New Risk • 2h
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.1% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 350% Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (8.1% net profit margin). Reported Earnings • 2h
Full year 2026 earnings released: EPS: ₹4.57 (vs ₹4.93 in FY 2025) Full year 2026 results: EPS: ₹4.57 (down from ₹4.93 in FY 2025). Revenue: ₹48.8b (up 43% from FY 2025). Net income: ₹3.94b (down 1.0% from FY 2025). Profit margin: 8.1% (down from 12% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Jul 02
New major risk - Revenue and earnings growth Earnings have declined by 1.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 1.0% per year over the past 5 years. Aankondiging • Jul 01
Indigrid Infrastructure Trust, Annual General Meeting, Jul 22, 2026 Indigrid Infrastructure Trust, Annual General Meeting, Jul 22, 2026, at 11:00 Indian Standard Time. Reported Earnings • May 16
Full year 2026 earnings released: EPS: ₹4.57 (vs ₹4.93 in FY 2025) Full year 2026 results: EPS: ₹4.57 (down from ₹4.93 in FY 2025). Revenue: ₹49.5b (up 45% from FY 2025). Net income: ₹3.94b (down 1.0% from FY 2025). Profit margin: 8.0% (down from 12% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • May 07
Indigrid Infrastructure Trust to Report Q4, 2026 Results on May 14, 2026 Indigrid Infrastructure Trust announced that they will report Q4, 2026 results on May 14, 2026 Aankondiging • Mar 25
Indigrid Infrastructure Trust (BSE:540565) acquired a majority stake in Gujarat Bess Private Limited from British International Investment plc and Norfund for an enterprise value of INR 5.7 billion. Indigrid Infrastructure Trust (BSE:540565) acquired a majority stake in Gujarat Bess Private Limited from British International Investment plc and Norfund for an enterprise value of INR 5.7 billion on March 25, 2026. The project is setup under Build Own Operate model and shall have an annual revenue of over INR 970 million with a concession tenure of 12 years.
Indigrid Infrastructure Trust (BSE:540565) completed the acquisition of majority stake in Gujarat Bess Private Limited from British International Investment plc and Norfund for an enterprise value of INR 5.7 billion on March 25, 2026. Aankondiging • Mar 12
Indigrid Infrastructure Trust (BSE:540565) completed the acquisition of Gadag Transmission Limited from Renew Transmission Ventures Private Limited and KNI India AS. Indigrid Infrastructure Trust (BSE:540565) entered into Share Purchase Agreement to acquire Gadag Transmission Limited from Renew Transmission Ventures Private Limited and KNI India AS for an enterprise value of INR 3.7 billion on December 2, 2025. A cash consideration will be paid by Indigrid Infrastructure Trust. The deal is for an enterprise vale of INR 3.7 billion excluding any net working capital and cash adjustments. Additionally, there will be an earn-out related to Change-In-Law availability and other bilateral billing related aspects, to be paid to the buyers if and when the payment is realized. Upon completion of the transaction, IndiGrid will acquire full shareholding and management control. The acquisition will be funded through a combination of equity, internal accruals, and debt.
The transaction is subject to governmental, regulatory or any other approvals as may be required.
Vaibhav Choukse, Upendra Nath Sharma, Bharat Bhushan Sharma, Poonam Verma Sengupta, Vishnu Sudarsan, Shashank Vikram Singh and Kartikeya GS of J. Sagar Associates acted as legal advisor to Indigrid Infrastructure.
