New Delhi: IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s largest publicly listed power sector infrastructure investment trust (InvIT), reported stable financial results for Q2 FY26, reinforcing its FY26 guidance and strategic growth trajectory. The trust declared a Distribution Per Unit (DPU) of ₹4.00, marking a 6.7% year-on-year increase and aligning with its full-year target of ₹16.00 per unit.
For the quarter ended September 30, 2025, IndiGrid posted revenue of ₹8,267 million, reflecting a modest 2.6% YoY growth. This was impacted by a one-time solar issue resolved in July and a tariff true-up in one of its cost-plus assets. EBITDA declined slightly by 1.1% YoY to ₹7,249 million. However, Net Distributable Cash Flow (NDCF) rose 13.5% YoY to ₹3,629 million, supported by robust collections.
The Board approved the Q2 distribution breakdown as follows: ₹3.0984 per unit as interest, ₹0.0907 as dividend, ₹0.7465 as capital repayment, and ₹0.0644 as other income, in accordance with section 115UA of the Income Tax Act. The record date for the distribution is November 14, 2025.
IndiGrid’s Assets Under Management (AUM) stood at ₹325 billion, with a leverage ratio of 61.4%. Following a preferential equity allotment of ₹438 crore at ₹168.77 per unit, the leverage ratio is expected to ease to ~60%. The equity raise attracted 33 investors, including marquee institutions like SBI Pension Fund, Tata AIG, and Aditya Birla Sun Life.
In a key strategic move, IndiGrid signed definitive agreements to acquire NERES XVI Transmission Limited from Techno Electric & Engineering Company. The inter-state transmission project, expected to commence commercial operations in December 2026, includes a 400/220/132 kV substation with 1,400 MVA transformation capacity and 45 km of double-circuit transmission lines. The acquisition will be completed at an Enterprise Value not exceeding ₹460 crore, subject to regulatory and contractual approvals.
Furthering its greenfield strategy, EnerGrid—IndiGrid’s development platform co-sponsored by British International Investment (BII) and Norfund—secured a 125 MW / 500 MWh battery energy storage system (BESS) project from NTPC Vidyut Vyapar Nigam Limited (NVVN). The project was awarded via tariff-based competitive bidding and will be acquired post commissioning, enhancing IndiGrid’s BESS pipeline and reinforcing its role in India’s evolving energy landscape.
Commenting on the quarter, Harsh Shah, Managing Director of IndiGrid, stated, “The execution of definitive agreements for the strategic transmission asset and EnerGrid’s BESS win reflect our commitment to long-term value creation. The preferential issue backed by marquee investors further validates our growth momentum. We remain confident in delivering our FY26 DPU guidance.”
