IndiGrid Infrastructure Trust (NSE: INDIGRID) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Harsh Shah — Managing Director
Sanil Namboodiripad — Chief Operating Officer
Meghana Pandit — Chief Financial Officer
Analysts:
Mr. Satyadeep Jain — Analyst
Shrey Singhania — Analyst
Deep Vakil — Analyst
Sachin Jog — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to integrated infrastructure trust Q3 FY26 earnings conference call hosted by Ambit Capital Private Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Satyadeep Jain from Ambit Capital. Thank you. And over to you sir.
Sachin Jog — Analyst
Good afternoon everyone and welcome to the Q3 earnings call for Integrated Infrastructure Trust. Today from the management we have with us Mr. Harsh Shah, Managing Director, Ms. Meghna Pandit, Chief Financial Officer and Mr. Sanil Namudripad, Chief Operating Officer. We’ll begin the call with the opening remarks from the management after which we’ll have the forum open for interactive Q and A session. I’ll now hand over the call to the management. Thank you. And over to you sir.
Harsh Shah — Managing Director
Thank you. So I will walk through the presentation for quarter three and me and team will discuss certain aspects of that and subsequently we’ll go for question answers. Start with in slide 3. I’ll just reiterate our vision. Our vision is to admire the most, become the most admired vehicle focused with a focused business model, value accretive growth, predictive distribution and optimal capital structure. We believe we have been following these four principles over the last several years. On the next slide, slide 4. Just to reiterate our size today our AUM is approximately 32,800 crores. We are present in 20 states and 2 UT so almost entire country with about 90 different revenue generating elements which includes 53 lines, 16 substations, 1.5 gigawatt of solar projects and several best projects.
Our transmission and solar assets have substantially longer life and average receivable contracts over 20 years with transmission. And most of the transmission assets are on perpetual emission basis. Going to slide number 6 with quarterly updates of F5.6. We signed SPA to acquire Gadda Transmission Limited from venue. It’s 187 circuit kilometers thousand MBA capacity. An ISDS project in Karnataka for approximately 372 crores. We are expecting to close this transaction in this quarter. We also raised 1500 crores of equity through institutional placement. Issue was subscribed over subscribed by 2x and we saw widespread participation across new long only and global institutional investors.
operator
Ladies and gentlemen, we have the management line disconnected. Please stay on the call while we reconnect the management. Sam Ladies and gentlemen, we have the management line reconnected.
Harsh Shah — Managing Director
Sorry, sorry for the disruption. I would repeat I was talking about the QIP as an institutional placement they will raise 1500 crores and both are existing as well as new investors participated over in this issue. We also signed definitive agreements with energrate to acquire two of the under construction projects after one year of commissioning which they won during the quarter. One of them was a battery project of 500 megawatt hour capacity in UP with a counterparty as MVVN for an EV of approximately 957 crores and another ISCS project in Madhya Pradesh with 180 circuit kilometers and 4500 MB transformation capacity for an EV of approximately 1577 crores.
This is the project which Energrig won in this quarter which is located in MP and it will be and transferred to us after COD this overall the latest way an overall under construction portfolio across individual enigrade stands at approximately 7,500crores which offers a predictable pipeline that we see from our current AUM of 32,000 crores to approximately 40,000 crores. On the financial performance for the quarter our revenue growth was at 11.7% on year on year basis on account of the new projects that we added in the portfolio last year. The same also flowed through our EBITDA with EBITDA growing approximately 13%.
Our EVM as I mentioned earlier is at 32,800 crores with the quarter ended at 61%. Net debt to AUM and post the institutional placement which happened in quarter four, our net debt to AUM will be approximately 56.5%. Collections in quarter three was 90% for transmission and 98% for solar assets. However, the receivable days are substantially lower owing to the more collection that we have received by team. On the distribution front we are maintaining a GPU at 4 rupees a unit which is 6.7% higher versus same quarter last year and in line with our full year guidance, our weighted average availability for entire portfolio remains at 99.7% and CUF for a solar capacity is at 21.6%.
With the industry update for quarter three in slide number seven, I think the growth in the power sector remains on a good trajectory. You’ve seen the peak demand that we could meet as a country raised to about 241 gigawatt which is sizably higher not just over the last few quarters, but if one looks at a few years ago where peak demand was 200 gigawatts so we are clearly seeing an uptrend in terms of the ability to meet peak demand which will eventually translate into the overall consumption of electricity going up. Very high. Overall installed capacity also increased to approximately 514 gigawatt and more than 50% is from renewable capacity.