Indigrid Infrastructure Trust (BSE:540565) completed the acquisition of Gadag Transmission Limited from Renew Transmission Ventures Private Limited and KNI India AS on March 10, 2026. The governmental, regulatory or any other approvals, as required, are obtained for the aforesaid acquisition in line with the terms of Transmission Service Agreement (“TSA”) and Definitive Agreement. Aankondiging • Mar 05
SEIT, IndiGrid, Anzen Reportedly in Talks to Acquire Actis' Renewables Arm Several private investors and trusts are in separate discussions to acquire Athena Renewable Energy (Athena Renewable Energy India Private Limited), the Indian renewable energy platform owned by UK-based private equity firm Actis (Actis LLP), multiple people aware of the development. The interested bidders include SEIT (Sustainable Energy Infra Trust Fund (NSEI:SEITINVIT)), the energy InvIT sponsored by Mahindra Susten; IndiGrid (Indigrid Infrastructure Trust (BSE:540565)), backed by KKR; and Anzen InvIT (Anzen India Energy Yield Plus Trust (NSEI:ANZEN)), sponsored by Sekura Energy, which is owned by Edelweiss. The investors have submitted binding bids after completing due diligence, said the sources cited above. The proposed transaction could value Athena at an enterprise value of around INR 23,000 million - INR 25,000 million. The platform currently operates about 550 MW of renewable energy capacity. ET had first reported in January that Actis had put Athena on the block and appointed Kotak Mahindra Capital to manage the sale process. As part of the outreach, Actis had sounded out a select set of potential buyers including Hexa Climate Solutions, IndiGrid, Ontario Teachers' Pension Fund, Sekura Energy and Jindal Renewables. Emails sent to Actis, Mahindra Susten, Sekura Energy and IndiGrid remained unanswered until the publication of this report. Aankondiging • Feb 04
Indigrid Infrastructure Trust to Report Q3, 2026 Results on Feb 12, 2026 Indigrid Infrastructure Trust announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Jan 21
Second quarter 2026 earnings released: EPS: ₹0.52 (vs ₹1.22 in 2Q 2025) Second quarter 2026 results: EPS: ₹0.52 (down from ₹1.22 in 2Q 2025). Revenue: ₹8.72b (up 4.3% from 2Q 2025). Net income: ₹431.3m (down 55% from 2Q 2025). Profit margin: 4.9% (down from 11% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 20
Now 20% overvalued Over the last 90 days, the stock has fallen 4.3% to ₹165. The fair value is estimated to be ₹137, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 12%. Aankondiging • Jan 20
Indigrid Infrastructure Trust has filed a Follow-on Equity Offering. Indigrid Infrastructure Trust has filed a Follow-on Equity Offering.
Security Name: Units
Security Type: Common Stock
Price(minimum): INR 167.42
Security Features: Income Trust
Transaction Features: Regulation S; Subsequent Direct Listing Buy Or Sell Opportunity • Dec 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to ₹169. The fair value is estimated to be ₹141, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has declined by 12%. Aankondiging • Dec 03
Indigrid Infrastructure Trust (BSE:540565) entered into Share Purchase Agreement to acquire Gadag Transmission Limited from Renew Transmission Ventures Private Limited and KNI India AS. Indigrid Infrastructure Trust (BSE:540565) entered into Share Purchase Agreement to acquire Gadag Transmission Limited from Renew Transmission Ventures Private Limited and KNI India AS for an enterprise value of INR 3.7 billion on December 2, 2025. A cash consideration will be paid by Indigrid Infrastructure Trust. The deal is for an enterprise vale of INR 3.7 billion excluding any net working capital and cash adjustments. Additionally, there will be an earn-out related to Change-In-Law availability and other bilateral billing related aspects, to be paid to the buyers if and when the payment is realized. Upon completion of the transaction, IndiGrid will acquire full shareholding and management control. The acquisition will be funded through a combination of equity, internal accruals, and debt.
