POWERGRID Infrastructure Investment Trust (PGInvIT) has filed its Annual Report for FY 2025-26 with the stock exchanges pursuant to Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014. The report, submitted by POWERGRID Unchahar Transmission Limited (PUTL) in its capacity as Investment Manager, covers the Trust's operational performance, financial results, governance framework, and strategic outlook. The Annual Report was filed on June 30, 2026.

Financial Performance Highlights

PGInvIT delivered stable financial results for FY 2025-26, underpinned by the availability-based tariff framework governing its five Inter-State Transmission System (ISTS) assets. The following table summarises the key consolidated financial metrics for the year:

Since its listing in May 2021, PGInvIT has declared 19 consecutive distributions totalling ₹58.50 per unit on the issue price of ₹100 per unit. The distribution for FY 2025-26 comprised Taxable Dividend of ₹1.88, Exempt Dividend of ₹0.43, Interest of ₹7.04, Repayment of SPV Debt of ₹2.60, and Treasury Income of ₹0.05 per unit. The Trust maintained 19 receivable days during the year, compared to 25 days in FY 2024-25, and operating expenses stood at 7% of total income.

Asset Portfolio and Operational Performance

PGInvIT's portfolio comprises five operational ISTS Special Purpose Vehicles (SPVs) developed under the Tariff-Based Competitive Bidding (TBCB) framework. All five SPVs maintained availability levels consistently above the 98% normative standard throughout FY 2025-26, ensuring full recovery of transmission charges and performance-linked incentives.

The table below provides key details of each SPV in the portfolio:

#as on March 31, 2026

A notable operational milestone during the year was the completion of the 400 kV line bay at the 765/400 kV Parli (New) Substation for Renewable Energy interconnection under the Regulated Tariff Mechanism by PPTL in December 2025, within the scheduled timeline. All Initial Portfolio Assets recorded 100% safe man-hours and maintained accident-free operations during FY 2025-26.

Valuation and Credit Profile

The Trust's assets were independently valued as at March 31, 2026 by M/s INMACS Valuers Private Limited using the Discounted Cash Flow (DCF) method under the Income Approach. A Weighted Average Cost of Capital (WACC) of 8.00% was applied uniformly across all five SPVs. The valuation summary is presented below:

PGInvIT maintained its 'AAA' credit rating from all three rating agencies — CARE ("CARE AAA; Stable"), CRISIL ("CRISIL AAA/Stable"), and ICRA ("[ICRA] AAA (Stable)") — reflecting strong financial discipline and lender confidence. The Long Term Loan Facility from HDFC Bank Limited is separately rated "[ICRA]AAA (Stable)" by ICRA.

Unit Price Performance and Unitholder Information

During FY 2025-26, the unit price on NSE opened at ₹76.00 on April 1, 2025 and closed at ₹90.19 on March 30, 2026. The highest unit price recorded during the year was ₹98.19 on NSE and ₹98.50 on BSE, while the lowest was ₹76.00 on both exchanges. The annualised yield for FY 2025-26 stood at 13.41%. The average daily volume traded during the period was 1,338.20 thousand units on NSE and 560.20 thousand units on BSE, with a combined average daily volume of 1,898.40 thousand units.

As on March 31, 2026, the Trust had a total of 910 million outstanding units and over 2.76 lakh unitholders. The Sponsor, POWERGRID, continued to hold 15% of units even after the expiry of the lock-in period. The top unitholders as on March 31, 2026 included NPS Trust (6.91%) and HDFC Mutual Fund (5.55%), among others.

The unitholding pattern as on March 31, 2026 is summarised below:

Strategic Outlook and Growth Initiatives

PGInvIT has received in-principle approval from its Board to form a consortium with POWERGRID to participate in up to two TBCB projects with an aggregate project cost of around ₹500 crores. This represents the Trust's first attempt to bid for a TBCB project. The Trust continues to evaluate opportunities for acquiring operational transmission assets from public and private sector developers, supported by its AAA credit rating, access to competitive financing, and a net borrowing ratio of 5.00% that provides significant headroom for debt-funded acquisitions.

The broader transmission sector outlook remains supportive. The Central Electricity Authority's Transmission Plan for Integration of over 900 GW non-fossil fuel capacity by 2035-36 envisages an estimated investment of ₹7.93 trillion in transmission infrastructure. Additionally, the master plan for evacuation of power from hydroelectric plants in the Brahmaputra basin envisages an investment of ₹1.91 trillion up to 2035 and about ₹4.52 trillion beyond 2035, creating a meaningful pipeline of future acquisition opportunities for infrastructure investment platforms such as PGInvIT.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0GGX23010/f4cce24a827f46b9.pdf

powergrid infrastructure has appointed Shri K Nagraj Bhat as the Chief Executive Officer (CEO) of its Investment Manager, POWERGRID Unchahar Transmission Limited (PUTL). The appointment is effective June 23, 2026. Bhat, a veteran with over 30 years of experience in the power transmission sector, takes charge immediately following the approval by PUTL's Board of Directors.

The Board of Directors of PUTL, serving as the Investment Manager to PGInvIT, approved the appointment during its meeting on Tuesday, June 23, 2026. Bhat was serving as Chief General Manager at Power Grid Corporation of India Limited (POWERGRID) prior to this elevation. His extensive background includes roles in commercial operations, project implementation, and corporate planning.

Bhat holds a Bachelor's degree in Electrical Engineering from Shri Govind Ram Sekesaria Institute of Technology, Indore, and an MBA in Finance & Marketing from Nagpur University. He joined POWERGRID in 1993 as part of the first batch of Executive Engineer Trainees (EET). Throughout his tenure, he has managed diverse functions such as Operation & Maintenance of Substations, Contracts & Materials, and Corporate Social Responsibility (CSR).

Key Professional Achievements

Bhat has played a pivotal role in securing multilateral financing for POWERGRID from institutions including the Asian Development Bank (ADB), World Bank, and KfW. He has also been instrumental in strategic planning, contributing to the organization's Five Year and Annual plans. His recent work involved developing trained manpower resources at SDC Malda under POWERGRID's CSR initiative to support the Government of India's infrastructure targets.