We do feel that this both overall consumption of electricity as well as focus on renewable is going to put an impetus in transmission capacity that needs to be added and augmented including battery capacity over the next 5 to 10 years. Adapt NEP 2026 which is at consultation level we believe is focused on more transmission planning and then the grid reliability for the coming decades. I think that the importance of energy storage is consistently going up for the last few years starting from the first victory. Now that have been sizable amounts of bid, almost 13 GWh of bids under EGF and otherwise have come up and India is already targeting more than 100 gigawatt of pump storage.
So we think that overall storage market is going to be a trajectory to grow. Next we feel that the RPOS and the grid and the battery capacity will consistently going up and that would torture reasonably good opportunities for us to continue to participate and grow our portfolio and increase the Union. On slide 8 we see very active bid activity in the transmission and best sector. We’ve seen overall 1 lakh 57 thousand crores of transmission and best bids over a period of next few quarters which includes a few HVDC bids as well as smaller stake bids and battery bids.
So we are hopeful that we will continue to able to participate in this and grow the portfolio. On pledge number nine we have a quarterly operational performance. I would request Sunil Chief Operating Officer to take you through the same.
Sanil Namboodiripad — Chief Operating Officer
Thank you Harsh. Good evening everyone. We are on slide number nine regarding the quarter performance. First is the safety updates. We had zero medical treatment cases, first aid cases and last time incidents maintaining our health and well being performance wise. The power transmission business operated with an availability of 99.77% maintaining stable availabilities and the solar generation the Q3 was 551.5 million units at 21.6% CVX. With regards to the reliability the trips per line we have maintained at 0.07 maintaining a steady reliable performance. Major of the trippings that happened were due to foreign materials, lightning and thunderstorm which were beyond our control.
Substation trips per element outages were at 0.01 trips per element which is better than the average benchmarks and Solar availability was 98.5%. The plant availability and some of this was due to various breakdowns which were recovered. Some of them were recorded under insurance coverage. If you look at the right side, the Q3 availability was of the transition assets were beyond the normatives, most of them except one asset who operated much well beyond the normal availability as per the transition service agreements and if you look at the key indicators we are better or as far with regards to the Q3 of the last year.
Number of trips per line last year was 0.09 in the same quarter today this quarter we were at 0.07 training man hours remained steady, lack of time incidents were better this year Unsafe conditions reporting we encourage always that the reports should be there so that we are able to take preventive and corrective actions. So this has improved and year Ms. Reporting also has been in a steady way. The utility solar generation was 551 million units, so slightly better than last year’s and the plant availability remains steady with 21.6% CUF and 98.5% availability. For the next slide, may I request Meghna to take over?
Meghana Pandit — Chief Financial Officer
Yeah, thanks. Thanks Anil. Good afternoon everyone. I’m on slide number 10 on the Q3 FY26 financial performance starting from the reported revenue where we clocked an increase of 11.7% over Q3FY25 and recorded the revenue at 862.2 crores on the EBITDA side consequently clocked an increase of 13% at 784.3 crores. Both these increases were on the back of the acquisitions that we did in Q1 of this fiscal the renew assets that we acquired on the transmission and solar side almost about 21,2200 odd crores of acquisitions that came through NDC have generated for the quarter showed a muted performance at around 328 crores largely on the back of changes in the working capital on the collections bit because Q2 of FY26 we had much larger collection.
So comparatively on Q3 there has been an adjustment that happened. DPU for the quarter is declared at 4 rupees in line with the guidance for this fiscal of 16 rupees. On the collection and receivable days the transmission assets portfolio had collections of 90% in Q3FY26 versus 100% year on year basis. But the days outstanding DSO days stood at a very healthy of 38 days as on December 2025 compared to 48 in December 24. On the solar side collections remained very robust at 98% with the DSO days again at 32 compared to 50 days in December 24, a marked improvement on the collections and DSO days which we have seen in the sector itself.
Moving on on the distribution update on slide number 11 as I said the distribution per unit stands at Q3 breakup of which between interest, dividend, capital repayment and other income stands in line with the trend every quarter. The total outstanding units for the as on date at 95.26 crores. This is after the institutional placement where we raised 1500 odd crores in the beginning of January. The gross distribution for this quarter stands at 381 crores with a record date of February 17 and tentative distribution around February 24. The NAV per unit stands at 146.4 basis the diluted capital after taking into account the institutional placement.
