Anzen India Energy Yield Plus Trust (ANZEN)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Anzen India's revenue was ₹281 Cr (+162.3% year on year, +81.4% on the previous quarter), and net profit ₹54.0 Cr (+465.7% year on year); the operating margin was 79.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹281 | +162.3% | +81.4% |
| Operating profit | ₹224 | +134.6% | +91.5% |
| Net profit | ₹54.0 | +465.7% | — |
| EPS (₹) | 1.98 | +304.1% | — |
| Operating margin | 79.7% | — | — |
📢 Recent Corporate Announcements
EAAA Real Assets Managers Limited, the Investment Manager of Anzen India Energy Yield Plus Trust, will hold a Board meeting on October 30, 2026. The Board will consider unaudited standalone and consolidated Q2/H1 FY27 financial results along with a quarterly distribution declaration for unitholders. The tentative Record Date for the proposed distribution has been scheduled for November 4, 2026. The trading window has been closed since October 1, 2026, and will remain shut until 48 hours after the Board meeting outcome.
- Board meeting scheduled for Friday, October 30, 2026
- Meeting to consider Q2 and H1 FY27 results and quarterly distribution
- Record Date for proposed distribution set for Wednesday, November 4, 2026
- Trading window closed from October 1, 2026 until 48 hours post-declaration
Anzen India Energy Yield Plus Trust reported its quarterly unitholding pattern for the period ended September 30, 2026. Total units outstanding stood at 33,60,62,900, with the Sponsor and Sponsor Group holding 8,03,44,000 units, representing a 23.91% stake (all mandatorily held with zero pledged units). Public unitholders hold the remaining 76.09%, comprising corporate bodies (34.11%), registered NBFCs (21.14%), individual investors (14.40%), and insurance companies (3.38%). This is a routine quarterly compliance submission pursuant to SEBI InvIT regulations.
- Total outstanding units stood at 33,60,62,900 as of September 30, 2026
- Sponsor & Sponsor Group holds 8,03,44,000 units (23.91% stake), with 100% mandatorily held and 0 units pledged
- Public unitholders account for 25,57,18,900 units, representing 76.09% of total units
- Non-institutional bodies corporate hold 11,46,27,991 units (34.11%), and NBFCs hold 7,10,50,000 units (21.14%)
Anzen India Energy Yield Plus Trust has submitted its routine quarterly compliance filing for the period ended September 30, 2026, pursuant to SEBI regulations. The filing confirms Sanket Shah as Compliance Officer (appointed July 23, 2025) and KFin Technologies Limited as the Registrar & Transfer Agent. This is a mandatory periodic administrative update with no operational or financial impact on the trust's power transmission and solar operations.
- Filing pertains to the quarter ended September 30, 2026
- Sanket Shah confirmed as Compliance Officer (appointed July 23, 2025)
- KFin Technologies Limited confirmed as Registrar & Transfer Agent (SEBI Reg No: INR000000221)
- Submitted under SEBI LODR Regulation 6(1) and Regulation 7(1)
Anzen India Energy Yield Plus Trust submitted its periodic ISIN disclosure for outstanding Non-Convertible Debentures (NCDs) as of September 30, 2026, pursuant to SEBI regulations. The Trust reported two listed NCD series with a combined outstanding principal of ₹1,469.19 crore against ₹1,475 crore originally issued. Tranche 1 (INE0MIZ07038) carries a 7.77% coupon maturing in March 2028 with ₹700 crore outstanding. Tranche 2 (INE0MIZ07046) carries a 7.3925% coupon maturing in November 2036 with ₹769.19 crore outstanding.
- Total NCD debt outstanding stands at ₹1,469.19 crore across two tranches as of September 30, 2026
- Tranche 1 (ISIN INE0MIZ07038) has ₹700 crore outstanding at a 7.77% coupon maturing March 6, 2028
- Tranche 2 (ISIN INE0MIZ07046) has ₹769.19 crore outstanding at a 7.3925% coupon maturing November 25, 2036
- Both instruments feature quarterly payment frequency and embedded options
Anzen India Energy Yield Plus Trust has declared a distribution of ₹3.00 per unit for Q1 FY27, marking an increase from the ₹2.75 per unit distributed in the preceding four quarters. The Trust's Assets Under Management (AUM) reached ₹87.3 billion as of June 2026, supported by a portfolio of 1,244 MWp solar and 1,835 cKm transmission assets. The Net Asset Value (NAV) stands at ₹131.40 per unit, reflecting a ~31% growth over the initial issue price. Management has projected a total DPU of ₹12.00 for FY27, backed by long-term contracts with a 20.3-year weighted average residual life.
