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Energy Infrastructure Trust

ENERGYINF

BSE

₹69.02-0.89%19 Oct 2026

Reports

Infra and Real Estate Investment Trust

Energy Infrastructure Trust

ENERGYINF

BSE

₹69.02

-0.89%

19 Oct 2026

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Infra and Real Estate Investment Trust

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Energy Infrastructure Trust is a toll road for natural gas - it owns the single pipeline that connects India’s biggest offshore gas fields to the factories, power plants and city-gas networks of the west, and it collects a regulated fee on every molecule that moves through it. The Trust was created in 2019 when Brookfield bought the pipeline from Reliance Industries and dropped it into a listed InvIT (a trust that owns infrastructure and pays out most of its cash to investors), locking in a 20-year contract that guarantees a minimum payment regardless of how much gas actually flows. Everything the business does follows from one recurring idea: the pipeline is “virtually impossible to replicate” - it is the only east-west gas corridor in the country, so most of the gas from the Krishna-Godavari Basin has no alternative route to market.

Business segments

A single engine - a 1,483-kilometre natural-gas pipeline that is the sole east-west artery in India’s national gas grid, earning regulated tariffs under a long-term contract with an AAA-rated anchor customer.

1. East-West gas pipeline: the country’s only bi-directional gas corridor

The Trust owns the only pipeline that can move gas from India’s largest offshore basin to the western demand centres, and it gets paid a minimum fee for the capacity whether customers use it or not.

The only east-west route - the 1,373 km trunk line (plus 110 km of spurs) runs from Kakinada in Andhra Pradesh to Bharuch in Gujarat, crossing five states with a uniform 48-inch diameter and an authorised capacity of 85 MMSCMD (million cubic metres per day). It is the sole PNGRB-authorised common carrier connecting eastern and western India, and it carries 89% of all gas produced in the KG Basin and 18% of India’s total gas.
A 20-year contract with a floor - Reliance Industries has committed to reserve up to 33 MMSCMD of capacity under a Pipeline Usage Agreement signed at acquisition, paying a Contracted Capacity Payment that covers costs and ensures predictable cash flows even if actual volumes fall short. The payment resets every five years linked to interest rates, and any cost overrun on operations or maintenance is passed through to Reliance, so the Trust’s downside is largely protected.
Regulated tariffs with an 88% uplift - the pipeline’s tariff is set by the Petroleum and Natural Gas Regulatory Board, and since acquisition in 2019 the realised tariff has risen by 88%. Under the Unified Tariff Regime launched in April 2023, customers pay a single zonal rate and the difference is settled among transporters, so PIL remains revenue-neutral regardless of which pipeline the gas physically travels through.
Ship-or-pay and secured billing - customers sign a Framework Gas Transportation Agreement and must pay for 90% of their booked quantity each month whether they use it or not, with invoices raised fortnightly and payment due within four days, backed by letters of credit covering 30 days of charges. The customer base has tripled since the Trust took over, now standing at roughly 60 shippers across refineries, fertiliser plants, petrochemicals, power and city-gas companies.

Group structure and partners

The Trust is a Brookfield-sponsored InvIT that owns 100% of the pipeline company, with Reliance as both its anchor customer and a counterparty holding a call option to buy the entire equity stake at the end of the 20-year contract.

Brookfield at the centre - the Sponsor is Rapid Holdings 2 Pte. Limited, a Singapore entity within the Brookfield group, which held 38.9% of units as of March 2026 after reducing its stake from 75% through on-market sales. The Investment Manager (EnCap Investment Manager) and the Project Manager (ECI India Managers) are both 100% Brookfield-controlled, so day-to-day decisions sit with the sponsor group.
A single asset held through PIL - the Trust owns Pipeline Infrastructure Limited through itself and six nominee shareholders, making PIL the sole special-purpose vehicle that holds the pipeline licence and all operating contracts. The pipeline was originally built by East West Pipeline Limited and transferred to PIL via a court-approved scheme before the Trust acquired it in March 2019.
Reliance’s dual role - beyond the 20-year Pipeline Usage Agreement, Reliance holds a call option to buy the Trust’s entire equity in PIL after a specified term or on certain events for a nominal consideration of ₹500 million, while the Trust holds a matching put option. The Investment Manager expects Reliance to exercise the call option at the end of the 20-year period, which effectively gives the asset a defined exit path.
Debt locked in at a fixed rate - PIL’s borrowings consist of listed non-convertible debentures totalling ₹64,520 million across three series maturing between March 2027 and March 2029, all carrying a fixed interest rate of 7.96% per annum payable quarterly. The Trust also holds InvIT NCDs issued by PIL, earning interest income that flows up to unitholders.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹4,583Cr

