IndiGrid announces Q1 FY26 results. RSAPL and KNTL acquisitions consummated; EnerGrid wins 187.5 MW / 750 MWh BESS project from SJVN. Q1 DPU of Rs4.00 declared, on track with FY26 guidance.
Key Highlights
- Q1 FY26 revenue remained muted year-on-year; EBITDA declined by 8.2%
- Distribution declared at Rs4.00 per unit—6.7% YoY growth, in line with FY26 guidance
- Acquisitions of RSAPL and KNTL completed for ~Rs2,108 crore enterprise value
- EnerGrid secured its first project win: 187.5 MW / 750 MWh BESS from SJVN
IndiGrid [BSE: 540565 | NSE: INDIGRID], India’s first and largest publicly listed power sector infrastructure investment trust (InvIT), today announced its financial results for the quarter ended June 30, 2025, along with key business updates.
Financial Update The revenue for the quarter stood at Rs8,398 million, reflecting muted growth compared to the same period last year, primarily due to a one-off generator-related issue at a solar asset, which has since been resolved, and lower irradiation. This temporary dip in solar revenue, along with provisioning for Investment Manager (IM) fees pursuant to the recently consummated acquisitions, contributed to an 8.2% year-on-year decline in reported EBITDA, which stood at Rs7,037 million. Net Distributable Cash Flow (NDCF) for the quarter was Rs2,862 million, marking a year-on-year decline of 8.6%. IndiGrid closed the quarter with Assets Under Management (AUM) of Rs324 billion and a leverage ratio (Net Debt to AUM) of 61.2%. Collections profile remained healthy across both segments:
- Transmission: 93% with 41 receivable days
- Solar: 111% with 47 receivable days
DPU Update The Board of the Investment Manager approved a Distribution Per Unit (DPU) of Rs4.00 for Q1 FY26—6.7% higher than the same period last year and in line with the full year guidance of Rs16.00 per unit. The record date for the distribution is July 29, 2025, and shall be paid as follows, in accordance with section 115UA of the Income Tax Act:
- Rs1.5989 per unit as interest
- Rs0.1670 per unit as dividend
- Rs2.1350 per unit as capital repayment
- Rs0.0991 per unit as other income
Business Update During the quarter, IndiGrid consummated the acquisition of:
- ReNew Surya Aayan Private Limited (RSAPL) – 300 MW (AC) solar project
- Koppal Narendra Transmission Limited (KNTL) – ~276 ckms BOOM inter-state transmission system Enterprise value for both acquisitions totals ~Rs21,080 million.
Furthering its greenfield strategy, EnerGrid—the development platform co-sponsored by IndiGrid, British International Investment (BII), and Norfund—secured a 187.5 MW / 750 MWh battery energy storage system (BESS) project from Satluj Jal Vidyut Nigam Limited (SJVN). Won through tariff-based competitive bidding (TBCB), IndiGrid plans to acquire the project post commissioning, in compliance with regulatory guidelines. The project reinforces IndiGrid’s BESS pipeline and its role in India’s evolving grid infrastructure.
Harsh Shah, MD, IndiGrid said “Q1 has been a quarter of steady progress. With the DPU-accretive acquisitions of one transmission and one solar asset, and EnerGrid’s success in winning a marquee BESS project, we are laying the foundation for predictable long-term growth. Our financial performance continues to be resilient, supported by disciplined capital allocation and a visible pipeline. We declared a distribution of Rs4.00 per unit, in line with our guidance, and remain confident in our ability to deliver on the FY26 distribution guidance of Rs16.00 per unit.”
