IndiGrid Infrastructure Trust, India’s first and largest publicly listed power-sector infrastructure investment trust (InvIT), reported operational revenue of Rs 872 crore for the quarter ended 30 September 2026, up 8.4% year-on-year. The IndiGrid Q2 FY27 results, announced in Mumbai on 5 November 2026, also cover the commissioning of a 250 MW / 500 MWh battery project in Rajasthan and a 765 kV transmission project in Madhya Pradesh, and agreements to buy two more transmission projects in Himachal Pradesh.
IndiGrid Q2 FY27: earnings at a glance
According to the press release filed with BSE and NSE:
- Operational revenue: Rs 872 crore, up 8.4% year-on-year. The company said the growth came mainly from assets added over the past year, including Gadag Transmission Limited and Gujarat BESS Private Limited.
- Operational EBITDA: Rs 782 crore, up 7.9%, a margin of 89.7%.
- Net Distributable Cash Flow (NDCF): Rs 380 crore, up 4.7% from Rs 363 crore in Q2 FY26.
- Profit after tax: up 102% year-on-year.
- Reported revenue: Rs 1,315 crore, up 59.0%, and reported EBITDA Rs 858 crore, up 18.3%, a margin of 63.1%.
IndiGrid explained that the reported figures are higher than the operational ones because accounting standards require them to include service concession revenue from build-own-operate-transfer (BOOT) projects that are still under construction.
As of 30 September 2026, assets under management (AUM) stood at Rs 33,667 crore, with net debt to AUM at 60.4%. Collections were 103% for transmission assets and 94% for solar assets, with receivable days of 37 and 35 respectively.
Rajasthan BESS and Ishanagar project commissioned
IndiGrid said it commissioned two projects:
- Rajasthan BESS Private Limited (RBPL): a 250 MW / 500 MWh standalone battery energy storage project in Rajasthan. It takes IndiGrid’s operational standalone battery storage capacity to about 1 GWh. The company’s managing director, Harsh Shah, described it as the largest battery storage project the company has built to date.
- Ishanagar Power Transmission Limited (IPTL): an inter-state transmission project in Madhya Pradesh with a 4,000 MVA, 765/400/220 kV substation and about 33 circuit kilometres (ckm) of 765 kV lines.
Two Himachal Pradesh transmission projects to be acquired
During the quarter, IndiGrid signed Securities Purchase Agreements to acquire two transmission projects in Himachal Pradesh from EnerGrid, its US$300 million development platform backed by British International Investment and Norfund. The acquisitions are to happen once the projects are commissioned. Together they have a combined enterprise value of up to about Rs 6,650 crore and add about 554 ckm of lines and 1,680 MVA of transformation capacity.
- Shongtong Power Transmission Limited: about 450 ckm of lines and a 630 MVA substation to evacuate 600 MW of hydropower. Enterprise value of up to about Rs 5,300 crore; commercial operation date (COD) expected in Q4 FY29.
- Luhri Power Transmission Limited: 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. Enterprise value of up to about Rs 1,350 crore; COD expected in Q3 FY30.
Both projects are being built in the Himalayan terrain of Himachal Pradesh. They were won through tariff-based competitive bidding on a BOOT basis and are backed by long-term transmission service agreements with availability-linked payments.
Including these two projects, EnerGrid’s under-construction portfolio of eight transmission and BESS projects has a proposed acquisition value of about Rs 12,300 crore. IndiGrid expects to acquire about Rs 2,000 crore of EnerGrid assets during FY27.
Distribution to unitholders
The board of the investment manager approved a distribution per unit (DPU) of Rs 4.12 for the quarter, up 3.0% from Rs 4.00 a year earlier and in line with the full-year FY27 guidance of Rs 16.48. This is the trust’s 38th consecutive quarterly distribution. The record date is 11 November 2026, and the payment will be made on or before 18 November 2026. Since listing, IndiGrid has distributed about Rs 125.56 per unit, or about Rs 8,433 crore in total.
About the IndiGrid portfolio
Including under-construction projects across IndiGrid and EnerGrid, the portfolio spans 59 transmission lines of about 10,237 ckm, 20 substations with about 34,335 MVA of transformation capacity, about 1.5 GWp of solar generation capacity and about 2.5 GWh of battery energy storage. The investment manager of IndiGrid is wholly owned by KKR.
What it means for India’s clean-energy sector
The results show how an InvIT is shifting from operating assets to a pipeline of transmission and storage projects. Transmission lines and substations are needed to move renewable and hydropower to load centres, and standalone battery storage helps manage the gap between solar generation and evening demand. In the release, Harsh Shah said the next phase of the energy transition depends on moving and storing clean power, not only generating it, and that this needs large investment in transmission and storage backed by long-term capital.
The Himachal Pradesh projects are linked to hydropower evacuation, so they support the grid side of hydro capacity. Because the acquisitions will close only after the projects are commissioned, with COD expected in FY29 and FY30, they are a longer-term pipeline and do not affect the current quarter’s earnings.
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