Unit price
monthly high and low of daily closing prices from the NSE bhavcopy; the adjustment basis is printed under Market data₹ per unit · NSEMarket data
from the exchange price file and the latest filed statements; a figure with no source says soReturns
price return, income return and total return, by fiscal year₹ per unitThe filed years, four numbers
the whole trust, measured from filed statements onlyThe trust
Dates that matter
filed and scheduledthe company's own guidance, measured against its own first quarter
NOI, NDCF and DPU are non-statutory measures defined by the manager, not by Ind AS
Distribution per unit, and what it is made of
₹ per unitRevenue and net operating income, half year by half year
as filed, with derived halves marked₹ mnRevenueNet operating incomederived as full year less the filed half
Segments
revenue, net operating income and margin₹ mn · three monthsPortfolio at a glance
the number that confuses everyone about REITs, reconciled
What the call claimed, tested
Figures we did not accept, and why
property-wise fair value tables across the balance dates on fileWhere the two revenue numbers come from
databook against statutory statementSeries breaks the statements themselves declare
where a line stops meaning what it meantA break is recorded against the first year on the new basis · totals stay comparable across a break, sub-lines do not
Every filed year, as filed
every figure from a consolidated statement of profit and loss or a segment note₹ mn unless statedCAGR columns computed on the endpoints showna dot marks a figure derived rather than filed
where the operating result and the unitholder's result part company
RevenueNet operating incomeDistribution per unitNAV per unitFinance costs
Common-size income statement
per cent of revenue from operationsPer-unit series
₹ per unit, on the units outstanding at each year endevery figure in this panel carries its document and page
Segment history
revenue and net operating income by segment₹ mnBlank cells are periods where the filing gives segment NOI but not segment revenue — never a zero
Half-yearly and quarterly revenue and NOI
assembled from the segment notes of the filings on disk₹ mnA dotted marker means the period was derived by subtraction from a filed full year or half year, never read directly
Consolidated financial statements
₹ mn
Statement
View
Quarterly statement of unaudited results
₹ mnevery figure in this panel carries its document and page
What is not here, and why
declared coverage gapsA gap is published as a gap · nothing on this page is interpolated, smoothed or back-solved to fill one
Ratio analysis
every ratio derived from the filed statements on the previous tab — inputs named in each rowNet debt = borrowings, current and non-current, less cash, bank balances and current investments
Leverage
net debt to EBITDA and interest coverNet debt / EBITDA (×)EBITDA / finance costs (×)
Where the operating income goes
finance costs as a share of NOIFinance costs ÷ NOIDistributions ÷ NOI
Projection engine
drivers on the left, statements below — every default is a measured historical value, not a guessProjected statements
net operating income to distribution per unit₹ mn unless statedValuation
two independent routes, both driven by the sliders above₹ per unitSensitivity — value per unit
exit cap rate against terminal NOI growth₹ per unitevery figure in this panel carries its document and page
What the earnings calls on file actually contain
what the files on record actually contain, countedINDIGRID · earnings callsGuidance track record
every number the manager guided, against the number that was later filedThe same questions, asked of every call on file
one row per metric management repeats, one column per callsaid on the call, not in a statementalso fileda blank is a call that did not give the number — never a carried-forward value
Facts joined to the sentence that explains them
every claim found in the calls on file, each anchored to a filed numberwhy the same period appears twice, and which filing each came fromWho was on the call
extracted from the participant block of each transcriptA governance series that exists only inside transcripts
Distribution per unit, as declared on each call
₹ per unitevery figure in this panel carries its document and page
Net distributable cash flow, SPV level to unitholder
the bridge the whole asset class turns onevery figure in this panel carries its document and page
NDCF by asset, SPV level
where the distributable cash is actually generated₹ mnevery figure in this panel carries its document and page
Distribution per unit, quarter by quarter
as declared₹ per unitevery figure in this panel carries its document and page
Commercial office portfolio
the assets in the portfolio tableMark-to-market is market rent over in-place rent · GAV from the semi-annual independent valuation by L. Anuradha with C&W review
Development pipeline
under construction and proposed₹ mn to be spentHospitality
every figure in this panel carries its document and page
Revenue, NOI and NDCF by asset
eighteen line items — the detail no XBRL filing carries₹ mn · three monthsA blank is a period or a measure not disclosed for that asset, never a zero
Asset fair value, the verified balance dates
from the property-wise break-up inside the statement of net assets at fair value₹ mnView
Accepted only where the entity values sum exactly to the total printed in the same table · the dates rejected for this trust are listed on the Triage tab
Asset metric picker
any measure the databook carries, for the periods it carries themMeasure
every figure in this panel carries its document and page
Leasing
three months endedLargest occupiers
share of gross annualised rental obligationsevery figure in this panel carries its document and page
Notable deals signed this quarter
Occupier names are as disclosed — several are anonymised by the manager and are shown that way, never guessed at
Debt at REIT level
Maturity ladder
principal repayment by fiscal yearevery figure in this panel carries its document and page
Leverage
Borrowings and net debt, the filed years
derived from the consolidated balance sheet₹ mnConsolidated borrowings differ from the REIT-level debt table above, which covers instruments issued by the Trust itself
Unitholding pattern
units as filedevery figure in this panel carries its document and page
Document library
every filing on disk, by classevery figure in this panel carries its document and page
Source register
which filing each period on this page came fromPage references are to the printed page of the source PDF
Sell-side coverage
nineteen firms, as listed in the databookAnalyst coverage is disclosed in the databook and is itself a data point — no other Indian REIT publishes it this completely
Download the workbook
INE219X23014_INDIGRID_trustbook.xlsx — every number this page serves for the trust as a cell, with a row per cell naming the document, page and line it was read from.
