Greater Noida(Banking And Finace Desk):India’s first and largest publicly listed power sector infrastructure investment trust, IndiGrid [BSE: 540565 | NSE: INDIGRID], announced its financial results for Q1 FY26, ending June 30, 2025, alongside important business developments.
Despite muted revenue growth and an 8.2% year-on-year dip in EBITDA—primarily due to a one-time generator issue at a solar asset and lower irradiation—IndiGrid demonstrated strong strategic progress in the quarter. EBITDA for the quarter stood at ₹7,037 million, with revenue at ₹8,398 million. Net Distributable Cash Flow (NDCF) for Q1 FY26 came in at ₹2,862 million, down 8.6% YoY.
Distribution Update:
The Board approved a Distribution Per Unit (DPU) of ₹4.00 for Q1 FY26, representing a 6.7% YoY increase and aligning with its full-year guidance of ₹16.00 per unit. The record date is July 29, 2025, and the distribution will be paid as follows:
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₹1.5989 as interest
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₹0.1670 as dividend
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₹2.1350 as capital repayment
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₹0.0991 as other income
Strategic Acquisitions:
During the quarter, IndiGrid completed the acquisitions of:
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ReNew Surya Aayan Private Limited (RSAPL): A 300 MW (AC) solar project
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Koppal Narendra Transmission Limited (KNTL): A 276 ckm inter-state transmission system
These were acquired for a combined enterprise value of approximately ₹2,108 crore, strengthening IndiGrid’s operational capacity across solar and transmission assets.
EnerGrid’s BESS Project Win:
In a major development, EnerGrid—IndiGrid’s greenfield platform co-sponsored with British International Investment (BII) and Norfund—secured its first project: a 187.5 MW / 750 MWh battery energy storage system (BESS) awarded by Satluj Jal Vidyut Nigam Limited (SJVN) through tariff-based competitive bidding. IndiGrid plans to acquire this project post-commissioning, expanding its BESS portfolio in line with India’s growing energy storage needs.
Management Quote:
Harsh Shah, Managing Director of IndiGrid, commented, “Q1 has been a quarter of steady progress. With DPU-accretive acquisitions and EnerGrid’s marquee BESS win, we are laying a strong foundation for predictable, long-term growth. We remain committed to disciplined capital allocation and confident in achieving our FY26 guidance of ₹16.00 per unit.”
IndiGrid ended the quarter with Assets Under Management (AUM) of ₹32,400 crore and a leverage ratio of 61.2%, supported by healthy collections in both transmission and solar segments.
Financial Highlights – Consolidated Reported Results (in ₹ million):
| ₹ Mn | Q1 FY26 | Q1 FY25 | % change |
| Revenue | 8,398 | 8,351 | 0.6% |
| EBITDA | 7,037 | 7,665 | -8.2% |
| DPU
(₹ per unit) |
4.00 | 3.75 | 6.7% |