The transaction is subject to governmental, regulatory or any other approvals as may be required. Aankondiging • Nov 12
Indigrid Infrastructure Trust announced that it has received INR 4.379999881 billion in funding from a group of investors On November 11, 2025, Indigrid Infrastructure Trust closed the transaction. The company issued 25,952,479 shares at a price of INR 168.77 per share for aggregate gross proceeds of INR 4,379,999,880.83. Aankondiging • Nov 04
Indigrid Infrastructure Trust to Report First Half, 2026 Results on Nov 11, 2025 Indigrid Infrastructure Trust announced that they will report first half, 2026 results on Nov 11, 2025 Declared Dividend • Jul 26
Fourth quarter dividend of ₹4.00 announced Shareholders will receive a dividend of ₹4.00. Ex-date: 29th July 2025 Payment date: 5th August 2025 Dividend yield will be 9.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (311% earnings payout ratio). However, it is covered by cash flows (64% cash payout ratio). The dividend has increased by an average of 5.1% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 246% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Aankondiging • Jul 17
Indigrid Infrastructure Trust to Report Q1, 2026 Results on Jul 24, 2025 Indigrid Infrastructure Trust announced that they will report Q1, 2026 results on Jul 24, 2025 New Risk • Jul 01
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 311% Dividend yield: 11% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 3.7% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (311% payout ratio). Reported Earnings • Jul 01
Full year 2025 earnings released: EPS: ₹4.93 (vs ₹3.89 in FY 2024) Full year 2025 results: EPS: ₹4.93 (up from ₹3.89 in FY 2024). Revenue: ₹34.1b (up 15% from FY 2024). Net income: ₹3.98b (up 40% from FY 2024). Profit margin: 12% (up from 9.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Aankondiging • Jun 30
Indigrid Infrastructure Trust, Annual General Meeting, Jul 24, 2025 Indigrid Infrastructure Trust, Annual General Meeting, Jul 24, 2025, at 11:00 Indian Standard Time. Aankondiging • Jun 25
Indigrid Infrastructure Trust (BSE:540565) acquired Koppal-Narendra Transmission Limited from ReNew Solar Power Private Limited and Kni India for an enterprise value not exceeding INR 7.5 billion. Indigrid Infrastructure Trust (BSE:540565) agreed to acquire Koppal-Narendra Transmission Limited from ReNew Solar Power Private Limited and Kni India for an enterprise value not exceeding INR 7.5 billion on June 6, 2025. The mode of consideration is cash. Additionally, there will be an earn-out related to Change-In-Law. Koppal Narendra Transmission is jointly owned by ReNew Solar Power Private Limited (51%) and KNI India (49%), a joint venture between Norfund and KLP. This acquisition will be funded through a combination of equity, internal accruals, and debt. The completion of acquisition would depend upon receipt of relevant regulatory, contractual approvals and lender approvals, and completion of customary condition precedents, as agreed in the definitive agreements signed between parties.
Indigrid Infrastructure Trust (BSE:540565) completed the acquisition of Koppal-Narendra Transmission Limited from ReNew Solar Power Private Limited and Kni India on June 24, 2025. Aankondiging • Jun 09
Indigrid Infrastructure Trust (BSE:540565) agreed to acquire Renew Surya Aayan Private Limited from ReNew Solar Power Private Limited in a transaction valued at INR 14.3 billion. Indigrid Infrastructure Trust (BSE:540565) agreed to acquire Renew Surya Aayan Private Limited from ReNew Solar Power Private Limited in a transaction valued at INR 14.3 billion on June 6, 2025. This acquisition will be funded through a combination of equity, internal accruals, and debt.
For the period ending March 31, 2025, Renew Surya Aayan Private Limited reported total revenue of INR 1.63 billion.
The transaction is subject to approval by regulatory board / committee and approval/consents of lenders/creditors. Reported Earnings • May 18
Full year 2025 earnings released: EPS: ₹4.93 (vs ₹3.89 in FY 2024) Full year 2025 results: EPS: ₹4.93 (up from ₹3.89 in FY 2024). Revenue: ₹34.4b (up 16% from FY 2024). Net income: ₹3.98b (up 40% from FY 2024). Profit margin: 12% (up from 9.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Declared Dividend • May 17
Third quarter dividend of ₹4.10 announced Shareholders will receive a dividend of ₹4.10. Ex-date: 20th May 2025 Payment date: 27th May 2025 Dividend yield will be 10%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 4.0% per year over the past 8 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 284% to bring the payout ratio under control. However, EPS has declined by 15% over the last 5 years so the company would need to reverse this trend. Aankondiging • May 10
