Skip to content
IndiGrid Infrastructure Trust logo

IndiGrid Infrastructure Trust

INDIGRID NSE
₹169.69 No trade today
P/E
27.82
View as Markdown
MCP
Close 4 Nov 2026 ₹169.69 −2.39 −1.39% 1Y
Start ₹172.08

Key Fundamentals

SmallcapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.99%
Debt to Equity
3.52
EPS (TTM)
₹6.10
Book Value
₹108.69
Market Cap
—
P/E (TTM)
27.82
P/B
1.56
ROE
7.23%
Dividend Yield
2.42%
EBITDA
₹3,244 Cr
52W High
₹180.90
52W Low
₹161.01
Volume
0

Peer Comparison

Utilities › Power › Power - Transmission

IndiGrid Infrastructure Trust peer comparison
Power Grid
₹262.0515.33₹2,39,072 Cr2.281.16%15.30%9.10%₹47,374 Cr₹15,895 Cr
IndiGrid Infrastructure Trust (this company)
₹169.6927.82₹16,289 Cr1.562.42%7.23%7.99%₹5,015 Cr₹570 Cr
Powergrid Infrastructure Investment Trust
₹104.9210.54₹9,619 Cr1.162.84%11.90%11.60%₹1,256 Cr₹906 Cr
TRIVENI POWER TRANS
₹470.1059.51₹4,912 Cr242.320.00%−8.85%−9.01%₹360 Cr₹82 Cr
Anzen India Energy Yield Plus Trust
₹131.90113.71₹4,433 Cr1.522.33%−0.20%3.28%₹648 Cr₹46 Cr
Median 5 companies₹169.6927.82₹9,619 Cr1.562.33%7.23%7.99%₹1,256 Cr₹570 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

51 Average

Data confidence 100/100

Category scores

Quality
57
Good
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
87
Strong
Sales & profit trajectory 9% weight
Financial Health
16
Poor
Solvency, leverage, coverage 9% weight
Momentum
55
Good
Trend strength, vol-adjusted 12% weight
Ownership
34
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 2.67 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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish946
OscillatorsBearish342
Moving AveragesStrong Bearish604

Key readings

RSI (14)
50.29
Neutral
MACD (12,26,9)
−0.59
Bullish
SMA (50)
171.48
Bearish
SMA (200)
171.19
Bearish

As of

Growth Rate

From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
5Y+23.24%
3Y+26.92%
1Y+45.01%
TTM+50.99%

Net profit

Net profit growth by window
5Y+3.62%
3Y−5.04%
1Y−2.68%
TTM+63.32%

Operating cash flow

Operating cash flow growth by window
5Y+14.99%
3Y+18.35%
1Y+16.37%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y−20.48 pp
3Y−25.60 pp
1Y−23.44 pp
TTM−21.49 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2018₹448 Cr
Mar 2019₹666 Cr
Mar 2020₹1,243 Cr
Mar 2021₹1,677 Cr
Mar 2022₹2,222 Cr
Mar 2023₹2,332 Cr
Mar 2024₹2,864 Cr
Mar 2025₹3,288 Cr
Mar 2026₹4,768 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2018₹210 Cr
Mar 2019₹154 Cr
Mar 2020₹506 Cr
Mar 2021₹334 Cr
Mar 2022₹343 Cr
Mar 2023₹466 Cr
Mar 2024₹296 Cr
Mar 2025₹410 Cr
Mar 2026₹399 Cr

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

IndiGrid Infrastructure Trust trades at ₹168.38 as of 2026-10-30 with a market cap of ₹16,083.1 crore. The trust carries a high debt-to-equity ratio of 3.52 and a modest ROE of 6.44%, while delivering strong TTM revenue growth of 51% and maintaining a dividend payout ratio of 94.9%.

