anzen india energy yield plus trust reported a net asset value (NAV) of ₹131.40 per unit for the quarter ended June 30, 2026, marking a stable valuation benchmark for its infrastructure investment trust (InvIT) units. The NAV was computed by management based on a fair enterprise value report issued by independent registered valuer CA Jayeshkumar Shah on August 3, 2026, in compliance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

The valuation exercise covered the trust’s entire portfolio of 16 special purpose vehicles (SPVs), comprising three transmission assets and 13 solar power generation projects. The total fair enterprise value of these assets was determined to be INR 96,114 million, with transmission assets contributing INR 46,561 million and solar assets accounting for INR 49,554 million. The trust holds 100% stake in its transmission SPVs and a 74% stake in most of its solar SPVs, resulting in an effective enterprise value attributable to the trust of INR 87,323 million. With 33,60,62,900 units outstanding as of June 30, 2026, the per-unit NAV reflects the underlying asset quality and contracted cash flows from long-term transmission service agreements (TSAs) and power purchase agreements (PPAs).

Portfolio Composition and Valuation Methodology

The valuation employed the discounted cash flow (DCF) method under the income approach, utilizing free cash flow to firm projections provided by the investment manager, EAAA Real Assets Managers Limited. The discount rate applied was the weighted average cost of capital (WACC) for each SPV, ranging from 7.31% to 8.17%. Key assumptions included a risk-free rate of 6.81%, an equity risk premium of 7.0%, and a debt-to-equity ratio of 70:30, consistent with industry benchmarks for infrastructure assets.

The trust’s transmission portfolio includes Darbhanga-Motihari Transmission Company Limited (DMTCL), NRSS XXXI (B) Transmission Limited (NRSSB), and Kudgi Transmission Limited (KTL). KTL was acquired during the quarter ended June 30, 2026, from related parties for an aggregate consideration of INR 10,233 million, subject to closing adjustments. The solar portfolio consists of 13 SPVs, including Solzen Urja Private Limited (SOUPL), which was acquired earlier in FY26. The solar assets have PPAs with off-takers such as SECI, NTPC, and various state distribution companies, with tenures extending up to 25 years from commercial operation dates.

Material Disclosures and Litigation

The valuation report highlights several material disclosures regarding ongoing litigation and regulatory claims that were excluded from the fair value calculation due to uncertainty. For SOUPL, a change-in-law claim amounting to approximately INR 1,114 million related to safeguard duties on solar cells remains under appeal before the Appellate Tribunal for Electricity (APTEL). Similarly, DMTCL and NRSSB are involved in regulatory proceedings concerning incremental revenue claims arising from force majeure events and changes in law, with APTEL orders acknowledging certain delays but leaving final compensation amounts subject to further adjudication.

Additionally, KTL faces multiple civil suits related to right-of-way compensation in Karnataka, though the investment manager assesses these as low-to-medium risk and substantially covered by indemnities in share purchase agreements. A contingent capital expenditure adjustment of INR 26 million was incorporated for SSPPL to account for potential cash outflows from land litigation. Insurance claims for revenue loss and equipment damage at SOUPL, totaling approximately INR 111 million, are expected to be received in FY27, with INR 38.22 million already settled.

What the Numbers Show

The NAV of ₹131.40 per unit underscores the stability of Anzen InvIT’s asset base, characterized by long-term contracted revenues and minimal volume risk. The transmission assets, operating under annuity-like cash flows, provide a foundational yield, while the solar assets contribute significant growth potential through their extensive PPA tenures. The exclusion of uncertain litigation proceeds from the valuation ensures a conservative estimate of fair value, protecting unitholders from overstatement of asset worth. The consistent WACC assumptions and robust project performance indicate a well-managed portfolio capable of delivering sustainable distributions to investors.

Anzen India Energy Yield Plus Trust unitholders have unanimously approved the trust’s audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, alongside the valuation report of its assets. The resolutions were passed during the 4th Annual Meeting of Unitholders held on July 28, 2026, via Video Conferencing and Other Audio-Visual Means (OAVM). This approval validates the trust’s financial position following recent strategic expansions, including the acquisition of 12 solar assets and one transmission asset.

The voting process was conducted in compliance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. Ashita Kaul & Associates served as the scrutinizer for the meeting, while KFIN Technologies Limited acted as the Registrar and Transfer Agent. Voting rights were determined based on a cut-off date of July 17, 2026, with remote e-voting available from July 23, 2026, to July 27, 2026.

Voting Results

A total of 14 unitholders participated in the voting process, representing 33,60,62,900 units. All three resolutions placed before the meeting were passed with 100% support from the votes cast, with no votes recorded against or abstained.

The sponsor group, holding 8,03,44,000 units, voted in favor of all resolutions. Public institutions and public non-institutions also provided unanimous support, casting 66,29,600 and 47,18,400 votes respectively in favor of the agenda items.

Key Attendees and Agenda

Ranjita Deo, Whole Time Director and Chief Investment Officer, chaired the meeting. Other key attendees included Amit Agarwal, Vijayanand Semletty, Shiva Kumar, Bala Deshpande, Nupur Garg, Nilesh Shukla, and Sanket Shah. In addition to adopting the financials and valuation reports, unitholders approved the appointment of a valuer for the financial year 2026-2027. Ms. Deo informed attendees that the trust had raised funds through a Preferential Issue and debt financing to support its growth initiatives and noted the induction of a new sponsor into the trust structure.

What the Numbers Show

The unanimous approval of the financial statements and valuation reports underscores strong unitholder confidence in Anzen’s governance and asset management practices. The simultaneous appointment of a new valuer for FY27 ensures independent assessment of the trust’s underlying assets, which is critical given the recent expansion into solar and transmission sectors. The high participation rate among diverse unitholder categories reflects robust engagement with the trust’s strategic direction.