Anzen India Energy Yield Plus Trust has maintained a security cover of 1.91 times on a market value basis for its secured listed non-convertible debentures as of June 30, 2026, confirming compliance with Securities and Exchange Board of India (SEBI) regulations for the first quarter of FY27. The trust, managed by EAAA Real Assets Managers Limited, disclosed that its asset base continues to provide substantial coverage over outstanding debt obligations, ensuring investor protection and regulatory adherence.

The submission was made pursuant to Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022. Statutory auditors S R B C & Co LLP issued the security cover certificate on August 4, 2026, verifying that the trust has maintained at least 100% security cover as required by the Debenture Trust Deeds and SEBI norms. The certificate was submitted to the stock exchanges and the debenture trustee, Catalyst Trusteeship Limited.

Security Cover Metrics

The trust’s security position is derived from both book values and market valuations of its underlying assets, primarily investments in special purpose vehicles (SPVs) operating transmission and solar energy infrastructure. The following table outlines the key security cover ratios:

On a book value basis, the exclusive security cover stands at 0.02 times, calculated against assets with exclusive charge. However, the pari-passu security cover is significantly higher at 1.73 times, reflecting the broader pool of assets shared among debt holders. The market value-based security cover of 1.91 times provides a more conservative and robust measure of asset adequacy, incorporating enterprise valuations of subsidiaries.

Asset Composition and Valuation

The trust’s assets securing the debentures include equity shares, non-convertible debentures (NCDs), optionally convertible debentures (OCDs), and unsecured loans extended to its SPVs. As of June 30, 2026, the total book value of investments in subsidiaries was ₹29,704.14 million, while unsecured loans to subsidiaries amounted to ₹32,381.07 million. These assets carry a pari-passu charge in favor of the debenture trustee.

Enterprise values of the SPVs were determined based on a valuation report dated August 3, 2026, prepared by independent registered valuer Jayesh Kumar Shah. The valuation considers tariff revenues under Transmission Service Agreements (TSAs) and Power Purchase Agreements (PPAs) for operational assets. Key subsidiaries contributing to the security cover include Darbhanga-Motihari Transmission Company Limited, NRSS XXXI (B) Transmission Limited, Solzen Urja Private Limited, and Kudgi Transmission Limited.

Debt Obligations and Covenant Compliance

The total outstanding amount of secured listed non-convertible debentures as of June 30, 2026, was ₹14,534.01 million, including accrued interest. This comprises two series: Series C with an outstanding amount of ₹7,000.00 million and Series D with ₹7,701.56 million (before adjustments). The trust also holds other liabilities, including bank borrowings of ₹22,225.21 million, which share pari-passu charge over certain assets.

S R B C & Co LLP confirmed that the trust complied with all financial covenants stipulated in the Debenture Trust Deeds dated February 18, 2025, and November 6, 2025. Testing of the Debt Service Coverage Ratio, which constitutes a Cash Trap Trigger Event, was performed by CA Ketan Shah & Co., Chartered Accountants, with no breaches identified. Other covenants related to Consolidated Net Debt/Value of InvIT Assets and Consolidated Net Debt/EBITDA are tested annually after the end of each financial year.

What the Numbers Show

The disparity between the exclusive security cover (0.02x) and the pari-passu/market value covers (1.73x and 1.91x respectively) highlights the structure of the trust’s collateral. While only a small fraction of assets carries an exclusive charge, the majority of the security is provided through pari-passu arrangements over a diversified portfolio of infrastructure SPVs. The market value cover exceeding 1.9 times indicates a strong buffer against potential declines in asset values, reinforcing the credit quality of the listed debentures. This robust coverage aligns with the trust’s focus on stable, cash-generating infrastructure assets with long-term revenue contracts.

anzen india energy yield plus trust reported a standalone net profit of ₹696.09 million for the quarter ended June 30, 2026, driven by the consolidation of newly acquired solar and transmission assets. The Trust’s consolidated net profit stood at ₹540.37 million, an 85% year-on-year increase from ₹95.52 million in Q1FY26. EAAA Real Assets Managers Limited, the investment manager, declared a distribution of ₹3.00 per unit, with the record date set for August 7, 2026, and payment scheduled on or before August 14, 2026. The results were reviewed by S R B C & Co LLP, the statutory auditor, in accordance with Standard on Review Engagements (SRE) 2410.

The financial performance reflects significant portfolio expansion through strategic acquisitions completed during the quarter. On March 2, 2026, the Trust acquired 74% of the paid-up equity shares of 12 solar power Special Purpose Vehicles (SPVs) from Edelweiss Infrastructure Yield Plus and SEPL Energy Private Limited. Subsequently, it acquired 100% equity and optionally convertible redeemable preference shares of Kudgi Transmission Limited on May 19, 2026, and 100% equity shares of SEPL Energy Private Limited on June 10, 2026. These acquisitions expanded the Trust’s revenue base to ₹2,811.09 million from ₹1,071.81 million in the prior year period.

Financial Performance

Standalone total income reached ₹1,325.11 million, compared to ₹938.32 million in the corresponding quarter of the previous year. Consolidated Earnings Before Interest, Depreciation, and Tax (EBITDA) amounted to ₹2,322.17 million, up from ₹1,167.70 million in Q1FY26. Finance costs were recorded at ₹1,047.32 million, while depreciation expense totaled ₹699.97 million. The Net Distributable Cash Flows (NDCF) for the quarter were ₹1,008.19 million, enabling the declared distribution. The Trust maintained its credit ratings of "CRISIL AAA/Stable" and "IND AAA/Stable," confirmed in May 2026.

Segment-wise Performance

The Trust operates in two distinct segments: Power Transmission and Power Generation. In Q1FY27, the Power Generation segment contributed ₹1,972.02 million to revenue, while the Power Transmission segment contributed ₹839.07 million. The Profit Before Interest, Tax, and Depreciation (PBITD) for the Power Generation segment was ₹1,651.73 million, compared to ₹756.65 million for the Power Transmission segment. Total assets as of June 30, 2026, stood at ₹90,872.88 million, with the Power Generation segment holding ₹48,246.76 million.

Capital Raise and Debt Management

In February 2026, the Trust issued 59,525,000 units at ₹117 per unit to institutional investors, raising ₹6,964.43 million. As of June 30, 2026, ₹6,823.24 million of these proceeds had been utilized towards the stated objects of the issue. The Trust redeemed ₹3,000 million worth of Non-Convertible Debentures (NCDs) on May 27, 2026. The Net Borrowing Ratio stood at 50.86% as of June 30, 2026, down from 53.25% at the end of FY26. Additionally, the Trust issued 8,03,44,000 units at ₹125 per unit on May 19, 2026, for ₹10,043.00 million in lieu of the acquisition of Kudgi Transmission Limited.

What the Numbers Show

The sharp increase in net profit is largely attributable to the consolidation of new assets rather than organic growth alone, as comparative figures for the prior year did not include these entities. The acquisition of Kudgi Transmission Limited and the 12 solar SPVs significantly boosted the revenue base. The shift in depreciation method for transmission assets from Written Down Value to Straight Line Method effective April 1, 2026, may impact future earnings patterns. Furthermore, the Trust recognized ₹37.74 million as insurance income in Q4FY26 related to damaged inverters at Solzen Urja Private Limited, with further claims under process.