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 ₹ 13,115 Cr.
- Current Price ₹ 157
- High / Low ₹ 158 / 134
- Stock P/E 38.0
- Book Value ₹ 61.8
- Dividend Yield 13.3 %
- ROCE 7.51 %
- ROE 6.60 %
- Face Value ₹ 136
Pros
- Company has been maintaining a healthy dividend payout of 76.2%
Cons
- Stock is trading at 2.54 times its book value
- Company has low interest coverage ratio.
- Promoter holding is low: 1.20%
- Tax rate seems low
- Company has a low return on equity of 6.43% over last 3 years.
- 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
448 | 666 | 1,243 | 1,677 | 2,222 | 2,332 | 2,864 | 3,288 | |
40 | 109 | 53 | 252 | 209 | 231 | 425 | 397 | |
Operating Profit | 408 | 557 | 1,190 | 1,425 | 2,013 | 2,101 | 2,439 | 2,891 |
OPM % | 91% | 84% | 96% | 85% | 91% | 90% | 85% | 88% |
13 | 8 | 36 | 35 | 52 | 82 | 123 | 149 | |
Interest | 101 | 230 | 415 | 687 | 1,050 | 1,011 | 1,308 | 1,495 |
Depreciation | 116 | 181 | 310 | 430 | 665 | 704 | 939 | 1,101 |
Profit before tax | 204 | 155 | 500 | 342 | 349 | 469 | 315 | 444 |
Tax % | -3% | 0% | -1% | 2% | 2% | 1% | 6% | 8% |
210 | 154 | 506 | 334 | 343 | 466 | 296 | 410 | |
EPS in Rs | 6.18 | 4.52 | 7.22 | 4.77 | 4.98 | 6.51 | 3.64 | 4.77 |
Dividend Payout % | 129% | 221% | 126% | 194% | 241% | 48% | 95% | 86% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | 21% |
3 Years: | 14% |
TTM: | 15% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | -7% |
3 Years: | 0% |
TTM: | 48% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 9% |
3 Years: | 3% |
1 Year: | 12% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | 7% |
3 Years: | 6% |
Last Year: | 7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Equity Capital | 2,838 | 2,838 | 5,315 | 5,315 | 6,590 | 6,590 | 7,645 | 8,332 |
Reserves | 25 | -161 | -266 | -632 | -1,172 | -1,633 | -2,355 | -3,174 |
2,396 | 2,612 | 6,388 | 14,576 | 13,339 | 14,505 | 19,304 | 20,097 | |
119 | 58 | 356 | 777 | 800 | 750 | 1,163 | 1,171 | |
Total Liabilities | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 |
5,026 | 4,983 | 10,816 | 16,390 | 16,838 | 17,841 | 22,710 | 22,028 | |
CWIP | 0 | 0 | 0 | 10 | 4 | 78 | 23 | 59 |
Investments | 0 | 8 | 0 | 0 | 145 | 446 | 742 | 1,900 |
352 | 356 | 976 | 3,636 | 2,570 | 1,847 | 2,282 | 2,441 | |
Total Assets | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
433 | 580 | 1,125 | 1,680 | 2,081 | 2,037 | 2,663 | 2,902 | |
-4,624 | -230 | -6,091 | -5,897 | -1,517 | -2,119 | -6,102 | -1,780 | |
4,358 | -357 | 5,214 | 6,415 | -1,983 | -790 | 3,356 | -1,249 | |
Net Cash Flow | 167 | -7 | 248 | 2,198 | -1,419 | -872 | -83 | -127 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|
Debtor Days | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 |
Inventory Days | ||||||||
Days Payable | ||||||||
Cash Conversion Cycle | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 |
Working Capital Days | 36 | 60 | -6 | 4 | 14 | 37 | 72 | 56 |
ROCE % | 7% | 11% | 7% | 7% | 8% | 7% | 8% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
1d - IndiGrid schedules Q1FY26 financial results conference call on July 25, 2025, at 4 PM IST.
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Investor Complaints
18 Jul - Investor grievance report for Q1 FY26: 260 received, 258 resolved, 2 pending, 2 days average resolution time.
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Unit Holding Pattern
18 Jul - IndiGrid's unit holding pattern for Q1 FY 2025-26 disclosed as per SEBI regulations.
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Reg 26K: Quarterly Compliance Report on Corporate governance
18 Jul - Quarterly corporate governance compliance report for IndiGrid Infrastructure Trust Q1 FY 2025-26.
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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
18 Jul - CRISIL updated bank-wise facility details; rating unchanged since June 6, 2025.
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]