IndiGrid operational revenue rose 8.4% as reported revenue gained 59%

IndiGrid Infrastructure Trust reported Q2 FY27 revenue of ₹1,315 crore, up 59.0% year on year, but ₹443 crore came from service-concession accounting while operational assets contributed ₹872 crore, up 8.4% from ₹805 crore; net distributable cash flow (NDCF) increased 4.7% to ₹380 crore.

What drove IndiGrid's 59% reported revenue increase in Q2 FY27?

IndiGrid's reported revenue increase was driven primarily by a ₹443 crore service-concession accounting contribution in Q2 FY27, compared with ₹22 crore in Q2 FY26. Operational asset contribution rose by ₹67 crore, from ₹805 crore to ₹872 crore, representing 8.4% growth over the year-earlier quarter.

The revenue mix changed substantially from Q2 FY26. Service-concession accounting accounted for about one-third of Q2 FY27 reported revenue of ₹1,315 crore, while its ₹22 crore contribution was a small portion of Q2 FY26 revenue of ₹827 crore. Total revenue increased by ₹488 crore, compared with the ₹67 crore rise in operational asset contribution.

Operational asset revenue was ₹806 crore in Q2 FY25, ₹805 crore in Q2 FY26 and ₹872 crore in Q2 FY27. The contribution was therefore broadly unchanged between the first two comparison quarters before increasing in Q2 FY27, while the service-concession accounting contribution rose from nil in Q2 FY25 to ₹443 crore in the latest quarter.

How did IndiGrid's EBITDA change after the accounting contribution?

IndiGrid's earnings before interest, tax, depreciation and amortisation (EBITDA) rose 18.3% to ₹858 crore in Q2 FY27, including ₹76 crore from service-concession accounting. Operational asset EBITDA increased by ₹58 crore to ₹782 crore from ₹724 crore in Q2 FY26, while the accounting contribution rose by ₹75 crore from ₹1 crore.

The EBITDA mix differed from the revenue mix in Q2 FY27. Service-concession accounting contributed ₹76 crore to EBITDA against ₹443 crore of related revenue, while operational assets contributed ₹782 crore of the ₹858 crore total. In Q2 FY26, operational assets contributed ₹724 crore of total EBITDA of ₹725 crore.

Operational EBITDA was ₹733 crore in Q2 FY25, ₹724 crore in Q2 FY26 and ₹782 crore in Q2 FY27. It declined by ₹9 crore between Q2 FY25 and Q2 FY26, then increased by ₹58 crore in the latest quarter; reported EBITDA increased by ₹133 crore year on year.

Why did IndiGrid's NDCF rise only 4.7%?

IndiGrid's NDCF increased by ₹17 crore to ₹380 crore in Q2 FY27 from ₹363 crore in Q2 FY26, a smaller increase than the ₹133 crore rise in reported EBITDA. The Q2 FY27 cash-flow waterfall included a ₹55 crore working-capital movement at special-purpose vehicle (SPV) level and ₹423 crore of finance cost at the trust level.

At the SPV level, Q2 FY27 EBITDA was ₹880 crore. After a ₹55 crore working-capital movement, ₹9 crore of capex-related movement and ₹5 crore of tax, SPV NDCF was ₹810 crore. At the trust level, ₹5 crore of expenses, ₹423 crore of finance cost and ₹4 crore of tax were partly offset by a ₹2 crore working-capital movement.

IndiGrid distributed ₹392 crore during Q2 FY27, ₹12 crore more than NDCF generated. The trust said ₹12 crore was consumed from reserves during the quarter, leaving an NDCF reserve balance of about ₹510 crore. Distribution per unit (DPU) was ₹4.12, compared with ₹4.00 in Q2 FY26.

What do collections and operations indicate for IndiGrid?

IndiGrid's transmission collection was 103% in Q2 FY27, down from 108% a year earlier, while days sales outstanding (DSO) was 37 days as of September 2026 compared with 35 days in September 2025. Solar collection improved to 94% from 89%, and solar DSO declined to 35 days from 51 days over the same period.

Transmission collection recovered from 95% in Q1 FY27 to 103% in Q2 FY27, while transmission DSO declined from 38 to 37 days. Solar collection fell from 100% in Q1 FY27 to 94% in Q2 FY27, and solar DSO increased by one day from 34 to 35 days. The presentation states that DSO excludes unbilled revenue.

Transmission weighted-average availability was about 99.37% in Q2 FY27, while solar generation was 562.3 million units at a 22% capacity utilisation factor. Battery energy storage system availability was 97.71%, above the stated 95% contractual requirement, and its round-trip efficiency was 88.56%, above the 85% contractual requirement.

GPTL availability was 89.96% in Q2 FY27 after an August 8, 2026 fire impaired equipment at the Sohna substation and affected the availability of the substation and associated lines. IndiGrid expects full operations by May 2027, said the valuation reflects the impact, and stated that insurance claims have been filed.

What is IndiGrid's distribution plan and near-term operating target?

IndiGrid has guided for FY27 DPU of ₹16.48, and management said Q2 FY27 DPU of ₹4.12 was in line with that annual guidance. Gross distribution rose to about ₹396 crore from about ₹344 crore in Q2 FY26 as outstanding units increased to 95.26 crore from 83.45 crore.

The Q2 FY27 distribution comprised ₹3.1878 per unit of interest and ₹0.9322 per unit of capital repayment. In Q2 FY26, the ₹4.00 DPU comprised ₹3.0984 of interest, ₹0.0907 of dividend, ₹0.7465 of capital repayment and ₹0.0644 of other income. Net asset value (NAV) per unit was about ₹138.5 in Q2 FY27, compared with about ₹148.4 a year earlier.

Management's FY27 plan includes adding assets worth about ₹2,000 crore from EnerGrid's identified pipeline, executing augmentation work and greenfield projects, and sustaining more than 99.5% availability across the operational portfolio. The presentation also identifies an active transmission and battery energy storage bid pipeline worth about ₹1,24,644 crore, without stating that IndiGrid will win these opportunities.

Conclusion

IndiGrid's Q2 FY27 results separate a 59.0% reported revenue increase from 8.4% growth in operational asset contribution. Service-concession accounting added ₹443 crore to revenue and ₹76 crore to EBITDA, while NDCF increased 4.7% to ₹380 crore after working-capital, capex, tax and finance-cost movements. The quarter's ₹392 crore distribution exceeded generated NDCF by ₹12 crore, which was met from reserves.

The next disclosed items to watch are delivery against management's FY27 DPU guidance of ₹16.48, the planned addition of about ₹2,000 crore of EnerGrid pipeline assets, and the expected restoration of GPTL's Sohna substation by May 2027. Management also targets more than 99.5% availability across the operational portfolio while pursuing transmission and battery storage opportunities.