INDIGRID

IndiGrid Trust share price & financials

India's largest listed power-sector InvIT, owning transmission lines, solar plants and battery storage assets.

Price: ₹174.14
Market cap: ₹20.0k Cr
Sector: Power
Calls analysed: 5

Latest concall · Q1 FY27 · call held 13 Aug 2026

IndiGrid Trust Q1 FY27

Operational Revenue ₹930 cr +19%Operational EBITDA ₹860 cr +23%Net Debt to AUM 58.5% DPU for Q1 ₹4.12

What went well

Operational revenue for Q1 FY27 increased by approximately 19% year-on-year to INR930 crores.
Operational EBITDA grew approximately 23% year-on-year to INR860 crores.
Two new transmission projects awarded with a cumulative capex of INR5,800 crores, expected to add over INR6,000 crores to AUM.

What to watch

Q1 transmission collections were relatively lower at 95%, though management states this is a usual seasonal trend.
One lost time incident was reported during the quarter, a minor accident during dismantling an emergency restoration structure.

Read the full call →

What IndiGrid Trust does

IndiGrid Infrastructure Trust is an Infrastructure Investment Trust (InvIT), established in 2016, that owns and operates power transmission lines and substations, utility-scale solar generation plants and battery energy storage system (BESS) projects across India. It earns primarily through long-term, mostly fixed-tariff contracts with central and state transmission utilities and power off-takers on its portfolio of inter-state transmission system (ISTS) and regulated assets, distributing a large share of cash flows to unitholders. The trust grows its portfolio through both acquisition of operating assets (e.g. Gadag Transmission) and greenfield construction of new transmission and BESS projects via its EnerGrid platform.

Segments

Power Transmission
Solar Generation
Battery Energy Storage (BESS)

States and Union Territories covered: 20 states & 2 UTs
Revenue-generating elements in portfolio: 94
Transmission lines: 55 lines
Transmission line length: ~9,698 circuit km (ckms)
Substations: 18
Transformation capacity: ~32,550 MVA

Founded 2016Headquarters Mumbai, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 5 delivered 0 missed 10 open

DPU delivered said Q1 FY26 Promised: INR 16 for the year Q1 FY27: Historical promise, achieved in FY26.
AUM Growth on track said Q2 FY26 Promised: AUM is expected to kind of double in next 5 to 6 years Q1 FY27: Secured two new projects with cumulative capex of INR 5,800 crores, expected to add over INR 6,000 crores to AUM. Pipeline of projects under construction revised to INR 12,000-13,000 crores, supporting the long-term goal.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 29.4%, net profit up 228.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	836	772	874	840	827 −1%	862 +12%	2,240 +156%	1,087 +29%
Expenses	77	80	165	144	113	100	1,351	216
EBITDA	759	692	710	696	714 −6%	763 +10%	889 +25%	870 +25%
Margin	91%	90%	81%	83%	86%	88%	40%	80%
Other income	4	32	46	33	37	46	67	64
Interest	384	370	363	380	425	407	439	396
Depreciation	276	279	273	275	291	292	287	301
Profit before tax	103	75	120	74	35 −66%	110 +47%	230 +92%	238 +222%
Tax rate	4%	23%	2%	-2%	-9%	9%	20%	-4%
Net profit	99	58	117	75	39 −61%	100 +72%	185 +58%	246 +228%
EPS	1.22	0.66	1.36	0.87	0.52	1.12	1.91	2.55

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 +3.1% 1Y

1Y: ₹168.73 on 10 Sept 2025 → ₹173.9. High ₹179.59 (2 Jul 2026), low ₹162.97 (5 Feb 2026).

How the price took the results

close before → close after

Q1 FY27: −0.2%; 13 Aug
Q4 FY26: +0.3%; 18 May
Q3 FY26: +0.2%; 13 Feb
Q2 FY26: −0.0%; 12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 25.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 64.2%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹2.4k Cr	₹3.0k Cr	₹3.3k Cr	₹4.8k Cr
Operating profit	₹2.2k Cr	₹2.5k Cr	₹2.9k Cr	₹3.1k Cr
Operating margin	90.4%	85.7%	88.0%	64.2%
Interest	₹1.0k Cr	₹1.3k Cr	₹1.5k Cr	₹1.7k Cr
Depreciation	₹704 Cr	₹939 Cr	₹1.1k Cr	₹1.1k Cr
Net profit	₹466 Cr	₹296 Cr	₹411 Cr	₹399 Cr
Net margin	19.5%	10.0%	12.4%	8.4%
Cash from operations	₹2.0k Cr	₹2.7k Cr	₹2.9k Cr	₹3.4k Cr
Free cash flow	₹254 Cr	₹-564 Cr	₹2.1k Cr	₹-526 Cr
ROCE	8.0%	7.0%	8.0%	8.0%

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	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹5.3k Cr	₹6.6k Cr	₹6.6k Cr	₹7.6k Cr	₹8.3k Cr	₹10.2k Cr
Reserves	₹-632 Cr	₹-1.2k Cr	₹-1.6k Cr	₹-2.4k Cr	₹-3.7k Cr	₹-4.2k Cr
Borrowings	₹14.6k Cr	₹13.3k Cr	₹14.5k Cr	₹19.3k Cr	₹22.0k Cr	₹21.4k Cr
Other liabilities	₹777 Cr	₹800 Cr	₹750 Cr	₹1.2k Cr	₹1.1k Cr	₹2.3k Cr
Total liabilities	₹20.0k Cr	₹19.6k Cr	₹20.2k Cr	₹25.8k Cr	₹27.7k Cr	₹29.7k Cr
Fixed assets	₹16.4k Cr	₹16.8k Cr	₹17.8k Cr	₹22.7k Cr	₹23.5k Cr	₹23.7k Cr
Capital work in progress	₹10 Cr	₹4 Cr	₹78 Cr	₹23 Cr	₹221 Cr	₹443 Cr
Investments	₹0 Cr	₹145 Cr	₹446 Cr	₹742 Cr	₹1.2k Cr	₹1.2k Cr
Other assets	₹3.6k Cr	₹2.6k Cr	₹1.8k Cr	₹2.3k Cr	₹2.8k Cr	₹4.4k Cr
Total assets	₹20.0k Cr	₹19.6k Cr	₹20.2k Cr	₹25.8k Cr	₹27.7k Cr	₹29.7k 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.

All earnings calls (5)

Read the Q1 FY27 call →

Learn to analyse IndiGrid Trust

Guides on how to read this kind of business and the numbers that matter.