Close Price

₹69.02

Industry

Infra and Real Estate Investment Trust

Price To Earnings

57.52

Price To Sales

1.15

Revenue

₹3,972Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	985	999	965	970	923	952	1,002	1,095
Growth YoY Revenue Growth YoY%				-1.5	-7.6		3.8	12.9
Expenses ExpensesCr	666	669	600	595	547	590	617	759
Operating Profit Operating ProfitCr	319	330	364	375	376	362	385	336
OPM OPM%	32.4	33.0	37.8	38.6	40.8	38.0	38.5	30.6
Other Income Other IncomeCr	16	33	23	15	8	11	18	16
Interest Expense Interest ExpenseCr	129	130	127	129	130	130	127	129
Depreciation DepreciationCr	230	230	229	229	229	229	228	229
PBT PBTCr	-24	2	31	32	25	14	48	-7
Tax TaxCr	1	0	0	0	0	0	0	0
PAT PATCr	-25	2	31	32	25	14	48	-7
Growth YoY PAT Growth YoY%				224.6	1,164.1		52.5	-120.7
NPM NPM%	-2.6	0.2	3.2	3.3	2.7	1.5	4.8	-0.6
EPS EPS₹	-0.4	0.0	0.5	0.5	0.4	0.2	0.7	-0.1

Quarter	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	985	999	965	970	923	952	1,002	1,095
Growth YoY Revenue Growth YoY%				-1.5	-7.6		3.8	12.9
Expenses ExpensesCr	666	669	600	595	547	590	617	759
Operating Profit Operating ProfitCr	319	330	364	375	376	362	385	336
OPM OPM%	32.4	33.0	37.8	38.6	40.8	38.0	38.5	30.6
Other Income Other IncomeCr	16	33	23	15	8	11	18	16
Interest Expense Interest ExpenseCr	129	130	127	129	130	130	127	129
Depreciation DepreciationCr	230	230	229	229	229	229	228	229
PBT PBTCr	-24	2	31	32	25	14	48	-7
Tax TaxCr	1	0	0	0	0	0	0	0
PAT PATCr	-25	2	31	32	25	14	48	-7
Growth YoY PAT Growth YoY%				224.6	1,164.1		52.5	-120.7
NPM NPM%	-2.6	0.2	3.2	3.3	2.7	1.5	4.8	-0.6
EPS EPS₹	-0.4	0.0	0.5	0.5	0.4	0.2	0.7	-0.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	28	2,407	1,792	2,592	2,744	3,666	3,893	3,817	3,972
Growth Revenue Growth%		8,524.6	-25.6	44.7	5.9	33.6	6.2	-1.9
Expenses ExpensesCr	70	1,170	814	632	715	1,499	2,587	2,349	2,513
Operating Profit Operating ProfitCr	-42	1,238	978	1,960	2,029	2,167	1,305	1,468	1,459
OPM OPM%	-149.0	51.4	54.6	75.6	74.0	59.1	33.5	38.5	36.7
Other Income Other IncomeCr	5	37	33	42	59	176	143	82	52
Interest Expense Interest ExpenseCr	15	670	585	587	588	603	517	516	515
Depreciation DepreciationCr	21	835	852	864	953	917	921	916	916
PBT PBTCr	-73	-231	-425	551	547	823	10	118	80
Tax TaxCr	23	-21	2	1	1	1	1	0	0
PAT PATCr	-96	-209	-427	549	546	822	9	118	80
Growth PAT Growth%		-119.0	-103.9	228.6	-0.6	50.5	-98.9	1,215.3
NPM NPM%	-342.8	-8.7	-23.8	21.2	19.9	22.4	0.2	3.1	2.0
EPS EPS₹	-18.7	-3.1	-6.4	8.3	11.6	12.4	0.1	1.8	1.2

