Sterlite Grid 5 Unlisted Shares: Resonia JV & FY24–25 Financials (2026)
· 7 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
An analysis of Sterlite Grid 5 Limited, examining its FY24–25 financial results, the creation of the Resonia joint platform with GIC, and the separation of domestic assets from Brazilian legacy liabilities.
Direct answer: Sterlite Grid 5 formed Resonia Limited as a 51:49 joint platform with Singapore’s sovereign wealth fund GIC to ring-fence and scale operational transmission assets in India. As tracked by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, this structural shift isolates profitable domestic power projects from legacy Brazilian write-offs recorded during FY24–25.
Sterlite Grid 5: Core Business Model and Asset Portfolio
Incorporated in 2016 and headquartered in Pune, Maharashtra (CIN U29190PN2016PLC209044), Sterlite Grid 5 Limited operates as a dedicated infrastructure developer in India's power transmission sector. Following a scheme of arrangement sanctioned by the NCLT Mumbai Bench on 05 Sep 2024, the company became the resulting infrastructure enterprise for the demerged transmission assets of Sterlite Power Transmission Limited.
The company develops, finances, constructs, operates, and maintains high-voltage electricity networks on a Build-Own-Operate-Maintain (BOOM) and Build-Own-Operate-Transfer (BOOT) basis. Projects are secured primarily through tariff-based competitive bidding, yielding contracted availability-based revenue over concession periods ranging from 25 to 35 years. Per corporate disclosures as of FY25, Sterlite Grid 5 commands a 15% market share in India's private power transmission segment, controlling a aggregate network reach of approximately 13,671 circuit kilometres (ckm) across 24 operational, ongoing, and transferred transmission projects.
Structural Setup of the Resonia Joint Venture with GIC
To institutionalize asset recycling and fund future development capital, Sterlite Grid 5 established Resonia Limited as a specialized joint platform in partnership with GIC, Singapore’s sovereign wealth fund. Under the agreed capital arrangement, Sterlite Grid 5 holds a controlling 51% equity interest, while GIC owns the remaining 49% stake.
This ring-fenced platform was established to house a targeted pool of operational and under-construction power transmission lines. During FY25, four project asset entities were formally transferred into the Resonia vehicle. The structure allows Sterlite Grid 5 to recycle equity capital, leverage institutional co-investment, and isolate core domestic grid assets within a dedicated balance sheet tailored for long-term pension and sovereign funds.
FY24–25 Financial Analysis: Domestic Operations vs Brazil Losses
The consolidated financial statements of Sterlite Grid 5 highlight a clear divergence between domestic utility performance and discontinued overseas operations. In FY25, domestic Indian operations generated operating revenue of ₹1,160.55 crore, compared to ₹1,245.76 crore in FY24. Standalone operational EBITDA for the core domestic segment stood at ₹98 crore in FY25 against ₹128 crore in FY24, reflecting steady availability payments across active lines.
However, consolidated profitability was heavily impacted by discontinued operations in Brazil. Due to debt service conditions tied to BRL 3.25 billion in credit lines borrowed by the Brazilian holding enterprise, Sterlite Grid 5 executed a restructuring that involved transferring equity in seven Brazilian project companies to lenders for a nominal purchase price of BRL 1. This write-down led to a reported pre-tax loss of ₹409.94 crore from discontinued operations in FY25. Consequently, consolidated net loss for FY25 came in at ₹425.53 crore (reported as PAT of -₹426 crore), following a consolidated net loss of ₹441.66 crore (-₹442 crore) in FY24.
According to reported financials for FY24 and FY25, consolidated revenue declined from ₹1,246 crore in FY24 to ₹1,161 crore in FY25, while net losses remained at ₹426 crore in FY25 compared to ₹442 crore in FY24.
Key Valuation Metrics and Unlisted Share Performance
Sterlite Grid 5 has an issued share capital of ₹24.51 crore, comprising approximately 12.256 crore equity shares of face value ₹2 each (ISIN INE03QT01027 as of 15 Jul 2026). As per the FY25 annual shareholding pattern, promoter and promoter group entities hold 65.4% of equity—with Twin Star Overseas Limited, Mauritius holding 71.27% of total voting rights—while institutional investors hold 18.2% and public/other shareholders hold 16.4%.
As monitored by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002, unlisted prices represent indicative private transaction benchmarks rather than continuous public exchange trading. As of 10 Oct 2026, the company showed a net worth of ₹460.51 crore, borrowings of ₹460 crore, a debt-to-equity ratio of 0.3, and a book value of ₹37.63 per share.
