operating Profit | 408 | 557 | 1,190 | 1,425 | 2,013 | 2,101 | 2,439 | 2,891 | 3,075 | 3,236 |
| OPM % | 91% | 84% | 96% | 85% | 91% | 90% | 85% | 88% | 64% | 65% |
| Other Income | 13 | 8 | 36 | 35 | 52 | 82 | 123 | 149 | 169 | 215 |
| Interest | 101 | 230 | 415 | 687 | 1,050 | 1,011 | 1,308 | 1,495 | 1,651 | 1,667 |
| Depreciation | 116 | 181 | 310 | 430 | 665 | 704 | 939 | 1,101 | 1,145 | 1,171 |
| PBT | 204 | 155 | 500 | 342 | 349 | 469 | 315 | 444 | 449 | 613 |
| Tax % | -3% | 0% | -1% | 2% | 2% | 1% | 6% | 8% | 11% | — |
| Net Profit | 210 | 154 | 506 | 334 | 343 | 466 | 296 | 410 | 399 | 570 |
| EPS in Rs | 6.18 | 4.52 | 7.22 | 4.77 | 4.98 | 6.51 | 3.64 | 4.77 | 4.14 | 6.1 |
| Div. Payout % | 129% | 221% | 126% | 194% | 241% | 48% | 95% | 86% | 104% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2,838 | 2,838 | 5,315 | 5,315 | 6,590 | 6,590 | 7,645 | 8,332 | 10,244 |
| Reserves | 25 | -161 | -266 | -632 | -1,172 | -1,633 | -2,355 | -3,174 | -4,171 |
| Borrowings | 2,396 | 2,612 | 6,388 | 14,576 | 13,339 | 14,505 | 19,304 | 20,097 | 21,359 |
| Other Liabilities | 119 | 58 | 356 | 777 | 800 | 750 | 1,163 | 1,171 | 2,300 |
| Total Liabilities | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 | 29,731 |
| Fixed Assets | 5,026 | 4,983 | 10,816 | 16,390 | 16,838 | 17,841 | 22,710 | 22,028 | 23,708 |
| CWIP | 0 | 0 | 0 | 10 | 4 | 78 | 23 | 59 | 443 |
| Investments | 0 | 8 | 0 | 0 | 145 | 446 | 742 | 1,900 | 1,228 |
| Other Assets | 352 | 356 | 976 | 3,636 | 2,570 | 1,847 | 2,282 | 2,441 | 4,353 |
| Total Assets | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 | 29,731 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 433 | 580 | 1,125 | 1,680 | 2,081 | 2,037 | 2,663 | 2,902 | 3,377 |
| Investing | -4,624 | -230 | -6,091 | -5,897 | -1,517 | -2,119 | -6,102 | -1,780 | -2,945 |
| Financing | 4,358 | -357 | 5,214 | 6,415 | -1,983 | -790 | 3,356 | -1,249 | -452 |
| Net Cash Flow | 167 | -7 | 248 | 2,198 | -1,419 | -872 | -83 | -127 | -20 |
| Free Cash Flow | -4,041 | 356 | -4,791 | -3,816 | 976 | 254 | -564 | 2,141 | -526 |
| CFO/OP | 106 | 104 | 96 | 116 | 103 | 99 | 108 | 101 | 110 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | 60 |
| Cash Conversion Cycle | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | 60 |
| Working Capital Days | -309 | 60 | -6 | -207 | -348 | -109 | -74 | -244 | -181 |
| ROCE % | — | 7% | 11% | 7% | 7% | 8% | 7% | 8% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY17–FY28.
Documents
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Company Information
India Grid Trust (IndiGrid) is the India's first listed power sector infrastructure investment trust, sponsored by KKR and Sterlite Power. It was established in 2016 to own and operate power transmission and renewable energy assets in India.[1] The Trust primarily acquires operational transmission SPVs (Special Purpose Vehicles) from a Sponsor or from a third party. [2] The entity is not a public/ private company. It is an infrastructure investment trust (InvIT). There are no shareholders of a trust. Rather, there are unit holders who have the right to receive at-least 90% of the Net Distributable Cashflows of the Trust at least once in every six months in each financial year in accordance with the InvIT regulations. Also, a unitholder has no equitable or proprietary interest in the projects of IndiGrid and is not entitled to any share in the transfer of projects or any interest in the projects of IndiGrid.[3]
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