Schneider Electric Infrastructure vs IndiGrid Infrastructure Trust Q3 FY26

Schneider Electric Infrastructure delivered a record quarter, crossing ₹1,000 crore in revenue for the first time, with 20% YoY growth. Order booking surged 60% YoY to ₹999 crore, driving the order backlog to ₹1,700 crore (up >50% YoY). PAT grew 20% YoY to ₹155 crore, aided by operating leverage and cost control. Management highlighted strong tailwinds from government capex, data centers, renewables, and urbanization. The launch of the indigenously developed GM set switchgear positions the company for high-growth segments. Risks include raw material volatility and geopolitical uncertainties, which management aims to mitigate through hedging and selective contract execution. Overall, the company is at an inflection point with robust demand visibility.

Guidance read

Maintain healthy order intake: Management expects to sustain strong order booking momentum driven by government schemes and private capex. Focus on profitable growth: Company aims to pick right contracts and mitigate raw material volatility to protect margins. Capex for capacity expansion: Ongoing capex in three plants to prepare for future demand; details to be announced when approved.

Risk read

Key risks include Raw material cost inflation — Commodity price volatility could impact margins; management hedges partially but not fully.; Geopolitical uncertainties — Global geopolitical situation may affect demand and supply chains, making growth less predictable.; Contract execution risk — Picking the right contracts is critical; wrong selection could lead to margin pressure..

Promise ledger

Scorecard data is being built as historical quarters are processed.

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.

Guidance read

DPU guidance of ₹16 for FY26: Management reaffirmed the annual distribution per unit target of ₹16, supported by disciplined capital deployment. AUM growth to ~₹40,000 crore: 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. Net debt/AUM target of 56.5% post-QIP: After the ₹1,500 crore QIP, leverage ratio improved to 56.5%, providing headroom for future acquisitions.

Risk read

Key risks include Interest rate risk on locked-in acquisition values — Management fixed the acquisition value for the Techno Electric asset well in advance; if interest rates rise, the deal could become less accretive.; Execution risk in under-construction pipeline — The ₹7,500 crore pipeline includes projects under construction by InnerGrid; delays or cost overruns could impact the timing and accretion of acquisitions.; Grid connectivity delays for new projects — Management acknowledged that transmission capacity buildout lags behind generation PPAs, which could slow down new project additions..

Promise ledger

Scorecard data is being built as historical quarters are processed.