IndiGrid Infrastructure Trust has received a clean compliance report for the financial year ended March 31, 2026, confirming that its Investment Manager adhered to regulatory requirements. SARK & Associates LLP, Practicing Company Secretaries, certified that IndiGrid Investment Managers Limited complied with the provisions of the Securities and Exchange Board of India (SEBI) Act, 1992, the Securities Contracts (Regulation) Act, 1956 (SCRA), and relevant circulars during the review period.

The examination covered documents, records, and filings made by the Investment Manager to the stock exchanges, as well as the InvIT's website. The specific regulations reviewed included the SEBI (Infrastructure Investment Trusts) Regulations, 2014, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI (Prohibition of Insider Trading) Regulations, 2015.

The report detailed actions taken by SEBI against the Trustee, Axis Trustee Services Limited, stating these were independent of the InvIT and had no bearing on the compliance status of IndiGrid Infrastructure Trust. The actions included advisories and warnings related to inspections of other clients and securitized debt instruments.

Regulatory Actions Against Trustee

The following table outlines the regulatory actions taken by SEBI against Axis Trustee Services Limited, as noted in the report:

The report confirmed that the Investment Manager maintained proper records under the provisions of the reviewed regulations. There were no deviations from compliance requirements reported for the Investment Manager during the review period, and no actions were taken against the InvIT, its promoters, or directors by SEBI or stock exchanges.

IndiGrid Infrastructure Trust reported its financial results for the quarter and year ended March 31, 2026. The trust’s operating revenue stood at INR874 crores for Q4 FY26, marking a 9.5% increase year-on-year. This growth was primarily attributed to the addition of new projects to the portfolio throughout the year. For the full fiscal year FY26, operating revenue reached INR3,311 crores, a 3.1% rise from the previous year.

Operational EBITDA for the quarter increased by 8.5% year-on-year to INR782 crores, maintaining a robust margin of 89%. On an annual basis, operational EBITDA was INR2,982 crores, reflecting a 2.4% growth with an approximate EBITDA margin of 90%. Net Distributable Cash Flow (NDCF) for Q4 FY26 was INR405 crores, while the full-year NDCF stood at INR1,382 crores.

Distribution and Balance Sheet

The trust declared a distribution per unit (DPU) of INR4 for Q4 FY26, completing the fiscal year with a total distribution of INR16 per unit as previously guided. For FY27, the management has guided a DPU of INR16.48 per unit, representing a 3% year-on-year growth. The record date for the Q4 distribution is May 19, 2026.

IndiGrid’s Assets Under Management (AUM) stood at INR33,815 crores at the end of FY26, with a leverage ratio of 57.6%. The trust maintains a strong balance sheet with an average cost of debt of 7.4% and an interest coverage ratio of 2.08 times. Gross borrowings were INR210 billion, with 90% on a fixed-rate basis.

Operational Performance

The trust maintained high operational availability across its portfolio. The weighted average availability of transmission assets was 99.54%, while solar assets recorded a Capacity Utilization Factor (CUF) of 24.2%. Collection efficiency remained strong at 102% for transmission assets and 97% for solar assets during the quarter.

Key Financial Metrics

Strategic Developments

During the quarter, IndiGrid commissioned the Gujarat BESS Private Limited project, a 180 MW / 360 MWh battery energy storage system. The trust also completed the acquisition of Gadag Transmission Limited, adding 187 kilometers of transmission lines and 1,500 MVA of capacity. Additionally, three new regulated tariff mechanism (RTM) projects were awarded under the OPGW scheme with a cumulative value of INR165 crores.