Powergrid Infrastructure Investment Trust (NSE: PGINVIT) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Unidentified Speaker
Mr.Naveen Srivastava — Chairman, Non Ind & Non Exe Director
Analysts:
Mohit Kumar — Analyst
Palash Jain — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Power Grid infrastructure investment trust Q3 FY26 earnings call hosted by ICICI Securities 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 is being recorded. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Ltd. Thank you. And over to you, Mr.
Mohit.
Mohit Kumar — Analyst
Thank you. Good morning. On behalf of ICICI securities we welcome you all to the Q3FY26 earnings call of PG Invit. Today we have with us from the management Mr. Naveen Sriravastava, Chairman Mr. Sanjay Sharma, Director Mr. Amitkar, Director Srimati Niladas, Chief Executive Officer Mr. Gaurav Mallic, Chief Financial Officer Mr. Swetaank Kumar, Company Secretary and Compliance Officer. Without much delay, I will now hand over the call to the management for the brief opening remarks which will be followed by Q and A. Thanks. And over to you sir.
Mr.Naveen Srivastava — Chairman, Non Ind & Non Exe Director
Thanks, Mr. Mohit. Good afternoon ladies and gentlemen. On behalf of Power Grid Uchahar Transmission Limited utl, the Investment Manager of PG Invit, I am delighted to have you all with us for a PG Invit Q3 FY26 earning call. Thank you for taking the time to join us today. I, Naveen Srivastava, Chairman of PUTL and I am joined on this call by my colleagues from the board and senior management of putl. Sri Sanjay Sharma, Director of putl Sri Amit Garg, Director of putl Shrimati Neela Das, CEO of putl Sri Gaurav Malik, CFO of PUTL and Sri Shritan Kumar, CS of PUTL and Compliance Officer of PGNVIT along with other senior officials from our team.
We truly appreciate your continued engagement and. Confidence in PG Invit. Before we move into the financial and operational details let me briefly touch upon the recent developments. Parley Power Transmission Ltd. One of the SPVs of PG Invitation has been executing a project 400kV line bay at 765 by 400kV per Li new substation for re interconnection under regulated tariff mechanism. This project was allocated by ctil. I am pleased to inform that PPTL has successfully completed the project within the timelines stipulated for the project which was charged on no load basis on 12-31-2025. The tariff of this project will be determined by Central Lake City Regulatory Commission in accordance with the applicable regulations.
Yesterday, on February 9, 2026, PG Inbit announced its financial results and quarterly distribution for the period ended December 31, 2025. The results, together with the investors presentation have been made available on the stock exchange platforms and also on our website for the benefit of investors and the public at large. I am also pleased to share that PG Invit’s investor base continues to expand steadily. From around 15,000 US unitholders at the time of listing, we have grown to over 2.5 lakhs unitholders as on date. We sincerely thank our unitholders for their continued trust and confidence in PG invit.
For the benefit of those who may be joining us for the first time, allow me to briefly introduce the trust PG INVIT is an infrastructure investment trust sponsored by Power Grid Corporation of India Limited India largest power transmission utility and a Maharatna under central public sector enterprise powergate. Uchaha Transmission Ltd. A wholly owned subsidiary of Power Grid, serves as Investment Manager while IDBI Trusteeship Services Limited acts as a trustee. PG in Width’s portfolio consists of fully operational interstate transmission assets developed under the tariff based Computative Building framework on a build, own, operate and maintain boom basis and owned through five special purpose vehicles namely Vizag Transmission Limited, Kalam Transmission Limited, Parley Power Transmission Limited, Varora Transmission Limited and Jabalpur Power Transmission Limited with 100% equity ownership in each SUV.
Through these SUVs, PG Invit has an operational presence across five states, Himachal Pradesh, Andhra Pradesh, Telangana, Madhya Pradesh and Maharashtra. Collectively, these long live revenue generating assets comprise approximately 3,700 circuit kilometers of transmission line and more than 6,600 MVA of transformation capacity and are backed by 35 year transmission service agreements with an average remaining TTSA tenure about 27 years and availability based fixed tariff. Under TSAs, the portfolio offers strong long term cash flow visibility with limited regulatory risk. The assets have consistently delivered robust operational performance demonstrating high system reliability, strong availability metrics and an unwavering focus on operational safety.