So the total distribution stands at 113.32 per unit amounting to 72.67 billion which is being distributed to the investors since the time we got listed in 2017. The annual distribution trend again looks very healthy with a 6% CAGR over the last five years and we are on track to on delivering the guidance for the year at 16 rupees. Moving on to slide number 12 on the consolidated EBITDA to NDCS waterfall the EBITDA generated at SPV level stood at 756 of crores and with all the adjustment in terms of the working capital movements CAPEX the NDCs consolidated at SPV level stood at 678 crores.
After that adjusting the debt servicing requirements of finance cost defra working capital movement, the NBCF generated during the quarter stood at 328 crores and the distribution for the quarter stands at 381. So to the extent of about 52.7 crores we will be utilizing it from the reserve and after the utilization of this 53 odd crores from the reserve, the reserve balance will stand at 520.7 odd crores which is almost 11 and a half quarters of distribution on the diluted capital as we speak. Moving Forward on slide number 13 on the balance sheet position we continue to remain triple A rated by all the three rating agencies.
The average cost of debt stands at 7.41% as on December 31 with Meddic to AUM leverage ratio at 61% in December and after the institutional placement it is at 60.56.5% leaving a significantly healthy debt headroom for future acquisitions. On the borrowing front the total fixed rate borrowing between the overall books stands at about 88 odd percent with floating borrowings at about 12 odd percent. Cash balance again including Deathra including the distribution for the quarter stands at around 16.59 billion and an interest coverage ratio of 1.92 times on the gross borrowing of around 21,000 odd crores.
The mix between NCDS and bank loans stands at 72 and 28 odd percent with a diversified debt investor across mutual funds, banks, corporates, Providence funds and a mix of PSUs as well as private banks. The refinancing schedule that we see at the bottom of the chart shows a diversified and termed out borrowing profile and ensuring that we do not bunch up any maturities in any particular year and do not cross more than 12 13% of gross borrowing which comes up for refinancing in any particular year and for the remainder quarter. In this fiscal almost everything is already refinanced barring about 200 odd crores of refinancing which will come up now moving on to slide number 14 on the total returns to investors.
Total returns depicted by the distribution till date and the price. As you can see IndiGrid has clocked a total return of 181% and an annualized return of 13% since the time we got listed. And if we compare this with pure debt on one hand which is depicted by the 10 year and 30 year G SEC bond and with pure equity which is depicted by various indices, you can see that on a risk adjusted basis INTEGRID has outperformed both pure debt and pure equity indices risk being depicted through the beta which is very close to zero at 0.06.
Moving on to the business outlook on slide number 15. So on the portfolio strategy we continue to ensure that our focus remains on ensuring the operations remain stable with predictable and sustainable distribution while at the same time looking at value accretive acquisitions, the greenfield development projects which are there between INDIGRID and Inner Grid. Our focus is ensuring that that execution of the augmentation work as well as the under construction projects of 7,500 continue to remain on track and we deliver on time. In addition to that through ENER Grid we will proactively participate in further greenfield opportunities on battery and transmission projects.
Similarly ensure that we deliver The DPU guidance of 16 rupees for SI26 supported by disciplined capital employment. On the balance sheet side again our focus remains on how to optimize the interest cost and ensure how we can elongate the tenor profile through the upcoming acquisitions and refinancing opportunities that come about and with the kind of leverage ratio that we have achieved, ensure that the prudent leverage is also maintained. When we look at acquisitions, resilient asset management again remains an important pillar where we focus on sustaining at least 99.5% of availability on the operational transmission portfolio.
In addition to that, try and strengthen on OMDEM capabilities basis digital and predictive analytics both on the transmission side as well as on the solar side underpinning that ensure that EHS and ESG practices remain at the forefront. Industry stewardship again continues to be on the forefront wherein we participate actively on policy shaping, industry dialogues through Ministry of Power, CERC etc on the power sector side and on the other hand on the INVIT side through various forums and through the association also that is formed. I’ll take a pause here and we can get into the Q and A session for any specific queries.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchdown telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Sri Shet Shinghanya from Singhania Technical Services Private Limited. Please go ahead.
Shrey Singhania
Hello, good evening. Am I audible? Hello.
Meghana Pandit
Yes you are audible. Yes, you are audible.
Shrey Singhania
Yeah. So good evening sir. I’m Shay Singhania from Singhania Technical Services Private Limited. I had two questions. Firstly, why have the collections in the transmission business reached 90% from 100% last year? Considering like we had some collections in the previous quarter as well, but we’ve constantly like observed a dip in the reserves. So what have you like got to say about that? And secondly, we’ve observed falling tariffs across the renewable sector. As you know, the technology improves. So companies like JSW Energy, the initial projects that these companies had, are facing a bit of legal issues as well.
