Anzen India Energy Yield Plus Trust has utilized ₹ 6,823.24 million of the approximately ₹ 6964.43 million raised through a preferential issuance of units as on June 30, 2026. The trust disclosed that there were no deviations or category-wise variations between the actual utilization of funds and the objects stated in the Postal Ballot Notice dated January 23, 2026. This compliance submission, filed with BSE Limited and National Stock Exchange of India Limited on August 4, 2026, confirms that the capital raised is being deployed strictly according to the approved plan for the Power Transmission and Renewable Energy sector.

The remaining unutilized amount of ₹ 141.19 million is kept separately for utilization in accordance with the objects of the issue as mentioned in the notice. The disclosure was made pursuant to Securities and Exchange Board of India Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, which mandates transparency regarding the use of proceeds from preferential issues. Sanket Shah, Company Secretary and Compliance Officer (M. No. A24593), signed the submission on behalf of the trust.

The investment manager for Anzen India Energy Yield Plus Trust is EAAA Real Assets Managers Limited, while SEPL Energy Private Limited serves as the sponsor. Axis Trustee Services Limited and Catalyst Trusteeship Limited are the trustees associated with the scheme. The statement affirms that the funds are ring-fenced and monitored to ensure alignment with the stated objectives, providing assurance to investors regarding the integrity of the capital deployment process.

Utilization of Proceeds

Independent Verification

An independent certificate was issued by Ketan C Shah & Co., Chartered Accountants (Firm Reg No 115476W), confirming the utilization figures. CA Ketan Shah (Membership No 49655), acting as proprietor, verified the books of account and relevant documents. The certificate, dated July 30, 2026, with UDIN 26049655QYIALJ9205, states that ₹ 6,823.24 million has been utilized as per the objects of the issue and ₹ 141.19 million is kept separately for utilization as per the objects of the issue. This verification supports the trust's assertion of full compliance with the stated use of proceeds.

anzen india energy yield plus trust reported a net asset value (NAV) of ₹131.40 per unit for the quarter ended June 30, 2026, marking a stable valuation benchmark for its infrastructure investment trust (InvIT) units. The NAV was computed by management based on a fair enterprise value report issued by independent registered valuer CA Jayeshkumar Shah on August 3, 2026, in compliance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

The valuation exercise covered the trust’s entire portfolio of 16 special purpose vehicles (SPVs), comprising three transmission assets and 13 solar power generation projects. The total fair enterprise value of these assets was determined to be INR 96,114 million, with transmission assets contributing INR 46,561 million and solar assets accounting for INR 49,554 million. The trust holds 100% stake in its transmission SPVs and a 74% stake in most of its solar SPVs, resulting in an effective enterprise value attributable to the trust of INR 87,323 million. With 33,60,62,900 units outstanding as of June 30, 2026, the per-unit NAV reflects the underlying asset quality and contracted cash flows from long-term transmission service agreements (TSAs) and power purchase agreements (PPAs).

Portfolio Composition and Valuation Methodology

The valuation employed the discounted cash flow (DCF) method under the income approach, utilizing free cash flow to firm projections provided by the investment manager, EAAA Real Assets Managers Limited. The discount rate applied was the weighted average cost of capital (WACC) for each SPV, ranging from 7.31% to 8.17%. Key assumptions included a risk-free rate of 6.81%, an equity risk premium of 7.0%, and a debt-to-equity ratio of 70:30, consistent with industry benchmarks for infrastructure assets.

The trust’s transmission portfolio includes Darbhanga-Motihari Transmission Company Limited (DMTCL), NRSS XXXI (B) Transmission Limited (NRSSB), and Kudgi Transmission Limited (KTL). KTL was acquired during the quarter ended June 30, 2026, from related parties for an aggregate consideration of INR 10,233 million, subject to closing adjustments. The solar portfolio consists of 13 SPVs, including Solzen Urja Private Limited (SOUPL), which was acquired earlier in FY26. The solar assets have PPAs with off-takers such as SECI, NTPC, and various state distribution companies, with tenures extending up to 25 years from commercial operation dates.

Material Disclosures and Litigation

The valuation report highlights several material disclosures regarding ongoing litigation and regulatory claims that were excluded from the fair value calculation due to uncertainty. For SOUPL, a change-in-law claim amounting to approximately INR 1,114 million related to safeguard duties on solar cells remains under appeal before the Appellate Tribunal for Electricity (APTEL). Similarly, DMTCL and NRSSB are involved in regulatory proceedings concerning incremental revenue claims arising from force majeure events and changes in law, with APTEL orders acknowledging certain delays but leaving final compensation amounts subject to further adjudication.

Additionally, KTL faces multiple civil suits related to right-of-way compensation in Karnataka, though the investment manager assesses these as low-to-medium risk and substantially covered by indemnities in share purchase agreements. A contingent capital expenditure adjustment of INR 26 million was incorporated for SSPPL to account for potential cash outflows from land litigation. Insurance claims for revenue loss and equipment damage at SOUPL, totaling approximately INR 111 million, are expected to be received in FY27, with INR 38.22 million already settled.

What the Numbers Show

The NAV of ₹131.40 per unit underscores the stability of Anzen InvIT’s asset base, characterized by long-term contracted revenues and minimal volume risk. The transmission assets, operating under annuity-like cash flows, provide a foundational yield, while the solar assets contribute significant growth potential through their extensive PPA tenures. The exclusion of uncertain litigation proceeds from the valuation ensures a conservative estimate of fair value, protecting unitholders from overstatement of asset worth. The consistent WACC assumptions and robust project performance indicate a well-managed portfolio capable of delivering sustainable distributions to investors.