POWERGRID Infrastructure Investment Trust (PGInvIT) announced its financial results for the third quarter of fiscal 2026, declaring a ₹3 per unit distribution and showcasing robust operational performance across its transmission asset portfolio.

Financial Performance and Distribution

For Q3FY26, PGInvIT reported strong financial metrics with total consolidated income reaching ₹3,249 million. The revenue composition included ₹3,167 million from operations and ₹82 million from other income, primarily interest on deposits. Total expenses for the quarter stood at ₹1,177 million, resulting in a net distributable cash flow (NDCF) of ₹2,614 million.

The declared distribution of ₹3 per unit represents the third payout for fiscal 2026 and marks the 18th consecutive quarterly distribution since the trust's listing. This brings cumulative distributions since listing to ₹55.50 per unit, totaling ₹50.51 billion distributed to investors against the IPO issue price of ₹100 per unit.

Operational Excellence

PGInvIT's transmission assets demonstrated exceptional operational performance during Q3FY26. Based on provisional data, the average availability across all special purpose vehicles (SPVs) exceeded 99.75%, reflecting operational excellence while maximizing incentive potential. The trust operates through five SPVs with presence across Himachal Pradesh, Andhra Pradesh, Telangana, Madhya Pradesh, and Maharashtra.

The portfolio comprises approximately 3,700 circuit kilometers of transmission lines and more than 6,600 MVA of transformation capacity, backed by 35-year transmission service agreements with an average remaining tenure of above 27 years.

Capital Structure and Credit Profile

As of December 31, 2025, PGInvIT maintained a conservative capital structure with outstanding external borrowing of ₹10,661 million. This includes a ₹5,756 million loan from HDFC Bank raised in March 2022 and a ₹5,060 million loan from HDFC Bank in December 2024 for funding acquisitions.

The trust maintains the highest credit ratings of AAA with stable outlook from ICRA, CRISIL, and CARE Ratings. Trade receivables stood at ₹911 million with an average collection period of 27 days, reflecting strong payment discipline from counterparts.

Growth Strategy and Future Outlook

PGInvIT announced strategic initiatives to address growth challenges, including formation of a consortium with POWERGRID for participating in tariff-based competitive bidding (TBCB) projects. The Board has granted in-principle approval for the consortium with POWERGRID as lead partner and PGInvIT holding 74% stake, targeting projects with aggregate cost around ₹500 crores.

The trust highlighted significant long-term opportunities, including:

• ₹9.16 lakh crores of planned transmission investments up to 2032 as per the National Electricity Plan
• ₹6.43 lakh crores investment for Brahmaputra Basin power evacuation, with ₹1.91 lakh crores up to 2035
• Potential state-level asset monetization initiatives

Management acknowledged the challenge of limited transmission asset availability for acquisition in the near term while expressing confidence in the long-term transmission sector outlook. The trust continues to evaluate opportunities for value-accretive growth while maintaining its commitment to delivering stable returns to unitholders.

Source: Exclusive earnings call transcript

POWERGRID Infrastructure Investment Trust has announced its Q3FY26 financial results, declaring a distribution of ₹3.00 per unit for the quarter ended December 31, 2025. The Investment Manager, POWERGRID Unchahar Transmission Limited, approved the results and distribution in its board meeting held on February 9, 2026.

Q3FY26 Financial Performance

The trust reported mixed standalone financial results for the quarter ended December 31, 2025. Revenue from operations declined to ₹2,489.62 million compared to ₹2,654.41 million in the corresponding quarter of the previous year, representing a 6.21% decrease.

Investor Presentation Highlights

The trust has released a comprehensive investor presentation covering its Q3FY26 performance and strategic outlook. The presentation showcases the trust's operational excellence with average availability exceeding 98% across all assets since Date of Commercial Operation.

Distribution Declaration Details

The board approved a comprehensive distribution structure of ₹3.00 per unit for Q3FY26, comprising multiple components to optimize unitholder returns. The distribution breakdown reflects the trust's diversified income streams from its transmission assets.

Strategic Growth Initiatives

The presentation outlines significant acquisition opportunities with expected investment of approximately ₹9 lakh crore in the transmission sector from 2022 to 2032. The trust has received in-principle approval from respective boards of POWERGRID and the Investment Manager to form a consortium for bidding on TBCB projects worth around ₹500 crores.

Key Dates and Payment Timeline

The trust has established clear timelines for distribution payment to ensure efficient processing for unitholders. The record date of February 12, 2026 determines eligibility for the declared distribution.

Consolidated Performance Overview

On a consolidated basis, the trust reported total income of ₹3,249 million for Q3FY26 with operating expenses of ₹194 million. The Net Distributable Cash Flow at PGInvIT level stood at ₹2,614 million, demonstrating strong cash generation capabilities across the portfolio.

The announcement and investor presentation have been formally communicated to both the National Stock Exchange of India Limited and BSE Limited, ensuring comprehensive market disclosure and regulatory compliance.