IndiGrid Q2 FY27 Revenue Rises 59% to ₹1,315 Crore

IndiGrid Infrastructure Trust reported Q2 FY27 revenue of ₹1,315 crore, up 59% year-on-year, as acquisitions and operating assets supported growth, while quarterly distribution per unit rose 3% to ₹4.12. The results also showed higher interest costs, a lower net asset value and an operational disruption at one transmission project.

What did IndiGrid report for Q2 FY27?

IndiGrid reported revenue of ₹1,315 crore for Q2 FY27, a 59.0% increase from a year earlier, and EBITDA of ₹858 crore, up 18.3% from ₹725 crore in Q2 FY26. The trust said acquisitions and operational performance contributed to the reported revenue and EBITDA growth.

Separately, IndiGrid reported operational revenue of ₹872 crore, an 8.4% year-on-year increase. Net distributable cash flow, or NDCF, rose 4.7% to ₹380 crore. The difference between reported revenue and operational revenue reflects the different metrics disclosed in the quarterly material, and investors should assess each measure in its stated context.

The board of IndiGrid Investment Managers Limited, acting as investment manager, approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, on November 5, 2026. The investment manager subsequently released the audio transcript of the November 6 earnings call for investor reference.

How did IndiGrid expand its operating portfolio?

IndiGrid commissioned two projects during the quarter, including its first 765 kV transmission project and a 50 MW battery energy storage project. These additions expanded the trust's operating capacity across its transmission and energy-storage portfolio.

The trust also signed definitive agreements to acquire two transmission projects with a cumulative enterprise value of about ₹6,650 crore. The agreements add identified assets to IndiGrid's acquisition pipeline, though the disclosed material does not state a completion date for these transactions.

Operational indicators remained high across asset categories. Transmission availability was 99.4%, battery storage availability was 97.7%, and solar capacity utilisation factor, or CUF, was 20.9%. These metrics indicate the proportion of time or capacity at which relevant operating assets were available or utilised during the reported period.

What affected IndiGrid's financial position?

IndiGrid's profit after tax declined despite revenue growth because interest costs increased following acquisitions, while management continued to identify NDCF as the key distribution-focused measure. For an infrastructure investment trust, NDCF is relevant because it measures cash available for distribution after defined expenses and obligations.

Net asset value per unit fell to ₹138.5 from ₹148. Managing Director Harsh Shah said around 50% of the reduction was attributable to the rise in the risk-free or government securities rate from 6.8% to 7.2%.

He added that a change in the corporate tax rate at special purpose vehicle level, affecting deferred tax, accounted for about 25% to 30% of the NAV impact. The disclosures show that valuation assumptions and tax treatment, alongside the underlying assets' operating performance, influenced the reported NAV movement.

What operational issue did IndiGrid face during the quarter?

A fire incident at a substation affected transformer availability and reduced availability at the GPTL project, with full operations expected only by May 2027. The company did not disclose a financial estimate for the incident's impact in the supplied material.

The event is significant because transmission asset availability is a core operating measure for IndiGrid. While portfolio-wide transmission availability remained 99.4%, the restoration timeline means investors have a defined project-level operational matter to monitor through the remainder of FY27 and into FY28.

The trust's new 765 kV transmission asset and 50 MW battery project broaden its operating base, while the proposed ₹6,650 crore acquisitions point to further portfolio growth. At the same time, the GPTL restoration requirement and higher financing costs provide important context for evaluating cash flows and reported profit.

How is IndiGrid managing distributions and capital raising?

IndiGrid declared a Q2 FY27 DPU of ₹4.12, up 3% year-on-year, and said it was working towards its FY27 distribution guidance of ₹16.48 per unit. The quarterly distribution represents one-fourth of the stated full-year guidance, although distribution decisions remain subject to the board's process.

Harsh Shah said there was no immediate plan to tap capital markets. He also said any decision on raising DPU for the next financial year would be taken at the board's last meeting of the year in Q4. This places the next formal update on distribution policy at the Q4 board meeting rather than during the current quarter.

For unit holders, the quarter combines stronger reported revenue, a modest DPU increase and solid portfolio availability with a lower NAV and higher interest costs. The disclosed figures also underline why cash available for distribution and funding requirements remain key measures alongside accounting profit.

Conclusion

IndiGrid's Q2 FY27 disclosures show a 59% rise in reported revenue to ₹1,315 crore and an 18.3% increase in EBITDA to ₹858 crore, supported by acquisitions and new asset commissioning. NDCF increased to ₹380 crore and DPU rose to ₹4.12, while higher interest costs contributed to a decline in profit after tax and valuation factors reduced NAV to ₹138.5 per unit.

Investors will watch progress towards the FY27 DPU guidance of ₹16.48, the Q4 board's decision on any future distribution increase, and the expected restoration of full GPTL operations by May 2027. The execution of definitive agreements for the two transmission projects with about ₹6,650 crore of enterprise value is another disclosed matter that remains relevant to the trust's growth pipeline.