IndiGrid Reports Robust Q2 FY26 Performance with 6.7% DPU Growth and INR 438 Crore Capital Raise

IndiGrid Infrastructure Trust , a leading power sector infrastructure investment trust, has announced its financial results for the second quarter of fiscal year 2025-26, demonstrating resilience and growth in a challenging environment.

Financial Highlights

IndiGrid reported a quarterly revenue of INR 826.7 crores, marking a 2.6% increase year-on-year. The company declared a distribution per unit (DPU) of INR 4, which is 6.7% higher than the same period last year. This distribution aligns with IndiGrid's annual DPU guidance of INR 16 for FY26.

Metric	Q2 FY26	Y-o-Y Change
Revenue	826.7	+2.6%
DPU	4.00	+6.7%
NDCF	362.9	+13.5%

Operational Performance

The trust maintained a strong operational performance with a weighted average quarterly availability of 99.72% for its transmission assets. The solar portfolio achieved a CUF (Capacity Utilization Factor) of 20.9%, despite challenges from extended monsoons and extreme weather conditions in some regions.

Capital Raise and Acquisitions

IndiGrid successfully raised INR 438 crores through a preferential allotment, attracting a mix of institutional and non-institutional investors. This capital infusion has helped reduce the net debt to AUM ratio to approximately 60%, providing headroom for future growth.

The company has also signed a definitive agreement to acquire the NERES XVI project for an enterprise value of about INR 460 crores upon commissioning. This acquisition is part of IndiGrid's strategy to expand its asset portfolio and enhance unitholder value.

Future Outlook

Harsh Shah, Managing Director of IndiGrid, commented on the results and future prospects: "We are excited to be in the middle of an unprecedented transformation in the power sector. With the significant investments required in transmission and battery storage, we are confident in our ability to grow meaningfully and provide superior risk-adjusted returns to our unitholders."

IndiGrid's focus remains on maintaining stable operations, ensuring predictable distributions, and pursuing growth opportunities in the transmission and battery energy storage sectors. The trust is well-positioned to capitalize on the expanding pipeline of transmission and BESS (Battery Energy Storage System) projects in India, with plans to participate in future greenfield opportunities.

Market Recognition

In a notable development, IndiGrid was included in the FTSE Emerging Markets/APAC - All Cap Index and FTSE India - All Cap Index during the quarter, which is expected to boost liquidity for the trust's units.

As IndiGrid continues to navigate the evolving energy landscape, its strategy of maintaining a diversified portfolio with a focus on transmission assets (currently about 75% of AUM) and complementary renewable energy projects positions it well for sustainable growth in the coming years.

IndiGrid Infrastructure Trust , a prominent player in India's infrastructure investment landscape, has successfully secured unitholder approval for a significant capital raise through preferential unit issuance. The trust, which focuses on power sector assets, received overwhelming support for its proposal to raise capital up to ₹2,000 crores.

Voting Results

The resolution, which required a special majority approval with at least 60% votes in favor, was passed with an overwhelming majority. Here's a breakdown of the voting results:

Category:	Units Held	Votes Polled	% Votes Polled	Votes in Favor	Votes Against	% in Favor	% Against
Sponsors:	1,06,04,757	1,00,51,932	94.79%	1,00,51,932	0	100.00%	0.00%
Public - Institutions:	44,71,59,035	38,11,71,937	85.24%	38,03,37,448	8,34,489	99.78%	0.22%
Public - Non Institutions:	40,27,76,388	1,83,71,754	4.56%	1,82,70,285	1,01,469	99.45%	0.55%
Total:	86,05,40,180	40,95,95,623	47.60%	40,86,59,665	9,35,958	99.77%	0.23%

Key Highlights

Total Unitholders: 48,882 as of the cut-off date (November 28, 2025)
Participation: 333 unitholders, holding 40,95,95,623 units, participated in the remote e-voting process
Voting Period: December 9, 2025, to December 29, 2025
Scrutinizer: Mr. B Narasimhan, Practicing Company Secretary
Capital Raise Amount: Up to ₹2,000 crores (increased from earlier proposal of ₹473.50 crores)

Resolution Details

Parameter:	Details
Resolution Type:	Special Majority
Required Approval:	Minimum 60% votes in favor
Actual Approval:	99.77% votes in favor
Capital Raise Limit:	₹2,000 crores
Regulatory Framework:	SEBI InvIT Regulations 2014

Implications

The strong approval from unitholders signals confidence in IndiGrid's growth strategy and its ability to create value. This preferential issuance is expected to strengthen the trust's capital base significantly, potentially enabling it to pursue new investment opportunities in the power infrastructure sector. The increased capital raise limit from ₹473.50 crores to ₹2,000 crores demonstrates the trust's ambitious expansion plans.

Compliance and Transparency

The voting process was conducted in compliance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and other applicable laws. IndiGrid demonstrated its commitment to transparency by appointing an independent scrutinizer and providing detailed voting results across different unitholder categories. The process was facilitated through NSDL's e-voting platform with comprehensive disclosure requirements.

As the infrastructure sector continues to play a crucial role in India's economic growth, this substantial capital raise positions IndiGrid to potentially capitalize on emerging opportunities in the power transmission and distribution space. Investors and market watchers will likely keep a close eye on how IndiGrid deploys this capital and its impact on the trust's future performance and distributions to unitholders.