1. At a Glance – Yield Machine With Mood Swings
Anzen India Energy Yield Plus Trust is trading around ₹117, almost hugging its NAV of ₹116.53, like a disciplined yoga student who refuses to over-stretch. Market cap sits near ₹2,295 crore, dividend yield is a respectable ~4.9%, and the Trust just declared a ₹2.75/unit distribution for Q3 FY26. Sales are growing like a Bollywood sequel franchise (TTM revenue ₹392 crore, up ~56% YoY), operating margins are absurdly high (~85%+), yet profits remain stubbornly negative. Why? Because this is an InvIT, not a midcap FMCG stock. Depreciation and interest eat accounting profits for breakfast, while cash quietly slips into unitholders’ pockets. The latest twist: a ₹3,600 crore solar acquisition, a ₹696 crore preferential issue, and more debt than your average infrastructure balance sheet. Curious? You should be.
2. Introduction – This Is Not a Stock, It’s a Cash Pipe
If you’re judging Anzen by P/E, you’re already lost. This is not a “buy-low-sell-high” story. This is a “build assets, sweat them for 25 years, and keep sending cash home” story. Managed by Edelweiss Real Assets Managers, Anzen is structured as an energy InvIT, mixing transmission assets (boringly stable, government-backed vibes) with solar assets (policy-friendly, sunshine-dependent optimism). The Trust began with transmission projects that have already survived ~8 years of operating life and still have ~27 years left. That’s longer than most mutual fund investors’ patience. Now, Anzen is aggressively
tilting toward renewables, converting ROFO pipelines into real steel-and-silicon assets. The market isn’t cheering yet. It’s watching. Quietly. Like an auditor with folded arms.
3. Business Model – WTF Do They Even Do?
Think of Anzen as a rent collector for electrons.
- Transmission assets earn fixed, contracted revenues for keeping power lines alive and humming.
- Solar assets earn PPA-backed cash flows from selling electricity to mostly Tier-1 counterparties.
No marketing. No customer acquisition. No discounts. Just contracts, availability, and invoices. The Trust distributes most of its cash flows to unitholders as DPU, while accounting profits get buried under depreciation schedules that stretch longer than Indian highway projects. Simple? Yes. Exciting? Only if you enjoy watching cash flows more than stock charts.
4. Financials Overview – Numbers That Actually Matter
Result Type Locked: Quarterly Results
Quarterly Comparison Table (₹ crore)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 103.7 | 63.2 | 100.7 | +64% | +3% |
| EBITDA | 89.5 | 56.0 | 80.0 | +60% | +12% |
| PAT | -4.0 | -3.2 | -8.1 | NA | NA |
| EPS (₹) | -0.20 | -0.20 | -0.41 | Flat | Improved |
Commentary:
Revenue growth is strong. EBITDA margins remain insane.
