ANZEN
Anzen IYEP Trust share price & financials
- Price
- ₹129.63
- Market cap
- ₹3.3k Cr
- Sector
- Power
- Calls analysed
- 1
Anzen IYEP Trust 3rd Annual General Meeting Analysis
What went well
- All required regulatory procedures for the AGM were followed, including e-voting and scrutinizer appointment.
- Key financial reports and policies for FY25 and FY26 were considered and adopted/approved by unitholders.
What Anzen IYEP Trust does
Anzen India Energy Yield Plus Trust is a SEBI-registered Infrastructure Investment Trust that owns and operates power transmission lines in India on a build-own-operate-maintain basis, earning availability-linked transmission charges from state and central utility off-takers under long-term Transmission Service Agreements routed through PGCIL's point-of-connection mechanism. It also holds a Right of First Offer on a portfolio of solar power projects, giving it a pre-agreed pipeline for future acquisitions into solar generation. The Trust is managed by Edelweiss Real Assets Managers Limited as Investment Manager, with Sekura Energy Pvt Ltd acting as Project Manager and Axis Trustee Services as Trustee.
Segments
- Transmission assets
- ROFO solar assets (pipeline)
- Transmission network length
- ~855 circuit km (DMTCL ~277 ckm + NRSS XXXIB ~578 ckm)
- Operating transmission projects
- 2 (DMTCL, NRSS XXXIB)
- States with transmission/solar presence
- 7 (Punjab, Haryana, Rajasthan, Uttar Pradesh, Bihar, Telangana, Andhra Pradesh)
- ROFO solar pipeline capacity
- ~813 MWp across 12 solar project companies
- Transmission Service Agreement tenor
- 35 years (residual tenor ~29 years as of FY23)
- Operational track record (transmission)
- ~6 years since commercial operations (DMTCL COD Aug 2017, NRSS XXXIB COD Mar 2017)
Guidance record · Q4 FY25
what the last two calls moved 1 tracked 0 delivered 0 missed 1 open- Regulatory Filing Deadline open said Q4 FY25 Promised: Submit AGM voting results to stock exchanges within 48 hours of the AGM's conclusion. Q4 FY25: Stated that the scrutinizer's report and voting results will be submitted to stock exchanges within 48 hours of the AGM's conclusion on July 28, 2025.
All 1 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 161.8%, net profit up 440.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 63 | 63 | 77 | 110 | 101 +60% | 104 +65% | 155 +101% | 288 +162% |
| EBITDA | 56 | 56 | 65 | 99 | 80 +43% | 90 +61% | 117 +80% | 231 +133% |
| Net profit | -3 | -3 | -8 | 10 | -8 −167% | -4 −33% | 4 +150% | 54 +440% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +9.6% 1Y
1Y: ₹118.02 on 10 Sept 2025 → ₹129.3. High ₹132.9 (18 Aug 2026), low ₹114 (24 Nov 2025).
Financials, as filed
Revenue grew 36.8% a year over 2 years, FY24 to FY26. Operating margin narrowed to 82.1%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹251 Cr | ₹266 Cr | ₹470 Cr |
| Operating profit | ₹221 Cr | ₹232 Cr | ₹386 Cr |
| Operating margin | 88.0% | 87.2% | 82.1% |
| Interest | ₹64 Cr | ₹75 Cr | ₹187 Cr |
| Depreciation | ₹188 Cr | ₹174 Cr | ₹216 Cr |
| Net profit | ₹-30 Cr | ₹-16 Cr | ₹2 Cr |
| Net margin | -12.0% | -6.0% | 0.4% |
| Cash from operations | ₹163 Cr | ₹240 Cr | ₹425 Cr |
| Free cash flow | ₹161 Cr | ₹-1.3k Cr | ₹-2.5k Cr |
| ROCE | 1.0% | 2.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹1.6k Cr | ₹1.6k Cr | ₹2.0k Cr | ₹2.7k Cr |
| Reserves | ₹-52 Cr | ₹-236 Cr | ₹-507 Cr | ₹-617 Cr |
| Borrowings | ₹742 Cr | ₹744 Cr | ₹1.9k Cr | ₹5.0k Cr |
| Other liabilities | ₹73 Cr | ₹22 Cr | ₹73 Cr | ₹207 Cr |
| Total liabilities | ₹2.3k Cr | ₹2.1k Cr | ₹3.4k Cr | ₹7.3k Cr |
| Fixed assets | ₹2.1k Cr | ₹1.9k Cr | ₹3.2k Cr | ₹6.0k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹9 Cr |
| Investments | ₹131 Cr | ₹68 Cr | ₹122 Cr | ₹207 Cr |
| Other assets | ₹97 Cr | ₹113 Cr | ₹146 Cr | ₹1.0k Cr |
| Total assets | ₹2.3k Cr | ₹2.1k Cr | ₹3.4k Cr | ₹7.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
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