For the second quarter of FY27, India Infrastructure Trust, also known as IndiGrid, posted a notable increase in earnings, marked by an 8.4% year-over-year rise in operational revenue, which reached Rs 872 crore. The trust’s operational EBITDA saw a 7.9% increase, totaling Rs 782 crore. Furthermore, Net Distributable Cash Flow (NDCF) grew 4.7% year-over-year to Rs 380 crore, while Profit After Tax (PAT) experienced a significant expansion of 102%. The reported revenue was Rs 1,315 crore, which includes mandatory accounting adjustments for service concession revenue from projects currently under construction.
Infrastructure Expansion Efforts
Notable developments during the quarter included the commissioning of Rajasthan BESS Private Limited, a standalone battery energy storage system with a capacity of 250 MW / 500 MWh, located in Rajasthan. This addition brought IndiGrid’s total operational battery storage capacity to approximately 1 GWh. Additionally, the trust commissioned Ishanagar Power Transmission Limited in Madhya Pradesh, which features a 4,000 MVA substation and 33 circuit kilometers of transmission lines. IndiGrid also entered into agreements to acquire two transmission projects in Himachal Pradesh from EnerGrid, with a combined enterprise value of up to Rs 6,650 crore upon their completion.
The Investment Manager of IndiGrid approved a Distribution Per Unit (DPU) of Rs 4.12 for the quarter, consistent with the full-year guidance of Rs 16.48. As of September 30, 2026, the trust’s assets under management stood at Rs 33,667 crore, with a Net Debt to AUM ratio of 60.4%. This financial approach shows IndiGrid’s commitment to maintaining a balanced debt ratio, prioritizing financial prudence as it expands its asset base through strategic acquisitions, differing from the more rapid expansion strategies seen in other infrastructure funds.