IndiGrid Infrastructure Trust (INDIGRID-IV.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+53.6%

₹261.63

vs ₹170.30 price

Levered DCF

-₹37.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.3×	28.58×	34.35×	20.7×	29.27×	24.56×	9.79×	15.29×
P/B	2.36×	2.21×	1.85×	1.9×	1.88×	1.78×	1.02×	1.78×
P/S	3×	3.46×	3.42×	4.05×	4.59×	4.98×	4.13×	7.16×
EV / EBITDA	10.96×	10.32×	11.27×	10.82×	10.83×	13.93×	9.07×	12.82×
Gross margin	71.2%	99.9%	97.4%	97.7%	98.0%	98.2%	98.1%	97.4%
Operating margin	40.2%	93.9%	52.5%	59.5%	60.5%	60.5%	69.9%	64.4%
Net margin	8.3%	12.1%	10.0%	19.5%	15.7%	19.9%	40.7%	23.1%
Current ratio	0.78×	1.02×	1.33×	1.31×	0.83×	2.23×	2.23×	5.39×
Debt / equity	3.52×	3.89×	3.65×	2.93×	2.46×	3.11×	1.27×	0.98×
Interest coverage	1.16×	2.07×	1.15×	1.37×	1.28×	1.48×	2.09×	1.89×
Dividend yield	9.8%	10.5%	10.4%	9.7%	8.7%	8.4%	11.9%	7.1%
Payout ratio	355.7%	300.2%	357.7%	201.1%	254.4%	211.5%	120.6%	220.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.5%	7.7%	5.4%	9.2%	6.4%	7.1%	10.0%	5.8%
Return on invested capital	6.0%	11.1%	5.6%	7.0%	7.0%	5.1%	7.6%	8.1%
Return on assets	1.3%	1.5%	1.1%	2.3%	1.8%	1.7%	4.3%	2.9%
Free cash flow yield	-3.7%	0.0%	-5.8%	2.7%	9.6%	-45.7%	-93.3%	7.4%
Earnings yield	2.8%	3.5%	2.9%	4.8%	3.4%	4.0%	9.8%	3.2%
Enterprise value	₹355.8B	₹313.8B	₹288.7B	₹236.3B	₹223.6B	₹203.3B	₹111.2B	₹72.1B
Net debt / EBITDA	6.56×	6.57×	7.44×	6.5×	5.88×	8.21×	4.88×	4.35×
Cash conversion cycle (days)	-200	74	-294	-365	-1,494	1,333	1,887	-401