For Introduction to PGINVIT read below article
Powergrid InvIT
Powergrid InvIT (Infrastructure Investment Trust) owns, constructs, operates, maintains, and invests in power transmission assets in India. The below slide from their investor presentation provides a good overview of this InvIT
In above article I used FCF available to arrive at DPUs, I think a better approach is to link it to revenue and arrive at potential forecasted DPU, in same sheet not published in last article I had DPU projections linked to revenue and actuals in FY26 (DPU guidance of INR 12) are closer if I had used revenue linkage instead of FCF, it would have been better to analyse the DPU
So with new valuation report available to us I have extracted revenue projections from all projects and tried to model DPU projections , if you want to do it yourself here are all important extracts from report
DPU is likely to drop to ~9 from FY2028 onwards, unless management is able to add more assets
IRR at CMP of 81 is between ~11.5% to 12%
happy to hear your comments below