IndiGrid Infrastructure Trust Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹19,194 Cr
- P/E
- 33.96
- ROE
- 7.23%
- PEG
- -28.07
- Price to sales
- 3.83
- Debt to equity
- 3.52
- 52W high / low
- ₹180 / ₹163
- Sales growth (5Y)
- 23.25%
- EBITDA margin
- 64.52%
- Net profit margin
- 8.62%
- Sales (last year)
- ₹5,015 Cr
India Grid Trust (IndiGrid) is the India's first listed power sector infrastructure investment trust, sponsored by KKR and Sterlite Power. It was established in 2016 to own and operate power transmission and renewable energy assets in India.[1] The Trust primarily acquires operational transmission SPVs (Special Purpose Vehicles) from a Sponsor or from a third party. [2]
Guidance scorecard · Q1 FY27 call
What IndiGrid Infrastructure Trust's management guided
and where it ranks in Power
Power
RevenueQ1 FY27 call
20–40%- IndiGrid anticipates robust business growth supported by long-term contracts with stable cash flows.
- Operational revenue for Q1 FY27 increased by ~29% year-on-year to INR1,087 crores, reflecting strong performance.
- The transmission and renewable sectors present massive opportunities with a projected INR8 lakh crores outlay in transmission and transformation capacity over the next 10 years.
- Battery energy storage and pumped storage capacity of 174 GW are planned for grid balancing, further expanding growth avenues.
- Over INR2 lakh crores worth of tenders are at various stages in the transmission sector.
- EnerGrid projects under construction (~INR12,000-13,000 crores) will flow to IndiGrid over the next 2-4 years, adding INR2,000 crores in FY27 alone through acquisitions.
2 more points from IndiGrid Infrastructure Trust's call on revenue
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MarginsQ1 FY27 call
FlatSee what IndiGrid Infrastructure Trust said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- EnerGrid has about INR12,000–13,000 crores of projects under construction, expected to transfer to IndiGrid once operational over the next 2-4 years.
- Approximately INR2,000 crores worth of assets closer to commissioning are planned to be acquired by IndiGrid in FY27.
- IndiGrid will acquire new projects like the Shongtong transmission scheme (450 circuit km lines, 630 MVA substations in Himachal Pradesh) and the transmission system for evacuation from Sunni Dam and Luhri Stage-1 (104 circuit km, 1,000 MVA substations),…
- IndiGrid targets acquiring at least 3-4 greenfield projects this fiscal year worth around INR2,000 crores minimum from EnerGrid.
2 more points from IndiGrid Infrastructure Trust's call on capex
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FundraisingQ1 FY27 call
See what IndiGrid Infrastructure Trust said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- IndiGrid's EnerGrid has approximately INR 12,000 to 13,000 crores worth of projects currently under construction.
- These projects are expected to be commissioned and acquired by IndiGrid over the next 2 to 4 years.
- About INR 2,000 crores of projects, closer to commissioning, are slated for acquisition by IndiGrid in FY27.
- Over the next 10 years, India plans about INR 8 lakh crores outlay in transmission and transformation capacity.
2 more points from IndiGrid Infrastructure Trust's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Power
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Power companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹1,624 Cr | 8.3 | |
| 2 | 40%+ | Flat | ₹28,982 Cr | 48.7 | |
| 3 | 40%+ | Flat | ₹15,130 Cr | 573.5 | |
| 4 | 40%+ | Flat | ₹15,007 Cr | 95.7 | |
| 5 | 20–40% | Flat | ₹3.78L Cr | 26.5 | |
| 6 | 20–40% | Flat | ₹1.95L Cr | 100.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Power rankingIndiGrid Infrastructure Trust announcements
All announcements →- Acquisition / mergerNotableIndiGrid executes agreement to acquire Luhri Power Transmission Limited
Financials of IndiGrid Infrastructure Trust
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of IndiGrid Infrastructure Trust
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 618 | 653 | 716 | 783 | 812 | 835 | 836 | 772 | 874 | 840 | 827 | 862 | 2,240 |
| Expenses + | 66 | 64 | 141 | 79 | 142 | 77 | 77 | 80 | 165 | 144 | 113 | 100 | 1,351 |
| Operating Profit | 551 | 589 | 576 | 704 | 671 | 759 | 759 | 692 | 710 | 696 | 714 | 763 | 889 |