- Declared Q1 FY27 distribution of ₹3.00 per unit, with a record date of August 7, 2026.
- Total Assets Under Management (AUM) reached ₹87.3 billion as of June 30, 2026.
- Portfolio weighted average residual contracted life stands at 20.3 years across 16 projects.
- Projected FY27 total distribution of ₹12.00 per unit, implying a forward yield of ~9.1% on NAV.
- Revenue mix for Q1 FY27 is diversified with 64% from Solar and 36% from Transmission assets.
Anzen India Energy Yield Plus Trust has submitted its security cover certificate for the quarter ended June 30, 2026. The trust maintains a 100% security cover for its listed non-convertible debentures (Series C and D) with a total book value of Rs 145.34 Cr. The debt is secured by a charge on assets including 100% stakes in four major transmission and solar SPVs with a combined enterprise value of approximately Rs 961.14 Cr. This filing confirms compliance with SEBI's mandatory 100% cover requirement under Regulation 54.
- Total outstanding debt securities (Series C & D) including interest stood at Rs 145.34 Cr as of June 30, 2026
- Enterprise value of pledged assets across various SPVs totaled Rs 961.14 Cr
- Maintained 100% security cover as required by SEBI LODR Regulation 54
- Security includes 100% stakes in Darbhanga-Motihari Transmission and Kudgi Transmission Limited
- Auditors SR BC & CO LLP provided an unmodified conclusion on the security cover statement
Anzen India Energy Yield Plus Trust has submitted its quarterly security cover certificate for the period ended June 30, 2026, as required by SEBI Regulation 54. The statutory auditor, SR BC & CO LLP, confirmed that the Trust maintains the required 100% security cover for its listed Non-Convertible Debentures (Series C and D). The total outstanding debt, including accrued interest, stands at ₹145.34 Cr. This debt is backed by transmission and solar assets with a total enterprise value of ₹961.14 Cr, indicating a comfortable asset-to-debt ratio.
- Total outstanding debt for Series C and D NCDs (including interest) is ₹145.34 Cr as of June 30, 2026.
- The Enterprise Value (EV) of the pledged transmission and solar assets is reported at ₹961.14 Cr.
- Maintained 100% security cover as per SEBI (LODR) Regulations, despite no minimum requirement in the Trust Deed.
- Assets include 100% stakes in Darbhanga-Motihari Transmission and Kudgi Transmission, with the latter having an EV of ₹239.65 Cr.
- The Trust holds 49% to 100% stakes across 16 different solar and transmission SPVs as part of its security pool.
Anzen India Energy Yield Plus Trust has confirmed zero deviation or variation in the utilization of proceeds from its preferential issue. As of June 30, 2026, the trust has successfully deployed ₹6,823.24 million out of the total ₹6,964.43 million raised. The remaining ₹141.19 million is held separately for future utilization in accordance with the objects defined in the January 2026 Postal Ballot Notice. This filing serves as a standard regulatory confirmation of disciplined capital allocation.
- Total amount raised through preferential issuance of units: ₹6,964.43 million
- Total funds utilized as of June 30, 2026: ₹6,823.24 million
- Unutilized funds remaining in separate account: ₹141.19 million
- Reported deviation from the objects stated in the January 23, 2026 notice: Nil
- Utilization rate of the total proceeds raised: approximately 98%
Anzen India Energy Yield Plus Trust has disclosed its independent valuation report and Net Asset Value (NAV) for the quarter ended June 30, 2026. The NAV is calculated at ₹131.40 per unit across 33.61 crore outstanding units. The trust's portfolio remains stable with 3 transmission and 13 solar SPVs. This filing follows the recent induction of Epic Green Urja Private Limited as the new sponsor effective May 19, 2026.
- Net Asset Value (NAV) per unit stands at ₹131.40 as of June 30, 2026.
- Total outstanding units of the Trust are 33,60,62,900.
- Sponsor and Sponsor Group (Epic Green Urja) hold a 23.91% stake in the Trust.
- CERC granted tariff increases of 13.64% for DMTCL and 8.30% for NRSSB due to Force Majeure events.
- NRSSB SPV is mandated to install 139 km of Optical Ground Wires (OPGW) by FY2026.
Anzen India Energy Yield Plus Trust reported a consolidated revenue of ₹281.11 Cr for Q1 FY27, a 162% increase from ₹107.18 Cr in Q1 FY26, driven by the integration of 12 solar SPVs and the Kudgi Transmission project. The Board declared a distribution of ₹3.00 per unit for the quarter. Consolidated net profit rose to ₹54.04 Cr from ₹9.55 Cr YoY. The Trust's total asset base has expanded significantly to ₹9,087.29 Cr, reflecting the full impact of recent inorganic growth.
