- CIN
- U40300DL2011PLC221904
- ISIN
- —
- Incorporated
- 11 Aug 2011
- Registered state
- Delhi
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Indus Grid Infratech Limited owns and operates inter-state transmission lines and substation assets won through tariff-based competitive bidding, covering 6,800 circuit kilometres across eight states, with 14 operational transmission projects and three under construction. Availability-linked tariffs mean revenue depends on keeping lines available rather than on how much power flows, which removes volume risk from the earnings line entirely. The company is currently unlisted with no publicly announced listing timeline, and shares change hands only through negotiated off-market transfers.
Key highlights
- Fleet availability of 99.7% against a 98% tariff threshold
- All projects on 35-year transmission service agreements
- Three projects commissioned ahead of schedule in FY2026
- No merchant exposure
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹1,640.00 Cr
- EBITDA
- ₹1,420.00 Cr
- PAT
- ₹412.00 Cr
- Net worth
- ₹4,180.00 Cr
- Total debt
- ₹7,900.00 Cr
- Cash & equivalents
- ₹520.00 Cr
- Operating cash flow
- ₹1,280.00 Cr
- EPS
- ₹6.65
Management & board
- SCSince 2023
Sanjana Chatterjee
Managing Director & CEO
Has led Indus Grid since 2023 and previously held senior operating roles in the same sector.
- ABSince 2022
Aditya Banerjee
Chief Financial Officer
- HMSince 2010
Harsh Malhotra
Executive Director — Operations
- ADSince 2020
Ananya Deshpande
Company Secretary & Compliance Officer
- SCSince 2010
Shalini Chatterjee
Independent Director
- NSSince 2018
Nilesh Sinha
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹1,640 Cr | ₹1,480 Cr | ₹1,320 Cr | +10.8% |
| EBITDA | ₹1,420 Cr | ₹1,268 Cr | ₹1,104 Cr | +12.0% |
| Profit after tax | ₹412 Cr | ₹356 Cr | ₹296 Cr | +15.7% |
| Earnings per share | ₹6.65 | ₹5.74 | ₹4.77 | — |
| Balance sheet | ||||
| Net worth | ₹4,180 Cr | ₹3,820 Cr | ₹3,510 Cr | +9.4% |
| Total debt | ₹7,900 Cr | ₹7,400 Cr | ₹6,900 Cr | — |
| Cash & equivalents | ₹520 Cr | ₹462 Cr | ₹410 Cr | — |
| Total assets | ₹13,400 Cr | ₹12,200 Cr | ₹11,200 Cr | — |
| Book value per share | ₹67.42 | ₹61.61 | ₹56.61 | — |
| Cash flow | ||||
| Operating cash flow | ₹1,280 Cr | ₹1,140 Cr | ₹998 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 11 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- EBITDA
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹24,552 Cr
- Enterprise value
- ₹31,932 Cr
- Indicative price
- ₹396
- Shares outstanding
- 62,00,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 59.6x
- P/B
- 5.9x
- EV / EBITDA
- 22.5x
- EPS
- ₹6.65
- Book value / share
- ₹67.42
- Debt / equity
- 1.9x
On FY2026 PAT
Returns & margins
- ROE
- 9.9%
- ROCE (EBITDA basis)
- 11.8%
- EBITDA margin
- 86.6%
- PAT margin
- 25.1%
- Revenue growth
- 10.8%
- Cash / market cap
- 2.1%
EBITDA ÷ (net worth + debt)
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹396 | +1.96% | Dealer desk average, 3 quotes |
| 20 Aug 2026 | ₹388 | -1.34% | Dealer desk average |
| 20 Jul 2026 | ₹394 | +4.12% | Dealer desk average |
| 20 Jun 2026 | ₹378 | +0.83% | Dealer desk average |
| 20 May 2026 | ₹375 | +1.12% | Dealer desk average |
| 20 Apr 2026 | ₹371 | +1.52% | Dealer desk average |
| 20 Mar 2026 | ₹365 | -0.54% | Dealer desk average |
| 20 Feb 2026 | ₹367 | +0.21% | Dealer desk average |
| 20 Jan 2026 | ₹366 | +1.13% | Dealer desk average |
| 20 Dec 2025 | ₹362 | +1.28% | Dealer desk average |
| 20 Nov 2025 | ₹358 | +2.61% | Dealer desk average |
| 20 Oct 2025 | ₹349 | -0.50% | Dealer desk average |
| 20 Sep 2025 | ₹350 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Buyback26 Aug 2026
Buyback of equity shares from employees
Liquidity window offered to option holders at a board-determined price.
Company filing / RoC
- Rights3 Jul 2026
Rights issue to existing shareholders
Rights entitlement offered to shareholders on record in the stated ratio.
Company filing / RoC
- Bonus3 Jul 2024
Bonus issue in the ratio 1:2
Board approved a bonus issue; record date notified to shareholders on file.
Company filing / RoC
IPO / listing status
- Current stage
- Unlisted
- DRHP filed
- —
- RHP filed
- —
- Expected window
- —
- Registrar
- —
- Book-running managers
- —
No listing application has been made. Any exit before a listing depends on finding a counterparty in the off-market.
Research
Information currently unavailable
No research has been published on Indus Grid yet. Sector notes that mention it will appear here when they are.
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Leverage
HighAsset class runs high debt by design.
Bid discipline
MediumAggressive bidding by peers compresses returns on new wins.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.