IndiGrid Infrastructure Trust

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

IndiGrid Infrastructure Trust

₹ 166 0.80%
27 Feb - close price
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[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.

Website BSE NSE
  • Market Cap ₹ 18,923 Cr.
  • Current Price ₹ 166
  • High / Low ₹ 176 / 139
  • Stock P/E 58.1
  • Book Value ₹ 53.6
  • Dividend Yield 9.85 %
  • ROCE 7.51 %
  • ROE 6.60 %
  • Face Value ₹ 136
Edit ratios

Pros

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

Cons

  • Stock is trading at 3.10 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding is low: 1.23%
  • Tax rate seems low
  • Company has a low return on equity of 6.43% over last 3 years.
  • Company might be capitalizing the interest cost
  • 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

Utilities Power Power Power - Transmission

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
607 618 653 716 783 812 835 836 772 874 840 827 862
55 66 64 141 79 142 77 77 80 165 144 113 100
Operating Profit 552 551 589 576 704 671 759 759 692 710 696 714 763
OPM % 91% 89% 90% 80% 90% 83% 91% 91% 90% 81% 83% 86% 88%
0 7 1 4 6 12 38 4 32 46 33 37 46
Interest 251 253 285 321 350 352 377 384 370 363 380 425 407
Depreciation 174 181 191 222 262 264 273 276 279 273 275 291 292
Profit before tax 127 124 115 37 97 66 146 103 75 120 74 35 110
Tax % 6% -10% 7% -6% 6% 12% 6% 4% 23% 2% -2% -9% 9%
120 137 107 39 92 58 137 99 58 117 75 39 100
EPS in Rs 1.68 1.93 1.49 0.49 1.14 0.71 1.71 1.22 0.66 1.36 0.87 0.52 1.12
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 3,403
40 109 53 252 209 231 425 397 521
Operating Profit 408 557 1,190 1,425 2,013 2,101 2,439 2,891 2,882
OPM % 91% 84% 96% 85% 91% 90% 85% 88% 85%
13 8 36 35 52 82 123 149 163
Interest 101 230 415 687 1,050 1,011 1,308 1,495 1,575
Depreciation 116 181 310 430 665 704 939 1,101 1,131
Profit before tax 204 155 500 342 349 469 315 444 339
Tax % -3% 0% -1% 2% 2% 1% 6% 8%
210 154 506 334 343 466 296 410 331
EPS in Rs 6.18 4.52 7.22 4.77 4.98 6.51 3.64 4.77 3.87
Dividend Payout % 129% 221% 126% 194% 241% 48% 95% 86%
Compounded Sales Growth
10 Years: %
5 Years: 21%
3 Years: 14%
TTM: 5%
Compounded Profit Growth
10 Years: %
5 Years: -7%
3 Years: 0%
TTM: -4%
Stock Price CAGR
10 Years: %
5 Years: 6%
3 Years: 8%
1 Year: 18%
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 Sep 2025
Equity Capital 2,838 2,838 5,315 5,315 6,590 6,590 7,645 8,332 8,332
Reserves 25 -161 -266 -632 -1,172 -1,633 -2,355 -3,174 -3,719
2,396 2,612 6,388 14,576 13,339 14,505 19,304 20,097 22,036
119 58 356 777 800 750 1,163 1,171 1,088
Total Liabilities 5,379 5,346 11,792 20,035 19,557 20,212 25,757 26,427 27,737
5,026 4,983 10,816 16,390 16,838 17,841 22,710 22,028 23,500
CWIP 0 0 0 10 4 78 23 59 221
Investments 0 8 0 0 145 446 742 1,900 1,189
352 356 976 3,636 2,570 1,847 2,282 2,441 2,827
Total Assets 5,379 5,346 11,792 20,035 19,557 20,212 25,757 26,427 27,737

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

6 Recently

Shareholding pattern is currently not available for this company.

Documents

Announcements

Annual reports

Credit ratings

Concalls