💰 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.

Logistics & Distribution

Not applicable.

📈 Strategic Growth

Expected Growth Rate

Not disclosed in available documents

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.

Consumer Behavior

Not applicable.

⚖️ 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.