IndiGrid FY26 Revenue Surges 45% to ₹4,768 Crore Amid Strategic Asset Expansion

Synopsis: IndiGrid Infrastructure Trust (formerly India Grid Trust) has delivered a robust financial performance for the fiscal year ended March 31, 2026, with consolidated revenue from contracts with customers surging to Rs. 4,768.38 crore from Rs. 3,287.64 crore in FY25  a year-on-year jump of approximately 45%. Alongside its earnings, the Trust made multiple strategic acquisitions during the year, including transmission and solar SPVs, significantly expanding its asset base and NDCF.

In a regulatory filing submitted to the NSE and BSE on May 14, 2026, IndiGrid Investment Managers Limited, the Investment Manager of IndiGrid Infrastructure Trust, submitted the audited standalone and consolidated financial information for the financial year ended March 31, 2026, as approved by the Board at its meeting held on the same date.

For the full fiscal year FY26, consolidated revenue from contracts with customers rose sharply to Rs. 4,768.38 crore from Rs. 3,287.64 crore in FY25, reflecting the significant portfolio additions made during the year. Other income came in at Rs. 182.06 crore against Rs. 150.09 crore in the prior year, taking total consolidated income to Rs. 49,504.37 million versus Rs. 34,377.27 million in FY25, a growth of about 44%.

On the cost side, finance costs for the year stood at Rs. 1,650.68 crore compared to Rs. 1,494.70 crore in FY25, consistent with the Trust’s infrastructure-heavy, debt-funded asset model. Employee benefit expenses were Rs. 80.25 crore and other expenses Rs. 123.30 crore.  The cost of construction of service concession assets, reflecting ongoing project execution, surged to Rs. 1,310.67 crore versus Rs. 67.79 crore in FY25, underscoring the pace of new asset deployment during the year.

Profit before tax for FY26 stood at Rs. 449.29 crore, marginally higher than Rs. 444.22 crore in FY25. After tax expense of Rs. 50.29 crore, net profit for the year came in at Rs. 399.00 crore compared to Rs. 410.50 crore in FY25. Total comprehensive income for the year was Rs. 408.17 crore versus Rs. 391.49 crore in the prior year.

Earnings per unit (basic and diluted, including regulatory deferral income/expense) stood at Rs. 4.57 for FY26 versus Rs. 4.93 in FY25. The slight dip in per-unit earnings reflects the dilution from fresh unit issuances made to fund acquisitions during the year, while absolute profits remained stable.

Net cash generated from operating activities was Rs. 3,377.43 crore, up from Rs. 2,901.59 crore in FY25, reflecting the Trust’s strong and recurring cash generation from its operational portfolio. Cash used in investing activities was Rs. 3,904.45 crore, largely driven by acquisitions and capacity additions. Proceeds from borrowings during the year were Rs. 7,258.28 crore, with repayments of Rs. 6,427.56 crore, reflecting active refinancing activity.

Total consolidated assets as of March 31, 2026, stood at Rs. 29,731.46 crore, up from Rs. 28,426.91 crore a year ago. Non-current borrowings stood at Rs. 18,771.87 crore. Unit capital as of March 31, 2026, stood at Rs. 10,243.85 crore, up from Rs. 8,332.25 crore in FY25, reflecting fresh unit issuances to fund portfolio expansion.

A key metric for InvIT investors, the Trust-level NDCF for FY26 came in at Rs. 1,405.39 crore, significantly higher than Rs. 976.54 crore in FY25, a growth of approximately 44%. Total NDCF distributable (Trust + Holdco + SPVs, net of inter-entity distributions) stood at Rs. 1,382.10 crore for FY26, broadly in line with Rs. 1,400.05 crore in FY25.

The Trust has confirmed compliance with the mandatory minimum 90% distribution requirement under InvIT Regulations on a cumulative periodic basis. Distributions paid to unitholders during the year amounted to Rs. 957.05 crore, with Distribution-Repayment of Unit Capital at Rs. 445.12 crore. In accordance with a SEBI Master Circular dated July 11, 2025, distributions in the nature of repayment of unit capital are now presented separately on the face of the balance sheet.

During FY26, IndiGrid expanded its portfolio through multiple acquisitions across transmission and renewable energy assets. The Trust acquired a 49% stake in Renew Surya Aayan Pvt. Ltd., with plans to acquire the remaining 51%, alongside transmission assets Koppal-Narendra Transmission Ltd. and Gadag Transmission Ltd. It also consolidated Jaisalmer Urja VI Pvt. Ltd. and acquired 74% equity in Enerica Infra 4 Pvt. Ltd., strengthening its diversified infrastructure portfolio across solar, transmission, and energy storage projects.

Following the announcement of its FY26 results and portfolio expansion, units of IndiGrid Infrastructure Trust traded largely flat on May 15, 2026. The units were quoted at Rs. 173.45, slightly lower by 0.02% from the previous close of Rs. 173.49. During the session, the price moved within a narrow range of Rs. 173.00 – Rs. 173.60, with traded volume of about 5.02 lakh units and a total traded value of Rs. 8.71 crore, reflecting stable investor participation.

Company Overview

IndiGrid Infrastructure Trust (formerly India Grid Trust) is India’s first power sector Infrastructure Investment Trust (InvIT), listed on BSE and NSE. Managed by IndiGrid Investment Managers Limited, the Trust owns and operates a diversified portfolio of power transmission assets, solar generation assets, and battery energy storage systems (BESS) across India. Its assets operate under long-term Transmission Services Agreements (TSAs), Power Purchase Agreements (PPAs), and Battery Energy Storage System Agreements (BESSAs) with national and regional intermediaries, providing stable, regulated, and long-duration cash flows to unitholders.

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