India Grid Trust (IndiGrid) (INDIGRID) Key Insights, Strengths & Considerations
India Grid Trust (IndiGrid) — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹33,815 Cr with a Current NAV of ₹148.24/unit across 22 core assets (10,000 ckms, 20 Substations, 1.5 GW Solar & 2.5 GWh BESS).
- Distribution & Cash Flow Track Record: Delivers an indicated FY26 dividend yield of 9.34% (trailing 1Y DPU: ₹16.00/unit) and cumulative payouts of ₹121.44/unit since listing.
- Balance Sheet & Credit Profile: Backed by a CRISIL AAA / ICRA AAA / India Ratings AAA (Stable) credit rating with consolidated leverage at 58.5% LTV (operating within SEBI's 70% AAA-rated leverage limit).
- Sponsor & Institutional Alignment: Sponsored by KKR / Sterlite Power Platform with a 1.1% sponsor group stake and 42.8% combined FII + DII institutional ownership.
Key Considerations & Watchouts
- Price-to-NAV Valuation Spread: Investors should consider the prevailing discount or over-valuation of the market unit price (reference: ₹171.38) relative to the audited NAV of ₹148.24/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: At 58.5% LTV, debt service costs and refinancing spreads should be monitored closely as new assets are acquired.
- Distribution Tax Mix: Unitholder post-tax yield depends on the quarterly NDCF split between Interest (taxed at marginal slab rate), Dividend, and Return of Capital (ROC).
- Concession Life & Tariff Resets: Infrastructure InvIT cash flows are finite-life concessions where long-term NAV trajectory depends on residual concession tenure, traffic/availability compliance, and debt-funded asset additions.
AUDITED HISTORICAL METRICS
Performance & Asset Evolution
Multi-year operational and financial trajectory
Transmission Network & Capacity (ckms)
Axis (Y): ckms
Aggressive Utility Scale Expansion: Portfolio scaled to ~10,000 ckms transmission lines, 20 substations (34,335 MVA), 1.5 GW solar capacity, and 2.5 GWh BESS across 22 project SPVs.
AUDITED FINANCIAL DISCLOSURES
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | 7-Yr Trend / CAGR |
|---|---|---|---|---|---|---|---|
| Transmission Line Length (ckms) | 6,070 | 7,570 | 8,400 | 8,700 | 9,150 | 10,000 | +64.7% |
| Audited NAV per Unit (₹) | ₹160.00 | ₹155.00 | ₹150.00 | ₹147.50 | ₹148.24 | ₹148.24 | ₹148.24 (March 2026) |
| Annual Distribution per Unit (DPU ₹) | ₹12.20 | ₹12.75 | ₹13.80 | ₹14.20 | ₹15.00 | ₹16.00 | ₹121.44 Cumulative |
| Average Grid Availability (%) | 99.7% | 99.8% | 99.8% | 99.8% | 99.8% | 99.8% | >99.8% Availability |
| Avg Residual TSA Concession Life (Years) | 30.0 | 29.0 | 28.0 | 27.2 | 26.6 | 26.0 | 26.0 Yrs (March 2026) |
| Gross Asset Value (GAV ₹ Cr) | ₹14,500 | ₹18,500 | ₹22,800 | ₹26,500 | ₹28,500 | ₹33,815 | +133.2% |
| Loan to Value (LTV %) | 52.0% | 54.5% | 57.0% | 58.0% | 58.5% | 58.5% | 58.5% LTV |
SPONSOR & INSTITUTIONAL GOVERNANCE
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Sponsor: KKR Platform (Esoteric II Pte Ltd)
Sponsor & Promoters1.1%KKR / Sterlite Power Platform
Foreign Inst. (FII)26.7%Global PE & Sovereign Funds
Domestic Inst. (DII)16.1%Mutual Funds & Insurers
Public & Retail56.1%HNIs & Retail Investors
Sponsor1%
Category Breakdown
Sponsor & Promoter Group1.1%
Foreign Institutional (FII)26.7%
Domestic Institutional (DII)16.1%
Public & Retail Investors56.1%
PHYSICAL ASSET DIRECTORY
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Status | Residual Life | GAV Share |
|---|---|---|---|---|
Bhopal Dhule Transmission Company Limited (BDTCL) Madhya Pradesh & Maharashtra | Inter-State Transmission SPV (6 Lines & 2 Substations) | Operational | 28.5 Yrs TSA (>99.8% Availability) | 10.5% |
