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    IndiGrid Trust

    INDIGRID
    Power·12 Nov 2025
    Management Summary

    IndiGrid Infrastructure Trust delivered a solid Q2 FY26, reporting a 2.6% YoY revenue growth and a 13.5% increase in NDCF. The company maintained its DPU guidance of INR 4 per unit, supported by strategic capital raises and new project wins. Despite a marginal dip in EBITDA due to one-off operational issues and lower solar collections, IndiGrid's balance sheet remains strong with improved net debt to AUM and a healthy project pipeline.

    Highlights

    5

    • Revenue for Q2 FY26 increased marginally by 2.6% YoY to INR 826.7 crores.

    • NDCF generated for the quarter was INR 362.9 crores, a 13.5% increase over Q2 FY25.

    • DPU declared for the quarter was INR 4 per unit, representing a 6.7% increase YoY and aligning with the full-year guidance of INR 16.

    • Successfully raised INR 438 crores via preferential allotment, improving net debt to AUM to approximately 60%.

    • Secured a second TBCB win for 125 megawatts of solar and 500 megawatt-hour of BESS projects.

    Concerns

    2

    • EBITDA experienced a marginal dip of 1.1% YoY due to one-off impacts from a solar turbine breakdown and a tariff true-up order.

    • Solar collections were 89% in Q2 FY26, a decrease from 117% in Q2 last year, with DSO days increasing to 51 from 47 in September 2024.

    What Changed2

    vs Q3 FY26

    Guidance items3 → 6 (+3)Risks discussed4 → 3 (-1)

    Key financials

    Single quarter

    09 metrics
    1. 01Revenue₹826.7 Cr+2.6%YoY
    2. 02EBITDA Growth-1.1%-1.1%YoY
    3. 03NDCF₹362.9 Cr+13.5%YoY
    4. 04DPU₹4+6.7%YoY
    5. 05AUM₹32,500 Cr

    Order Book

    high confidence

    Total Value

    ₹ 5,000 crores

    as of 2025-09-30

    quantified

    Inflow this qtr

    ₹ 460 crores

    Execution

    EnerGrid projects to be acquired over the next 2 years

    Composition

    Mix2 products
    • Solar125 megawatts20.0%
    • BESS500 megawatt_hour80.0%

    Share of order book by product (derived from disclosed amounts)

    Pipeline

    other

    Market-wide pipeline for transmission and battery storage bids

    "IndiGrid has a known pipeline of signed projects worth INR 5,000 crores from EnerGrid to be acquired over the next two years, in addition to a recent TBCB win. The broader market also shows a healthy pipeline of INR 1,35,000 crores in transmission and BESS bids over the next 12-18 months."

    Source:
    Prepared remarks

    Capital allocation

    6
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Gross ₹21,700 crores

    Cost 7.4% · Maturity: Well-diversified and termed out borrowing to ensure not more than 10-12% comes up for refinancing annually.

    Dividend

    ₹4/share (interim)

    M&A

    NERES XVI

    acquisition · signed · Consideration ₹NaN (undisclosed)

    M&A

    EnerGrid projects

    acquisition · announced · Consideration ₹NaN (undisclosed)

    Guidance & targets

    6
    CategoryTargetPriority
    Dividend
    Annual DPU
    INR 16
    		High
    AUM
    AUM growth
    double
    		Medium
    Fundraise
    Capital raise
    INR 1,500 crores
    		High
    Operational Performance
    Transmission Availability
    at least 99.5%
    		High
    Operational Performance
    Solar CUF
    similar levels
    		Medium
    Portfolio Mix
    Renewables share of portfolio
    not beyond 30-35%
    		High

    Inclusion of DPU accretive acquisition slide

    next quarter
    CurrentNot included in Q2 FY26 presentation
    TargetIncluded in Q3 FY26 presentation

    Why it matters

    This slide provides specific details on how acquisitions contribute to DPU, which is a key metric for investors, and management committed to considering its re-inclusion.

    I think certainly, we will add that. We used to add that in the past. We will consider when from next quarter probably.