Indigrid Infrastructure Trust to Report Fiscal Year 2025 Results on May 15, 2025 Indigrid Infrastructure Trust announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Jan 27
Third quarter 2025 earnings released: EPS: ₹0.66 (vs ₹1.20 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.66 (down from ₹1.20 in 3Q 2024). Revenue: ₹8.04b (up 2.7% from 3Q 2024). Net income: ₹547.2m (down 39% from 3Q 2024). Profit margin: 6.8% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Declared Dividend • Jan 25
Second quarter dividend of ₹3.75 announced Shareholders will receive a dividend of ₹3.75. Ex-date: 28th January 2025 Payment date: 4th February 2025 Dividend yield will be 10%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 4.5% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 235% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Aankondiging • Jan 16
India Grid Trust to Report Q3, 2025 Results on Jan 23, 2025 India Grid Trust announced that they will report Q3, 2025 results on Jan 23, 2025 Reported Earnings • Oct 27
Second quarter 2025 earnings released: EPS: ₹1.22 (vs ₹0.51 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.22 (up from ₹0.51 in 2Q 2024). Revenue: ₹8.36b (up 17% from 2Q 2024). Net income: ₹956.3m (up 166% from 2Q 2024). Profit margin: 11% (up from 5.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Oct 27
Second quarter dividend of ₹3.75 announced Shareholders will receive a dividend of ₹3.75. Ex-date: 30th October 2024 Payment date: 9th November 2024 Dividend yield will be 10%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 4.5% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 235% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Aankondiging • Oct 15
India Grid Trust to Report Q2, 2025 Results on Oct 25, 2024 India Grid Trust announced that they will report Q2, 2025 results on Oct 25, 2024 New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 0.2% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.9% net profit margin). Shareholders have been diluted in the past year (12% increase in shares outstanding). Aankondiging • Aug 22
KKR Affiliate to Sell 17% Stake in India Grid Trust U.S. private equity firm KKR's affiliate, Esoteric II Pte. Ltd., will sell a 17.3% stake in India Grid Trust (BSE:540565) for $213.6 million, the Indian investment firm said on August 21, 2024. The sale involves 135.8 million IndiGrid shares at an offer price of INR 132 each. The offer comprises a base offer of 9.66% stake with an oversubscription option of 7.66%. Esoteric, a sponsor of IndiGrid, is also a majority unitholder of IndiGrid Investment Managers, holding a 74% stake. The latter is responsible for IndiGrid's operations, including cash flows, acquisitions, and divestments. The share sale is scheduled for August 22 and 23, with Axis Capital, Ambit Capital, and SBICAP Securities appointed as selling brokers. Reported Earnings • Jul 26
First quarter 2025 earnings released: EPS: ₹1.71 (vs ₹1.49 in 1Q 2024) First quarter 2025 results: EPS: ₹1.71 (up from ₹1.49 in 1Q 2024). Revenue: ₹8.73b (up 34% from 1Q 2024). Net income: ₹1.34b (up 29% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Revenue is expected to decline by 3.0% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in India are expected to grow by 10%. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Aankondiging • Jul 16
India Grid Trust to Report Q1, 2025 Results on Jul 24, 2024 India Grid Trust announced that they will report Q1, 2025 results on Jul 24, 2024 Aankondiging • Jun 29
India Grid Trust, Annual General Meeting, Jul 24, 2024 India Grid Trust, Annual General Meeting, Jul 24, 2024, at 11:00 Indian Standard Time. Declared Dividend • May 27
Fourth quarter dividend of ₹3.55 announced Shareholders will receive a dividend of ₹3.55. Ex-date: 30th May 2024 Payment date: 8th June 2024 Dividend yield will be 10%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has increased by an average of 3.7% per year over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 204% to bring the payout ratio under control. EPS is expected to grow by 45% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Aankondiging • May 26
India Grid Trust Declares Fourth Quarter of Fiscal Year 2024 Distribution, Payable on or Before June 8, 2024 IndiGrid Investment Managers Limited announced that Board of Directors of IndiGrid Investment Managers Limited acting in the capacity of Investment Manager to India Grid Trust in its meeting held on May 24, 2024 approved declaration of fourth quarter of fiscal year 2024 distribution of INR 3.55 per unit comprising INR 2.7361 per unit in the form of Interest, INR 0.8139 per unit in the form of Dividend (wherein INR 0.7884 is taxable, and INR 0.0255 is non-taxable). The record date for this distribution will be May 30, 2024, and payment will be made on or before June 8, 2024. Aankondiging • May 19
