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IndiGrid Infrastructure Trust (INDIGRID) — concall transcript | 30 September 2025

· BSE 🟡 Notable Neutral
By StockFin Research Team•AI-Assisted Analysis•Source: BSE/NSE Filings
📢 Key Event
IndiGrid reported Q2 FY26 revenue growth of 2.6% YoY and declared DPU of INR4 per unit, up 6.7% YoY, in line with full-year guidance.
🔄 What Changed
Revenue increased 2.6% YoY to INR826.7 crores; EBITDA declined 1.1% YoY due to one-time solar turbine breakdown and tariff true-up; DPU rose 6.7% YoY to INR4 per unit; net debt to AUM decreased to 61.4% post-preferential issue; acquired NERES XVI for INR460 crores; raised INR438 crores via preferential issue; added to FTSE indices.
🔮 What's Next
Targeting INR16 DPU for FY26; plan to acquire NERES XVI project upon COD; aim to reduce net debt to AUM to ~60%; focus on expanding transmission and BESS portfolio with INR1.35 lakh crores pipeline; maintain 99.5%+ availability; continue capital recycling and inorganic growth within 10-12% refinancing cap.
💡 Investor Takeaway
IndiGrid delivered modest revenue growth and higher DPU in Q2, supported by strategic acquisitions and capital raise, while maintaining strong liquidity and a clear path to long-term AUM growth and sustainable distributions.

IndiGrid Infrastructure Trust reported Q2 FY26 revenue of INR826.7 crores, up 2.6% YoY, with EBITDA down 1.1% due to a one-time solar turbine breakdown and tariff true-up. DPU was declared at INR4 per unit, a 6.7% increase YoY, in line with full-year guidance. The Trust added INR460 crores via acquisition of NERES XVI and raised INR438 crores through a preferential issue. AUM stood at INR32,500 crores with net debt to AUM at 61.4%, targeting a reduction to ~60% post-issue. The company highlighted a robust pipeline of INR1.35 lakh crores in transmission and BESS bids over the next 12-18 months, and reaffirmed its focus on stable operations, risk-adjusted returns, and long-term growth in transmission and renewable assets.

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About IndiGrid Infrastructure Trust (INDIGRID)

Construction · Infrastructure Investment Trusts · Listed on BSE

Market Cap: ₹16,386.97 CrP/E: 27.9ROE: 8.0%ROCE: 8.0%Div Yield: 9.30%

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"What is the expected EBITDA impact if the solar turbine breakdown and tariff true-up did not occur?""When will the INR1,500 crore fundraising be completed and what will be the issuance mix?""What specific transmission projects in the pipeline are likely to contribute to AUM growth in FY27?"
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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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