Per indicative pricing data from 18 Jul 2026 to 15 Oct 2026, Sterlite Grid 5 unlisted shares peaked at ₹345.0 between 21 Jul 2026 and 27 Jul 2026 before easing to a low of ₹308.0 by 10 Oct 2026.
Investors tracking pre-IPO energy platforms can review detailed metrics on our Sterlite Grid 5 on BuyUnlistedShares page or compare sector peers via our Unlisted shares screener.
Indian Power Grid Macro Landscape and Strategic Outlook
The operational outlook for Sterlite Grid 5 remains closely linked to India's national power transmission build-out. Central Electricity Authority (CEA) pathways indicate that India's national grid infrastructure is targeted to expand from its current 4.58 lakh ckm reach to 6.5 lakh ckm by 2030. This network expansion is driven primarily by the requirement to evacuate green power as national renewable capacity moves from ~259 GW toward a 500 GW target by 2030.
Sector-wide capital expenditure in Indian power transmission is projected to reach ₹1 lakh crore for FY27 alone, following a year in FY24 where 23 major transmission projects were awarded nationally under tariff-based competitive bidding. As power utilities scale up, investors also evaluate related equipment and grid corporate actions listed on our IPO calendar, including coverage on Sterlite Electric FY26: The Business, the Real Profit, and What ₹478 a Share Buys You and non-banking financials such as Berar Finance Unlisted Shares: 2026 Financials & Price Trend.
Primary Risk Factors of Holding Unlisted Shares
Holding unlisted securities involves distinct structural risks that potential buyers must assess carefully:
- Liquidity Risk: Unlisted shares lack an automated exchange order book. Exiting a position depends on private counterparty availability, which can lead to extended holding periods or price discounts during market downturns.
- Restructuring and Overseas Liabilities: While domestic operations are stable, historical debt covenants or cross-border project guarantees from international ventures can impact consolidated reserves.
- Valuation Uncertainty: Indicative unlisted share prices reflect sporadic OTC transactions and dealer quotes rather than real-time price discovery.
- Listing Timeline Risk: There is no guaranteed timeframe for an Initial Public Offering (IPO), as public market debuts depend on corporate approvals, market conditions, and regulatory clearances.
Investors evaluating power infrastructure exposure can monitor private market quotes and corporate filings through our trading desk. To discuss current pricing and transaction workflows, contact our desk or submit an enquiry via BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹308 | 16 Oct 2026 |
| Lot size | 76 shares | 16 Oct 2026 |
| Minimum investment | ₹25,232 | 16 Oct 2026 |
| Market cap | ₹4,087 Cr | 16 Oct 2026 |
| Face value | ₹2 | 16 Oct 2026 |
| Book value | ₹37.63 | 16 Oct 2026 |
| ISIN | INE03QT01027 | 16 Oct 2026 |
| Sector | Utilities | 16 Oct 2026 |
| Listing status | UNLISTED | 16 Oct 2026 |
Frequently Asked Questions
What does Sterlite Grid 5 Limited do?
Sterlite Grid 5 Limited develops, owns, and operates high-voltage electricity transmission infrastructure across India on a BOOM and BOOT basis. Its projects are secured through competitive bidding and earn long-term availability payments over 25 to 35-year concession periods.
Why did Sterlite Grid 5 set up the Resonia joint venture?
Sterlite Grid 5 established Resonia Limited as a 51:49 joint platform with Singapore's sovereign wealth fund GIC to bring in long-term institutional capital, recycle equity, and house operational and under-construction Indian transmission lines within a dedicated, ring-fenced structure.
Why did Sterlite Grid 5 record large consolidated losses in FY25?
Consolidated net losses of ₹425.53 crore in FY25 were primarily driven by pre-tax write-offs of ₹409.94 crore from discontinued operations in Brazil, where project equity was transferred to lenders under BRL 3.25 billion debt covenants, rather than operational shortfalls in Indian projects.
Is Sterlite Grid 5 listed on the NSE or BSE?
No, Sterlite Grid 5 Limited is an unlisted public company. Its shares trade privately in dematerialised form through off-market transactions arranged by unlisted share intermediaries.
Are Sterlite Grid 5 unlisted shares a suitable investment for my portfolio?
We do not provide investment advice or portfolio suitability ratings. Investors must evaluate their personal risk tolerance, liquidity requirements, and consult a SEBI-registered financial advisor before transacting in unlisted securities.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
