Indus Infra Trust (INDUSINVIT)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Indus Infra's revenue was ₹285 Cr (+53.1% year on year, +51.5% on the previous quarter), and net profit ₹129 Cr (+6.9% year on year); the operating margin was 75.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹285 | +53.1% | +51.5% |
| Operating profit | ₹214 | +43.7% | +66.0% |
| Net profit | ₹129 | +6.9% | +22.1% |
| EPS (₹) | 2.77 | +1.8% | +15.4% |
| Operating margin | 75.2% | — | — |
📢 Recent Corporate Announcements
Indus Infra Trust reported its quarterly statement of investor complaints for the quarter ended September 30, 2026. The Trust received 344 complaints during the quarter, starting with 3 pending complaints, and disposed of all 347 complaints with an average redressal time of 1 working day. No complaints remain pending at the end of the quarter, including SCORES complaints. For the full FY 2026-27 up to September 30, 2026, all 521 complaints received have been resolved.
- 347 total complaints disposed of during Q2 FY27 (3 pending at start, 344 received)
- 0 complaints pending at the end of the quarter ended September 30, 2026
- Average redressal turnaround time was 1 working day
- Cumulative 521 complaints received and resolved for FY 2026-27 up to September 30, 2026
Indus Infra Trust has completed the acquisition of 100% equity share capital of KNR Ramanattukara Infra Private Limited (KRTIPL) from KNR Constructions Limited on October 5, 2026. This acquisition follows an earlier intimation dated December 25, 2025. The transaction adds another asset to the Trust's operational road portfolio, which previously consisted of 9 operational HAM road assets. Deal value and acquisition consideration details were not disclosed in the filing.
- Acquired 100% equity share capital of KNR Ramanattukara Infra Private Limited
- Seller is KNR Constructions Limited
- Acquisition completed on October 5, 2026
- Follows initial intimation dated December 25, 2025
Indus Infra Trust has disclosed its quarterly unitholding pattern for the period ended September 30, 2026. The total outstanding base consists of 61,10,05,831 units. Sponsors and the Sponsor Group hold 46.58% (28,45,98,789 units), of which 9,16,60,084 units (15.00% of total units) are mandatorily held. Public unitholders account for the remaining 53.42% (32,64,07,042 units), with institutional investors holding 40.07%, led by Mutual Funds at 22.27%.
- Total outstanding units stand at 61,10,05,831 as of September 30, 2026
- Sponsors and Sponsor Group hold 28,45,98,789 units, representing 46.58% of the trust
- Mandatorily held sponsor units stand at 9,16,60,084, representing 15.00% of total outstanding units
- Institutional unitholders hold 40.07% (24,48,08,581 units), led by Mutual Funds with 22.27% (13,60,85,286 units)
- Pledged or encumbered units in the public category stand at 43,41,618 units, or 0.71% of total units
Indus Infra Trust has completed the acquisition of a controlling interest and substantially all equity shares of KNR Guruvayur Infra Private Limited (KGIPL) from KNR Constructions Limited on September 17, 2026. This follows the Trust's initial intimation dated December 25, 2025, adding to its existing operational portfolio of 9 HAM road assets. Transaction enterprise value and financial purchase consideration were not disclosed in the filing. The acquisition aligns with the Trust's stated strategy to expand its asset portfolio using available gearing headroom.
- Completed acquisition of controlling interest and substantially all equity shares of KNR Guruvayur Infra Private Limited.
- Acquisition finalized on September 17, 2026, pursuant to prior intimation on December 25, 2025.
- Seller is KNR Constructions Limited; deal value was not disclosed in the filing.
- Expands portfolio beyond the existing base of 9 operational HAM road assets.
Indus Infra Trust completed a transformative Q1 FY27, acquiring three Hybrid Annuity Model (HAM) assets with an enterprise value of Rs 1,912 Cr. To fund these acquisitions and refinance debt, the Trust raised Rs 2,000 Cr through a QIP and preferential allotment at Rs 119 per unit. The Board approved a distribution of Rs 3.55 per unit for the quarter, maintaining its status as a stable yield platform. Management has identified a future pipeline of 5-6 ROFO assets with an estimated enterprise value of Rs 5,200 Cr for acquisition by FY27.
- Acquired 3 SPVs (KNR Palani, KNR Ramagiri, and ULCCS Kasaragod) with a combined enterprise value of Rs 1,912 Cr.
- Raised Rs 2,000 Cr in equity via QIP and preferential allotment at Rs 119 per unit, representing ~295% of FY26 revenue.
- Declared Q1 FY27 distribution of Rs 3.55 per unit, consisting of Rs 2.38 interest and Rs 1.17 capital repayment.
- Total external borrowing increased to Rs 5,623 Cr from Rs 3,688 Cr to refinance SPV-level debt.
- Targeting 5-6 additional ROFO assets by FY27 with an estimated enterprise value of Rs 5,200 Cr.
Indus Infra Trust has disclosed the audio recording link for its earnings conference call held on August 6, 2026. This follows the reporting of its financial results, where the Trust currently manages 9 operational Hybrid Annuity Model (HAM) road assets. With a TTM revenue of ₹676 Cr and a high operating margin of 70.4%, the call likely addressed the 42.05% YoY increase in finance costs and the status of the acquisition pipeline. Investors can access the recording on the Trust's official website for management's detailed commentary.
- Earnings conference call conducted on August 6, 2026, following financial results.
- Trust manages a portfolio of 9 operational Hybrid Annuity Model (HAM) road assets.