Jabalpur Transmission Company Limited (JTCL) Madhya Pradesh & Chhattisgarh | Inter-State Transmission SPV (2 Lines) | Operational | 28.0 Yrs TSA (>99.9% Availability) | 9.8% |
NRSS XXIX Transmission Limited (NTL / NRSS-XXIX) Jammu & Kashmir & Punjab | Critical Valley Grid SPV (3 Lines & 1 Substation) | Operational | 29.0 Yrs TSA (>99.8% Availability) | 9.0% |
East-North Interconnection Company Limited (ENICL) Assam, West Bengal & Bihar | Inter-Regional Transmission SPV (2 Lines) | Operational | 26.5 Yrs TSA (>99.8% Availability) | 8.2% |
NER II Transmission Limited (NER-II) Assam, Tripura & Arunachal Pradesh | North-East Grid SPV (11 Lines & 2 Substations) | Operational | 30.5 Yrs TSA (>99.9% Availability) | 8.5% |
Odisha Generation Phase II Transmission Limited (OGPTL) Odisha | 765kV Heavy Evacuation SPV | Operational | 29.5 Yrs TSA (>99.8% Availability) | 7.0% |
Khargone Transmission Limited (KTL) Madhya Pradesh & Maharashtra | Inter-State Transmission SPV (6 Lines & 1 Substation) | Operational | 30.0 Yrs TSA (>99.8% Availability) | 6.5% |
Purulia & Kharagpur Transmission Company Limited (PKTCL) West Bengal & Jharkhand | Regional Interconnection SPV (2 Lines) | Operational | 27.5 Yrs TSA (>99.8% Availability) | 5.0% |
Maheshwaram Transmission Private Limited (MTL) Telangana | Southern Grid SPV (2 Lines & 2 Substations) | Operational | 29.0 Yrs TSA (>99.9% Availability) | 4.5% |
Parbati Koldam Transmission Company Limited (PrKTCL) Himachal Pradesh & Punjab | Hydro Evacuation Transmission SPV | Operational | 26.0 Yrs TSA (>99.8% Availability) | 4.0% |
RAPP Transmission Company Limited (RTCL) Rajasthan & Madhya Pradesh | Nuclear Power Evacuation SPV | Operational | 27.5 Yrs TSA (>99.8% Availability) | 3.8% |
Beawar Transmission Limited Rajasthan | Renewable Energy Evacuation SPV | Operational | 32.0 Yrs TSA (>99.9% Availability) | 3.5% |
Kallam Transco Limited / Kallam Transmission (KTCO) Maharashtra | Renewable Evacuation Grid & GIS Substation | Operational | 32.0 Yrs TSA (>99.9% Availability) | 3.2% |
Gurgaon Palwal Transmission Private Limited (GPTL) Haryana | Urban Transmission SPV & 3 GIS Substations | Operational | 30.0 Yrs TSA (>99.9% Availability) | 3.0% |
Koppal Narendra Transmission Limited (KNTL) Karnataka | Renewable Evacuation SPV & Substation | Operational | 32.5 Yrs TSA (>99.9% Availability) | 2.8% |
Raichur Sholapur Transmission Company Private Limited (RSTCPL) Karnataka & Maharashtra | 765kV Inter-State Line SPV | Operational | 27.0 Yrs TSA (>99.8% Availability) | 2.2% |
Jhajjar KT Transco Private Limited (JKTPL) Haryana | Intra-State Grid Strengthener SPV | Operational | 25.0 Yrs TSA (>99.8% Availability) | 1.5% |
Patran Transmission Company Private Limited (PTCL) Punjab | Substation & Feeder SPV | Operational | 28.0 Yrs TSA (>99.9% Availability) | 1.5% |
FRV Solar & Selene Solar Park (Solar I & II) Andhra Pradesh & Telangana | Utility Scale Solar Generation | Operational | 21.5 Yrs PPA (SECI / NTPC) | 4.8% |
Virescent Renewable Energy Trust (16 Solar Parks Bundle) Maharashtra, Tamil Nadu, UP, Gujarat, Rajasthan | Multi-State Operational Solar Portfolio | Operational | 22.0 Yrs PPA (SECI & Discoms) | 6.5% |
Dhule Solar PV Project Maharashtra | Utility Scale Solar Generation | Operational | 23.0 Yrs PPA (MSEDCL) | 1.8% |
Kilokari & Gujarat Battery Energy Storage Systems (BESS KBPL/GBPL) Delhi & Gujarat | Stand-alone Grid-Scale Battery Energy Storage (BESS) | Operational / Commissioned | 12.0 Yrs Battery Service Agreement (BSAs) | 1.4% |