So how are we prepared to face similar situations? Thank you.
Meghana Pandit
I think on your first question on slide number 10, if you can have a look at it, you have to average on an annual basis. So the last quarter was 108% before quarter, before that was 93% and before that was 115%. So if you really look at last 12 months we honestly collected more than 100% I think so on a quarterly basis the collections fluctuate between 90 to 115%. That’s how we have monitored. I think if you look at the balance sheet which is a DSO base is an easier way to figure out. So we have 38 days, which was 48 days in December 24, which practically shows you that the receivable days have improved or rather we have collected more cash flow from last year.
So I think it’s just the quarterly changes that keeps happening. We don’t see there is anything negative or materially wrong in that. It’s rather we are seeing it’s receivable days are substantially lower than history. Which means that the collections are very well done till now. On the draw of the DPU, I think we raised two capital grounds this year. Approximately 1900 crores which means that we are diluted and deployment of those capital immediately goes towards repayment of debt. And then when we acquire assets with that headroom is where the DPU grows. So immediately the next quarter, for example, even this quarter when we raise the capital, the dilution impact is one which reduce the NBCs.
And therefore we drawn on our reserve as we deploy that on the assets and acquire that will come back to normal in working field. So we don’t see again negative on that. The question on jsw, I’m not sure which one you refer. But none of our projects have been renegotiated down. All of them are consistently paid and we do not see any. Let’s say we haven’t felt or even even slightly felt any of our projects incoming near any kind of dispute or issues on this front. Most of the at least renewable values are operating for over a year to 10 years.
So I think they are more stabilized ones.
Shrey Singhania
Right. And if there is any color that you could give me on like when the equity proceeds raised will be realized as project cash flows which I believe shall support NDCF as you’re mentioning.
Meghana Pandit
I mean it depends on the acquisition and as the schedule goes, immediate use of proceeds to repayment of debt, which you already done. And we have a pipeline as I mentioned earlier of 7500 crores that we’ll be acquiring over next starting from 3 months to 2 years time frame or 3 months to 3 year time frame which is known so clearly. Those cash flows will add into the NGCF over the period of next three months to three years. There’s a different cycle for each project.
Shrey Singhania
I’m right. Thank you and congratulations on the great results.
operator
Thank you. The next question is from the line of Deep Vakil from Bandhan amc. Please go ahead.
Deep Vakil
Thank you for the opportunity. Good evening all. Am I audible?
Harsh Shah
Yeah, yeah.
Deep Vakil
Sir, you used to give the DPU slide in Q1, FY26. And you’ve been giving that historically, but since last quarter and this quarter I think it has been stopped. So can you please give that slide? It helps us understand, you know, what the existing asset will give and what is the expansion plan. It was a chart multiple indicative DPU profile. Yeah, sure, sure.
Harsh Shah
We’ll start with quarter four and yeah.
Deep Vakil
Sure. Thank you. Congratulations on a good set of numbers. But one thing, I mean the DPU guidance stays intact. 3 to 5% growth that you have been mentioning.
Harsh Shah
So we don’t give growth guidance. We give DPU guidance which is intact for 16 queries so that we continue.
Deep Vakil
Okay.
Harsh Shah
Growth that, that comes in the quarter four annual board meeting is when we do. And even the DPU projection typically we have done annually. So if you look at our last DPU slide, we would have given in quarter four of 25. Now we will give in quarter four of 26. So it doesn’t change quarter on quarter. We’ll add that in the next quarter.
Deep Vakil
Okay. And sir, I think there’s one asset which was non operational Godavari Green due to some transformer and generator failure. So I mean we have recognized the revenue for that. I mean we have not recognized the revenue loss for that. If I’m not mistaken, there was similar asset where there was some generator failure last quarter or last, last quarter. So where ideally I think we have, we did not recognize the revenue. So is there some change in the policy, in the revenue recognition? Because there also, I think There was a 40:50 odd crore revenue loss and a 30:35 crore EBITDA loss and for which we have filed insurance.
And the second question is that, I mean any update on that insurance claim?
Harsh Shah
So I don’t know where you’re seeing this quarter. The Godavari Green project is operational. There is no disruption on that and we only recognize revenue when the electricity is generated and sold. So if the asset is not working, we cannot recognize revenue. So I’m not sure where there is a dissonance coming. Can you check that?
Deep Vakil
Yeah, it’s in the, it’s in your note, note number three of your unaudited console financial result. I mean December, the latest result only. I’m talking note number three point bullet point number four, where I think the project was not updating from the 21st of March, the 21st of July. And I think, I mean there it is mentioned that management has not recognized the revenue loss. So I’m just trying to.
