Energy Infrastructure Trust (542543)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Energy Infrastructure's revenue was ₹1,002 Cr (+3.8% year on year, +5.3% on the previous quarter), and net profit ₹48.0 Cr (+54.8% year on year); the operating margin was 38.4%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,002 | +3.8% | +5.3% |
| Operating profit | ₹385 | +5.8% | +6.4% |
| Net profit | ₹48.0 | +54.8% | +242.9% |
| EPS (₹) | 0.72 | +53.2% | +242.9% |
| Operating margin | 38.4% | — | — |
📢 Recent Corporate Announcements
Energy Infrastructure Trust filed its unitholding pattern as of September 30, 2026. Sponsors and the sponsor group hold 18,75,00,000 units, representing 28.24% of the total 66,40,00,000 units outstanding. Public unitholders account for the remaining 71.76% (47,65,00,000 units), with institutions holding 17.80% and non-institutions holding 53.96%. There are no units reported as pledged or encumbered.
- Total outstanding units stand at 66,40,00,000 as of September 30, 2026
- Sponsor & Sponsor Group hold 18,75,00,000 units, equivalent to 28.24%
- Public institutional unitholding is 17.80% (11,81,75,000 units), including FPIs at 5.76% and Insurance at 5.10%
- Public non-institutional holding represents 53.96%, with retail individuals holding 22.15% (14,70,52,300 units)
- Pledged or encumbered units stand at nil
Energy Infrastructure Trust filed its unitholding pattern as of September 30, 2026. Sponsors and the sponsor group hold 18,75,00,000 units, representing 28.24% of the total 66,40,00,000 units outstanding. Public unitholders account for the remaining 71.76% (47,65,00,000 units), with institutions holding 17.80% and non-institutions holding 53.96%. There are no units reported as pledged or encumbered.
- Total outstanding units stand at 66,40,00,000 as of September 30, 2026
- Sponsor & Sponsor Group hold 18,75,00,000 units, equivalent to 28.24%
- Public institutional unitholding is 17.80% (11,81,75,000 units), including FPIs at 5.76% and Insurance at 5.10%
- Public non-institutional holding represents 53.96%, with retail individuals holding 22.15% (14,70,52,300 units)
- Pledged or encumbered units stand at nil
Energy Infrastructure Trust has declared a distribution of ₹3.8830 per unit, translating to an aggregate payout of approximately ₹257.83 crore. The distribution consists of ₹2.1417 per unit as Return of Capital (₹142.21 crore) and ₹1.7413 per unit as Return on Capital/Interest (₹115.62 crore). The record date for the payout is October 14, 2026, and payment will be credited on or before October 22, 2026.
- Total distribution declared at ₹3.8830 per unit
- Return of capital component is ₹2.1417 per unit (₹1,42,20,89,126)
- Return on capital (interest) component is ₹1.7413 per unit (₹1,15,62,17,090)
- Record date set for October 14, 2026, with payment due on or before October 22, 2026
Energy Infrastructure Trust has declared a distribution of ₹3.8830 per unit, translating to an aggregate payout of approximately ₹257.83 crore. The distribution consists of ₹2.1417 per unit as Return of Capital (₹142.21 crore) and ₹1.7413 per unit as Return on Capital/Interest (₹115.62 crore). The record date for the payout is October 14, 2026, and payment will be credited on or before October 22, 2026.
- Total distribution declared at ₹3.8830 per unit
- Return of capital component is ₹2.1417 per unit (₹1,42,20,89,126)
- Return on capital (interest) component is ₹1.7413 per unit (₹1,15,62,17,090)
- Record date set for October 14, 2026, with payment due on or before October 22, 2026
Energy Infrastructure Trust has scheduled a Board of Directors meeting of its investment manager, EnCap Investment Manager Private Limited, for October 9, 2026. The agenda includes considering and declaring a distribution to unitholders. The record date for the proposed distribution, if declared, is set for October 14, 2026. Additionally, the trading window for designated persons is closed starting October 1, 2026.
- Board meeting scheduled for Friday, October 9, 2026, to consider distribution
- Record date for distribution set as Wednesday, October 14, 2026
- Trading window closed from October 1, 2026 until 48 hours after Q2/H1 FY27 results declaration
- Filing under Regulation 23(5)(i) of SEBI InvIT Regulations, 2014
Energy Infrastructure Trust has announced the closure of its trading window for dealing in units of the Trust starting Thursday, October 1, 2026. This closure is per SEBI Prohibition of Insider Trading Regulations ahead of the quarterly and half-yearly financial results for the period ended September 30, 2026. The window will reopen 48 hours after the financial results are published. This is a standard procedural compliance filing with zero financial impact.