India Grid Trust to Report Q4, 2024 Results on May 24, 2024 India Grid Trust announced that they will report Q4, 2024 results on May 24, 2024 Declared Dividend • Jan 27
Dividend of ₹3.55 announced Shareholders will receive a dividend of ₹3.55. Ex-date: 31st January 2024 Payment date: 9th February 2024 Dividend yield will be 10%, which is higher than the industry average of 3.0%. Sustainability & Growth The dividend has increased by an average of 4.3% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 173% to bring the payout ratio under control. EPS is expected to grow by 13% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Aankondiging • Jan 26
India Grid Trust Approves Distribution of Third Quarter of 2024, Payable on or Before February 09, 2024 India Grid Trust approved Third Quarter FY24 distribution of INR 3.55 per unit comprising INR 2.9510 per unit in the form of Interest and INR 0.5621 per unit in the form of Capital repayment and INR 0.0369 in the form of Other Income. The record date for this distribution will be January 31, 2024, and payment will be made on or before February 09, 2024. Aankondiging • Jan 19
India Grid Trust to Report Q3, 2024 Results on Jan 25, 2024 India Grid Trust announced that they will report Q3, 2024 results on Jan 25, 2024 Aankondiging • Jan 09
India Grid Trust (BSE:540565) agreed to acquire Renew Solar Urja Private Limited from ReNew Energy Global Plc (NasdaqGS:RNW) for $90 million. India Grid Trust (BSE:540565) agreed to acquire Renew Solar Urja Private Limited from ReNew Energy Global Plc (NasdaqGS:RNW) for $90 million on January 8, 2024. The transaction is for a total enterprise value of $199 million. Approximately $8 million is expected to be additionally received as an earn-out on account of change-in-law proceeds, after the first payment is realized by Renew Solar Urja. The transaction is expected to close in accordance with PPA conditions. New Risk • Dec 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 245% Cash payout ratio: 423% Minor Risk Shareholders have been diluted in the past year (7.5% increase in shares outstanding). Aankondiging • Dec 06
India Grid Trust to Report First Half, 2024 Results on Dec 05, 2023 India Grid Trust announced that they will report first half, 2024 results on Dec 05, 2023 Reported Earnings • Nov 14
Second quarter 2024 earnings released: EPS: ₹0.51 (vs ₹1.75 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.51 (down from ₹1.75 in 2Q 2023). Revenue: ₹7.20b (up 18% from 2Q 2023). Net income: ₹360.1m (down 71% from 2Q 2023). Profit margin: 5.0% (down from 20% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in India are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Oct 28
India Grid Trust to Report Q2, 2024 Results on Nov 03, 2023 India Grid Trust announced that they will report Q2, 2024 results on Nov 03, 2023 New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 197% Cash payout ratio: 382% Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Reported Earnings • Jul 30
First quarter 2024 earnings released: EPS: ₹1.49 (vs ₹1.16 in 1Q 2023) First quarter 2024 results: EPS: ₹1.49 (up from ₹1.16 in 1Q 2023). Revenue: ₹6.53b (up 14% from 1Q 2023). Net income: ₹1.04b (up 29% from 1Q 2023). Profit margin: 16% (up from 14% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.7% p.a. on average during the next 2 years, while revenues in the Electric Utilities industry in India are expected to grow by 4.0%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Jul 29
India Grid Trust Declares Dividend for the Fourth Quarter of Fiscal Year 2024, Payable on Before August 12, 2023 India Grid Trust at its board meeting held on July 28, 2023 declared distribution of INR 3.45 per unit comprising INR 3.1759 per unit in the form of Interest, INR 0.0611 per unit in the form of Dividend, INR 0.2010 per unit in the form of Principal payment and INR 0.0120 in the form of Other Income for the first quarter of fiscal year 2024. The record date for this distribution will be August 3, 2023, and payment will be made on or before August 12, 2023. Aankondiging • Jul 24
India Grid Trust to Report Q1, 2024 Results on Jul 28, 2023 India Grid Trust announced that they will report Q1, 2024 results on Jul 28, 2023 New Risk • Jul 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 205% Cash payout ratio: 382% Dividend yield: 10% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 205% Cash payout ratio: 382% Aankondiging • Jun 30