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	28	2,407	1,792	2,592	2,744	3,666	3,893	3,817	3,972
Growth Revenue Growth%		8,524.6	-25.6	44.7	5.9	33.6	6.2	-1.9
Expenses ExpensesCr	70	1,170	814	632	715	1,499	2,587	2,349	2,513
Operating Profit Operating ProfitCr	-42	1,238	978	1,960	2,029	2,167	1,305	1,468	1,459
OPM OPM%	-149.0	51.4	54.6	75.6	74.0	59.1	33.5	38.5	36.7
Other Income Other IncomeCr	5	37	33	42	59	176	143	82	52
Interest Expense Interest ExpenseCr	15	670	585	587	588	603	517	516	515
Depreciation DepreciationCr	21	835	852	864	953	917	921	916	916
PBT PBTCr	-73	-231	-425	551	547	823	10	118	80
Tax TaxCr	23	-21	2	1	1	1	1	0	0
PAT PATCr	-96	-209	-427	549	546	822	9	118	80
Growth PAT Growth%		-119.0	-103.9	228.6	-0.6	50.5	-98.9	1,215.3
NPM NPM%	-342.8	-8.7	-23.8	21.2	19.9	22.4	0.2	3.1	2.0
EPS EPS₹	-18.7	-3.1	-6.4	8.3	11.6	12.4	0.1	1.8	1.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6,640	6,045	5,581	5,158	4,708	4,228	6,640	6,640
Reserves ReservesCr	-96	-765	-1,898	-1,983	-2,035	-1,706	-2,350	-2,709
Current Liabilities Current LiabilitiesCr	329	532	1,039	1,454	8,064	1,520	1,609	2,755
Non Current Liabilities Non Current LiabilitiesCr	7,436	7,158	7,600	7,111	136	6,596	6,616	5,636
Total Liabilities Total LiabilitiesCr	18,355	17,014	16,367	15,784	14,919	14,684	13,660	12,932
Current Assets Current AssetsCr	592	756	967	958	1,061	1,755	1,799	1,980
Non Current Assets Non Current AssetsCr	17,762	16,258	15,400	14,826	13,858	12,929	11,861	10,952
Total Assets Total AssetsCr	18,355	17,014	16,367	15,784	14,919	14,684	13,660	12,932

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6,640	6,045	5,581	5,158	4,708	4,228	6,640	6,640
Reserves ReservesCr	-96	-765	-1,898	-1,983	-2,035	-1,706	-2,350	-2,709
Current Liabilities Current LiabilitiesCr	329	532	1,039	1,454	8,064	1,520	1,609	2,755
Non Current Liabilities Non Current LiabilitiesCr	7,436	7,158	7,600	7,111	136	6,596	6,616	5,636
Total Liabilities Total LiabilitiesCr	18,355	17,014	16,367	15,784	14,919	14,684	13,660	12,932
Current Assets Current AssetsCr	592	756	967	958	1,061	1,755	1,799	1,980
Non Current Assets Non Current AssetsCr	17,762	16,258	15,400	14,826	13,858	12,929	11,861	10,952
Total Assets Total AssetsCr	18,355	17,014	16,367	15,784	14,919	14,684	13,660	12,932

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-77	1,870	2,046	1,875	1,600	2,079	1,182	1,688
Investing Cash Flow Investing Cash FlowCr	-454	-293	-221	-326	416	-295	422	25
Financing Cash Flow Financing Cash FlowCr	610	-1,651	-1,748	-1,639	-1,628	-1,570	-1,560	-1,530
Net Cash Flow Net Cash FlowCr	79	-74	77	-90	388	213	44	183
Free Cash Flow Free Cash FlowCr	-77	1,830	1,993	1,806	1,553	2,022	1,217	1,673
CFO To PAT CFO To PAT%	80.9	-892.8	-479.0	341.4	293.0	252.9	13,186.7	1,432.4
CFO To EBITDA CFO To EBITDA%	186.1	151.1	209.2	95.7	78.8	95.9	90.5	115.0

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-77	1,870	2,046	1,875	1,600	2,079	1,182	1,688
Investing Cash Flow Investing Cash FlowCr	-454	-293	-221	-326	416	-295	422	25
Financing Cash Flow Financing Cash FlowCr	610	-1,651	-1,748	-1,639	-1,628	-1,570	-1,560	-1,530
Net Cash Flow Net Cash FlowCr	79	-74	77	-90	388	213	44	183
Free Cash Flow Free Cash FlowCr	-77	1,830	1,993	1,806	1,553	2,022	1,217	1,673
CFO To PAT CFO To PAT%	80.9	-892.8	-479.0	341.4	293.0	252.9	13,186.7	1,432.4
CFO To EBITDA CFO To EBITDA%	186.1	151.1	209.2	95.7	78.8	95.9	90.5	115.0

