IndiGrid PAT doubles as Q2 operational revenue rises 8.4%

IndiGrid Infrastructure Trust reported a 102% year-on-year increase in profit after tax in Q2 FY27, while operational revenue rose 8.4% to Rs 872 crore for the quarter ended September 30, 2026. IndiGrid said assets added over the past year, including Gadag Transmission Limited and Gujarat BESS Private Limited, drove the operating-revenue increase.

How did IndiGrid perform in Q2 FY27?

IndiGrid increased operational revenue by 8.4% year on year to Rs 872 crore in Q2 FY27, while operational earnings before interest, taxes, depreciation and amortisation, or EBITDA, rose 7.9% to Rs 782 crore. The operational EBITDA margin was 89.7%, and IndiGrid attributed revenue growth mainly to additions made to its portfolio during the preceding year.

Reported revenue rose faster, increasing 59.0% year on year to Rs 1,315 crore, while reported EBITDA increased 18.3% to Rs 858 crore. IndiGrid said the reported figures include service-concession accounting revenue from Build-Own-Operate-Transfer, or BOOT, projects under construction, as required by accounting standards; this explains the difference from the operational measures. The release disclosed a 102% increase in profit after tax but did not provide an absolute profit figure.

Net distributable cash flow, or NDCF, increased 4.7% to Rs 380 crore from Rs 363 crore in Q2 FY26. The NDCF increase was below the 59.0% reported-revenue increase, while the reported revenue comparison includes construction-stage BOOT accounting revenue that IndiGrid separately identifies from operating revenue.

Which projects did IndiGrid commission in Q2 FY27?

IndiGrid commissioned Rajasthan BESS Private Limited, a 250 megawatt, or MW, and 500 megawatt-hour, or MWh, standalone battery energy storage system in Rajasthan. The project took IndiGrid's operational standalone battery storage capacity to about 1 gigawatt-hour, or GWh, which the trust described as among the largest such capacities in India.

IndiGrid also commissioned Ishanagar Power Transmission Limited in Madhya Pradesh, an interstate transmission project with a 4,000 megavolt-ampere, or MVA, 765/400/220 kilovolt substation and about 33 circuit kilometres, or ckm, of 765 kilovolt transmission lines. Managing Director Harsh Shah said the Rajasthan facility was IndiGrid's largest battery storage project to date and said the two commissioned assets add stability and visibility to cash flows.

Across IndiGrid and EnerGrid, including projects under construction, the portfolio spans 59 transmission lines of about 10,237 ckm, 20 substations with about 34,335 MVA of transformation capacity, about 1.5 gigawatt-peak of solar generation and about 2.5 GWh of battery storage. The newly commissioned Rajasthan asset adds storage capacity, while the Madhya Pradesh asset adds transmission infrastructure.

What distribution did IndiGrid approve for Q2 FY27?

IndiGrid approved a distribution per unit, or DPU, of Rs 4.12 for Q2 FY27, compared with Rs 4.00 in Q2 FY26, an increase of 3.0%. The Board of IndiGrid's Investment Manager approved the distribution in line with FY27 guidance of Rs 16.48 per unit, and it represents IndiGrid's 38th consecutive quarterly distribution.

The record date is November 11, 2026, and IndiGrid said the payment will be made on or before November 18, 2026. The Rs 4.12 DPU comprises Rs 3.1878 per unit of interest and Rs 0.9322 per unit of capital repayment, in accordance with Section 223 of the Income Tax Act, 2025.

Since listing, IndiGrid has distributed about Rs 125.56 per unit, or about Rs 8,433 crore in total, across 38 quarters. The Q2 FY27 amount is therefore the latest instalment under the stated full-year distribution guidance rather than a revised annual target.

What is IndiGrid's EnerGrid acquisition pipeline?

IndiGrid signed Securities Purchase Agreements to acquire two EnerGrid transmission projects in Himachal Pradesh after their commissioning, at a combined enterprise value of up to about Rs 6,650 crore. The projects, Shongtong Power Transmission Limited and Luhri Power Transmission Limited, would together add about 554 ckm of lines and 1,680 MVA of transformation capacity.

Shongtong has about 450 ckm of lines and a 630 MVA substation designed to evacuate 600 MW of hydropower, with commercial operation expected in Q4 FY29. Its proposed enterprise value is up to about Rs 5,300 crore, representing the larger portion of the two-project pipeline by value and line length.

Luhri is planned with about 104 ckm of lines and 1,050 MVA of substation capacity to evacuate power from the Sunni Dam and Luhri Stage-I hydroelectric projects. IndiGrid expects its commercial operation in Q3 FY30 and has agreed to an enterprise value of up to about Rs 1,350 crore; both projects have long-term transmission service agreements with availability-linked payments.

Including these two projects, EnerGrid has eight transmission and battery storage projects under construction with a proposed acquisition value of about Rs 12,300 crore. IndiGrid expects to acquire about Rs 2,000 crore of EnerGrid assets during FY27, while the two Himachal Pradesh projects have later targeted commercial-operation dates.

What do IndiGrid's balance sheet and collections show?

IndiGrid reported assets under management, or AUM, of Rs 33,667 crore as of September 30, 2026, and net debt equal to 60.4% of AUM. The AUM figure covers the trust's asset base at quarter-end, while the Rs 12,300 crore EnerGrid pipeline refers to proposed acquisitions from under-construction projects.

Collections were 103% for transmission assets and 94% for solar assets during the reported period. Receivable days were 37 for transmission and 35 for solar, leaving a two-day difference between the segments despite the lower solar collection percentage.

Conclusion

IndiGrid's Q2 FY27 results show operating growth from recently added assets, with operational revenue rising 8.4% to Rs 872 crore and operational EBITDA increasing 7.9% to Rs 782 crore. The 102% increase in profit after tax and 59.0% rise in reported revenue to Rs 1,315 crore should be considered alongside IndiGrid's disclosure that reported figures include service-concession revenue from BOOT projects under construction.

The next disclosed events are the Rs 4.12-per-unit distribution payment due on or before November 18, 2026, and IndiGrid's expectation of acquiring about Rs 2,000 crore of EnerGrid assets during FY27. Management has also identified Q4 FY29 for Shongtong's expected commercial operation and Q3 FY30 for Luhri, while continuing to evaluate transmission and storage opportunities.