Energy 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.

Energy Infrastructure Trust trades at ₹74.2, in a downtrend and 26 weeks into that stage. That is −7.8% against its own 200-day average. It sits at 2% of a 52-week range of ₹74 to ₹81. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).

Today the stock is in a downtrend — week 26 of stage 4, confirmed. At ₹74.2 it trades −7.8% versus its 200-day average and sits at 2% of its 52-week range (₹74–₹81).

Against the market, two honest reads. Cumulative: over the last 4 months the stock moved −4% while the NIFTY 500 moved +3% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (8 weeks and counting; last ahead the week of 2026-06-25) — 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.

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.

Energy Infrastructure Trust trades at 61.8× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 12.2×, measured across 4.7 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 61.8× is at the pricey end of its own range (88th percentile), against a long-run median of 12.2× measured over 4.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

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

Stage: No read 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).

Energy Infrastructure Trust reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

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.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

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

Energy Infrastructure Trust reported ₹1,095 Cr of revenue in the Jun 26 quarter, +12.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 7 years it has compounded at 101.8% a year. The last full year, FY26, came in at ₹3,817 Cr. The last four reported quarters add to ₹3,972 Cr.

FY26 revenue came in at ₹3,817 Cr (−2.0% on the year), capping 7 years at 101.8% compound. The latest quarter (Jun 26) printed ₹1,095 Cr, +12.9% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +3.0% growth against the decade's 101.8% — the current year is running slower than its own long-run rate.

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.

Energy Infrastructure Trust's operating margin is 30.6% in the Jun 26 quarter, −8.0 percentage points against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged −149.0% to 76.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 30.6%, −8.0 pp against the same quarter a year ago. Across 8 fiscal years the operating margin has ranged −149.0%–76.0%.

🚨 Why the margin moved: operating margin went −8.0 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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

Energy Infrastructure Trust posted a net loss of ₹6.5 Cr in the Jun 26 quarter. Full-year FY26 profit was ₹118 Cr. That loss is 0.6% of the quarter's revenue. The same quarter a year earlier earned ₹31.6 Cr. 2 of the last 8 reported quarters were loss-making.

Jun 26 profit was ₹−6.5 Cr, −120.7% year on year. On the full year, FY26 printed ₹118 Cr (+1,211.1%).

🚨 Why profit moved: revenue contributed +12.9% and the margin −8.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +365.3% vs revenue +3.0%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

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 521% of Energy Infrastructure Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,688 Cr of operating cash against ₹118 Cr of profit. After ₹13.0 Cr of capital spending, ₹1,675 Cr was left as free cash.

FY26: operating cash of ₹1,688 Cr against reported profit of ₹118 Cr, leaving free cash of ₹1,675 Cr after ₹13.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 521% 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 521%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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).

Energy Infrastructure Trust's cash conversion cycle runs 15 days in FY26, down from 25 days in FY21. Capital spending ran ₹46.0 Cr over the last 3 years. At FY26 sales of ₹3,817 Cr each day of that cycle holds about ₹10.5 Cr, so roughly ₹157 Cr sits inside the business at any moment.

FY26: debtors at 15 days (an asset-light business — no inventory to speak of) — for a full cycle of 15 days, tighter than FY21's 25.

In money terms: at FY26 sales of ₹3,817 Cr, each day of the cycle holds about ₹10.5 Cr — so the 15-day loop keeps roughly ₹157 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹46.0 Cr over the last 3 fiscal years against ₹2,754 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹28.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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.

Energy Infrastructure Trust earns a ROCE of 5% in FY26. That is up from a trough of 1% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.1% net margin on 0.30× asset turns.

FY26 ROCE is 5%, recovered from a FY21 trough of 1% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.1% net margin × 0.30× asset turns × 26.13× balance-sheet leverage ≈ 24.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

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.

Energy Infrastructure Trust carries ₹6,602 Cr of borrowings against ₹495 Cr of equity in FY26, a debt-to-equity of 13.34. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹10,468 Cr to ₹6,602 Cr. Capital spending ran ₹46.0 Cr across the last 3 of those years.

FY26: borrowings of ₹6,602 Cr against equity of ₹495 Cr — a debt-to-equity of 13.34. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹10,468 Cr to ₹6,602 Cr while capital spending ran ₹46.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

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 Energy 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 — .

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.

Energy 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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