Harsh Shah
Exactly. It is a matter of fact. Yeah, so it is A factual position that is shared. And subsequently in July the asset has started back on track. So there’s no second case. It is the same case which is repeated in the balance sheet. Yeah, there’s nothing else that has happened. Insurance 1. I think that it’s an ongoing proceed. We are confident that we’ll receive and there are positive development as and when we receive fully. We’ll be recognizing that in the books of account. So you will get to realize that.
Deep Vakil
Okay. And so one last point. I mean we have been seeing there have been I mean grid availability issues in multiple states including Rajasthan, Gujarat. So any sense on where. I mean the sector nuance or how can indigrate benefit out of this or the transmission charges might increase in new projects. Any sense around that?
Harsh Shah
I don’t first, I don’t call it grid availability issue. It is grid connectivity issue. Grid availability issues are only on assets once they are available. So that is about grid connectivity for new projects. Fundamentally the gap is coming because the transmission capacity takes time to build two to three years. And solar PPA takes probably much much lesser to announce and sign. So what happens is that it’s easier to sign a PPA announce and unfortunately our planning works that they can put in a plant anywhere. So connectivity is always going to be slower and it takes time.
So I won’t say they are short or they are delayed. It’s just that the way that the country has been planning we plan generation first connectivity later which needs to reverse and having connectivity first generation PPAs later. So and I think there is a lot of appreciation of this fact. Now you see that’s the reason we are seeing new bids coming in. A new pipeline for transmission assets coming in more. I don’t think that has anything to do with transmission rates because that is a competitively big. But we are seeing a lot more bids on account of this.
So that’s what the whole 1 lakh 50,000 crore pipeline that we showed that we see that new assets will come.
Deep Vakil
Okay, thank you. Thank you sir. Congratulations on a wonderful set. All the best.
operator
Thank you. The next question is from the line of Sachin Jog, an individual investor. Please go ahead.
Sachin Jog
Hello, Good evening. Can all of you hear me?
Harsh Shah
Yes Sir.
Sachin Jog
Good evening Mr. Harshan team and congrats on another quarter of excellent performance. My first question relates to the acquisition of GR infra assets. So we had some kind of a MOU with them a few years back but haven’t heard anything on that.
Harsh Shah
They decided not to sell assets to us. So the MOU MOU Got expired. That did not translate into an acquisition or signed definitive agreement. MOU was a agreement on good faith to work towards those. However, subsequently we could not reach an alignment on nae terms. So it did not take place.
Sachin Jog
And what about the transmission aspect that you were supposed to acquire from them?
Harsh Shah
It is their assets, it belongs to them. They. They still own the asset. From our end. Has there been any followers?
Sachin Jog
No. The agreement expired because if it was an mou, it was not a binding agreement. So if somebody does not monetize, he cannot really do anything about it. Right. So okay, fair enough, Mr. Has. But then we didn’t hear about this agreement expiring and maybe that is something that was a necessary communication to be sent out to stakeholders. Because you did amount, right?
Harsh Shah
Yeah, I mean we’ll have to consider that because these, the framework agreements are typically non binding agreements and a non binding agreement. I think we’ll think about it. If it makes sense to really announce, we will take note of this because.
Sachin Jog
As I look at it, you know, once you announce that you have an MOU under your specific asset that you’re going to acquire once it is commissioned and if that is not happening, I would say to me, at least as an individual investor, I felt I should have heard about it from indigrid.
Harsh Shah
Fair enough. I think it’s a point of view we respect that we will consider obviously the disclosures are typically we have to see in line with the terms of the agreement. So we will, we’ll go back and see if we are able to do it. Okay.
Sachin Jog
The second point was also about, I think it has already been raised about this BPU accretive, you know that slide. I think someone have already mentioned it before. Should we get it from the next quarter in the presentation?
Harsh Shah
We do it. If you check last couple of years of slide, we only share this slide in quarter four of the year. So you can look at them in next quarter. You will obviously see that slide and an annual presentation and then subsequently you can refer back to same slide. Because honestly quarter on quarter things don’t change in that slide. So we anytime you can go to last quarter four slide of F25, you’ll get the same slide. Quarter three of 25, you’ll get 24, you get the same slide. So next quarter you will see it and then again you’ll see it in 12 months from then.
Sachin Jog
Okay, so you’re making it a yearly, you know, maybe end of the year.
Harsh Shah
Yeah, exactly.
Sachin Jog
Okay. Yes. Okay. I wanted to understand, you know, we have as per your presentation close to 7,500 crores of projects in the pipeline as Capex and our net AUM is about 32,000 crores. Am I right?
