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 ₹ 19,510 Cr.
- Current Price ₹ 171
- High / Low ₹ 178 / 147
- Stock P/E 49.5
- Book Value ₹ 63.8
- Dividend Yield 12.7 %
- ROCE 7.94 %
- ROE 7.02 %
- Face Value ₹ 136
Pros
- Company is expected to give good quarter
- Debtor days have improved from 80.1 to 59.7 days.
Cons
- Stock is trading at 2.69 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 6.09% 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 448 | 666 | 1,243 | 1,677 | 2,222 | 2,332 | 2,864 | 3,288 | 4,768 | |
| 40 | 109 | 53 | 252 | 209 | 231 | 425 | 397 | 1,706 | |
| Operating Profit | 408 | 557 | 1,190 | 1,425 | 2,013 | 2,101 | 2,439 | 2,891 | 3,062 |
| OPM % | 91% | 84% | 96% | 85% | 91% | 90% | 85% | 88% | 64% |
| 13 | 8 | 36 | 35 | 52 | 82 | 123 | 149 | 183 | |
| Interest | 101 | 230 | 415 | 687 | 1,050 | 1,011 | 1,308 | 1,495 | 1,651 |
| Depreciation | 116 | 181 | 310 | 430 | 665 | 704 | 939 | 1,101 | 1,145 |
| Profit before tax | 204 | 155 | 500 | 342 | 349 | 469 | 315 | 444 | 449 |
| Tax % | -3% | 0% | -1% | 2% | 2% | 1% | 6% | 8% | 11% |
| 210 | 154 | 506 | 334 | 343 | 466 | 296 | 410 | 399 | |
| EPS in Rs | 6.18 | 4.52 | 7.22 | 4.77 | 4.98 | 6.51 | 3.64 | 4.77 | 4.14 |
| Dividend Payout % | 129% | 221% | 126% | 194% | 241% | 48% | 95% | 86% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 27% |
| TTM: | 45% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 3% |
| 3 Years: | -2% |
| TTM: | 14% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 8% |
| 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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2,838 | 2,838 | 5,315 | 5,315 | 6,590 | 6,590 | 7,645 | 8,332 | 10,244 |
| Reserves | 25 | -161 | -266 | -632 | -1,172 | -1,633 | -2,355 | -3,174 | -4,171 |
| 2,396 | 2,612 | 6,388 | 14,576 | 13,339 | 14,505 | 19,304 | 20,097 | 21,359 | |
| 119 | 58 | 356 | 777 | 800 | 750 | 1,163 | 1,171 | 2,300 | |
| Total Liabilities | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 | 29,731 |
| 5,026 | 4,983 | 10,816 | 16,390 | 16,838 | 17,841 | 22,710 | 22,028 | 23,708 | |
| CWIP | 0 | 0 | 0 | 10 | 4 | 78 | 23 | 59 | 443 |
| Investments | 0 | 8 | 0 | 0 | 145 | 446 | 742 | 1,900 | 1,228 |
| 352 | 356 | 976 | 3,636 | 2,570 | 1,847 | 2,282 | 2,441 | 4,353 | |
| Total Assets | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 | 29,731 |
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| 433 | 580 | 1,125 | 1,680 | 2,081 | 2,037 | 2,663 | 2,902 | 3,377 | |
| -4,624 | -230 | -6,091 | -5,897 | -1,517 | -2,119 | -6,102 | -1,780 | -2,945 | |
| 4,358 | -357 | 5,214 | 6,415 | -1,983 | -790 | 3,356 | -1,249 | -452 | |
| Net Cash Flow | 167 | -7 | 248 | 2,198 | -1,419 | -872 | -83 | -127 | -20 |
| Free Cash Flow | -4,041 | 356 | -4,791 | -3,816 | 976 | 254 | -564 | 2,141 | -398 |
| CFO/OP | 106% | 104% | 96% | 116% | 103% | 99% | 108% | 101% | 111% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | 60 |
| Inventory Days | 9 | ||||||||
| Days Payable | 282 | ||||||||
| Cash Conversion Cycle | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | -213 |
| Working Capital Days | -309 | 60 | -6 | -207 | -348 | -109 | -74 | -244 | -93 |
| ROCE % | 7% | 11% | 7% | 7% | 8% | 7% | 8% | 8% |
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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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
28 May - IndiGrid filed its FY26 annual secretarial compliance report; no deviations reported.
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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
27 May - ICRA reaffirmed AAA/A1+ ratings for IndiGrid’s debt instruments on May 27, 2026; one matured NCD withdrawn.
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Reg 23(5)(i): Disclosure of material issue
22 May - Q4 FY26 earnings call transcript: revenue Rs3,311 crore, EBITDA Rs2,982 crore, FY27 DPU guided at Rs16.48.
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Reg 23(5)(i): Disclosure of material issue
20 May - IndiGrid to meet Star Union Dai-chi on May 20, 2026 via video conferencing.
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Reg 23(5)(i): Disclosure of material issue
18 May - Audio transcript of IndiGrid’s Q4 and FY26 earnings conference call released on May 18, 2026.
Annual reports
Concalls
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May 2026Transcript PPT REC
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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.