Proactive participation in accretive greenfield transmission and BESS opportunities has consistently been part of IndiGrid’s growth strategy. With the win of RKPTL, the InvIT now has 6 greenfield projects in its portfolio, 4 ISTS and 2 BESS.
Sharing his thoughts on the quarter and the year, Harsh Shah, Managing Director of IndiGrid, said, “It has been an exciting year for IndiGrid where we challenged ourselves to take on unprecedented goals. The successful commissioning of six transmission and BESS projects, addition of new greenfield projects, and the launch of EnerGrid showcases our commitment to building next-generation energy infrastructure for a greener, more resilient future.
With multiple growth drivers firing, we concluded a strong year of financial performance and are happy to declare a DPU of Rs 4.10 for Q4, 9.3% higher than our guidance. For FY26 we are guiding for distribution of Rs 16.00 per unit, translating to a ~7% growth over the previous year’s guidance. As demand accelerates for grid modernization, renewable integration, and storage-led flexibility, IndiGrid is uniquely positioned to capitalize on this sectoral transformation.”
IndiGrid is India’s first and largest publicly listed power sector infrastructure investment trust (InvIT). It published its financial results for the quarter and year ended March 31, 2025, along with key business updates of the year.
IndiGrid concluded the quarter and year with strong performance. For the quarter, Q4 FY2024-25, on a year-on-year basis, the reported consolidated revenue was up 11.3% to Rs 8,743 million and the consolidated EBITDA was up 11.2% to Rs 7,290 million. Additionally, the operational consolidated revenue and EBITDA saw a year-on-year growth of 1.6% and 9.9% respectively.
The Net Distributable Cash Flow (NDCF) for the quarter stood at Rs 4,343 million.
For the full year, the reported consolidated revenue was up 14.8% to Rs 32,876 million and the consolidated EBITDA was up 18.7% to Rs 29,209 million. The operational revenue and EBITDA grew by 12.1% and 18.4% respectively.
The Net Distributable Cash Flow (NDCF) grew 12.6% to Rs 14,000 million.
IndiGrid ended the year with Assets Under Management (AUM) of Rs 296 billion and a leverage ratio (Net Debt to AUM) of 59.1%.
On back of robust collection performance across segments, the Board of the Investment Manager approved a Distribution Per Unit (DPU) of Rs 4.10 for Q4 FY25, ~9.3% higher than the guidance.
The record date for the distribution is May 20, 2025, and shall be paid as Rs 2.6287 per unit in form of interest, Rs 0.1419 per unit as dividend, Rs 1.2711 as capital repayment, and Rs 0.0583 per unit as other income, all in accordance with section 115UA of the Income Tax Act.
For the next fiscal, FY2025-26, the InvIT has announced a DPU guidance of Rs 16.00 – a growth of 6.7% over the FY2024-25 guided DPU.
On 31st March 2025, IndiGrid commissioned Kilokari BESS Private Limited (KBPL) of 20 MW/ 40 MWh capacity, India’s First Regulated Utility-Scale Standalone BESS in Delhi, in record time. An industry first project, KBPL operates under a unique regulatory framework notified by the Delhi Electricity Regulatory Commission (DERC). KBPL has been designed to integrate renewable energy at the distribution grid level, enable peak load management, strengthen grid stability, and support the provision of ancillary services – creating a scalable model for grid modernization and clean energy transition in India.
IndiGrid added another greenfield project to its portfolio – Ratle Kiru Power Transmission Limited (RKPTL) – won through the TBCB route to establish an ISTS for evacuation of power from Ratle HEP (850 MW) & Kiru HEP (624 MW) on BOOT basis. The project is estimated to be completed over the next ~24 months and will have annual transmission charges of ~Rs 1,952.32 million post commissioning.