SECTOR PEER BENCHMARKING
Compare India Grid Trust (IndiGrid) with Peer Indian InvITs
Side-by-side comparison across all 9 listed Indian InvITs by NAV, GAV, Dividend Yield, Cumulative DPU & LTV
| InvIT Name | Category / Sector | Current NAV | GAV (₹ Cr) | Dividend Yield | Cumulative DPU | LTV (%) |
|---|---|---|---|---|---|---|
| Cube Highways TrustCUBEINVIT | National Highway Toll & Annuity Road Assets | ₹145.77 | ₹36,842 | 9.34% | ₹38.52 | 46.8% |
| Capital Infra TrustCAPINVIT | National Highway HAM Annuity Corridors | ₹74.72 | ₹6,635 | 11.43% | ₹14.60 | 41.1% |
| Indus Infra Trust (Bharat Highways InvIT)BHARATINV | National Highway HAM Annuity Road Assets | ₹116.81 | ₹9,448 | 10.83% | ₹27.70 | 43.5% |
| Raajmarg Infra Investment TrustRAAJMARG | Sovereign National Highway TOT Road Concessions | ₹100.72 | ₹9,807 | - | ₹2.40 | 38.4% |
| Citius TransNet Investment TrustCITIUSINV | Diversified Transport & Highway Concessions | ₹112.79 | ₹11,200 | - | ₹2.06 | 39.0% |
| Anantam Highways TrustANANTAM | Hybrid Annuity Model (HAM) Highway Assets | ₹115.80 | ₹3,250 | - | ₹7.50 | 35.5% |
| IRB InvIT FundIRBINVIT | Golden Quadrilateral & High-Density Toll Roads | ₹81.26 | ₹18,254 | 10.81% | ₹80.10 | 44.0% |
| India Grid Trust (IndiGrid)INDIGRIDViewing | Power Transmission, Solar & BESS Utility Assets | ₹148.24 | ₹33,815 | 9.34% | ₹121.44 | 58.5% |
| PowerGrid Infrastructure Investment Trust (PGInvIT)PGINVIT | Inter-State Power Transmission Assets | ₹90.79 | ₹9,450 | 12.80% | ₹58.50 | 5.8% |
INVESTOR FAQ • NSE: INDIGRID
Frequently Asked Questions about India Grid Trust (IndiGrid)
Key facts on India Grid Trust (IndiGrid) (INDIGRID) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of India Grid Trust (IndiGrid) (INDIGRID)?
India Grid Trust (IndiGrid) (NSE: INDIGRID) has an audited Net Asset Value (NAV) of ₹148.24 per unit and an appraised Gross Asset Value (GAV) of ₹33,815 Crore across its power transmission, solar & bess utility assets portfolio (10,000 ckms, 20 Substations, 1.5 GW Solar & 2.5 GWh BESS).
What is the dividend yield and DPU of India Grid Trust (IndiGrid) (INDIGRID)?
India Grid Trust (IndiGrid) (INDIGRID) has an indicated FY26 dividend yield of 9.34% based on a trailing 1-year DPU of ₹16.00 per unit and a median unit price of ₹171.38. Since inception, cumulative distributions stand at ₹121.44 per unit.
What is the LTV leverage and credit rating of India Grid Trust (IndiGrid)?
India Grid Trust (IndiGrid) operates with a consolidated Loan-to-Value (LTV) leverage ratio of 58.5% and holds a CRISIL AAA / ICRA AAA / India Ratings AAA (Stable) credit rating. Under SEBI regulations, InvITs are subject to a 49% standard leverage cap (extendable up to 70% for AAA-rated trusts with 6 consecutive quarterly distributions).
Who is the sponsor and what is the unitholding pattern of India Grid Trust (IndiGrid)?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (KKR / Sterlite Power Platform) holds 1.1% of units, Foreign Institutional Investors (FIIs) hold 26.7%, Domestic Institutional Investors (DIIs) hold 16.1%, and Public/Retail unitholders hold 56.1%.
How many portfolio assets does India Grid Trust (IndiGrid) own and operate?
India Grid Trust (IndiGrid) owns and operates 22 core infrastructure project assets in the Power Transmission, Solar & BESS Utility Assets segment. Under SEBI rules, at least 80% of its Gross Asset Value must be invested in completed, revenue-generating assets and at least 90% of Net Distributable Cash Flows (NDCF) must be paid out to unitholders.