India Grid Trust, Annual General Meeting, Jul 28, 2023 India Grid Trust, Annual General Meeting, Jul 28, 2023, at 11:00 Indian Standard Time. Agenda: To consider and adopt audited standalone financial statements and audited consolidated financial statements of indigrid as at and for the financial year ended on march 31, 2023; to consider approve and adopt valuation report issued by mr. pradhan dass, valuer for the valuation of the invit assets as on march 31, 2023; to consider and appoint mr. manish gadia, chartered accountant, bearing ibbi registration number ibbi/rv/06/2019/11646 as the valuer of india grid trust; and to consider other matters. Reported Earnings • May 14
Full year 2023 earnings released: EPS: ₹6.51 (vs ₹5.03 in FY 2022) Full year 2023 results: EPS: ₹6.51 (up from ₹5.03 in FY 2022). Revenue: ₹24.1b (up 6.1% from FY 2022). Net income: ₹4.56b (up 31% from FY 2022). Profit margin: 19% (up from 15% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 4.6% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Aankondiging • May 13
India Grid Trust Approves Distribution for Fourth Quarter of Fiscal Year 2023, Payable on or Before May 27, 2023 India Grid Trust approved Declaration of fourth quarter Fiscal Year 23 distribution of INR 3.45 per unit comprising INR 2.5344 per unit in the form of Interest, INR 0.2848 per unit in the form of Dividend (wherein INR 0.0257 is taxable, and INR 0.2591 is non- taxable) and INR 0.5853 per unit in the form of Principal payment and INR 0.0455 per unit in the form of Other Income. The record date for this distribution will be May 18, 2023, and payment will be made on or before May 27, 2023. Aankondiging • May 06
India Grid Trust to Report Fiscal Year 2023 Results on May 12, 2023 India Grid Trust announced that they will report fiscal year 2023 results on May 12, 2023 Reported Earnings • Jan 26
Third quarter 2023 earnings released: EPS: ₹1.68 (vs ₹1.32 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.68 (up from ₹1.32 in 3Q 2022). Revenue: ₹6.07b (up 4.9% from 3Q 2022). Net income: ₹1.17b (up 27% from 3Q 2022). Profit margin: 19% (up from 16% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Aankondiging • Jan 26
India Grid Trust Approves Distribution for Third Quarter of Fiscal Year 2023, Payable on or Before February 09, 2023 India Grid Trust announced that meeting of the Board of Directors held on January 25, 2023, approved the declaration of Third Quarter Fiscal Year 23 distribution of INR 3.30 per unit comprising INR 2.8042 per unit in the form of Interest and INR 0.4958 per unit in the form of Principal payment. The record date for this distribution will be January 31, 2023, and payment will be made on or before February 09, 2023. Aankondiging • Jan 24
India Grid Trust (BSE:540565) entered into an agreement to acquire Khargone Transmission Limited from Sterlite Power Transmission Limited for an enterprise value of INR 14.98 billion India Grid Trust (BSE:540565) entered into an agreement to acquire Khargone Transmission Limited from Sterlite Power Transmission Limited for an enterprise value of INR 14.98 billion on January 21, 2023. The consideration will be paid in cash. The completion of acquisition would depend upon receipt of Unitholders’ consent, regulatory and other relevant approvals as well as completion of contractual obligations. Khargone Transmission Limited recorded a turnover of INR 1.35 billion for the year ended March 31, 2022. Aankondiging • Jan 20
India Grid Trust to Report Q3, 2023 Results on Jan 30, 2023 India Grid Trust announced that they will report Q3, 2023 results on Jan 30, 2023 Aankondiging • Jan 10
India Grid Trust Announces the Resignation of Ms. Divya Bedi Verma as Chief Financial Officer of Indigrid Investment Managers Limited, Effective on or before April 10, 2023 India Grid Trust announced the resignation of Ms. Divya Bedi Verma as Chief Financial Officer of Indigrid Investment Managers Limited, effective on or before April 10, 2023. To pursue other interests. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director of IndiGrid Investment Managers Limited Jaya Vaidhyanathan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹1.75 (vs ₹1.06 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.75 (up from ₹1.06 in 2Q 2022). Revenue: ₹5.96b (up 7.4% from 2Q 2022). Net income: ₹1.22b (up 64% from 2Q 2022). Profit margin: 21% (up from 13% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Electric Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Board Change • Jul 28
