IndiGrid Q4 FY26 revenue rises 9.5% to INR874 crores
IndiGrid Infrastructure Trust reported a 9.5% year-on-year increase in operating revenue to INR874 crores for Q4 FY26, driven by portfolio additions. Operational EBITDA grew 8.5% to INR782 crores with an 89% margin, while full-year revenue reached INR3,311 crores. The trust declared a DPU of INR4 for the quarter, totaling INR16 per unit for FY26, and guided a 3% increase to INR16.48 per unit for FY27. AUM stood at INR33,815 crores with a leverage ratio of 57.6%.
*this image is generated using AI for illustrative purposes only.
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
| Metric | Q4 FY26 | FY26 |
|---|---|---|
| Operating Revenue (INR crores) | 874 | 3,311 |
| Operational EBITDA (INR crores) | 782 | 2,982 |
| EBITDA Margin (%) | 89 | 90 |
| NDCF (INR crores) | 405 | 1,382 |
| DPU (INR) | 4 | 16 |
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.
How might IndiGrid's 57.6% leverage ratio and fixed-rate debt structure position the trust if interest rates shift significantly in FY27?
What is IndiGrid's pipeline for additional battery energy storage system (BESS) projects beyond the commissioned Gujarat BESS, and how could this reshape its revenue mix?
Given the modest 3% DPU growth guidance for FY27, what new project acquisitions or tariff revisions could potentially accelerate distribution growth beyond the guided INR16.48 per unit?
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