- Declared a distribution of ₹3.00 per unit for the quarter ended June 30, 2026
- Consolidated revenue jumped to ₹281.11 Cr from ₹107.18 Cr in the year-ago quarter
- Power Generation segment revenue increased to ₹197.20 Cr from ₹46.67 Cr YoY
- Total assets grew to ₹9,087.29 Cr as of June 30, 2026, compared to ₹3,498.90 Cr a year prior
- Finance costs increased to ₹104.73 Cr for the quarter, reflecting debt taken for acquisitions
Anzen India Energy Yield Plus Trust has declared a total distribution of ₹3.00 per unit for Q1 FY27, amounting to ₹100.82 Cr. The standalone revenue for the quarter ended June 30, 2026, grew to ₹130.48 Cr, a 41.5% increase compared to ₹92.23 Cr in the same quarter last year. Standalone Net Profit also saw an uptick to ₹69.61 Cr from ₹53.72 Cr YoY. Additionally, the trust reported that 98% of the ₹696.44 Cr raised through its preferential issue has been utilized for its stated objects.
- Declared a total distribution of ₹3.00 per unit for the quarter ended June 30, 2026.
- Standalone revenue from operations increased to ₹130.48 Cr from ₹92.23 Cr in Q1 FY26.
- Standalone Net Profit for Q1 FY27 stood at ₹69.61 Cr, representing a 29.6% YoY growth.
- Utilized ₹682.32 Cr out of the ₹696.44 Cr raised via preferential issuance as of June 2026.
- Consolidated total assets reported at ₹9,087.29 Cr as of June 30, 2026.
Anzen India Energy Yield Plus Trust reported a sharp increase in consolidated revenue to Rs 281.11 Cr for Q1 FY27, up from Rs 107.18 Cr in the same quarter last year. This growth was primarily driven by the Power Generation segment, which saw revenue rise to Rs 197.20 Cr following the acquisition of 12 solar SPVs and Kudgi Transmission. Consolidated net profit improved to Rs 54.04 Cr from Rs 9.55 Cr YoY. The Board has declared a distribution of Rs 3.00 per unit for the quarter.
- Consolidated revenue from operations grew 162% YoY to Rs 281.11 Cr in Q1 FY27
- Declared a distribution of Rs 3.00 per unit for the quarter ended June 30, 2026
- Power Generation segment revenue increased 322% YoY to Rs 197.20 Cr
- Total assets expanded to Rs 9,087.29 Cr as of June 2026, compared to Rs 3,498.90 Cr in June 2025
- Completed 100% acquisition of Kudgi Transmission Limited on May 19, 2026
Anzen India Energy Yield Plus Trust concluded its 4th Annual General Meeting on July 28, 2026, with all resolutions passed by a simple majority. Unitholders unanimously approved the audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026. Additionally, the appointment of a valuer for the financial year 2026-2027 was confirmed. A total of 14 unitholders, representing 9,16,92,000 units, participated in the voting process, with zero votes cast against any resolution.
- 100% of the 9,16,92,000 votes cast were in favor of adopting the FY26 audited financial statements
- Appointment of the valuer for FY 2026-27 was approved with zero dissenting votes
- Voting participation represented approximately 27.28% of the total 33,60,62,900 units held in the trust
- A total of 14 unitholders participated in the electronic voting process
- The voting rights were determined based on the cut-off date of July 17, 2026
Unitholders of Anzen India Energy Yield Plus Trust approved all resolutions at the 4th Annual General Meeting held on July 28, 2026, with a 100% majority. Key approvals included the adoption of audited standalone and consolidated financial statements for FY26 and the appointment of a valuer for FY 2026-27. A total of 14 unitholders representing 9,16,92,000 votes participated in the electronic voting process. This meeting ensures the trust remains compliant with SEBI InvIT Regulations regarding annual governance and asset valuation mandates.
- 100% of the 9,16,92,000 votes cast were in favor of all three resolutions presented.
- A total of 14 unitholders participated in the remote e-voting and e-voting at the AGM.
- The cut-off date for determining voting eligibility was July 17, 2026.
- Resolution for the appointment of a valuer for FY 2026-27 was passed as special business.
- The trust's FY26 financial statements were formally adopted by the unitholders.
Anzen India Energy Yield Plus Trust has scheduled a board meeting for August 4, 2026, to review audited financial results for the quarter ended June 30, 2026. Crucially for unitholders, the board will also consider a distribution (dividend) for the same period. The record date for this distribution, if approved, is set for August 7, 2026. This follows a trailing twelve-month (TTM) revenue of Rs 205 Cr and a net profit of Rs 2 Cr.