Operating measures
Read from the trust’s investor presentations and valuation reports. These are not audited statements. Each figure names the document, the page and the date it was published.
| Measure | 2018-03-31 | 2019-03-31 | 2020-03-31 | 2020-09-30 | 2021-03-31 | 2021-06-30 | 2022-03-31 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2025-03-31 | 2025-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Line availability | 99.76% | 99.77% | 99.88% | — | — | — | — | — | — | — | — | — |
| Units outstanding | 284 | 284 | 583 | — | 700 | — | 700 | 700 | — | 784 | 835 | — |
| Weighted average cost of capital | — | — | — | -1% | — | -1% | — | — | -1% | -0.5% | -0.5% | -0.5% |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-13 | Q1FY27 | Harsh Shah, IndiGrid Infrastructure Trust | Read the call |
| 2023-08-07 | Harsh Shah, INDIA GRID TRUST, India Grid Trust | Read the call | |
| 2023-05-19 | Harsh Shah, INDIGRID LIMITED, IndiGrid Limited, Subhadip Mitra | Read the call | |
| 2023-02-07 | Harsh Shah, India Grid Trust, Meghana Pandit | Read the call | |
| 2022-11-21 | Q2FY23 | Harsh Shah, IndiGrid Trust, Meghana Pandit | Read the call |
| 2020-08-06 | Q1FY21 | Harsh Shah, India Grid Trust, Swarnim Maheshwari | Read the call |
What they said about it, quarter by quarter
| Topic | 2023-02 | 2023-05 | 2023-08 | Q1FY21 | Q1FY27 | Q2FY23 |
|---|---|---|---|---|---|---|
| Acquisitions | 1,500 crores of acquisition of KTL (Khargone Transmission Limited) from Sterlite Power, | We have signed definitive agreements to acquire Virescent Renewable Energy | does not include the recent acquisition that we have signed up for. | during the Q1 for acquisition of Jhajjar KT Transco Private Limited from Techno Electric | something which IndiGrid will acquire as and when the projects are revenue-generating and | pretty happy about the value at which we acquired and the synergies with our portfolios that |
| Availability and tariff | operating performance side, our average availability remained at 99.76%, which is what | We are at 99.6% availability at the end of quarter | us on a regulated tariff mechanism across four of our substations in Kallam, Patran, Prithla and | tariffs are not linked to power flow and based on availability of transmission elements; | Our weighted average quarterly transmission availability remains at 99.64%, Solar CUF | Our availability is robust at 99.3%, which will be covered in detail by |
| Cap rates and valuation | NAV as of December 31,2022 stood at INR 133. | NAV has remained pretty much stable at INR131.62 versus last year, while there | NAV as of June 30 stood at INR130.5 per unit. | valuation report and other details, so in case you have question we can refer to those | The NAV per unit stood at around INR146.93 as on | The NAV as on quarter-end stood at Rs.135.30 paisa. |
| Debt cost | our average cost of debt portfolio continues to be at around 7.5%. | the 3 rating agencies, and we ended the year with an average cost of debt of about 7.53%. | 1, our average cost of debt remains at a healthy 7.58% with a cash balance of about INR1,041 | weighted average cost of debt is at ~8.6%. | Our average cost of debt as on 30th June stands at around | The average cost of debt at the portfolio level for borrowing of around Rs.13,000 |
| Development | So there may be an under construction project, | — | development on the transmission side, which are part of the National Electricity Plan, which was | Slide #15 is about recent development of which we recently announced our disclosures this | transmission debt put together and equal a robust number on the CUF delivery. | public already, but I can say there is nothing which is a big material development on either |
| Distributions | believe our strategy of focused business model, value accretive growth, predictable distribution | business model, value accretive growth, predictable distribution and an optimal capital structure. | value accretive growth, predictable distribution and optimal capital structure, we'll be able to | focused on value accretive growth, deliver predictable DPU to our investors and follow | We strive to do value-accretive growth by doing DPU-accretive acquisitions year-on-year and | distribution and manage the risks by managing optimal capital structure, we believe we will |
| Occupancy | — | — | — | — | — | alternatives over there, there was a vacancy that IndiGrid had and I think that was natural I |
| Re-leasing and rents | On the transmission side, again, CEA recently released a report which showcases about INR | — | — | — | About INR60,000 crores of RFPs have already been released in transmission. | — |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2022-11-21 | Q2FY23 | IndiGrid Trust | on track to meet our DPU guidance of Rs.13.20 paisa for the year. |
| 2022-11-21 | Q2FY23 | IndiGrid Trust | guidance of Rs. 13.20 in the year. |
| 2023-02-07 | India Grid Trust | We are on track to meet this year and the guidance of rupees INR 13.20 per unit. | |
| 2023-02-07 | Harsh Shah | This year, we will look to deliver the DPU guidance of Rs. 13.2, | |
| 2026-08-13 | Q1FY27 | IndiGrid Infrastructure Trust | the annual DPU guidance of INR16.48 for FY27, the quarterly DPU approved by the Board |
| 2023-05-19 | IndiGrid Limited | So next year, the DPU guidance is at INR13.8 a unit, which is approximately again a 4.5% | |
| 2023-05-19 | IndiGrid Limited | growth over the last year of guidance of INR13.2. |