IndiGrid Infrastructure Trust

•

indigrid.co.inBSE: 540565NSE: INDIGRID

Market Cap₹ 0 Cr.

Current Price

High / Low₹ 181 / 161

Stock P/E—

Book Value—

Price to Book2.30

Dividend Yield0.00 %

ROCE8.0 %

ROE7.1 %

Face Value₹ 121

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Power Transmission: 82.8% • Power Generation: 17.2%

AI Sector View

AI GENERATED

Financial Services

Buy

Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.

Confidence

84%

View full sector analysis →

PROS

Solid return on assets for a lender - ROA of 4.7%
Asset quality is healthy - gross NPA of just 0.0%
Latest quarter profit grew 2391.0% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 22.8% CAGR over last 5 years

CONS

Capital adequacy is tight at 0.0% - limited headroom to grow
A large part of profit comes from other income (40.5% of PBT)
Company has a low return on capital employed of 7.7%
Company has a low return on equity of 6.9% over last 3 years
Equity base is being diluted - shares outstanding up 55.4%
Operating margins have contracted to 64.2% from 91.3%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Investment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	BAJAJFINSV	1917.30	30.28	307163.22	0.08	62966.70	1081.55	420369.00	1091.26	11.88	40.79
2.	AIIL	546.65	22.13	46422.91	0.00	11082.20	1075.19	14695.40	1109.37	13.85	88.91
3.	CHOLAHLDNG	1525.75	10.74	28650.15	0.09	1788.99	42.04	11113.57	42.92	10.52	57.53
4.	TVSHLTD	13000.05	13.35	26301.84	0.66	1173.58	73.77	17076.18	40.01	19.39	16.25
5.	CGCL	266.10	22.71	25602.92	0.08	353.38	102.04	1576.47	62.12	11.68	68.54
6.	MAHSCOOTER	13002.55	53.35	14860.05	1.69	3.32	-90.61	5.41	-81.52	1.06	84.10
7.	JSWHL	11435.95	92.40	12693.48	0.00	24.54	-92.74	34.58	14.97	0.58	92.45
8.	JMFINANCIL	124.75	11.48	11938.08	2.61	368.57	-19.66	1200.53	9.69	11.91	58.30
9.	TSFINV	437.25	19.95	9711.49	2.55	124.95	-92.11	305.57	102.23	3.47	53.35
10.	RELIGARE	256.95	161.25	8857.93	0.00	-46.98	-674.86	2353.40	1051.76	4.71	-2.08
11.	KAMAHOLD	2282.95	7.87	7326.12	1.82	584.02	10.80	4657.56	7.07	20.86	22.01
12.	INDIGRID	174.00	0.00	0.00	0.00	2459.37	—	10866.55	1248.26	7.99	80.21

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2024	Jun 2025	Sep 2025	Jun 2026
	806	840	827	10,867
	77	799	113	9,124
Operating Profit	729	41	714	1,743
OPM %	90.48%	4.87%	86.35%	16.04%
	34	33	37	633
Interest	384	380	425	3,960
Depreciation	276	275	291	3,014
Profit before Tax	103	74	35	2,376
Tax %	4.50%	-1.72%	-9.09%	-3.53%
Net Profit	0	75	39	2,459
	1.22	0.87	0.52	2.55

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,705	2,257	2,392	2,966	3,288	4,768	13,339
	256	214	230	425	398	1,706	10,112
Operating Profit	1,448	2,043	2,162	2,540	2,890	3,062	3,227
OPM %	84.96%	90.50%	90.37%	85.66%	87.90%	64.22%	24.19%
	11	22	22	22	150	183	737
Interest	687	1,050	1,011	1,308	1,495	1,651	5,148
Depreciation	430	665	704	939	1,101	1,145	3,856
Profit before Tax	342	349	469	315	444	449	2,588
Tax %	2.23%	1.72%	0.64%	5.89%	7.59%	11.19%	-3.23%
Net Profit	334	343	466	296	411	399	2,672
EPS	5.72	5.03	6.51	3.64	4.77	4.66	—
Dividend Payout %	211.32%	254.40%	193.11%	377.72%	321.04%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 26%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 3%
3 Years:: -5%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 7%
3 Years:: 12%
1 Year:: 39%

RETURN ON EQUITY

10 Years:: —
5 Years:: 7%
3 Years:: 7%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	5,315	6,590	6,590	7,645	8,332	10,244
Minority Interest	168	80	83	94	96	121
	-632	-1,172	-1,633	-2,355	-3,169	-4,171
	14,579	13,366	14,534	19,073	18,499	21,355
Trade Payables	23	49	75	108	71	1,013
	583	645	564	1,193	2,599	1,170
Total Liabilities	20,035	19,557	20,212	25,757	26,427	29,731
	16,390	16,838	17,841	22,710	22,028	23,708
Capital Work in Progress	10	4	78	23	59	443
	0	145	446	742	1,900	1,228
	0	0	5	26	29	33
	0	0	0	802	707	780
Cash & Bank	2,784	1,504	704	432	509	350
	852	1,066	1,138	1,023	1,196	3,190
Total Assets	20,035	19,557	20,212	25,757	26,427	29,731

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,659	2,069	2,086	2,663	2,902	3,377
Cash from Investing	-5,897	-1,517	-2,119	-6,102	-1,780	-2,945
Cash from Financing	6,415	-1,983	-790	3,356	-1,249	-452
	2,198	-1,419	-872	-83	-127	-20

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Mar 2017
	100.00
FIIs	0.00
DIIs	0.00
Government	0.00
Public	0.00

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for INDIGRID

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