IndiGrid Infrastructure Trust

IndiGrid Trust Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

IndiGrid Infrastructure Trust

₹ 173 -0.21%
29 Oct 9:43 a.m.
indigrid.co.in BSE: 540565 NSE: INDIGRID
About

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]

Key Points

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]

Website BSE NSE
  • Market Cap ₹ 14,430 Cr.
  • Current Price ₹ 173
  • High / Low ₹ 176 / 137
  • Stock P/E 42.9
  • Book Value ₹ 61.8
  • Dividend Yield 3.16 %
  • ROCE 7.51 %
  • ROE 6.60 %
  • Face Value ₹ 136
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Pros

  • Company has been maintaining a healthy dividend payout of 76.2%

Cons

  • Stock is trading at 2.80 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding is low: 1.27%
  • 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: -22.4%

* 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

Utilities Power Power Power - Transmission

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
573 594 607 618 653 716 783 812 835 836 803 874 840
61 48 55 66 64 141 79 142 77 77 80 165 144
Operating Profit 512 547 552 551 589 576 704 671 759 759 723 710 696
OPM % 89% 92% 91% 89% 90% 80% 90% 83% 91% 91% 90% 81% 83%
14 2 0 7 1 4 6 12 38 4 1 46 33
Interest 257 250 251 253 285 321 350 352 377 384 370 363 380
Depreciation 180 169 174 181 191 222 262 264 273 276 279 273 275
Profit before tax 88 129 127 124 115 37 97 66 146 103 75 120 74
Tax % 6% 3% 6% -10% 7% -6% 6% 12% 6% 4% 23% 2% -2%
83 126 120 137 107 39 92 58 137 99 58 117 75
EPS in Rs 1.16 1.75 1.68 1.93 1.49 0.49 1.14 0.71 1.71 1.22 0.66 1.36 0.87
Raw PDF

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 TTM
448 666 1,243 1,677 2,222 2,332 2,864 3,288 3,353
40 109 53 252 209 231 425 397 465
Operating Profit 408 557 1,190 1,425 2,013 2,101 2,439 2,891 2,887
OPM % 91% 84% 96% 85% 91% 90% 85% 88% 86%
13 8 36 35 52 82 123 149 85
Interest 101 230 415 687 1,050 1,011 1,308 1,495 1,497
Depreciation 116 181 310 430 665 704 939 1,101 1,103
Profit before tax 204 155 500 342 349 469 315 444 372
Tax % -3% 0% -1% 2% 2% 1% 6% 8%
210 154 506 334 343 466 296 410 349
EPS in Rs 6.18 4.52 7.22 4.77 4.98 6.51 3.64 4.77 4.11
Dividend Payout % 129% 221% 126% 194% 241% 48% 95% 86%
Compounded Sales Growth
10 Years: %
5 Years: 21%
3 Years: 14%
TTM: 7%
Compounded Profit Growth
10 Years: %
5 Years: -7%
3 Years: 0%
TTM: 7%
Stock Price CAGR
10 Years: %
5 Years: 11%
3 Years: 7%
1 Year: 17%
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 -309 60 -6 -207 -348 -109 -74 -244
ROCE % 7% 11% 7% 7% 8% 7% 8%

Shareholding Pattern

Numbers in percentages

7 Recently

Shareholding pattern is currently not available for this company.

Documents

Announcements

Annual reports

Credit ratings

Concalls