    How to verify

    detailed_narrative[title='Presentation Enhancements']

    Risks & concerns

    3
    RiskSeverity

    Impact of extreme weather conditions and natural calamities

    Prolonged monsoons, thunder, lightning, and flooding in Gujarat and Maharashtra impacted solar availability and generation, and caused some trippings on transmission lines. Management noted that the overall impact was not material due to portfolio mix, force majeure clauses, and insurance. — Management acknowledged

    medium

    One-off operational issues impacting EBITDA

    A solar turbine breakdown in Q1 (resolved in Q2) and a true-up petition tariff impact led to a marginal 1.1% YoY dip in EBITDA. Management stated these were one-off impacts and have been adjusted. — Management acknowledged

    low

    Lower solar collections and increased DSO days

    Solar collections were 89% in Q2 FY26, down from 117% in Q2 last year, and DSO days increased to 51 from 47. Management described this as a marginal and cyclical movement, not materially impacting the business. — Management acknowledged

    low

    Q&A highlights

    7

    “I think certainly, we will add that. We used to add that in the past. We will consider when from next quarter probably.”

    An analyst requested a specific slide for DPU accretive acquisitions, indicating investor interest in this metric, and management committed to considering it for future presentations.

    asked by Dhavesh Chandra

    2 min read6 chapters

    Detailed Narrative

    01

    Q2 FY26 Financial Performance Overview

    IndiGrid reported a Q2 FY26 revenue of INR 826.7 crores, marking a marginal increase of 2.6% year-on-year. Despite this, EBITDA saw a slight dip of 1.1% YoY due to one-off📎 operational issues. However, Net Distributable Cash Flow (NDCF) demonstrated strong growth, rising 13.5% YoY to INR 362.9 crores. The company declared a DPU of INR 4 per unit, a 6.7% increase from Q2 FY25, aligning with its annual guidance of INR 16 for FY26.

    02

    Strategic Acquisitions and Capital Raising

    During the quarter, IndiGrid signed an agreement to acquire the NERES XVI project for an enterprise value of INR 460 crores upon its commissioning. The company also successfully raised INR 438 crores through a preferential allotment, contributing to a healthier net debt to AUM ratio of approximately 60%. Furthermore, IndiGrid secured a second TBCB win for 125 megawatts of solar and 500 megawatt-hour of BESS projects, expanding its renewable energy footprint.

    03

    Balance Sheet Strength and Debt Profile

    IndiGrid maintains a robust balance sheet with an attractive weighted average cost of debt at 7.44% and a net debt to AUM of 61.4% (reducing to ~60% post preferential issue). The total gross borrowing stands at INR 21,700 crores, with 88% in fixed-rate instruments, providing insulation from interest rate volatility. The borrowing book is diversified, comprising 71% NCDs and 30% bank loans, with a well-managed refinancing schedule ensuring no more than 10-12% of debt matures annually.

    04

    Operational Performance and Asset Management

    The company reported a strong weighted average availability of 99.72% for its transmission assets and a solar CUF of 20.9%. Solar availability was 96.9%, though impacted by extreme weather conditions in Gujarat and Maharashtra, with some issues covered by insurance. IndiGrid continues to focus on strengthening self-reliant O&M capabilities through digital and AI-powered analytics to maintain superior asset performance.

    05

    Growth Pipeline and Future Outlook

    IndiGrid has a clear growth pipeline, including the acquisition of EnerGrid's transmission and BESS projects valued at INR 5,000 crores over the next two years. The company's total battery capacity, including EnerGrid, will reach 2.1 gigawatt-hours. Management reiterated its long-term vision to double AUM in the next 5-6 years and maintain transmission as the dominant portfolio segment, with renewables not exceeding 30-35%.

    06

    Industry Trends and Market Opportunity

    The power sector is experiencing significant growth, with peak demand reaching 229 gigawatts in Q2 FY26. IndiGrid sees a healthy market pipeline, with INR 28,000 crores in transmission bids and INR 12,000 crores in BESS bids concluded in Q2, and an estimated INR 1,35,000 crores in transmission and BESS bids expected over the next 12-18 months, indicating substantial opportunities for future expansion.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.