- Trading window closes on Thursday, October 01, 2026
- Covers financial results and statements for the quarter and half year ended September 30, 2026
- Trading window will reopen 48 hours after financial results become generally available
Energy Infrastructure Trust reported a significant deterioration in financial health for Q1 FY27, with consolidated net profit margins turning negative at -0.60% compared to 3.27% YoY. The Interest Service Coverage Ratio (ISCR) fell to 0.83, indicating that operating earnings are currently insufficient to cover interest obligations. The Debt-Equity ratio saw a sharp spike to 28.19 from 13.28 in the previous quarter. Despite the weak performance, the trust declared a distribution of Rs 3.92 per unit and re-appointed Akhil Mehrotra as Managing Director until 2030.
- Consolidated EBITDA margin compressed to 30.86% from 40.42% in the year-ago quarter
- Interest Service Coverage Ratio (ISCR) dropped to 0.83, falling below the critical 1.0 threshold
- Debt-Equity ratio surged to 28.19 as of June 30, 2026, compared to 13.28 in March 2026
- Standalone Profit After Tax (PAT) fell 89% YoY to Rs 28.30 Cr from Rs 258.45 Cr
- Distribution per unit declared at Rs 3.92 for the quarter ended June 30, 2026
Energy Infrastructure Trust has scheduled a board meeting for August 7, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. This is a routine regulatory requirement under SEBI InvIT Regulations. The trading window for the Trust's securities has been closed since July 1, 2026, and will remain so until 48 hours after the results are declared. Investors should focus on the upcoming results to assess the Trust's ability to manage its high debt of ‡6,602 Cr.
- Board meeting to be held on August 7, 2026, for Q1 FY2026 results approval
- Financial results cover the quarter ended June 30, 2026
- Trading window closed since July 1, 2026, per insider trading norms
- Trading window to reopen 48 hours after the results are announced
Energy Infrastructure Trust concluded its 8th Annual General Meeting on July 24, 2026, with unitholders approving all three proposed resolutions. Key approvals included the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026, and the adoption of the annual valuation report. Additionally, the appointment of the Trust's valuer was confirmed. The meeting was attended by 5 unitholders and all resolutions were passed via simple majority through electronic voting.
- Adoption of Audited Standalone and Consolidated Financial Statements for the year ended March 31, 2026
- Approval and adoption of the Valuation Report for the financial year ended March 31, 2026
- Confirmation of the appointment of the Valuer for the Trust
- Remote e-voting facility was utilized by unitholders between July 21, 2026, and July 23, 2026
- The meeting was conducted via video conferencing and lasted approximately 48 minutes
Energy Infrastructure Trust has reported its unitholding pattern for the quarter ended June 30, 2026. The Sponsor and Sponsor Group maintain a 34.22% stake, held entirely by foreign body corporates. Public unitholders own the majority 65.78% of the trust, with significant participation from non-institutional body corporates (25.73%) and individual investors (20.97%). Institutional ownership is relatively modest at 15.54%, led by Foreign Portfolio Investors at 5.98%.
- Total outstanding units of the Trust are 66,40,00,000 as of June 30, 2026
- Sponsor and Sponsor Group hold 22,72,50,000 units, representing 34.22% of the total capital
- Public unitholding stands at 65.78%, with 43,67,50,000 units held by non-sponsor entities
- Institutional investors hold 15.54%, including Insurance Companies at 4.51% and FPIs at 5.98%
- Individual retail investors hold a substantial 20.97% stake, amounting to 13,92,35,377 units
Energy Infrastructure Trust has filed its quarterly corporate governance report for the period ended June 30, 2026, as per SEBI InvIT Regulations. The board of the Investment Manager, EnCap Investment Manager Private Limited, maintains a balanced composition of 6 directors, including 3 independent members. During the quarter, the board met twice (April 10 and May 13, 2026) with full quorum. All mandatory committees, including Audit and Risk Management, held meetings during the quarter, adhering to the maximum permissible gap of 95 days between sessions.
- Board consists of 6 directors, with 50% (3 members) being Independent Directors.
- Maximum gap between consecutive committee meetings recorded at 95 days.
- Two board meetings were conducted in the April-June 2026 quarter with 100% attendance.
