IndiGrid Infrastructure Trust logo

IndiGrid Infrastructure Trust

INDIGRID NSE

Key Fundamentals

SmallcapPower TransmissionPower
Market Cap
₹16,818 Cr
P/E Ratio
29.01
EBITDA
₹3,244 Cr
Return on Equity
6.44%
Debt to Equity
3.52
Book Value
₹108.69
EPS
₹4.02
52W High
₹180.9
52W Low
₹158.75

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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41 extracted metrics + investor summaries across FY18–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

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 2.78 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

Revenue Growth
44.00% ↗
Net Income Growth
-2.80% ↘
Cash Flow Change
16.40% ↗
ROE
-17.54% ↘
ROCE
-3.09% ↗
EBITDA Margin (Avg.)
-25.90% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

IndiGrid Infrastructure Trust is an Indian infrastructure investment trust with a market cap of ₹17,012 Cr, trading at a PE of 50.8x and offering a dividend yield of 8.98%. The trust has delivered strong TTM sales growth of 51% and profit growth of 68%, though its 3-year compounded profit growth is -1% and ROE remains modest at around 7%.

Bull Case 8
  • Dividend yield of 8.98% is significantly above market average, providing substantial income to unitholders
  • Healthy dividend payout ratio of 94.9%, consistent with InvIT mandate to distribute majority of cash flows
  • TTM revenue growth of 51% indicates strong asset addition and operational momentum
  • TTM profit growth of 68% suggests improving earnings trajectory in the near term
  • Compounded sales CAGR of 27% over 3 years and 23% over 5 years reflects consistent top-line expansion through asset acquisitions
  • Debtor days improved from 80.1 to 59.7 days, indicating better working capital management and faster collections
  • Stock price CAGR of 13% over 1 year shows improving market sentiment and capital appreciation potential alongside income
  • Company is expected to deliver a good upcoming quarter based on operational visibility
Bear Case 8
  • PE ratio of 50.8x is elevated for a utilities/infrastructure trust, implying rich valuations relative to earnings
  • Stock is trading at 2.80 times book value, which is high for an asset-backed infrastructure trust typically valued closer to NAV
  • Low interest coverage ratio raises concerns about debt servicing ability given the leveraged nature of InvIT structures
  • 3-year ROE of only 6.51% and consistent 7% across timeframes indicates limited return generation on equity capital
  • 3-year compounded profit CAGR of -1% suggests earnings have been stagnant over the medium term despite revenue growth
  • 5-year stock CAGR of only 5% indicates limited capital appreciation for long-term holders over that period
  • Low tax rate raises questions about sustainability of current earnings if tax benefits expire or regulations change
  • Debt-to-equity ratio is not disclosed, but low interest coverage combined with InvIT leverage norms suggests significant debt burden

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 6h ago
Positives 1
  • ₹2,000 cr capital raising approved Jul 22

    Unitholders at the 9th Annual Meeting granted enabling approval for capital raising up to INR 2,000 Crores, along with approving financial statements and appointing auditors.

Neutral 2
  • Analyst meet at Equirus conference Aug 14

    IndiGrid senior management to meet analysts at Equirus Annual India Conference 2026 in Mumbai on August 14, 2026, per SEBI I-REIT regulations.

  • Q1 FY27 unit holding pattern Jul 21

    IndiGrid reported Q1 FY27 holding pattern with public holding at 98.89% of total outstanding units.

TL;DR: IndiGrid secured unitholder approval for up to ₹2,000 Crores in capital raising, signaling potential growth through new asset acquisitions. No headwinds emerged in recent news flow. The high public holding at 98.89% reflects broad investor participation. The upcoming analyst meet and fresh capital headroom suggest a growth-oriented outlook heading into FY27.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

  Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Jun 2026
Others 50.60%
Public 29.20%
DIIs 19.08%
Promoters 1.11%
Total 99.99%
  Mar 2021Apr 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Aug 2024Dec 2024Mar 2025Jun 2025Sep 2025Nov 2025Dec 2025Jan 2026Mar 2026Jun 2026
Promoters
23.66%
24.04%
23.99%
23.69%
23.69%
23.69%
23.69%
23.69%
23.69%
23.69%
23.69%
22.70%
21.17%
21.17%
21.17%
3.85%
1.20%
1.20%
1.27%
1.27%
1.23%
1.23%
1.11%
1.11%
1.11%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
DIIs
9.65%
9.24%
8.85%
7.88%
8.32%
8.00%
8.06%
7.74%
7.25%
6.97%
6.75%
6.39%
8.71%
8.34%
8.18%
12.26%
14.31%
14.01%
14.02%
13.79%
13.80%
14.19%
19.59%
20.33%
19.08%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
19.56%
19.46%
20.13%
21.13%
21.07%
21.29%
21.88%
22.09%
22.69%
22.77%
23.45%
23.79%
23.10%
23.81%
24.50%
28.35%
26.47%
26.58%
27.68%
28.72%
28.62%
29.20%
26.56%
28.16%
29.20%
Others
47.12%
47.26%
47.04%
47.30%
46.91%
47.02%
46.36%
46.48%
46.36%
46.56%
46.10%
47.13%
47.02%
46.68%
46.15%
55.54%
58.01%
58.20%
57.03%
56.22%
56.34%
55.38%
52.73%
50.39%
50.60%
No. of Shareholders
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Documents

Frequently Asked Questions about IndiGrid Infrastructure Trust

What does IndiGrid Infrastructure Trust do?
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 transmissio...
Where is IndiGrid Infrastructure Trust (INDIGRID) listed?
IndiGrid Infrastructure Trust is listed on the Indian stock exchanges. It is listed on NSE: INDIGRID and BSE: 540565. You can view its live share price, financials, and ratios on Tapetide.
Which sector does IndiGrid Infrastructure Trust belong to?
IndiGrid Infrastructure Trust operates in the Utilities sector within the Power industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of IndiGrid Infrastructure Trust?
IndiGrid Infrastructure Trust has a market capitalisation of approximately ₹16817.53 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of IndiGrid Infrastructure Trust?
The Price-to-Earnings (PE) ratio of IndiGrid Infrastructure Trust is 29.01. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of IndiGrid Infrastructure Trust?
Over the past 52 weeks, IndiGrid Infrastructure Trust has traded between a low of ₹158.75 and a high of ₹180.9. This range helps investors understand the stock's price volatility and recent trading levels.
Does IndiGrid Infrastructure Trust pay dividends?
Yes, IndiGrid Infrastructure Trust has a dividend yield of 2.33%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of IndiGrid Infrastructure Trust?
IndiGrid Infrastructure Trust has a Return on Equity (ROE) of 6.44%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research IndiGrid Infrastructure Trust on Tapetide?
On Tapetide, you can view IndiGrid Infrastructure Trust's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website indigrid.co.in
Listed 2017-06-06
Face Value ₹ 136
Issued Size 86,05,40,180

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