With PowerGate serving as both sponsor and Project Manager, PG INVIT remains strategically positioned to continue offering stable and predictable returns to the unitholders. Now let me come to the Q3FY26 distribution update. On February 9, 2026, PG Invit declared Rupees 3 per unit distribution for the quarter ended December 31, 2025. This represents the third payout for fiscal 2026 and marks the 18th consecutive quarterly distribution since listing. The distribution will be credited on or before 02.19.2026 with this cumulative distribution. Since listings stand at Rs.55.50 per unit amounting to Rs.50.51 billion distributed to investors against the IPO issue price of rupees 100 per unit, we reiterate our commitment to a rupees 12 per unit distribution for the full fiscal year 20.
All distributions are made in accordance with the SEBI invit regulations and PG in WIT’s distribution policy which requires that at least 90% of the NDCF, I.e. net distributable cash flows to be distributed to the unitholders. Let us now take a close look at our operational performance. Our transmission assets continue to operate with high efficiency and safety with the support of our Project Manager in Q3FY26 Based on provisional data, the average availability across all SVB exceeding 99.75%. This strong performance reflects the operational excellence while also maximizing the incentive potential. We are currently awaiting the final monthly Availability Certificate for the month of October to December 2025 from the respective Regional Power Committee under Ministry of Power.
Let me come. Let me look at the Financial Highlights for Q3FY26PG InvIT reported a total consolidated income of Rupees 3249 million, of which Rupees 3167 million came from revenue from operations and Rupees 82 million from other income, primarily interest on deposits. Total expenses stood at rupees 1177 million. The NDCF the net distributable cash flow for Q3FY26 is rupees 2614 million. We are pleased to confirm that the distribution amount exceeds the mandated 90% threshold in line with the SEBI regulations and our policy on the capital structures front. As of December 31, 2025, PG in WIT’s outstanding external borrowing stood at Rupees 10,661 Million.
That includes Rs. 5,756 Million loan raised from SDFC bank in March 2022 and Rupees 5,060 Million loan again raised from SDFC bank in December 2024 to fund acquisitions. Both facilities are floated rate loans with one link to the three months treasury bill and other to the repo rate. The prevailing interest rates on these loans currently stand at rupees at 6.56% and 6.75% respectively. Our net borrowing ratio stands at 5.22% providing significant headroom to fund future acquisition entirely through debt. PG in WITS maintain low leverage giving us the flexibility to pursue debt funded acquisitions. PG in VIT continues to hold the highest credit ratings AAA with a stable outlook from ICRA Krisel Care Ratings underscoring the trust’s strong financial positions, resilient cash flows and prudent capital management.
As of 12-31-2025, build trade receivables were rupees 911 million with an average collection period of 27 days reflecting continued strong payment discipline from our counterparts. Going forward, our growth strategy remains focused on acquiring operational transmission assets in line with INVIT regulations and unitholder interests. However, we must acknowledge a key challenge that is the limited availability of transmission assets for acquisition in near term which we will have consistently communicated. The long term outlook for the transmission sector remains strong supported by an estimate estimated rupees 9.16 lakh crore of the planned investment during the period 2022-2032 as per the National Electricity Plan released in October 2024 by CA also published a master plan recently for evacuation of power from hydroelectric plant in Brahmaputra basin released in October 2025.
It emphasized an investment in the transmission system to amount rupees 6.43 lakhs crores out of which 1.91 lakh crores up to 2035 and 4.52 lakh crores beyond 2035. These investments will convert into revenue generating transmission assets creating a meaningful pipeline of acquisition opportunity for PG INVIT once assets are commissioned and completed one year of operation as required under SEBI INVIT regulations. We are also actively monitoring monetization initiatives at the state level. If state utilities choose to monetize their operational transmission networks, this could further expand the pool of available opportunities. However, such initiatives will require continued policy alignment, stakeholder coordinations and may materialize gradually as shared during our previous earning calls.
