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Interest rate risk on locked-in acquisition values
View Risks →IndiGrid Infrastructure Trust — Q3 FY26
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).
bullish
high
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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.
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Transmission Availability
99.77%
+0.07pp YoY
Weighted average availability for transmission portfolio, slightly above normative levels.
Solar CUF
21.6%
+0.6pp YoY
Capacity utilization factor for solar assets, improved from 21.0% in Q3 FY25.
Receivable Days (Transmission)
38 days
-10 days YoY
Days sales outstanding improved from 48 days in Dec 2024, indicating better collections.
Under Construction Pipeline
₹7,500 crore
+₹2,600 crore QoQ
Includes two new definitive agreements signed this quarter for battery and transmission projects.
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Guidance and risk preview
Management reaffirmed the annual distribution per unit target of ₹16, supported by disciplined capital deployment.
Management fixed the acquisition value for the Techno Electric asset well in advance; if interest rates rise, the deal could become less accretive.
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