IndiGrid Infrastructure Trust
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]
- Market Cap ₹ 12,927 Cr.
- Current Price ₹ 155
- High / Low ₹ 156 / 134
- Stock P/E 10.2
- Book Value ₹ 105
- Dividend Yield 13.5 %
- ROCE 9.96 %
- ROE 15.1 %
- Face Value ₹ 136
Pros
- Company has been maintaining a healthy dividend payout of 24.6%
- Company's median sales growth is 19.3% of last 10 years
Cons
- Company has low interest coverage ratio.
- Promoter holding is low: 1.20%
- Tax rate seems low
- Promoter holding has decreased over last 3 years: -22.5%
- Working capital days have increased from 115 days to 162 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
0 | 60 | 354 | 324 | 553 | 1,055 | 1,249 | 2,003 | 2,181 | 2,601 | 2,720 | |
27 | 15 | 43 | 3 | 242 | 279 | -251 | 182 | 207 | 357 | 127 | |
Operating Profit | -27 | 45 | 311 | 321 | 311 | 777 | 1,500 | 1,820 | 1,974 | 2,244 | 2,593 |
OPM % | 75% | 88% | 99% | 56% | 74% | 120% | 91% | 91% | 86% | 95% | |
46 | 20 | 6 | -48 | 3 | 18 | 8 | 46 | 48 | 117 | 92 | |
Interest | 56 | 94 | 330 | 10 | 102 | 298 | 435 | 943 | 1,001 | 1,307 | 1,402 |
Depreciation | 2 | 37 | 96 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
Profit before tax | -39 | -66 | -109 | 262 | 212 | 497 | 1,072 | 923 | 1,020 | 1,052 | 1,282 |
Tax % | 2% | -30% | -28% | 0% | 0% | 1% | -0% | 0% | 0% | 0% | 0% |
-40 | -47 | -78 | 262 | 211 | 491 | 1,072 | 921 | 1,017 | 1,049 | 1,281 | |
EPS in Rs | 7.71 | 6.20 | 7.01 | 15.32 | 13.15 | 14.52 | 13.39 | 15.34 | |||
Dividend Payout % | 0% | 0% | 0% | 103% | 161% | 130% | 60% | 91% | 21% | 26% | 27% |
Compounded Sales Growth | |
---|---|
10 Years: | 46% |
5 Years: | 21% |
3 Years: | 11% |
TTM: | 5% |
Compounded Profit Growth | |
---|---|
10 Years: | 40% |
5 Years: | 21% |
3 Years: | 11% |
TTM: | 22% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 10% |
3 Years: | 3% |
1 Year: | 14% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 16% |
3 Years: | 15% |
Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 0.18 | 18 | 18 | 2,838 | 2,838 | 5,315 | 5,315 | 6,590 | 6,590 | 7,645 | 8,332 |
Reserves | -6 | 296 | 218 | 77 | -52 | -171 | 195 | 229 | 330 | 358 | 440 |
2,611 | 3,355 | 3,767 | 994 | 1,680 | 3,948 | 10,551 | 12,470 | 14,493 | 18,148 | 18,768 | |
698 | 380 | 230 | 59 | 23 | 210 | 272 | 254 | 233 | 252 | 106 | |
Total Liabilities | 3,303 | 4,049 | 4,232 | 3,968 | 4,489 | 9,302 | 16,332 | 19,544 | 21,646 | 26,402 | 27,646 |
23 | 1,700 | 3,968 | 0 | 0 | 0 | 0 | 8 | 7 | 6 | 5 | |
CWIP | 2,926 | 2,039 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 0 | 0 | 1 | 744 | 607 | 1,848 | 4,364 | 4,897 | 4,806 | 7,026 | 8,009 |
354 | 310 | 263 | 3,224 | 3,882 | 7,453 | 11,968 | 14,640 | 16,833 | 19,371 | 19,632 | |
Total Assets | 3,303 | 4,049 | 4,232 | 3,968 | 4,489 | 9,302 | 16,332 | 19,544 | 21,646 | 26,402 | 27,646 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
-15 | 19 | 261 | -3 | -10 | -11 | -100 | -54 | -21 | -47 | -70 | |
-1,439 | -713 | -311 | -2,928 | -228 | -3,746 | -5,083 | -1,280 | -675 | -2,523 | 1,394 | |
1,135 | 717 | 17 | 3,049 | 249 | 3,841 | 5,661 | 1,428 | 106 | 2,382 | -1,302 | |
Net Cash Flow | -319 | 23 | -33 | 118 | 11 | 84 | 478 | 94 | -590 | -188 | 22 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 108 | 66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Inventory Days | |||||||||||
Days Payable | |||||||||||
Cash Conversion Cycle | 108 | 66 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Working Capital Days | -1,063 | 31 | 1 | 25 | -42 | -63 | 13 | 65 | 119 | 162 | |
ROCE % | 1% | 6% | 7% | 12% | 12% | 11% | 10% | 10% | 10% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
1d - Trading window closed from July 1, 2025 till 48 hours post June 30, 2025 results announcement.
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Reg 23(5)(i): Disclosure of material issue
1d - Notice of IndiGrid's 8th AGM on July 24, 2025 via video conferencing published.
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Disclosure of Annual financial information
28 Jun - IndiGrid FY 2024-25 Annual Report: 296B INR AUM, launched EnerGrid, commissioned 20MW BESS, raised DPU guidance to 16 INR.
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Reg 23(5)(g): Notice of Unitholder meetings
28 Jun - Notice of IndiGrid's 8th AGM on July 24, 2025, including FY25 financials approval and valuer appointment.
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Reg 23(5)(i): Disclosure of material issue
24 Jun - IndiGrid completes acquisition of KNTL and RSAPL assets worth up to INR 21.75 billion.
Annual reports
Concalls
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT
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Jul 2024Transcript PPT REC
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Jun 2024Transcript PPT
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May 2024TranscriptNotesPPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Jul 2022Transcript PPT
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Jul 2022TranscriptNotesPPT
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May 2022Transcript PPT
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Jan 2022TranscriptNotesPPT
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Jan 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
Projects/ Assets
As of November 10, 2022, the trust has a portfolio of a total circuit length of approx. ~7,790 cKms (across 42 transmission lines), ~14,550 MVA (across 12 substations) of transformation capacity, and 100 MW of solar power assets across 19 states and 1 union territory in India. Most of the trust's projects have in place long-term TSAs of 35 years from the scheduled commercial operation. [1][2]