In , IndiGrid Infrastructure Trust (Infrastructure Investment Trusts) is outperforming Nifty 500 with +7.5% relative strength. Fundamentals: Average.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Under-construction pipeline: ₹7,500 Cr
“overall under-construction portfolio across IndiGrid and EnerGrid stands at approximately INR7,500 crores, which offers a predictable pipeline”
What: Net Debt/AUM: 56.5%
Impact: Reduction from 61%
“post the institutional placement, which happened in quarter 4, our net debt to AUM reduced approximately 56.5%.”
What: Peak Power Demand: 241 GW
“peak demand that we could meet our countries aimed to about 241 gigawatt, which is decisively higher”
What: EBITDA growth of 13.0% YoY
“The revenue growth flowed through to the EBITDA with Q3 FY26 EBITDA growing 13.0% YoY.”
Earnings deceleration risks from management commentary
Trigger: Transmission takes 2-3 years to build while solar PPAs are signed much faster.
Management view: Management sees this as an opportunity for more transmission bids rather than a risk to existing assets.
Monitor: regulatory
Trigger: Technology improvements leading to lower bids for new projects.
Management view: IndiGrid's projects are stabilized (1-10 years old) and have not faced renegotiations.
Monitor: litigation
Key quotes from recent conference calls
“Deliver on the DPU guidance of ₹ 16.00 for FY26, supported by disciplined capital deployment [Previous Annual DPU guidance]”
“signed agreements of INR2,600 crores with EnerGrid... acquired assets from ReNew. So we are hopeful that the growth journey continues [Initiative: EnerGrid Partnership]”
“connectivity issue... gap is coming because the transmission capacity takes time to build 2 to 3 years, and solar PPA takes probably much, much lesser [Risk (regulatory): MEDIUM]”
“none of our projects have been renegotiated down. All of them are consistently paid and we do not see any... dispute issues [Risk (litigation): LOW]”
Headline numbers from the latest earnings call
Revenue
₹8,622 Mn
Why: Growth was driven by the addition of newer projects to the portfolio over the last year.
Revenue growth flowed through to EBITDA, which grew 13% YoY.
EBITDA
₹7,843 Mn
Why: The revenue growth from new acquisitions flowed through to the EBITDA performance.
EBITDA margins remain high and stable in the 88% to 90% range.
PAT
₹3,283 Mn (NDCF)
Why: NDCF showed muted performance due to changes in working capital and lower collections compared to the previous quarter.
Management utilized ₹527 Mn from reserves to maintain the DPU payout.
Other Highlights
• Raised ₹1,500 Cr equity through Institutional Placement oversubscribed by 2x.
• Net Debt to AUM reduced to ~56.5% post-institutional placement.
• Signed SPA to acquire Gadag Transmission Limited for ~₹372 crore.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Assets Under Management
₹32,800 Cr
Weighted Average Availability
99.77%
Why: Maintained through efficient O&M and predictive analytics.
Solar Capacity Utilization Factor
21.6%
Why: Slightly better performance than the previous year's 21.5%.
Net Debt to AUM
56.5%
Why: Reduced from 61% following the ₹1,500 Cr institutional placement.
DSO Days - Transmission
38 days
Why: Improved collections and faster realization of receivables.
DSO Days - Solar
32 days
Why: Marked improvement in sector-wide collection efficiency.
Average Cost of Debt
7.41%
Active Bid Pipeline
₹1,57,000 Cr
Why: Driven by high bidding activity in transmission and BESS sectors.
Forward-looking targets from management for Next 5 years
OPM Guidance
89%
Capex Plan
₹7500 Cr
EBITDA percentages expected to remain stable.
₹7,500 crore
Under-construction portfolio across IndiGrid and EnerGrid.
Guidance Changes
Annual DPU: ₹16.00 → ₹16.00
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +12% | +14% | Stable |
| PAT (Net Profit) | +72% | +6% | Stable |
| OPM | 88.0% | -200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
IndiGrid Infrastructure Trust's latest quarterly results (Dec 2025) show
IndiGrid Infrastructure Trust's profit is growing with an stable trend.
IndiGrid Infrastructure Trust's revenue growth trend is stable.
IndiGrid Infrastructure Trust's operating margin is volatile.
IndiGrid Infrastructure Trust's long-term compounding rates
IndiGrid Infrastructure Trust's earnings growth is stable with mixed signals on a sequential basis.
IndiGrid Infrastructure Trust's trailing twelve month (TTM) performance
IndiGrid Infrastructure Trust appears significantly overvalued based on our fair value analysis.
IndiGrid Infrastructure Trust's current PE ratio is 60.7x.
IndiGrid Infrastructure Trust's current PE is 60.7x.
IndiGrid Infrastructure Trust's price-to-book ratio is 3.3x.
IndiGrid Infrastructure Trust is rated Average with a fundamental score of 42.96/100. This score is calculated from objective financial metrics
IndiGrid Infrastructure Trust has a debt-to-equity ratio of N/A.
IndiGrid Infrastructure Trust's return ratios over recent years
IndiGrid Infrastructure Trust's operating cash flow is positive (FY2025).
IndiGrid Infrastructure Trust's current dividend yield is 9.42%.
IndiGrid Infrastructure Trust has been outperforming Nifty 500 for 2 consecutive weeks, indicating early-stage outperformance.
IndiGrid Infrastructure Trust is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
IndiGrid Infrastructure Trust has 4 key growth catalysts identified from recent earnings analysis
IndiGrid Infrastructure Trust has 2 key risks worth monitoring
In Q3 FY26, IndiGrid Infrastructure Trust's management highlighted
IndiGrid Infrastructure Trust's management has provided the following forward guidance for Next 5 years
IndiGrid Infrastructure Trust's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why IndiGrid Infrastructure Trust may be worth studying
IndiGrid Infrastructure Trust investment thesis summary:
IndiGrid Infrastructure Trust's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