- Independent Director Mr. Arun Balakrishnan holds the longest tenure on the board at 37 months.
- Audit Committee met on May 11, 2026, with 4 members present, including 3 independent directors.
Energy Infrastructure Trust has declared a total distribution of ₹3.8380 per unit for the third quarter of FY 2025-26. The distribution is bifurcated into a Return of Capital of ₹2.1371 per unit and a Return on Capital (Interest) of ₹1.7009 per unit. The total aggregate payout across both components amounts to approximately ₹254.84 crore. The record date is fixed for July 15, 2026, with the payment scheduled to be completed on or before July 21, 2026.
- Total distribution declared at ₹3.8380 per unit for Q3 FY 2025-26
- Return of Capital component fixed at ₹2.1371 per unit, totaling ₹141.90 crore
- Return on Capital (Interest) component fixed at ₹1.7009 per unit, totaling ₹112.94 crore
- Record date for the purpose of distribution is July 15, 2026
- Final payment to unitholders to be completed by July 21, 2026
Energy Infrastructure Trust has declared a total distribution of Rs 3.8380 per unit for its unitholders. The payout is split into two components: a Return of Capital of Rs 2.1371 per unit and a Return on Capital (Interest) of Rs 1.7009 per unit. The total aggregate payout across both components amounts to approximately Rs 254.84 crore. The record date for eligibility is July 15, 2026, with payment to be completed by July 21, 2026.
- Total distribution of Rs 3.8380 per unit declared for unitholders
- Return of Capital component fixed at Rs 2.1371 per unit (Totaling Rs 141.90 crore)
- Return on Capital (Interest) component fixed at Rs 1.7009 per unit (Totaling Rs 112.94 crore)
- Record date for the distribution is set for July 15, 2026
- Payment to be disbursed on or before July 21, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 6.19% YoY to INR 3,893 Cr in FY 2024-25 from INR 3,666 Cr in FY 2023-24. For Q1 FY 2025-26, revenue stood at INR 965 Cr. Growth is primarily driven by increased gas volumes from the KG-D6 basin and the Pipeline Usage Agreement (PUA) with RIL.
Geographic Revenue Split
100% of revenue is generated within India, specifically from the 1,485 km East West Pipeline (EWP) connecting Kakinada, Andhra Pradesh (East Coast) to Bharuch, Gujarat (West Coast).
Profitability Margins
The company maintained a PAT margin of 22.4% in FY 2023-24 (INR 822 Cr PAT on INR 3,666 Cr revenue), improving from 19.9% in FY 2022-23. This expansion is due to stable operating costs and higher capacity utilization.
EBITDA Margin
Operating EBITDA (excluding RIL upside share) was INR 770 Cr in Q1 FY 2025-26. PBILDT grew 37.17% to INR 2,978 Cr in FY 2024-25 from INR 2,171 Cr in FY 2023-24, reflecting high operational leverage as volumes increased.
Capital Expenditure
The Enterprise Value was reported at INR 12,444 Cr as of March 31, 2025, and INR 12,313 Cr as of June 30, 2025. Specific planned CAPEX for expansion was not disclosed, though the pipeline has significant headroom with 42% current utilization.
Credit Rating & Borrowing
The trust maintains a 'Crisil AAA/Stable' and 'CARE AAA/Stable' rating. External debt consists of INR 6,452 Cr in NCDs at the SPV level. Borrowing costs are optimized through the AAA rating, though specific interest rate percentages were not disclosed.
Operational Drivers
Raw Materials
The primary operational costs are Operations & Maintenance (O&M) services and System Used Gas (SUG). O&M expenses form a significant portion of the cost structure, though excess costs are funded by RIL under specific agreements.
Import Sources
Not applicable as the company provides transmission services. The gas transported is sourced domestically from the Krishna Godavari (KG) Basin in Andhra Pradesh, India.
Key Suppliers
O&M services are provided by Pipeline Management Services Private Limited (PMSPL), which is a 50:50 joint venture between the Reliance Group and the Sponsor (Brookfield).
Capacity Expansion
Current installed capacity is 85 MMSCMD (million metric standard cubic meters per day). No immediate expansion is planned as current utilization is only 42% (35.64 MMSCMD in Q1 FY 2026), leaving 58% available headroom.
Raw Material Costs
O&M and SUG costs are regulated by an annual operating plan. If actual costs exceed the budget, RIL is obligated to fund the excess, effectively capping the trust's exposure to cost volatility.