Bull Case 8
  • TTM revenue growth is robust at 51%, indicating strong asset additions and tariff escalations flowing through to the top line.
  • TTM profit growth surged 68%, reflecting improved operating leverage on a rapidly expanding asset base.
  • 3-year compounded sales CAGR of 27% and 5-year sales CAGR of 23% demonstrate sustained revenue momentum over multiple periods.
  • The trust maintains a healthy dividend payout ratio of 94.9%, which is characteristic of infrastructure investment trusts designed to distribute cash flows to unitholders.
  • Debtor days have improved from 80.1 to 59.7 days, signalling better working capital management and faster collections from counterparties.
  • At ₹168.38, the unit price is only 6.9% below its 52-week high of ₹180.90, suggesting relative price resilience over the trailing year.
  • The trust is expected to deliver a good upcoming quarter, pointing to near-term earnings visibility from contracted transmission assets.
  • Dividend yield stands at 2.45%, offering a recurring income component in a utilities-sector vehicle.
Bear Case 8
  • Debt-to-equity ratio is elevated at 3.52, reflecting heavy leverage typical of infrastructure trusts but raising refinancing and interest-rate sensitivity risks.
  • Interest coverage ratio is low, meaning operating earnings provide a thin cushion over debt-servicing costs, leaving limited room for margin compression.
  • Return on equity is modest at 6.44% (TTM) and has averaged only about 7% over the last 3 and 5 years, indicating limited equity-level profitability.
  • The unit trades at a price-to-book ratio of 1.55 on reported metrics, while alternate calculations suggest a ratio as high as 2.67 times book value, either way at a meaningful premium to net asset base.
  • 3-year compounded profit CAGR is negative at -1%, showing that the recent TTM profit spike has not yet translated into a consistent multi-year earnings trajectory.
  • Stock price CAGR of -1% over 1 year and just 4% over 5 years suggests unitholders have seen subdued capital appreciation relative to broader market returns.
  • The effective tax rate appears low, which could reverse if tax regulations change, compressing post-tax distributions.
  • PE ratio of 27.6 is elevated for a utilities-sector infrastructure trust, implying the market is pricing in significant future growth that must materialise to justify the multiple.

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

AI News Digest

9h ago

TL;DR: Limited recent news flow for IndiGrid. The sponsor's stake remains minimal at 1.11%, indicating a widely held unit base with significant FPI participation at nearly 24%. With only shareholding data available, there is insufficient information to assess operational or financial momentum — investors should watch for upcoming quarterly results and distribution announcements for directional cues.

Neutral 1
  • Sponsor holding minimal at 1.11% Oct 15

    IndiGrid sponsor group holding stood at just 1.11% as of September 30, 2026 (Q2FY27), with public holding at 98.89% and FPI ownership at 23.92%.

Quarterly Results

₹ Cr
INDIGRID quarterly results, ₹ crore
Particulars 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 (₹)
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

₹ Cr
INDIGRID profit and loss, annual, ₹ crore
Particulars 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 (₹)
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

₹ Cr
INDIGRID balance sheet, annual, ₹ crore
Particulars 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

Cash Flow

₹ Cr
INDIGRID cash flow, annual, ₹ crore
Particulars 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/EBITDA
106
104
96
116
103
99
108
101
110

Ratios

INDIGRID financial ratios, annual
Particulars 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%

Insights

Beta

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

Log in to view IndiGrid Infrastructure Trust insights

59 extracted metrics across FY17–FY27.

Shareholding Pattern

As of Sep 2026

  • Others 49.86%
  • Public 30.45%
  • DIIs 18.58%
  • Promoters 1.11%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

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.
Where is IndiGrid Infrastructure Trust (INDIGRID) listed?
IndiGrid Infrastructure Trust trades as INDIGRID on the NSE and under code 540565 on the BSE.
Which sector does IndiGrid Infrastructure Trust belong to?
IndiGrid Infrastructure Trust is classified under the Utilities sector, in the Power industry.
What is the PE ratio of IndiGrid Infrastructure Trust?
IndiGrid Infrastructure Trust trades at a PE ratio of 27.82 as of 4 Nov 2026, on earnings per share of ₹6.1, against a book value of ₹108.69 per share.
What is the 52-week high and low of IndiGrid Infrastructure Trust?
Over the last 52 weeks IndiGrid Infrastructure Trust has traded between ₹161.01 and ₹180.9 as of 4 Nov 2026.
Does IndiGrid Infrastructure Trust pay dividends?
IndiGrid Infrastructure Trust has a dividend yield of 2.42%.
What is the Return on Equity (ROE) of IndiGrid Infrastructure Trust?
IndiGrid Infrastructure Trust reported a return on equity of 7.23%. Its debt-to-equity ratio is 3.52.

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. The Trust primarily acquires operational transmission SPVs (Special Purpose Vehicles) from a Sponsor or from a third party. 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.

Website indigrid.co.in
Listed 6 Jun 2017
Face Value ₹136

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/INDIGRID.md for IndiGrid Infrastructure Trust: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Power stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month