IndiGrid Infrastructure Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

IndiGrid Infrastructure Trust trades at ₹179, in a confirmed uptrend and 63 weeks into that stage. That is +6.2% against its own 200-day average. It sits at 96% of a 52-week range of ₹164 to ₹179. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a confirmed uptrend — week 63 of stage 2, confirmed. At ₹179 it trades +6.2% versus its 200-day average and sits at 96% of its 52-week range (₹164–₹179).

Against the market, two honest reads. Cumulative: over the last 9.1 years the stock moved +94% while the NIFTY 500 moved +177% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

IndiGrid Infrastructure Trust trades at 50.3× P/E, about the priciest it has ever traded. Its long-run median P/E is 27.0×, measured across 8.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 50.3× is about the priciest it has ever traded, against a long-run median of 27.0× measured over 8.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −13.2% against a +14.8% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +5.5%/yr price move, ~−2.4%/yr came from earnings growth and ~+7.9 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 86% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

IndiGrid Infrastructure Trust reads as mixed on its fundamental arc. Mixed — the growth curves are steadily positive, but ROCE at 8.0% is below the 15% bar this page requires to call it Consistent. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

53.1/100 — rank 2 of 9 in Infrastructure Investment Trusts · 73% evidence confidence

IndiGrid Infrastructure Trust scores 53.1 out of 100 against the 9 companies it is compared with in Infrastructure Investment Trusts, ranking 2. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.

The four contributions add to the total exactly: 19.4 + 16.9 + 3.6 + 13.2 = 53.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

IndiGrid Infrastructure Trust reported ₹2,240 Cr of revenue in the Mar 26 quarter, +156.3% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 34.4% a year. The last full year, FY26, came in at ₹4,768 Cr. The last four reported quarters add to ₹4,769 Cr.

IndiGrid Infrastructure Trust reported ₹2,240 Cr of revenue in the Mar 26 quarter, +156.3% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 34.4% a year. The last full year, FY26, came in at ₹4,768 Cr. The last four reported quarters add to ₹4,769 Cr.

FY26 revenue came in at ₹4,768 Cr (+45.0% on the year), capping 8 years at 34.4% compound. The latest quarter (Mar 26) printed ₹2,240 Cr, +156.3% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +41.9% growth against the decade's 34.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +43.8% over the last 4 quarters against +26.8%/yr over the last 8 — accelerating; TTM profit −2.9% vs +16.1%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 40.0% this quarter (−41.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

IndiGrid Infrastructure Trust's operating margin is 40.0% in the Mar 26 quarter, −41.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 64.0% to 96.0%. The current quarter is running below every full year in that window.

IndiGrid Infrastructure Trust's operating margin is 40.0% in the Mar 26 quarter, −41.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 64.0% to 96.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 40.0%, −41.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 64.0%–96.0%.

🚨 Why the margin moved: operating margin went −41.5 pp year on year while gross margin went −47.2 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins slipped — did that reach the bottom line? Next: profit +58.1% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

IndiGrid Infrastructure Trust earned ₹185 Cr of net profit in the Mar 26 quarter, +58.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹399 Cr. The 8-year compound rate is 8.4%. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹117 Cr.

IndiGrid Infrastructure Trust earned ₹185 Cr of net profit in the Mar 26 quarter, +58.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹399 Cr. The 8-year compound rate is 8.4%. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹117 Cr.

Mar 26 profit was ₹185 Cr, +58.1% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹399 Cr (−2.7%), and the 8-year compound rate is 8.4%.

Why profit moved: revenue contributed +156.3% and the margin −41.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +6.2% vs revenue +41.9%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 809% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 809% of IndiGrid Infrastructure Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹3,377 Cr of operating cash against ₹399 Cr of profit. After ₹3,209 Cr of capital spending, ₹168 Cr was left as free cash.

FY26: operating cash of ₹3,377 Cr against reported profit of ₹399 Cr, leaving free cash of ₹168 Cr after ₹3,209 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 809% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 809%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹9,417 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

IndiGrid Infrastructure Trust's cash conversion cycle runs 60 days in FY26, down from 65 days in FY21. Capital spending ran ₹9,417 Cr over the last 3 years. At FY26 sales of ₹4,768 Cr each day of that cycle holds about ₹13.1 Cr, so roughly ₹784 Cr sits inside the business at any moment.

FY26: debtors at 60 days, inventory at 9 days — roughly 0.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 60 days, tighter than FY21's 65.

The full loop: cash goes out to suppliers and production on day 0; stock waits 9 days to sell; customers pay about 60 days after that; and suppliers themselves are paid at 282 days — netting out to the 60-day cycle.

In money terms: at FY26 sales of ₹4,768 Cr, each day of the cycle holds about ₹13.1 Cr — so the 60-day loop keeps roughly ₹784 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹9,417 Cr over the last 3 fiscal years against ₹3,185 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹443 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 8%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

IndiGrid Infrastructure Trust earns a ROCE of 8% in FY26. That is up from a trough of 7% in FY19. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 8.4% net margin on 0.16× asset turns.

FY26 ROCE is 8%, recovered from a FY19 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 8.4% net margin × 0.16× asset turns × 4.90× balance-sheet leverage ≈ 6.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 86% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 3.52.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

IndiGrid Infrastructure Trust carries ₹21,359 Cr of borrowings against ₹6,073 Cr of equity in FY26, a debt-to-equity of 3.52. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹14,576 Cr to ₹21,359 Cr. Capital spending ran ₹9,417 Cr across the last 3 of those years.

FY26: borrowings of ₹21,359 Cr against equity of ₹6,073 Cr — a debt-to-equity of 3.52. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹14,576 Cr to ₹21,359 Cr while capital spending ran ₹9,417 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 86% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of IndiGrid Infrastructure Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

IndiGrid Infrastructure Trust: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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