Manufacturing Efficiency
Capacity utilization improved to 41.9% in Q1 FY 2025-26 from lower levels in previous years, following increased production from KG-D6 fields. Volume transported was 35.64 MMSCMD in Q1 FY 2026.
Logistics & Distribution
The pipeline serves as the primary distribution infrastructure, connecting to 22 delivery points and 15 City Gas Distribution (CGD) networks, including connections to GAIL and GSPL networks.
Strategic Growth
Expected Growth Rate
7%
Growth Strategy
Growth will be achieved by leveraging the ramp-up in gas production from the KG-D6 basin by RIL and BP, and increasing connectivity to industrial clusters. The trust also benefits from the PNGRB Unified Tariff Structure and potential upside sharing if actual capacity charges exceed contracted payments.
Products & Services
Natural gas transportation and transmission services via the 1,485 km East West Pipeline; Parking & Lending (P&L) services for gas storage and flexibility.
Brand Portfolio
Energy Infrastructure Trust (formerly India Infrastructure Trust), Pipeline Infrastructure Limited (PIL).
New Products/Services
Expansion of Parking & Lending (P&L) services; revenue from these services is excluded from core Operating EBITDA but contributes to total cash flow.
Market Expansion
Targeting increased penetration in the Fertilizer (currently 29% of demand), CGD (22%), and Refinery/Petrochem (29%) sectors as India shifts toward a gas-based economy.
Market Share & Ranking
PIL operates the sole pipeline connecting the eastern gas-producing coast to the western industrial coast of India, making it a critical monopoly asset for KG-basin gas.
Strategic Alliances
Strategic 20-year Pipeline Usage Agreement with Reliance Industries Limited (RIL) and a 50:50 O&M Joint Venture (PMSPL) with the Reliance Group.
External Factors
Industry Trends
The industry is moving toward a Unified Tariff Structure (effective April 1, 2023) to harmonize transmission costs. LNG imports are expected to grow 2.5x by 2035 to ~250 MMSCMD, increasing the relevance of cross-country pipelines.
Competitive Landscape
Key competitors include GAIL (India) Ltd and Gujarat State Petronet Ltd (GSPL), though PIL's specific route is unique and often complementary to GAIL's trunk lines.
Competitive Moat
The moat is a 'geographic monopoly' as the sole pipeline connecting the East and West coasts. High entry barriers (right-of-way, massive CAPEX) and 20-year contracted cash flows with a AAA counterparty make the moat highly sustainable.
Macro Economic Sensitivity
Highly sensitive to India's natural gas consumption trends and government policies promoting a 'gas-based economy,' which targets increasing gas in the energy mix.
Consumer Behavior
Shift in industrial energy preference toward natural gas due to environmental regulations and the expansion of City Gas Distribution (CGD) networks to 15 GAs connected to PIL.
Geopolitical Risks
Exposure is indirect through global LNG price volatility, which affects the demand for gas transportation services from industrial customers who may switch to alternative fuels.
Regulatory & Governance
Industry Regulations
Regulated by the Petroleum and Natural Gas Regulatory Board (PNGRB). Operations must comply with the Unified Tariff Structure and fortnightly revenue settlements with the settlement commission.
Environmental Compliance
The company received the 'Best Natural Resource Preservation of the year' at the Global ESG & CSR awards 2024 and holds a 5-star Occupational Health and Safety award from the British Safety Council.
Taxation Policy Impact
Distributions are split into 'Return of Capital' and 'Return on Capital'. For the Jan 2026 distribution, INR 2.0050 per unit was Return of Capital and INR 1.1786 was Return on Capital.
Legal Contingencies
No specific pending court cases or case values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 5-year tariff review by PNGRB due in 2025, which could impact revenue by more than 10% if tariffs are cut aggressively. Refinancing risk for bullet repayments of NCDs is also a factor.
Geographic Concentration Risk
100% of assets and revenue are concentrated in a single pipeline corridor across Andhra Pradesh, Telangana, Maharashtra, and Gujarat.
Third Party Dependencies
Critical dependency on Reliance Industries Limited (RIL) for ~75% of unit holding and as the primary revenue counterparty via the PUA.
Technology Obsolescence Risk
Low risk for physical pipeline assets; however, the company mitigates digital risks through AI deployment and PIMS software to prolong the 20+ year asset lifecycle.
Credit & Counterparty Risk
Counterparty risk is low as RIL is rated 'AAA/Stable'. The trust has an enforcement option requiring RIL to purchase NCDs if payments are delayed.