Harsh Shah
Yes.
Sachin Jog
I’m going by your side. So typically, you know, are we sort of getting into too much of a risk zone where, you know, my understanding was that only 10% of our projects would be of the total asset value would be under construction. So I think this is part in excess of that. So is there a risk that we are taking on?
Harsh Shah
No. Good point. So first the 7,500 crore includes inner grid assets. So we do not have this entirely, is not our assets. So Enagrid builds these assets and subsequently sells to us after it is revenue generating and operations. So under Inuit regulation we are not allowed to cross 10%. We will not cross 10%. 7,500 crores is over a period of three years and IndiGrid buys it when it is completed revenue generating. So we do not see reaching closer to 10% or reaching 10% in the future. We are not adding 7,500 crores of under construction risk.
This portfolio is with Enagrid and we will acquire when it’s operational. We are sharing it to showcase that we assign the agreement. For example, we signed two agreements this quarter. For one for NVV and for 957 crores and other for NP which is 1577 crores which is put together approximately 2600 crores. This is included in 7500 crores. This 2600 crores will come to Indigenous when assets are revenue generating and for one year. So it is probably going to come three years from now. And for these that are binding agreements and that’s why definitive agreements are signed.
So this is not a 2600 crore risk for Indigenous. I hope I’m able to explain that.
Sachin Jog
No, I understand that because NFD asset is a. I mean technically it’s a separate entity, but I guess we still own 33% of energy, right? Am I right in that?
Harsh Shah
Correct? Correct. So we will have one third of it which is less than, much less than 10%.
Sachin Jog
Okay, so it’s an indirect risk anyway because.
Harsh Shah
We want to buy those assets, not have to. That’s why we are signing agreements. But we buy those assets when they are complete.
Sachin Jog
I understand, but I mean, you know, as an investor we should keep it in mind that, you know, those assets are supposed to come to integrate and then if I look at that as a percentage then I think we are close to somewhere around 20% of assets under construction.
Harsh Shah
Okay, but why when they. When they come to India, they are completed, then you’re calculating the percentage is wrong.
Sachin Jog
Okay, fair enough. Again, Previously, whenever there was an acquisition, because I have been invested in the grid for a long, long time. There have always used to be a very clear figure as to how much the acquisition would be DPO accretive. Why is it that we don’t have that figure in the later acquisitions, the past few acquisitions that you had?
Harsh Shah
I think a few reasons. One, we have found it sometimes an asset specific accretion misleading. Because an individual asset, whether we show. We show as funded in what manner? Right. So what debt equity. So it becomes, I would say extremely complicated for unit holders to make interpretation. However, in the press release we still mentioned how much is the NDCF coming for that acquisition? So that data is still available so you can record.
Sachin Jog
So Mr. Hanks, I think that is exactly the point. I remember that in the press release previously there used to be a very clear number that. This is so many crores NBCs accurative. I don’t think that number is still there.
Harsh Shah
It is still there. Which. See, these are not the acquisitions which are done the analysis acquisition are signed when we come.
Sachin Jog
I’m not talking about. I’m not talking of these. I’m talking about the renew or you know, those acquisitions also, which maybe I’ll check.
Harsh Shah
Please, Please check. Please check. We still disclose NDCF post the acquisition. So we do mention when we acquired the ndc. When we acquired a new asset in this financial year, we mentioned over 100 crore in RSVPL and KNTL asset that we acquired, which was the last asset that we acquired. These are the agreements that we assigned. So when we acquire. We do mention. Yeah, okay, so maybe.
Sachin Jog
My bad. I’ll check once again. Whenever we make an acquisition, are our acquisitions in some way related to the prevailing interest cost? I mean, because the NAV is varying as per the prevailing interest cost. Right. Or maybe a triple a related asset.
Harsh Shah
Yes, yes.
Sachin Jog
In that case, you know, this Techno electric asset. Is it. Why is it that we have signed an agreement so much well in advance? Or is it that at the time of the actual signing of the agreement there will be a consideration if there are interest rate fluctuations.
Harsh Shah
So there is no variation. There are different types of agreements we sign. This agreement is such that where we have fixed the value of the agreement and we have synergies on that asset. So sometimes we find framework. And if you find framework, as you yourself mentioned, you know, GR Info did not sell the asset to us. Where the value was open. Right. So we prefer to lock in the asset wherever you send the agreement and for that you lock in the value as well. So that’s the way we have transacted on techno electric.