- Board meeting scheduled for August 4, 2026, to approve Q1 FY27 results.
- Record date for the potential distribution is set for August 7, 2026.
- Trading window closed from July 1, 2026, until 48 hours post-announcement.
- TTM Revenue stands at Rs 205 Cr with a TTM PAT of Rs 2 Cr.
Financial Performance
Revenue Growth by Segment
Total revenue grew 5.76% YoY to INR 257 Cr in FY25 from INR 243 Cr in FY24. Segment-specific growth was not disclosed, but the portfolio consists of two transmission SPVs and one solar SPV.
Geographic Revenue Split
Revenue is derived from assets in Punjab (NRSS XXXI (B)), Bihar (Darbhanga-Motihari), and a 300 MW solar project. Specific percentage split per region is not disclosed.
Profitability Margins
PAT margin improved from -12.2% in FY24 to -6.06% in FY25. Net loss narrowed from INR 30 Cr to INR 16 Cr during the same period.
EBITDA Margin
Not disclosed in available documents. However, interest coverage stood at 2.96x in FY25 compared to 3.5x in FY24.
Capital Expenditure
INR 775 Cr was raised via NCDs in November 2025, with a portion allocated for capex and transaction-related expenses. Specific historical capex figures were not disclosed.
Credit Rating & Borrowing
Crisil AAA/Stable rating reaffirmed. Borrowing costs include NCDs at 7.3925% (INR 775 Cr) and 7.77% (INR 700 Cr).
Operational Drivers
Raw Materials
Solar irradiation (primary energy source), O&M services (contracted), and electrical components such as inverters (critical for solar generation).
Capacity Expansion
Current solar capacity is 300 MW with a planned expansion of 815.7 MW through ROFO assets. Transmission capacity includes a 149 km line with a planned addition of 980 ckt km via the Kudgi project.
Raw Material Costs
Not disclosed in available documents. O&M expenses are described as a small portion of revenue but critical for maintaining line availability.
Manufacturing Efficiency
Solar PLF was 27.16% in FY25. Transmission assets maintain a healthy track record of line availability, which is critical for stable revenue under the PoC mechanism.
Strategic Growth
Growth Strategy
Growth will be achieved through the execution of Right of First Offer (ROFO) agreements for 100% stake in Kudgi Transmission Ltd (980 ckt km) and 12 operational solar assets with a combined capacity of 815.7 MW DC.
Products & Services
Power transmission services via high-voltage lines and solar electricity generation.
Brand Portfolio
Anzen India Energy Yield Plus Trust, EAAA Real Assets Managers Limited.
New Products/Services
Proposed acquisition of 815.7 MW solar capacity and 980 ckt km transmission assets via ROFO agreements.
Market Expansion
Expansion from current Bihar and Punjab locations into Karnataka (Kudgi project) and other regions across India via ROFO solar assets.
Strategic Alliances
ROFO agreements with Infrastructure Yield Plus II and Edelweiss Infrastructure Yield Plus Fund (EIYP)/SEPL Energy Pvt Ltd.
External Factors
Industry Trends
Growing trend of hybrid InvITs combining transmission and renewable assets. The industry is evolving through asset monetization under SEBI's InvIT framework, which mandates 90% cash flow distribution.
Competitive Moat
Durable advantages include 35-year TSAs and 21-year remaining PPAs with fixed tariffs. The PoC mechanism and SECI counterparty (15-day payment cycle) provide high cash flow stability.
Regulatory & Governance
Industry Regulations
Operations are governed by SEBI (Infrastructure Investment Trusts) Regulations, 2014, which mandate a 90% distribution of net distributable cash flows to unitholders.
Risk Analysis
Key Uncertainties
Impact of proposed acquisitions (815.7 MW solar and Kudgi Transmission) on the financial risk profile and debt-to-AUM ratio, which is currently 43.2% vs the 70% SEBI limit.
Geographic Concentration Risk
Current revenue is concentrated in Punjab and Bihar; proposed acquisitions would expand the footprint to Karnataka and other Indian states.
Third Party Dependencies
High dependency on O&M contractors for asset maintenance and inverter OEMs for technical restoration of solar units.
Technology Obsolescence Risk
Risk of equipment failure, specifically inverter breakdowns, which reduced solar PLF from 28.00% to 27.16% YoY.
Credit & Counterparty Risk
Solar revenue is dependent on SECI, which maintains a strong payment track record of within 15 days; transmission revenue is secured via the PoC pool mechanism.
