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Revenue
₹862 Cr
verified against source
Revenue YoY
11.7%
reported change
EBITDA
₹784.3 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IndiGrid reported a solid Q3 FY26 with revenue of ₹862.2 crore (+11.7% YoY) and EBITDA of ₹784.3 crore (+13% YoY), driven by acquisitions completed in Q1 FY26 (Renew assets worth ~₹2,200 crore). PAT was muted at ₹328 crore due to working capital changes. The company maintained a DPU of ₹4, in line with the annual guidance of ₹16. Operational metrics remained strong: transmission availability at 99.77% and solar CUF at 21.6%. Management highlighted a robust pipeline of ₹7,500 crore under construction (via InnerGrid), with two new definitive agreements signed for battery and transmission projects worth ~₹2,600 crore. The QIP raised ₹1,500 crore, reducing net debt/AUM to 56.5%. Key risk: execution delays in the under-construction pipeline or adverse interest rate movements could impact DPU accretion.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed the annual distribution per unit target of ₹16, supported by disciplined capital deployment.
- With the ₹7,500 crore under-construction pipeline (via InnerGrid), AUM is expected to grow from current ₹32,800 crore to ~₹40,000 crore over the next 2-3 years.
- After the ₹1,500 crore QIP, leverage ratio improved to 56.5%, providing headroom for future acquisitions.
Risks flagged
- Management fixed the acquisition value for the Techno Electric asset well in advance; if interest rates rise, the deal could become less accretive.
- The ₹7,500 crore pipeline includes projects under construction by InnerGrid; delays or cost overruns could impact the timing and accretion of acquisitions.
- Management acknowledged that transmission capacity buildout lags behind generation PPAs, which could slow down new project additions.
Key quotes
- We do not give growth guidance we give DPU guidance which is intact for 16.
- We would rather do institutional placement at 163 rather than do a rights issue at 155 for the business that is the right decision.
- Our core goal is to beat inflation... we have been consistently done that over last 10 years.
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