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 ₹ 18,791 Cr.
- Current Price ₹ 165
- High / Low ₹ 176 / 141
- Stock P/E 15.0
- Book Value ₹ 102
- Dividend Yield 9.92 %
- 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 39.8% of last 10 years
Cons
- Company has low interest coverage ratio.
- Promoter holding is low: 1.23%
- Tax rate seems low
- Promoter holding has decreased over last 3 years: -22.5%
* 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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 60 | 354 | 324 | 553 | 1,055 | 1,249 | 2,003 | 2,181 | 2,601 | 2,720 | 2,958 | |
| 27 | 15 | 43 | 3 | 242 | 279 | -251 | 182 | 207 | 357 | 127 | 278 | |
| Operating Profit | -27 | 45 | 311 | 321 | 311 | 777 | 1,500 | 1,820 | 1,974 | 2,244 | 2,593 | 2,679 |
| OPM % | 75% | 88% | 99% | 56% | 74% | 120% | 91% | 91% | 86% | 95% | 91% | |
| 46 | 20 | 6 | -48 | 3 | 18 | 8 | 46 | 48 | 117 | 92 | 75 | |
| Interest | 56 | 94 | 330 | 10 | 102 | 298 | 435 | 943 | 1,001 | 1,307 | 1,402 | 1,504 |
| Depreciation | 2 | 37 | 96 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Profit before tax | -39 | -66 | -109 | 262 | 212 | 497 | 1,072 | 923 | 1,020 | 1,052 | 1,282 | 1,249 |
| 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 | 1,249 | |
| EPS in Rs | 7.71 | 6.20 | 7.01 | 15.32 | 13.15 | 14.52 | 13.39 | 15.34 | 14.86 | |||
| 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: | -12% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 7% |
| 1 Year: | 16% |
| 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 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.18 | 18 | 18 | 2,838 | 2,838 | 5,315 | 5,315 | 6,590 | 6,590 | 7,645 | 8,332 | 8,332 |
| Reserves | -6 | 296 | 218 | 77 | -52 | -171 | 195 | 229 | 330 | 358 | 440 | 473 |
| 2,611 | 3,355 | 3,767 | 994 | 1,680 | 3,948 | 10,551 | 12,470 | 14,493 | 18,148 | 18,768 | 21,537 | |
| 698 | 380 | 230 | 59 | 23 | 210 | 272 | 254 | 233 | 252 | 106 | 79 | |
| Total Liabilities | 3,303 | 4,049 | 4,232 | 3,968 | 4,489 | 9,302 | 16,332 | 19,544 | 21,646 | 26,402 | 27,646 | 30,421 |
| 23 | 1,700 | 3,968 | 0 | 0 | 0 | 0 | 8 | 7 | 6 | 5 | 4 | |
| CWIP | 2,926 | 2,039 | 0 | 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 | 7,181 |
| 354 | 310 | 263 | 3,224 | 3,882 | 7,453 | 11,968 | 14,640 | 16,833 | 19,371 | 19,632 | 23,236 | |
| Total Assets | 3,303 | 4,049 | 4,232 | 3,968 | 4,489 | 9,302 | 16,332 | 19,544 | 21,646 | 26,402 | 27,646 | 30,421 |
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 |
| Free Cash Flow | -1,410 | -740 | -109 | -3 | -10 | -11 | -100 | -61 | -21 | -47 | -71 |
| CFO/OP | 45% | 51% | 82% | -1% | -3% | -1% | -7% | -3% | -1% | -2% | -3% |
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 | -107 | -301 | -90 | -35 | -53 | |
| ROCE % | 1% | 6% | 7% | 12% | 12% | 11% | 10% | 10% | 10% |
Insights
In beta| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Transformation Capacity MVA |
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| Transmission Network Length cKms |
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| Average Transmission Availability % |
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| Revenue Generating Elements Nos |
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| Renewable Generation Capacity GWp |
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| BESS Capacity MWh |
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| Solar Capacity Utilization Factor (CUF) % |
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Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
30 Mar - Trading window closed from April 1, 2026; reopens 48 hours after March 31, 2026 results announcement.
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Reg 23(5)(i): Disclosure of material issue
25 Mar - On March 25, 2026, IndiGrid acquired Gujarat BESS for ~INR 573 crore; annual revenue >INR 97 crore; 12-year concession.
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Reg 23(5)(i): Disclosure of material issue
11 Mar - IndiGrid acquired 100% of Gadag Transmission Limited for enterprise value ≤ INR 3720 million on March 10, 2026.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
10 Mar - India Ratings updated bank-wise facility on March 9, 2026; rating unchanged since June 3, 2025.
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Reg 23(5)(i): Disclosure of material issue
17 Feb - 3QFY26 earnings call transcript (Feb 13, 2026); AUM INR32,800cr; DPU INR4; INR1,500cr placement; INR7,500cr pipeline.
Annual reports
Concalls
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Feb 2026TranscriptPPT
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Jan 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT
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May 2025Transcript PPT REC
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Jan 2025Transcript PPT
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Oct 2024Transcript PPT
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Jul 2024Transcript PPT REC
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Jun 2024Transcript PPT
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May 2024TranscriptAI SummaryPPT
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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 2022TranscriptAI SummaryPPT
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May 2022Transcript PPT
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Jan 2022TranscriptAI SummaryPPT
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Jan 2022TranscriptAI SummaryPPT
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Oct 2021TranscriptAI SummaryPPT
Projects/ Assets[1]
As of Q1FY26, the trust has a portfolio of a circuit length of ~9,336 cKms (across 53 transmission lines), ~25,050 MVA (across 16 substations) of transformation capacity, and 100 MW of solar power assets across 20 states and 2 union territory(90 revenue generating elements) in India. ENICL has a TSA term of 25 years from the license date.