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director of IndiGrid Investment Managers Limited Jaya Vaidhyanathan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Jun 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹5.03. Revenue: ₹22.7b (up 33% from FY 2021). Net income: ₹3.48b (up 4.4% from FY 2021). Profit margin: 15% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 5.9%, compared to a 11% growth forecast for the industry in India. Reported Earnings • May 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹5.03. Revenue: ₹22.6b (up 32% from FY 2021). Net income: ₹3.48b (up 4.4% from FY 2021). Profit margin: 15% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 6.7%, compared to a 10% growth forecast for the industry in India. Price Target Changed • Apr 27
Price target increased to ₹148 Up from ₹118, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₹152. Stock is up 21% over the past year. The company is forecast to post earnings per share of ₹7.55 for next year compared to ₹5.72 last year. Reported Earnings • Jan 28
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹1.32 (down from ₹1.62 in 3Q 2021). Revenue: ₹5.81b (up 33% from 3Q 2021). Net income: ₹924.9m (down 2.2% from 3Q 2021). Profit margin: 16% (down from 22% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 8.2%, compared to a 11% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Oct 30
Second quarter 2022 earnings released: EPS ₹1.06 (vs ₹1.47 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹5.55b (up 47% from 2Q 2021). Net income: ₹743.4m (down 13% from 2Q 2021). Profit margin: 13% (down from 23% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
First quarter 2022 earnings released: EPS ₹1.27 (vs ₹1.47 in 1Q 2021) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2022 results: Revenue: ₹5.65b (up 54% from 1Q 2021). Net income: ₹852.6m (flat on 1Q 2021). Profit margin: 15% (down from 23% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • May 29
Full year 2021 earnings released: EPS ₹5.72 (vs ₹9.13 in FY 2020) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: ₹17.0b (up 34% from FY 2020). Net income: ₹3.34b (down 34% from FY 2020). Profit margin: 20% (down from 40% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Price Target Changed • Jan 29
Price target raised to ₹130 Up from ₹117, the current price target is an average from 2 analysts. The new target price is close to the current share price of ₹135. As of last close, the stock is up 43% over the past year. Reported Earnings • Jan 23
Third quarter 2021 earnings released: EPS ₹1.62 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2021 results: Revenue: ₹4.39b (up 28% from 3Q 2020). Net income: ₹945.8m (down 28% from 3Q 2020). Profit margin: 22% (down from 38% in 3Q 2020). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Jan 23
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Over the next year, revenue is forecast to grow 29%, compared to a 11% growth forecast for the Electric Utilities industry in India. Is New 90 Day High Low • Jan 22
New 90-day high: ₹132 The company is up 22% from its price of ₹108 on 23 October 2020. The Indian market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹1,871 per share. Is New 90 Day High Low • Jan 04
New 90-day high: ₹124 The company is up 16% from its price of ₹106 on 06 October 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹1,892 per share. Is New 90 Day High Low • Dec 09
New 90-day high: ₹112 The company is up 10.0% from its price of ₹102 on 10 September 2020. The Indian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹1,591 per share. Recent Insider Transactions • Dec 06
Non-Executive Independent Director recently bought ₹3.8m worth of stock On the 2nd of December, Rahul Asthana bought around 34k shares on-market at roughly ₹111 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Nov 05
New 90-day high: ₹110 The company is up 4.0% from its price of ₹105 on 07 August 2020. The Indian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Electric Utilities industry, which is also up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹1,601 per share. Reported Earnings • Nov 05
Second quarter 2021 earnings released: EPS ₹1.46 The company reported a soft second quarter result with weaker earnings and profit margins, although revenues were improved. Second quarter 2021 results: Revenue: ₹3.94b (up 4.2% from 2Q 2020). Net income: ₹855.2m (down 65% from 2Q 2020). Profit margin: 22% (down from 64% in 2Q 2020). The decrease in margin was driven by higher expenses. Analyst Estimate Surprise Post Earnings • Nov 05
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Over the next year, revenue is forecast to grow 27%, compared to a 7.1% growth forecast for the Electric Utilities industry in India.