IndiGrid Infrastructure Trust
IndiGrid Infrastructure Trust
UtilitiesKey Fundamentals
SmallcapPower TransmissionPowerTapetide Score
Data-driven rating, 0–100. How it works →
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 2.73 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
anthropic claude-opus-4.6 2d agoIndiGrid Infrastructure Trust is an Indian infrastructure investment trust with a market cap of ₹16,552 Cr, trading at a P/E of 34.8x and a P/B of 1.61x. The trust has delivered strong TTM revenue growth of 51% and maintains a 94.9% dividend payout ratio, but carries a low 3-year average ROE of approximately 6.5-7% and a low interest coverage ratio typical of leveraged infrastructure vehicles.
- TTM revenue growth is robust at 51%, significantly above the 3-year compounded sales CAGR of 27%, indicating accelerating top-line momentum
- Compounded sales CAGR of 23% over 5 years demonstrates consistent long-term revenue expansion for an infrastructure trust
- Dividend payout ratio of 94.9% reflects strong commitment to unitholder distributions, characteristic of a well-managed InvIT
- TTM compounded profit growth of 68% shows a sharp improvement in bottom-line performance in the most recent period
- Debtor days improved from 80.1 to 59.7 days, indicating better working capital management and faster receivable collection
- Dividend yield of 2.37% provides a regular income stream to unitholders alongside potential capital appreciation
- 3-year stock CAGR of 8% shows the unit price has delivered steady positive returns over a medium-term horizon
- Company is expected to deliver a good upcoming quarter, suggesting near-term operational momentum remains intact
- Stock trades at 2.73x book value, well above its reported P/B of 1.61x, suggesting the market is pricing in significant premium over net asset value
- 3-year compounded profit CAGR is negative at -1%, indicating that despite strong TTM numbers, sustained profit growth has been elusive
- Low interest coverage ratio signals high debt-servicing burden, a material risk if interest rates rise or cash flows weaken
- 3-year average ROE of approximately 6.5-7% is low, suggesting the trust generates modest returns relative to its equity base
- P/E ratio of 34.8x is elevated for a utilities/infrastructure trust, implying the market has already priced in substantial future growth
- 5-year stock CAGR of only 5% indicates limited long-term capital appreciation for unitholders despite strong revenue growth
- 5-year compounded profit CAGR of just 4% lags significantly behind the 5-year sales CAGR of 23%, pointing to margin compression or rising finance costs
- Tax rate appears low, which could normalize upward in future periods, compressing net income
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Major acquisition up to ₹5,316 Cr Sep 5
IndiGrid signed a deal to acquire Shongtong Power Transmission from Enerica ReGrid Infra for up to ₹5,315.8 crore, expanding its transmission asset portfolio pending unitholder approval.
- Q1FY27 revenue surges 29% YoY Aug 21
Revenue rose 29% YoY to ₹1,087 crore in Q1FY27 with operational EBITDA up 23% to ₹860 crore. Quarterly DPU was set at ₹4.12 per unit.
- ₹1,100 Cr NCD allotment at AAA Aug 20
IndiGrid allotted Series AI and AJ NCDs worth ₹350 crore and ₹750 crore respectively, both AAA-rated. Paid-up face value was revised to ₹1 lakh each after receiving ₹880 crore in second pay-in on Sep 8.
- Investor meet on Sep 11 Sep 11
IndiGrid hosted an in-person one-on-one session with Tribeca Investments on September 11, filed under SEBI I-REIT Regulations 2014 compliance.
TL;DR: IndiGrid is on a strong growth trajectory with Q1FY27 revenue up 29% and a significant ₹5,316 crore acquisition in the pipeline to expand its transmission portfolio. The trust continues to maintain healthy distributions at ₹4.12 per unit and has comfortable access to AAA-rated debt capital. No notable headwinds surfaced in recent news. The key forward watch is unitholder approval for the Shongtong acquisition and whether the expanded asset base sustains the current earnings momentum.
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
Frequently Asked Questions about IndiGrid Infrastructure Trust
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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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