Sachin Jog
So if there is a change in interest rates at that point of time, that could actually go against the session.
Harsh Shah
Yes, it can go against us, it can go for us as well. It can go either way.
Sachin Jog
Previously I think till 2018, 2019, one of the things that Indigrade aspired to be was best in class corporate governance. And this used to be specifically mentioned as a part of the presentation. Somewhere around 2020 I think we. We added more segment yield vehicles and we removed best in class corporate governance. Any thought that went into it at that point of time.
Harsh Shah
I think it’s hard to defer back six year old notes. I think what I can tell you we do follow best in class corporate governance day in, day out and therefore we don’t need to mention it. I would say it is part of our ingrained nature. So we don’t need to mention as a strategy. I think all our unit holders, our investment managers and sponsors expect us to do that as a matter of fact instead of as a strategy. So I think that’s the reason one can really take home to do it. I don’t recollect sometimes what my point.
Sachin Jog
Is that you know, sometimes when you put it there it makes you a little more conscious. I understand I have been a long term investor. I think I’ve invested, you know, for more than seven, eight years now. So I understand that. But I sometimes see that, you know, you put in the presentation every quarter you have to look at it and you know, maybe ask yourself suggestions. So it makes you more conscious.
Harsh Shah
I think there are enough things to remind us to do that you don’t need to put it in because we have annual reports or semiannual reports. You can look at that there are semi compliances regulations he follows. I think there is enough but I think we take input. We’ll see if it really.
Sachin Jog
Why this bias towards institutional investors. When you’re raising funds and you know repeatedly when recently funds have been raised, have you ever thought of the rights issues so that retail investors also could benefit now that you know, 30% of your investors, which you have really proudly stated in the presentation are retail investors.
Harsh Shah
So there is a bias of retail versus institutional or otherwise. I think it is a pure strategy. For example, we have done a rights issue, if I’m not wrong, four years ago. So it’s not that we have not done rights issue, we have done it in 2021. However, what happens is that for rights issue to succeed you need to have 90% subscription. And that requires us to give discount to ensure that 90% subscription happens, which I don’t think is in is the right business decision for the business itself. So if there are unitholders who are valuing the unit at say our institutional placement was 163, we would rather do institutional placement at 163 rather than do a rights issue at 155 for the business, that is the right decision.
So I think for us what is right for the business is right for everyone. So we try to follow that. So that’s, that’s the first rationale of doing institutional placement. And the second rationale is that for a longer period of time we are an acquisition business. We will continue to grow and it will be important for both retail all shareholders that there are institutional shareholders who have ability to contribute large capabilities capital. Yes, the retail shareholders ability over last several years have increased massively. The liquidity has increased massively. Having said so, if we were to do a 1500 cr or other 1500 crore today, but let’s say we acquire a larger project and we want to do 3000crores of rights issue with 3000crores of capital base, I don’t think the liquidity is reached to the extent that one can safely assume that 3000 crore will come just from retail market.
So I think we have to maintain a balance of long term large pocket investors as well as the first position is that if the retail comes at a substantial discount, unit holders may feel that they got a better deal, but over a longer period of time for business, it’s a raw deal. I think we have to balance both. That’s why we take decision of institutional placement this time.
Sachin Jog
But the right issue. Yeah. So rights issue is anyway for existing investors. Right. So I don’t think there should be any reason for existing investors to feel shortchanged if they have the right.
Harsh Shah
No, no. It’s not about investors getting short chains. For example, a 1500 crore capital gives us say 7000 crores of acquisition pipeline. Right. On a 70:30 basis. If rights issue happen at a discount, the accretive nature, accretive result goes out. Because now you don’t now for those 7,500 crores you need a higher yield to make it accretive. If you wire those assets up, if you. So Instead of issuing 5 crore units, you’ll have to raise 6 crore units, which means you need to deliver growth on 6 crore units. So mathematically you expect the assets have to yield much higher to be accretive.
So it’s not about one unit holder as a business when you raise capital dilutes. So the new project that we win needs to be more profitable to meet the growth requirement for dp. So it puts stress on the business if you dilute at a default discount.
Sachin Jog
Okay, so my next question is related to operational availability of the assets. So this JK tpl, I see that, you know, again this quarter, again it is, you know, not available. So does that mean that we’re going to lose some revenue this year on that asset?
Harsh Shah
We might lose some incentives on that asset, yes, that asset is a very small percentage of our overall asset. But it’s yeah, we have a issue on that asset. So that’s, we restored the issue. But I think it’s a very small asset that will do. And currently we have taken a planned outage. So it will be back to normal availability.
