IndiGrid - Public Comps and Valuation Multiples

IndiGrid Overview

About IndiGrid

IndiGrid Infrastructure Trust, formerly India Grid Trust is an infrastructure investment trust established to own inter-state power transmission assets in India. The projects comprise extra high voltage (EHV) overhead power transmission lines, comprising approximately seven 765 kV transmission lines and thirty 400 kV transmission lines. The company has two distinct reportable segments: Power Transmission and Power generation. The power Transmission segment generates the majority of revenue and is engaged in the business of owning and maintaining transmission assets. The power Generation segment includes entities in the business of generating power through renewable sources such as solar etc.

Founded

2016

HQ

Employees

n/a

Website

indigrid.co.in

Sectors

Utilities

Financials

LTM Revenue $428M

LTM EBITDA $385M

EV

$3.5B

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IndiGrid Financials

IndiGrid has a last 12-month revenue of $428M and a last 12-month EBITDA of $385M.

In the most recent fiscal year, IndiGrid achieved revenue of $333M and an EBITDA of $297M.

IndiGrid expects next 12-month revenue of XXX and NTM EBITDA of XXX

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IndiGrid P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$271M	$333M	XXX	XXX	XXX
Gross Profit	$252M	$264M	XXX	XXX	XXX
Gross Margin	93%	79%	XXX	XXX	XXX
EBITDA	$254M	$297M	XXX	XXX	XXX
EBITDA Margin	94%	89%	XXX	XXX	XXX
Net Profit	$40.5M	$52.9M	XXX	XXX	XXX
Net Margin	15%	16%	XXX	XXX	XXX
Net Debt	$1.4B	$1.6B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

IndiGrid Stock Performance

As of April 15, 2025, IndiGrid's stock price is INR 144 (or $2).

IndiGrid has current market cap of INR 120B (or $1.4B), and EV of INR 302B (or $3.5B).

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IndiGrid Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$3.5B	$1.4B	XXX	XXX	XXX	XXX	$0.11

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IndiGrid Valuation Multiples

As of April 15, 2025, IndiGrid has market cap of $1.4B and EV of $3.5B.

IndiGrid's trades at 8.2x LTM EV/Revenue multiple, and 9.1x LTM EBITDA.

Analysts estimate IndiGrid's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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IndiGrid Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$3.5B	XXX	XXX	XXX
EV/Revenue	8.7x	XXX	XXX	XXX
EV/EBITDA	9.7x	XXX	XXX	XXX
P/E	18.4x	XXX	XXX	XXX
P/E/Growth	5.4x	XXX	XXX	XXX
EV/FCF	19.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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IndiGrid Valuation Multiples

IndiGrid's NTM/LTM revenue growth is 1%

IndiGrid's revenue per employee for the last fiscal year averaged n/a, while opex per employee averaged n/a for the same period.

Over next 12 months, IndiGrid's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate IndiGrid's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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IndiGrid Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	23%	XXX	XXX	XXX	XXX
EBITDA Margin	90%	XXX	XXX	XXX	XXX
EBITDA Growth	17%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	91%	XXX	XXX	XXX	XXX
Revenue per Employee	n/a	XXX	XXX	XXX	XXX
Opex per Employee	n/a	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	2%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	45%	XXX	XXX	XXX	XXX

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