Buy India Grid Trust; target of Rs 110: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on India Grid Trust

India Grid Trust (Indigrid) reported Q1FY19 Distribution per Unit (DPU) of Rs3/unit which was in line with expectations and the Trust remains on track to deliver its FY19E DPU guidance of Rs12/unit.

Outlook

We reiterate our BUY rating with target price of Rs110. Our target price is based on discounting the Distribution per Unit (DPU) of cash flows from the InvIT over the residual life of assets post FY18 at a cost of equity of 11% and assumes injection of another 7 assets into Indigrid over FY19- 22E through 3 incremental tranches of fund raising funded by a 51:49 mix of equity and debt.

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