Key Metrics of Indigrid Infrastructure Trust
About Indigrid Infrastructure Trust
Sectors
Company details
Operational Areas of Indigrid Infrastructure Trust
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 12 Aug 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹13,590 Cr | View |
| 27 May 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹13,290 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Availability-linked payments under long-term TSAs for transmission assets and long-term PPAs for solar and battery assets
All the transmission SPVs under IndiGrid have low revenue risk, with availability-linked payments under the TSAs signed with the customers.
+ Stable performance of assets under IndiGrid
The line availability for the operational transmission assets remains healthy at more than the normative level of 98%.
+ Strong payment security for inter-state transmission assets; strong counterparty for majority of solar and battery portfolio
All the transmission projects (except JKTPL) are part of the inter-state transmission grid, which enjoys strong payment security.
+ Healthy debt coverage metrics
IndiGrid’s financial risk profile remains healthy, evident from its comfortable debt service coverage metrics.
+ Structural features such as DSRA, cash-trap triggers and payment mechanism
The debt raised by IndiGrid and its subsidiaries has structural features, such as DSRA (equivalent to one quarter debt servicing), cash-trap triggers and payment mechanism, which are designed to ensure timely payments to the lenders and debt holders.
Credit challenges
− Moderate operations and maintenance (O&M) risk
As the cash flows from all the transmission, BESS and solar assets are closely linked to the line/system availability and generation performance, respectively, any lapse in O&M may impact the cash flows.
− Diversification into solar assets and under-construction projects increases revenue and execution risks
The presence of solar power assets (~21% of its AUM) has increased the revenue variability risk for the Trust as the revenues for such assets remain exposed to generation and in turn to weather conditions, module quality and O&M practices.
Could lead to a downgrade
Negative triggers for the ratings assigned to IndiGrid would be lower-than-stipulated availability of transmission/battery assets and/or under-performance in generation by the solar assets, adversely impacting the cash accruals and debt service coverage indicators. Further, any delay in collecting payments for the transmission, battery or solar assets adversely impacting the
Agency-reported financials (ICRA, 12 Aug 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹2,868 Cr | ₹3,288 Cr | ₹4,768 Cr |
| PAT | ₹297 Cr | ₹411 Cr | ₹399 Cr |
| OPBDIT/OI | 85.2% | 87.9% | 64.2% |
| PAT/OI | 10.3% | 12.5% | 8.4% |
| Total outside liabilities/Tangible net worth (times) | 3.80× | 4.00× | 3.80× |
| Total debt/OPBDIT (times) | 7.90× | 6.90× | 7.00× |
| Interest coverage (times) | 1.90× | 1.90× | 1.90× |
| Revenue growth (YoY) | — | 14.6% | 45.0% |
| EBITDA (margin × income) | ₹2,444 Cr | ₹2,890 Cr | ₹3,061 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹19,307 Cr | ₹19,943 Cr | ₹21,429 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹1,286 Cr | ₹1,521 Cr | ₹1,611 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-convertible debentures (NCD) | Debentures & bonds | ₹10,790 Cr | ₹10,790 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Proposed non-convertible debentures | Debentures & bonds | — | ₹300 Cr | — | AAA (Stable) | Assigned | ICRA |
| Proposed non-convertible debentures | Debentures & bonds | ₹800 Cr | ₹800 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Term loan | Term loans | ₹950 Cr | ₹950 Cr | 0.0% | AAA (Stable) | Other | ICRA |
| Long-term/short-term – () fund-based – Overdraft Short-term – Non-fund | Non-fund based limits | ₹10.0 Cr | ₹10.0 Cr | 0.0% | AAA / A1+ | Reaffirmed | ICRA |
| based – Bank guarantee Short-term – Non-fund | Non-fund based limits | ₹40.0 Cr | ₹40.0 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| based – Others | Other | ₹200 Cr | ₹200 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| Commercial paper (CP) | Commercial paper | ₹500 Cr | ₹500 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE219X07363 | NCD | Debentures & bonds | 7.85% | 28 Feb 2023 | 28 Feb 2028 | ₹500 Cr | AAA | Outstanding |
| INE219X07439 | NCD | Debentures & bonds | 7.88% | 20 Feb 2024 | 30 Apr 2029 | ₹500 Cr | AAA | Outstanding |
| INE219X07538 | NCD | Debentures & bonds | 7.01% | 20 Jun 2025 | 20 Jun 2029 | ₹300 Cr | AAA | Outstanding |
| INE219X07520 | NCD | Debentures & bonds | 7.07% | 20 Jun 2025 | 20 Jun 2030 | ₹1,200 Cr | AAA | Outstanding |
| INE219X07413 | NCD | Debentures & bonds | 7.84% | 24 Aug 2023 | 24 Aug 2030 | ₹500 Cr | AAA | Outstanding |
| INE219X07355 | NCD | Debentures & bonds | — | 28 Feb 2023 | 28 Feb 2031 | ₹500 Cr | AAA | Outstanding |
| INE219X07298 | NCD | Debentures & bonds | 7.32% | 28 Jun 2021 | 27 Jun 2031 | ₹400 Cr | AAA | Outstanding |
| INE219X07546 | NCD | Debentures & bonds | 7.28% | 20 Jun 2025 | 20 Jun 2035 | ₹1,500 Cr | AAA | Outstanding |
| INE219X07371 | NCD | Debentures & bonds | 7.70% | 20 Apr 2023 | 31 Mar 2041 | ₹1,140 Cr | AAA | Outstanding |
| INE219X07470 | NCD | Debentures & bonds | 7.80% | 27 Mar 2025 | 27 Mar 2047 | ₹70.0 Cr | AAA | Outstanding |
| INE219X07496 | NCD | Debentures & bonds | 7.58% | 27 Mar 2025 | 27 Mar 2047 | ₹630 Cr | AAA | Outstanding |
| INE219X07579 | NCD | Debentures & bonds | — | 31 Jul 2025 | 31 Jul 2047 | ₹1,900 Cr | AAA | Outstanding |
| INE219X07306 | NCD | Debentures & bonds | 6.72% | — | — | ₹850 Cr | AAA | Not stated |
| INE219X07488 | NCD | Debentures & bonds | 7.49% | — | — | ₹500 Cr | AAA | Not stated |
| INE219X07512 | NCD | Debentures & bonds | 7.04% | — | — | ₹300 Cr | AAA | Not stated |
| — | Term loan FY | Term loans | — | — | 25 Apr 2022 | ₹500 Cr | AAA | Matured |
Credit assessment · Infrastructure investment trusts (InvITs)
ICRA Rating Methodology – Infrastructure Investment Trusts (Aug 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 69% |
| Information on file | 56% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 69% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 1.9×
- ₹1,100 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
As on June 30, 2026, the cash balance of the Trust stood at ~Rs. 1,500 crore (including a Rs. 352 crore for DSRA/lien mark).
From the report
As on March 31,2026, the cash balance of the Trust stood at Rs. 1,814 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Indigrid Infrastructure Trust
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Reliance Infrastructure Limited |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
 KEC International |
Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
| NCC Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
| Lodha Developers Limited | · Construction | — | — | Mumbai, Maharashtra, India |
 Ircon International Limited |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| Dilip Buildcon Limited | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R Infraprojects Limited | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| Sterling And Wilson Renewable Energy Limited | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR Power And Urban Infra Limited |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.