PG in WIT is evaluating a new pathway for value accretive growth by considering participation in development of the transmission project under tariff based competitive bidding TBCB mechanism. This initiative is aimed at leveraging the sizable pipeline of upcoming transmission project which are currently at various stage of planning and bidding. In this context, the Board of Investment Manager of PG in WIT and Power Grid has granted in principle approval for formation of a consortium with Power grid as a lead partner and PGE INVIT as the other partner to participate up to 2 TBCB project. With aggregate project cost of around 500 crore.
Supported by strong fundamentals and a clear strategic direction, PGNVIT remains well positioned to navigate the evolving transmission landscape. We will continue to pursue growth opportunities in A calibrated and prudent manner always keeping unitholders interest at the center of our decision making. Any potential acquisitions will be subject to rigorous evolution including operational track record, regulatory compliance, governance standards and its overall suitability for inclusion with pginvit. I want to thank you once again for your continued support and confidence in PG Invit. We look forward to engaging with you. Further during question answer session. Thank you Mohit.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Palash Jain from ICICI Securities. Please go ahead.
Palash Jain
Thank you for the opportunity sir. So my first question is on the distribution part. So what can we expect for FY27 and 28 in terms of distribution per unit?
Mr.Naveen Srivastava
At present we are on working on 26 and as we have committed that we’ll give you 12 as we are doing in a same manner. And I’m sure that when the 27th will come we’ll surely declare that at. Present we are talking about 25, 26. And that we have already declared rupees 12 per unit.
Palash Jain
Okay, that helps. My second question is on the stage asset monetization plan which you also briefed about. So can you just explain in a bit more detail like what is the plan? What do we have anything in the pipeline or is there any credible progress on the same and further which states are we looking at?
Mr.Naveen Srivastava
No doubt it is having a. It’s going on well and we are in the with the power grid and we are seeing that it’s going to work. Let me explain you how we are going for that. It is why we have gone for that. Let me tell you first because you. All know that when we are going. For TBCB it should be you know 10% of your total assets or PG Invit is having if you take 10% is coming out to be 800 crore so we cannot go more than that. So that’s why 500 crores we have kept it with the power grid and we are going to here we are keeping power grid as a lead partner and we as a other partner with our stake will be 74% and their stake will be 26% and it is in the process and surely good results will come. In that and we see that near.
Future at least presently we are going. With the two projects which is up to the 500 crores and and we see that in near future you will. See that we are able to. It is in process.
Palash Jain
Okay. Which states if there is anything on that.
Mr.Naveen Srivastava
State state monetization we are in. Touch with the states and we see. That like See you can understand that. In isth is a limited opportunity but if you. And apart from the private some states also coming and thinking of monetizing their Transmission with the CAPEX in this case you all know that on December 6, 2024 CAS with the collaboration PG in NIF and PFCCL organizer workshop to monetize their transmission sets in New Delhi and almost 20 states representative have you know, participated in that and we see that if state labor monetization it’s going to. Gain the transaction and could create a. New opportunity for PG invit. But basically it’s a policy decision involving various factors. We anticipate that procedure may take time to materialize it but we are on the job.
Palash Jain
Okay, got it Simon.
Unidentified Speaker
Last just to add we are in touch with some states but I think it’s very preliminary levels of discussions and the states would not like us to name them. But yes, we have given presentations both in the CA platform and at other forums also.
Palash Jain
Okay, so that is very helpful. So my last question is regarding the consortium with power grid. So we expect to bid directly for the transportation projects in the next 12 months in the near term with power. Grid.
Mr.Naveen Srivastava
Both will quote in that with the power grid Will quote.
Palash Jain
Okay, thank you so much, sir.
operator
Thank you. The next question is on the line of Vipul Kumar.[Ends Abruptly]