AnZen INDIA ENERGY TRUST gains reached about 70% since issue

AnZen INDIA ENERGY TRUST reported total investor gains of about 70% as of September 30, 2026, from its ₹100 November 2022 private-placement issue price. The ₹69.87 per-unit gain comprised about ₹29.61 of net asset value growth and about ₹40.26 of cumulative distribution per unit, including the Q2 FY27 distribution.

How did AnZen reach total investor gains of about 70%?

AnZen reached total investor gains of ₹69.87 per unit in September 2026, equal to about 70% of its ₹100 issue price in November 2022. The presentation defines this measure as net asset value, or NAV, growth plus distribution per unit, or DPU, rather than as a unit market-price return.

The two stated components were about ₹29.61 of NAV growth and about ₹40.26 of cumulative DPU. NAV per unit was ₹129.6 in September 2026, compared with ₹100.0 at the November 2022 initial offer, while the trust says its total-gain calculation includes the Q2 FY27 distribution.

The stated gain measure rose from ₹59.04 per unit in March 2026 to ₹69.87 in September 2026, an increase of ₹10.83 over six months. It also rose from ₹35.86 in March 2025, meaning the cumulative measure added ₹34.01 per unit during the following 18 months.

What changed in AnZen’s NAV during FY27?

AnZen’s NAV per unit declined to ₹129.6 in September 2026 from ₹131.4 in June 2026, a sequential reduction of ₹1.8 per unit. Despite that movement, September NAV was ₹4.8 above the ₹124.8 reported in March 2026 and ₹17.0 above the ₹112.6 reported in March 2025.

The presentation gives a NAV compound annual growth rate, or CAGR, of about 7.0% from the November 2022 issue period through September 2026. NAV rose to ₹105.7 in March 2023, moved to ₹105.1 in March 2024, and then increased to ₹112.6 in March 2025, showing that the reported NAV path was not uniform in every period.

AnZen’s assets under management, or AUM, were ₹8,650 crore in September 2026, based on enterprise value in an independent valuer’s report dated October 29, 2026. This was below ₹8,730 crore in June 2026 but above ₹2,280 crore in November 2022, with the presentation describing AUM as about 3.8 times the listing level.

Is AnZen’s Q2 FY27 DPU higher than prior periods?

AnZen reported a Q2 FY27 DPU of ₹3.00, unchanged from Q1 FY27 but ₹0.25 above the ₹2.75 reported in Q2 FY26. The year-on-year increase was about 9.1%, while the sequential comparison shows no change in the latest quarterly per-unit distribution.

The Q2 FY27 distribution was ₹100.8 crore, equal to the Q1 FY27 distribution of ₹100.8 crore. It was above ₹54.0 crore in Q2 FY26 and ₹38.7 crore in Q2 FY25; the presentation reports a distribution CAGR of about 61.4% over the Q2 FY25 to Q2 FY27 period.

AnZen reported cumulative distributions since listing of ₹832.8 crore, including Q2 FY27. The Q2 FY27 distribution was scheduled for payment on or before November 12, 2026, so the ₹3.00 DPU is included in cumulative presentation figures although payment was still scheduled at the September reporting date.

What operating growth sits behind AnZen’s distributions?

AnZen reported consolidated total income of ₹300.4 crore in Q2 FY27, compared with ₹289.2 crore in Q1 FY27 and ₹103.1 crore in Q2 FY26. Q2 FY27 income was therefore ₹11.2 crore above the preceding quarter and ₹197.3 crore above the prior-year quarter; the presentation includes 100% of Sigma portfolio revenue in these financials.

Consolidated earnings before interest, tax, depreciation and amortisation, or EBITDA, were ₹253.7 crore in Q2 FY27, up from ₹232.2 crore in Q1 FY27 and ₹82.5 crore in Q2 FY26. The presentation reports income and EBITDA CAGRs of about 118% and 113%, respectively, across its Q2 FY25 to Q2 FY27 comparison series.

The portfolio comprised about 1,244 megawatt-peak of solar assets and about 1,835 circuit kilometres of transmission assets, plus two substations, across 16 projects in eight states. In H1 FY27, about 63% of revenue came from transmission assets and 37% from solar assets, while 88% came from Tier 1 counterparties, defined by AnZen as those with a long-term credit rating of A+ or above.

What does AnZen project to distribute in FY27?

AnZen presents ₹12.00 per unit as projected DPU for FY27, rather than as a declared full-year distribution. With ₹3.00 per unit stated for both Q1 and Q2 FY27, the first half accounts for ₹6.00 per unit of that projected annual amount.

The trust also reported total debt of ₹4,900 crore as of September 30, 2026, with a weighted average residual maturity of 11.7 years and net debt to AUM of 51.25%. Of this debt, 74% had maturities beyond five years, while 70% was floating-rate debt and 30% was fixed-rate debt.

Conclusion

AnZen’s reported gain since the November 2022 issue combines NAV appreciation with recurring distributions rather than reflecting a quoted market-price return. The September 2026 total of ₹69.87 per unit included a ₹3.00 Q2 FY27 DPU, while quarterly income and EBITDA were both above their Q2 FY26 levels.

The next disclosed event is payment of the Q2 FY27 distribution on or before November 12, 2026. Investors can then track progress toward AnZen’s projected FY27 DPU of ₹12.00 per unit, as well as changes in NAV after its movement from ₹131.4 in June 2026 to ₹129.6 in September 2026.