Anzen approves Rs 3 distribution backed by Rs 110.235 crore NDCF

Anzen India Energy Yield Plus Trust approved a Rs 3.00-per-unit distribution for the quarter ended 30 September 2026, supported by net distributable cash flows of Rs 110.235 crore. The calculation included Rs 206.078 crore received from special purpose vehicles, offset by Rs 70.368 crore of finance costs and Rs 14.845 crore of Trust-level debt repayment.

How much distribution did Anzen approve for September 2026?

Anzen approved a distribution of Rs 3.00 per unit for the quarter ended 30 September 2026. The board of directors of Anzen's investment manager approved the payment, which is due within five working days from the record date.

The filing does not state the record date, payment date or aggregate rupee value of the September-quarter distribution. Under the Infrastructure Investment Trust regulations cited by Anzen, the Trust must distribute at least 90% of annual net distributable cash flows, or NDCF, to unitholders.

Anzen reported that Rs 92.417 crore of distributions was paid during the six months ended 30 September 2026, but this related to the quarter ended 31 March 2026. That payment is therefore separate from the Rs 3.00-per-unit distribution approved for the quarter ended 30 September 2026.

What cash flow supported Anzen's Rs 3 distribution?

Anzen reported NDCF of Rs 110.235 crore for the quarter ended 30 September 2026. NDCF is the filing's calculation of cash available for distribution after specified deductions, including borrowing costs and scheduled Trust-level principal repayments.

The principal inflow was Rs 206.078 crore of cash received from special purpose vehicles, or SPVs, representing distributions of NDCF calculated under the relevant framework. Anzen also reported treasury income and income from investing activities of Rs 1.781 crore, while its operating cash flows were an outflow of Rs 12.403 crore.

Finance cost of Rs 70.368 crore was the largest deduction in the September 2026 NDCF calculation, followed by Rs 14.845 crore of Trust-level debt repayment. The statement shows no reserve creation, capital expenditure, or asset-sale proceeds as a September-quarter adjustment.

How did Anzen's quarterly NDCF change?

Anzen's NDCF increased to Rs 110.235 crore in the quarter ended 30 September 2026 from Rs 100.819 crore in the quarter ended 30 June 2026. The Rs 9.416 crore increase came as cash received from SPVs rose by Rs 61.195 crore, although finance cost increased by Rs 26.970 crore and Trust-level debt repayment of Rs 14.845 crore was recorded.

Compared with the quarter ended 30 September 2025, Anzen's NDCF increased from Rs 53.953 crore to Rs 110.235 crore. SPV cash receipts rose from Rs 97.280 crore to Rs 206.078 crore, while finance cost rose from Rs 38.330 crore to Rs 70.368 crore.

For the six months ended 30 September 2026, Anzen reported NDCF of Rs 211.058 crore, against Rs 107.676 crore a year earlier. The filing notes that the prior-year six-month SPV cash-flow figure included Rs 93.130 crore received after 30 September 2025 but before the board meeting date.

Why are Anzen's cash-flow comparisons affected by acquisitions?

Anzen said its revenue, expenses and cash flows across periods may not be comparable because it acquired 74% of the paid-up equity shares and other instruments of 12 solar SPVs on 2 March 2026. The acquired assets came from Edelweiss Infrastructure Yield Plus and SEPL Energy Private Limited under share purchase agreements dated 23 January 2026.

Anzen also acquired 100% of Kudgi Transmission Limited's equity shares and optionally convertible redeemable preference shares on 19 May 2026. The transaction was settled through the issue of 8.034 crore units at Rs 125 per unit, amounting to Rs 1,004.30 crore, to the seller entities.

Kudgi Transmission Limited owns and operates approximately 980 circuit kilometres of 400/765 kilovolt double-circuit transmission lines in Karnataka on a build-own-operate-and-maintain basis. Separately, Anzen acquired 100% of SEPL Energy Private Limited's equity shares on 10 June 2026, adding another entity to the assets represented in later reporting periods.

What debt items reduced Anzen's distributable cash flow?

Anzen deducted Rs 70.368 crore of finance cost and Rs 14.845 crore of debt repayment from September-quarter NDCF. Together, these financing deductions totalled Rs 85.213 crore, compared with finance cost of Rs 43.398 crore and no displayed Trust-level debt repayment in the June 2026 quarter.

During the quarter ended 30 June 2026, Anzen repaid loan principal of Rs 13.646 crore and interest of Rs 20.596 crore from surplus cash balances available in acquired SPVs at the time of acquisition. The disclosure provides context on debt-related cash movements but does not allocate those payments to the September 2026 NDCF calculation.

Anzen redeemed listed non-convertible debentures, or NCDs, of Rs 300 crore on 27 May 2026. It had redeemed Rs 450 crore of NCDs on 26 November 2025 after issuing Rs 775 crore of listed NCDs through a private placement on 25 November 2025.

Conclusion

Anzen's Rs 3.00-per-unit distribution approval is supported by Rs 110.235 crore of NDCF for the September 2026 quarter, up from Rs 100.819 crore in the preceding quarter and Rs 53.953 crore a year earlier. Higher SPV cash receipts were the main contributor, while finance costs and Trust-level repayment reduced distributable cash by Rs 85.213 crore.

The next disclosed event to watch is the record date, because Anzen has said the approved distribution will be paid within five working days of that date. Future NDCF comparisons will also reflect the 12 solar SPVs acquired in March 2026, Kudgi Transmission Limited acquired in May 2026, and SEPL Energy Private Limited acquired in June 2026.