IndiGrid Infrastructure Trust reported a 59% YoY jump in Q2 FY27 revenue to ₹1,315 crore, supported by service concession revenue. The trust declared a DPU of ₹4.12, maintaining its annual guidance of ₹16.48. Key growth drivers include the commissioning of a 250 MW battery storage project and new transmission acquisition agreements worth up to ₹6,650 crore in enterprise value.
IndiGrid Q2 FY27 Performance Highlights
IndiGrid recorded a 59% surge in reported revenue to ₹1,315 crore for the quarter ended September 30, 2026, while the Distribution Per Unit (DPU) rose 3% YoY to ₹4.12.
Reader Takeaway: Strong revenue growth and consistent DPU payouts are balanced against elevated capital expenditure and debt-funded expansion plans.
What just happened
IndiGrid Infrastructure Trust has released its financial results for Q2 FY27, showcasing strong top-line expansion. While reported revenue reached ₹1,315 crore, EBITDA grew by 18.3% to ₹858 crore compared to the same period last year. The trust successfully commissioned its 250 MW Rajasthan BESS standalone battery storage project and the Ishanagar Power Transmission project in Madhya Pradesh, marking significant capacity additions.
Why this matters
The steady growth in DPU demonstrates management’s commitment to shareholder returns amid an aggressive growth strategy. By securing acquisition agreements with EnerGrid for two major transmission projects in Himachal Pradesh, the trust is building a long-term development pipeline that targets COD in FY29 and FY30. This inorganic strategy is critical to maintaining future growth as the current assets mature.
Risks to watch
With a Net Debt to AUM ratio standing at 60.4%, the trust is heavily reliant on capital markets to fund its expansion. The success of the newly signed transmission projects depends on project execution timelines and maintaining regulatory approvals through FY29/30. Investors should monitor how the integration of large, under-construction assets impacts the balance sheet leverage in the coming quarters.
Distribution Details
The Board has approved a distribution of ₹4.12 per unit. This comprises ₹3.1878 as interest and ₹0.9322 as capital repayment. The record date for this distribution is November 11, 2026, with payouts scheduled on or before November 18, 2026.
Context metrics
IndiGrid closed the quarter with an AUM of ₹33,667 crore. Operational collection efficiency remains robust, with 103% for transmission assets and 94% for solar assets, maintaining a healthy receivable cycle of approximately 35-37 days.