Sachin Jog
No, but I think Even before in Q1 there were a lot of assets which were well below the 98%. So now of course I see that most of them are well above the 98% but this asset continues to be down. So any other assets where we will lose revenue this year because of non availability.
Harsh Shah
You have to read our annual report for that. I’m not sure for this quarter, if you have the last three quarter, which assets have changed? I won’t remember Exactly. We’ve got 50 lines. But on this asset, as I mentioned, it’s less than a percent of our size or rather less than 0.75% of our size. So I don’t see this asset having a material impact on our overall revenue for that. Second, we calculate our year to date availability. So at least this quarter, as you can see, none of the assets impacted for next quarter, you will share how it goes.
Sachin Jog
Okay, thank you so much. Last question, you mentioned that you started using AI. What are the domains in which this is being used? And are we going to see impacts in the years ahead in terms of reduced maintenance costs?
Harsh Shah
I think for AI for us is more for productivity increase in terms of of ability to manage our shutdowns, better ability to manage our productivity of labor on ground for inspection, better ability to predict faults, Pretty much those kind of things. And we have been using. It is not a really all AI and well type of stuff. It is very basic fundamental digitization that has helped us to improve our productivity. We are already seeing that impact. I don’t think that’s going to materially change over next five years. Since inception, which is 10 years, our EBITDA percentage has remained in the range of 88 to 89% to 90%.
So our core goal is to meet inflation on availability on O and M cost and we have been consistently done that over last 10 years. We would like to push the envelope and continue to do for next 10 years. But it’s not suddenly next year we will have 2% higher EBITDA because of AI. I don’t see that kind of change or a material impact on our business today. There is an incremental impact to ensure that we keep our productivity well.
Sachin Jog
Thank you. Thank you so much for being so patient and taking all the questions. Thank you so much and once again congratulations for the good work that is being done.
Harsh Shah
Thank you.
operator
Thank you. The next question is from the line of Sunil, an individual investor. Please go ahead.
Sanil Namboodiripad
Hi, good afternoon. So I have two questions. One is since most of the solar or probably even wind take a lot less time than transmission assets to complete, have you considered even, you know, bidding for solar projects in your through NF grid? And my second question is about when is your first transmission asset that would expire. The contract will expire because I’m more curious to know how the renegotiations happen. That’s all. And one request is if you could limit two plus one questions to the callers that would be helpful because we’ve been waiting for 25 minutes on the call.
Harsh Shah
Thank you very much.
Sanil Namboodiripad
Thank you.
Harsh Shah
So to answer your second question first it’s an asset called ENICL which was one of the first assets that was built by 2014. So that’s, that’s November 2014 is a built of that asset. So we will see somewhere extension discussion happening in 25 years from there because the first asset has a 25 year contract. Everything else was 35. So maybe 2030. 2029. 2030. So very few years away. Not, not 30, actually 2040. Sorry. So it’s quite far 2039. So at least 15 years from now. So fairly away. Sorry I missed your first question. If you can.
Deep Vakil
The first question is about whether you are open to bidding for solar or window.
Harsh Shah
Yeah, is exclusive arrangement between Indigrid North Fund and VII for transmission and desk projects. We are not exclusive on solar and at this point in time we have not bid for any solar or wind project and I don’t think there is anything in plan that we will expand the next quarter or two and start bidding for solar projects. Many a times we have thought about it, but we have not taken that initiative.
Deep Vakil
Thank you. Thank you very much.
Harsh Shah
Thank you. Thank you.
operator
Thank you. The next question is from the line of Deep Vakil from Bandan amc. Please go ahead. Mr. Deep, your line has been unmuted. Please go ahead with your question.
Deep Vakil
Yes, sir, it has already been answered. Sorry. So, thank you.
operator
Thank you. Ladies and gentlemen, as there are no further questions from the participants in the conference. That was the last question. I now hand the conference over to the management for closing comments.
Harsh Shah
Thank you. Thank you everyone for joining on the quarterly call. This quarter has been at least live. I mean a fairly transformative quarter. We raised capital which gives US pipeline till 42,45,000 crores of assets. Our energrade initiative has been building results. So we have signed agreements at 2,600 crores with energrade. We acquired assets from revenue. So we are hopeful that the growth journey continues and we are able to deliver on a promise of predictable DPU and growing that. So thank you for investing in us and trusting us with the capital. Looking forward to see you next quarter.
Thank you.
Mr. Satyadeep Jain
Thank you on behalf of Ambit Capital Private Limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.
Sachin Jog
Thank you.
Sanil Namboodiripad
Thanks everyone.