Anzen transmission becomes 62.34% of fair-value portfolio

Anzen India Energy Yield Plus Trust reported electricity transmission at 62.34% of its Rs 795.49 crore fair-value investment portfolio as at 30 September 2026. Transmission investments were valued at Rs 495.94 crore, exceeding electricity generation at Rs 298.74 crore and replacing generation as the largest allocation since 31 March 2026.

How has Anzen’s fair-value portfolio allocation changed?

Anzen’s fair-value portfolio shifted towards electricity transmission, whose share rose to 62.34% at 30 September 2026 from 46.24% at 31 March 2026. Electricity generation moved to 37.55% from 53.76% over the same period, so the transmission share increased by 16.10 percentage points while generation’s share declined by 16.21 percentage points.

The shift coincided with an increase in total fair-value investments to Rs 795.49 crore at 30 September 2026 from Rs 556.36 crore at 31 March 2026. Electricity transmission rose by Rs 238.66 crore, from Rs 257.28 crore to Rs 495.94 crore, while electricity generation decreased by Rs 0.34 crore, from Rs 299.08 crore to Rs 298.74 crore.

The year-on-year comparison also shows transmission as the larger subsector at 30 September 2026. At 30 September 2025, transmission represented 61.28% of fair-value investments, valued at Rs 248.56 crore, while generation represented 38.72%, valued at Rs 157.04 crore. Transmission’s proportion was therefore 1.06 percentage points higher a year later.

The filing’s fair-value table includes investments in subsidiaries’ equity instruments, compulsorily convertible debentures, compulsorily convertible preference shares, non-convertible debentures, optionally convertible debentures and term loans to subsidiaries. The 62.34% allocation therefore measures the fair value of Anzen’s investment exposure by subsector at 30 September 2026, rather than revenue from electricity transmission.

Is electricity transmission now Anzen’s largest investment subsector?

Yes, electricity transmission was Anzen’s largest fair-value investment subsector at 30 September 2026, at Rs 495.94 crore compared with Rs 298.74 crore for electricity generation. Transmission was Rs 197.20 crore larger than generation at the reporting date, whereas generation had been Rs 41.80 crore larger than transmission at 31 March 2026.

The September 2026 ranking differs from the March 2026 position but is consistent with the year-earlier September disclosure. At 30 September 2025, transmission’s Rs 248.56 crore fair value exceeded generation’s Rs 157.04 crore by Rs 91.52 crore. By 30 September 2026, that gap had widened to Rs 197.20 crore.

Anzen states that its activities comprise owning and investing in transmission and renewable-energy assets in India to generate cash flows for distribution to unitholders. It treats those activities as one operating segment under Indian Accounting Standard 108, Operating Segments, and therefore did not provide separate operating-segment disclosures for transmission and generation in the 30 September 2026 results.

The portfolio disclosure includes an unallocable fair-value balance of Rs 81.30 lakh at 30 September 2026, equal to 0.10% of total fair-value investments. The filing says unallocable balances pertain to book values associated with investments in the project manager, while transmission and generation together represented 99.89% of the Rs 795.49 crore fair-value total after rounding.

What does Anzen’s book-value portfolio show?

Anzen’s book-value schedule also shows electricity transmission as the largest subsector at 30 September 2026, representing 61.94% of total investments. Transmission book value was Rs 446.00 crore, compared with Rs 273.09 crore for electricity generation, within a total book-value investment portfolio of Rs 720.10 crore.

Transmission book value rose by Rs 221.28 crore from Rs 224.72 crore at 31 March 2026 to Rs 446.00 crore at 30 September 2026. Generation book value fell by Rs 2.40 crore from Rs 275.48 crore to Rs 273.09 crore, reducing its share from 55.07% to 37.92% during the six-month period.

Fair value exceeded book value by Rs 75.39 crore across Anzen’s investments at 30 September 2026. Electricity transmission had fair value of Rs 495.94 crore against book value of Rs 446.00 crore, a difference of Rs 49.93 crore, while generation’s fair value of Rs 298.74 crore was Rs 25.65 crore above its Rs 273.09 crore book value.

The percentage differences between the two schedules are limited at the reporting date. Transmission represented 62.34% on the fair-value basis and 61.94% on the book-value basis, while generation represented 37.55% and 37.92%, respectively. Both valuation bases therefore show the same change in subsector ranking between 31 March 2026 and 30 September 2026.

Which acquisitions did Anzen disclose in 2026?

Anzen disclosed that it acquired 100% of SEPL Energy Private Limited from Edelweiss Infrastructure Yield Plus under a securities purchase agreement dated 23 April 2026. The filing gives SEPL Energy Private Limited an enterprise value of Rs 76.31 crore as at 30 September 2025, based on an independent valuer’s report dated 15 April 2026 using the net asset value method.

Anzen also disclosed the acquisition of 100% of the equity shares and optionally convertible redeemable preference shares of Kudgi Transmission Limited from Infrastructure Yield Plus I, Infrastructure Yield Plus II and India Infrastructure Yield Plus II. The securities purchase agreement was dated 17 March 2025, and the valuation summary reported an enterprise value of Rs 206.91 crore as at 31 December 2025 using the discounted cash flow method.

The Kudgi valuation used a weighted average cost of capital, or WACC, of 7.48%, according to the independent valuer’s report dated 16 March 2026. The filing lists Kudgi Transmission Limited among Anzen’s consolidated entities, but it does not allocate the transaction’s value to the Rs 238.66 crore increase in the electricity transmission fair-value balance between 31 March 2026 and 30 September 2026.

For the year ended 31 March 2026, Anzen reported acquiring 74% of paid-up equity capital in 12 solar special purpose vehicles from Edelweiss Infrastructure Yield Plus and SEPL Energy Private Limited under share purchase agreements dated 23 January 2026. The disclosed enterprise values ranged from Rs 3.10 crore for Pokaran Solaire Energy Private Limited to Rs 103.71 crore for Solairepro Urja Private Limited, with discounted cash flow used in those valuations.

Conclusion

Anzen’s 30 September 2026 subsector disclosure shows that electricity transmission became its largest investment allocation on both fair-value and book-value measures. Fair-value transmission investments reached Rs 495.94 crore and 62.34% of the portfolio, while generation stood at Rs 298.74 crore and 37.55%; six months earlier, generation had held the larger allocation.

The next results disclosure will show whether transmission remains above the 62.34% fair-value share after the reported acquisitions and valuations. Anzen disclosed the April 2026 purchase of SEPL Energy Private Limited and the Kudgi Transmission Limited valuation as at 31 December 2025, but did not disclose a future subsector-allocation target or a further scheduled transaction.