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				6,507	6,109	6,109	5,627	5,177	4,583
Price To Earnings Price To Earnings				9.2	7.9	7.4			57.5
Price To Sales Price To Sales				2.5	2.2	1.7	1.4	1.4	1.1
Price To Book Price To Book				1.6	1.6	2.4			1.2
EV To EBITDA EV To EBITDA				6.6	5.9	5.5	8.8	7.4	7.1
Profitability Ratios Profitability Ratios
GPM GPM%	39.6	61.8	66.8	87.8	94.5	92.9	81.2	82.1	82.1
OPM OPM%	-149.0	51.4	54.6	75.6	74.0	59.1	33.5	38.5	36.7
NPM NPM%	-342.8	-8.7	-23.8	21.2	19.9	22.4	0.2	3.1	2.0
ROCE ROCE%	-0.5	3.8	1.6	11.8	12.4	15.8	4.8	6.0	6.0
ROE ROE%	-1.5	-4.0	-11.6	17.3	20.4	32.6	0.2	3.0	3.0
ROA ROA%	-0.5	-1.2	-2.6	3.5	3.7	5.6	0.1	0.9	0.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				6,507	6,109	6,109	5,627	5,177	4,583
Price To Earnings Price To Earnings				9.2	7.9	7.4			57.5
Price To Sales Price To Sales				2.5	2.2	1.7	1.4	1.4	1.1
Price To Book Price To Book				1.6	1.6	2.4			1.2
EV To EBITDA EV To EBITDA				6.6	5.9	5.5	8.8	7.4	7.1
Profitability Ratios Profitability Ratios
GPM GPM%	39.6	61.8	66.8	87.8	94.5	92.9	81.2	82.1	82.1
OPM OPM%	-149.0	51.4	54.6	75.6	74.0	59.1	33.5	38.5	36.7
NPM NPM%	-342.8	-8.7	-23.8	21.2	19.9	22.4	0.2	3.1	2.0
ROCE ROCE%	-0.5	3.8	1.6	11.8	12.4	15.8	4.8	6.0	6.0
ROE ROE%	-1.5	-4.0	-11.6	17.3	20.4	32.6	0.2	3.0	3.0
ROA ROA%	-0.5	-1.2	-2.6	3.5	3.7	5.6	0.1	0.9	0.9
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CITIUSINVT	MIT	NXT-INFRA	ENERGYINF	ROADSTAR	CAPINVIT	ISCITRUST
Market CapitalizationMkt CapCr	6,953	6,855	5,550	4,583	4,555	3,961	3,901
Close PriceClose₹	113.99	145.00	97.50	69.02	100.00	77.94	128.00
IndustryIndustry	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust
Price To EarningsPE			21.06	57.52		8.03
Price To SalesPS		3.37	16.97	1.15	3.96	4.41	2.83
RevenueRevenueCr	0	2,032	327	3,972	1,149	899	1,380
Revenue Growth TTMRev Gr TTM%		131.3%	-11.6%		9.3%		2.2%
PAT Growth TTMPAT Gr TTM%		-73.2%	-44.3%		20.1%		77.3%

	CITIUSINVT	MIT	NXT-INFRA	ENERGYINF	ROADSTAR	CAPINVIT	ISCITRUST
Market CapitalizationMkt CapCr	6,953	6,855	5,550	4,583	4,555	3,961	3,901
Close PriceClose₹	113.99	145.00	97.50	69.02	100.00	77.94	128.00
IndustryIndustry	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust
Price To EarningsPE			21.06	57.52		8.03
Price To SalesPS		3.37	16.97	1.15	3.96	4.41	2.83
RevenueRevenueCr	0	2,032	327	3,972	1,149	899	1,380
Revenue Growth TTMRev Gr TTM%		131.3%	-11.6%		9.3%		2.2%
PAT Growth TTMPAT Gr TTM%		-73.2%	-44.3%		20.1%		77.3%