NewsEarningsIndiGrid Reports Robust Q2 FY26 Performance with 6.7% DPU Growth and INR 438 Crore Capital RaiseIndiGrid Reports Robust Q2 FY26 Performance with 6.7% DPU Growth and INR 438 Crore Capital Raise
IndiGrid Infrastructure Trust announced Q2 FY26 results with revenue of INR 826.7 crores, up 2.6% year-on-year. The trust declared a DPU of INR 4, a 6.7% increase. Operational performance remained strong with 99.72% availability for transmission assets. IndiGrid raised INR 438 crores through preferential allotment, reducing net debt to AUM ratio to 60%. The company signed an agreement to acquire NERES XVI project for INR 460 crores. IndiGrid was included in FTSE Emerging Markets/APAC - All Cap Index and FTSE India - All Cap Index.
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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.
