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 ₹ 20,039 Cr.
- Current Price ₹ 176
- High / Low ₹ 181 / 157
- Stock P/E 35.5
- Book Value ₹ 63.8
- Dividend Yield 3.19 %
- ROCE 7.99 %
- ROE 7.23 %
- Face Value ₹ 136
Pros
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 94.9%
- Debtor days have improved from 80.1 to 59.7 days.
Cons
- Stock is trading at 2.76 times its book value
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 6.51% over last 3 years.
* 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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| 448 | 666 | 1,243 | 1,677 | 2,222 | 2,332 | 2,864 | 3,288 | 4,768 | 5,015 | |
| 40 | 109 | 53 | 252 | 209 | 231 | 425 | 397 | 1,693 | 1,780 | |
| Operating Profit | 408 | 557 | 1,190 | 1,425 | 2,013 | 2,101 | 2,439 | 2,891 | 3,075 | 3,236 |
| OPM % | 91% | 84% | 96% | 85% | 91% | 90% | 85% | 88% | 64% | 65% |
| 13 | 8 | 36 | 35 | 52 | 82 | 123 | 149 | 169 | 215 | |
| Interest | 101 | 230 | 415 | 687 | 1,050 | 1,011 | 1,308 | 1,495 | 1,651 | 1,667 |
| Depreciation | 116 | 181 | 310 | 430 | 665 | 704 | 939 | 1,101 | 1,145 | 1,171 |
| Profit before tax | 204 | 155 | 500 | 342 | 349 | 469 | 315 | 444 | 449 | 613 |
| Tax % | -3% | 0% | -1% | 2% | 2% | 1% | 6% | 8% | 11% | |
| 210 | 154 | 506 | 334 | 343 | 466 | 296 | 410 | 399 | 570 | |
| EPS in Rs | 6.18 | 4.52 | 7.22 | 4.77 | 4.98 | 6.51 | 3.64 | 4.77 | 4.14 | 6.10 |
| Dividend Payout % | 129% | 221% | 126% | 194% | 241% | 48% | 95% | 86% | 104% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 23% |
| 3 Years: | 27% |
| TTM: | 51% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | -1% |
| TTM: | 68% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 9% |
| 1 Year: | 10% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 7% |
| 3 Years: | 7% |
| 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 | -526 |
| CFO/OP | 106% | 104% | 96% | 116% | 103% | 99% | 108% | 101% | 110% |
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 | |||||||||
| Days Payable | |||||||||
| Cash Conversion Cycle | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | 60 |
| Working Capital Days | -309 | 60 | -6 | -207 | -348 | -109 | -74 | -244 | -181 |
| ROCE % | 7% | 11% | 7% | 7% | 8% | 7% | 8% | 8% |
Insights
In beta| Mar 2018 | Sep 2021 | Sep 2022 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Assets Under Management (AUM) INR Crore |
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| Solar Capacity MWp |
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| Substation Transformation Capacity MVA |
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| Transmission Line Length (Circuit Kilometers) ckms |
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| Transmission Line Weighted Average Availability % |
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| BESS Capacity (Operational + Under Construction) MWh |
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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
- IndiGrid shared Q1 FY27 results: revenue rose 29% to INR1,087 crore; DPU INR4.12.
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Reg 23(5)(i): Disclosure of material issue
- Allotted 35,000 Series AI and 75,000 Series AJ NCDs on Aug. 20, 2026, aggregating ₹1,100 crore face value.
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Reg 23(5)(i): Disclosure of material issue
- IndiGrid plans Series AI and AJ NCD issuance totaling Rs 1,100 crore under approved Rs 6,400 crore borrowings.
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Reg 23(5)(i): Disclosure of material issue
- IndiGrid management to meet analysts/investors at Equirus Annual India Conference 2026 in Mumbai on August 14, 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
- IndiGrid received AAA/A1+ ratings reaffirmed or assigned by CRISIL and ICRA on August 12, 2026.
Annual reports
Concalls
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Aug 2026TranscriptAI SummaryPPT
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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 Q4FY26, the trust has a portfolio of a circuit length of ~9,698 Km (across 55 transmission lines), ~32,550 MVA (across 18 substations) of transformation capacity, and ~1.5 GWp solar generation assets across 20 states and 2 union territory (94 revenue generating elements) in India. Average residual contract of transmission asset is ~ 25.3 years, solar ~19.1 years and BESS projects ~11.5 years. The AUM of InvIT is ~Rs 33,815 Cr.