| OPM % | 89% | 90% | 80% | 90% | 83% | 91% | 91% | 90% | 81% | 83% | 86% | 88% | 40% |
| Other Income + | 7 | 1 | 4 | 6 | 12 | 38 | 4 | 32 | 46 | 33 | 37 | 46 | 67 |
| Interest | 253 | 285 | 321 | 350 | 352 | 377 | 384 | 370 | 363 | 380 | 425 | 407 | 439 |
| Depreciation | 181 | 191 | 222 | 262 | 264 | 273 | 276 | 279 | 273 | 275 | 291 | 292 | 287 |
| Profit before tax | 124 | 115 | 37 | 97 | 66 | 146 | 103 | 75 | 120 | 74 | 35 | 110 | 230 |
| Tax % | -10% | 7% | -6% | 6% | 12% | 6% | 4% | 23% | 2% | -2% | -9% | 9% | 20% |
| Net Profit + | 137 | 107 | 39 | 92 | 58 | 137 | 99 | 58 | 117 | 75 | 39 | 100 | 185 |
| EPS in Rs | 1.93 | 1.49 | 0.49 | 1.14 | 0.71 | 1.71 | 1.22 | 0.66 | 1.36 | 0.87 | 0.52 | 1.12 | 1.91 |
Financials of IndiGrid Infrastructure Trust
Profit & Loss
Annual income statement trend
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales + | 448 | 666 | 1,243 | 1,677 | 2,222 | 2,332 | 2,864 | 3,288 | 4,768 |
| Expenses + | 40 | 109 | 53 | 252 | 209 | 231 | 425 | 397 | 1,706 |
| Operating Profit | 408 | 557 | 1,190 | 1,425 | 2,013 | 2,101 | 2,439 | 2,891 | 3,062 |
| OPM % | 91% | 84% | 96% | 85% | 91% | 90% | 85% | 88% | 64% |
| Other Income + | 13 | 8 | 36 | 35 | 52 | 82 | 123 | 149 | 183 |
| Interest | 101 | 230 | 415 | 687 | 1,050 | 1,011 | 1,308 | 1,495 | 1,651 |
| Depreciation | 116 | 181 | 310 | 430 | 665 | 704 | 939 | 1,101 | 1,145 |
| Profit before tax | 204 | 155 | 500 | 342 | 349 | 469 | 315 | 444 | 449 |
| Tax % | -3% | 0% | -1% | 2% | 2% | 1% | 6% | 8% | 11% |
| Net Profit + | 210 | 154 | 506 | 334 | 343 | 466 | 296 | 410 | 399 |
| EPS in Rs | 6.18 | 4.52 | 7.22 | 4.77 | 4.98 | 6.51 | 3.64 | 4.77 | 4.14 |
| Dividend Payout % | 129% | 221% | 126% | 194% | 241% | 48% | 95% | 86% | 0% |
Financials of IndiGrid Infrastructure Trust
Balance Sheet
Capital structure and asset base
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2,838 | 2,838 | 5,315 | 5,315 | 6,590 | 6,590 | 7,645 | 8,332 | 10,244 |
| Reserves | 25 | -161 | -266 | -632 | -1,172 | -1,633 | -2,355 | -3,174 | -4,171 |
| Borrowings + | 2,396 | 2,612 | 6,388 | 14,576 | 13,339 | 14,505 | 19,304 | 20,097 | 21,359 |
| Other Liabilities + | 119 | 58 | 356 | 777 | 800 | 750 | 1,163 | 1,171 | 2,300 |
| Total Liabilities | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 | 29,731 |
| Fixed Assets + | 5,026 | 4,983 | 10,816 | 16,390 | 16,838 | 17,841 | 22,710 | 22,028 | 23,708 |
| CWIP | 0 | 0 | 0 | 10 | 4 | 78 | 23 | 59 | 443 |
| Investments | 0 | 8 | 0 | 0 | 145 | 446 | 742 | 1,900 | 1,228 |
| Other Assets + | 352 | 356 | 976 | 3,636 | 2,570 | 1,847 | 2,282 | 2,441 | 4,353 |
| Total Assets | 5,379 | 5,346 | 11,792 | 20,035 | 19,557 | 20,212 | 25,757 | 26,427 | 29,731 |
Financials of IndiGrid Infrastructure Trust
Cash Flows
Operating, investing and financing cash movement
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 433 | 580 | 1,125 | 1,680 | 2,081 | 2,037 | 2,663 | 2,902 | 3,377 |
| Cash from Investing Activity + | -4,624 | -230 | -6,091 | -5,897 | -1,517 | -2,119 | -6,102 | -1,780 | -2,945 |
| Cash from Financing Activity + | 4,358 | -357 | 5,214 | 6,415 | -1,983 | -790 | 3,356 | -1,249 | -452 |
| Net Cash Flow | 167 | -7 | 248 | 2,198 | -1,419 | -872 | -83 | -127 | -20 |
| Free Cash Flow | -4,041 | 356 | -4,791 | -3,816 | 976 | 254 | -564 | 2,141 | -398 |
| CFO/OP | 106% | 104% | 96% | 116% | 103% | 99% | 108% | 101% | 111% |
Financials of IndiGrid Infrastructure Trust
Ratios
Working capital efficiency and return ratios
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | 60 |
| Inventory Days | 9 | ||||||||
| Days Payable | 282 | ||||||||
| Cash Conversion Cycle | 87 | 63 | 72 | 65 | 64 | 65 | 102 | 78 | -213 |
| Working Capital Days | -309 | 60 | -6 | -207 | -348 | -109 | -74 | -244 | -93 |
| ROCE % | 7% | 11% | 7% | 7% | 8% | 7% | 8% | 8% |
Guidance history
How IndiGrid Infrastructure Trust's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
54 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −2.6% | 57% |
| Last 6 months | −3.0% | 51% |
| Last 3 months | −5.2% | 55% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For IndiGrid Infrastructure Trust: 0.4 × 57 + 0.4 × 51 + 0.2 × 55 = 54.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What IndiGrid Infrastructure Trust's management said in earlier quarters
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