- TTM revenue reported at ₹676 Cr with a PAT of ₹382 Cr.
- Finance costs increased by 42.05% YoY, impacting net distributable cash flow.
- Management is in advanced due diligence for new ROFO and non-ROFO asset acquisitions.
Indus Infra Trust (formerly Bharat Highways InvIT) reported a consolidated total income of ₹301.66 Cr for Q1 FY27, a 47% increase from ₹204.49 Cr in Q1 FY26. The Trust declared a distribution of ₹3.55 per unit for the quarter, comprising ₹2.38 as interest and ₹1.17 as capital repayment. Consolidated net profit stood at ₹129.39 Cr, up from ₹120.55 Cr YoY. The Trust maintains a healthy leverage position with a Net Debt to AUM ratio of 34.04% and a portfolio of operational HAM assets with a residual concession period of ~11.44 years.
- Consolidated Total Income increased to ₹301.66 Cr in Q1 FY27 from ₹204.49 Cr in Q1 FY26.
- Declared a quarterly distribution of ₹3.55 per unit with a record date of August 10, 2026.
- Consolidated Net Profit grew to ₹129.39 Cr compared to ₹120.55 Cr in the corresponding quarter last year.
- Net Debt to AUM ratio remains conservative at 34.04% as of June 30, 2026.
- The Trust has a Right of First Offer (ROFO) for 19 additional road assets owned by GRIL.
Indus Infra Trust has announced a distribution of ₹3.55 per unit to its unitholders following a board meeting on August 5, 2026. The payout is split into an interest component of ₹2.38 and a return of capital of ₹1.17. The record date for determining eligibility is August 10, 2026, with the payment scheduled to be completed by August 17, 2026. This distribution represents a significant portion of the trust's TTM EPS of ₹8.64, reflecting the cash-generative nature of its 9 operational HAM road assets.
- Total distribution declared at ₹3.55 per unit for the period.
- Interest component accounts for ₹2.38 per unit of the total payout.
- Return of capital component stands at ₹1.17 per unit.
- Record date for the distribution is fixed as August 10, 2026.
- Payment to unitholders will be processed on or before August 17, 2026.
Indus Infra Trust reported a strong Q1 FY27 with revenue from operations reaching ₹243.50 Cr, a significant jump from ₹188 Cr in the previous quarter. The Trust declared a distribution of ₹3.55 per unit, comprising ₹2.38 as interest and ₹1.17 as return of capital. This performance follows a massive ₹1,700 Cr QIP and ₹30 Cr preferential issue completed in June 2026 to fund asset acquisitions. Net profit for the quarter stood at ₹127.77 Cr, while Net Distributable Cash Flow (NDCF) reached ₹223.33 Cr.
- Revenue from operations grew to ₹243.50 Cr in Q1 FY27 compared to ₹188.0 Cr in the preceding quarter.
- Declared a total distribution of ₹3.55 per unit with a record date of August 10, 2026.
- Successfully raised ₹1,700 Cr via QIP and ₹30 Cr via preferential issue on June 16, 2026.
- Net profit for the quarter increased to ₹127.77 Cr from ₹75.93 Cr in the previous quarter.
- Finance costs rose to ₹72.17 Cr, reflecting the impact of new debt/borrowings for acquisitions.
Indus Infra Trust has scheduled its earnings conference call for August 6, 2026, at 12:00 PM IST to discuss financial results for the quarter ended June 30, 2026. The call will be led by the CEO and CFO of the Investment Manager, GR Highways Investment Manager Private Limited. This follows a fiscal year (FY26) where the Trust reported TTM revenue of Rs 676 Cr and a PAT of Rs 382 Cr. Key focus areas for investors will be the performance of the 9 operational HAM assets and updates on the acquisition pipeline for ROFO and non-ROFO assets.
- Earnings conference call scheduled for August 6, 2026, at 12:00 PM IST.
- Discussion to cover Unaudited Standalone and Consolidated results for the quarter ended June 30, 2026.
- Management representation includes CEO Amit Kumar Singh and CFO Harshael Sawant.
- Trust currently operates 9 Hybrid Annuity Model (HAM) road assets with a TTM OPM of 70.4%.
Financial Performance
Revenue Growth by Segment
The Trust operates in a single segment: Road Infrastructure. Consolidated total income for H1 FY26 was INR 3,441.47 million, representing a 5.07% decrease compared to INR 3,625.38 million in H1 FY25. Standalone total income for H1 FY26 dropped 54.26% to INR 3,948.54 million from INR 8,633.27 million, primarily due to a significant reduction in dividend income from subsidiaries which fell from INR 5,722.23 million to INR 117.54 million.
Geographic Revenue Split
100% of revenue is derived from road infrastructure assets located within India. The portfolio consists of 9 operational Hybrid Annuity Model (HAM) road assets.
Profitability Margins
Consolidated Net Profit Margin for H1 FY26 was 52.28%, down from 59.41% in H1 FY25. Standalone Net Profit Margin for H1 FY26 was 33.30%, a sharp decline from 33.48% in H1 FY25, impacted by lower dividend receipts and impairment charges.
EBITDA Margin
Consolidated EBITDA Margin for H1 FY26 was 77.00%, slightly improved from 76.92% in H1 FY25. Consolidated EBITDA stood at INR 2,650.07 million, a 4.97% decrease YoY from INR 2,788.61 million.
Capital Expenditure
Not disclosed in available documents. However, the Trust is in advanced stages of due diligence for the acquisition of new ROFO and non-ROFO assets to expand the portfolio.
Credit Rating & Borrowing
The Trust maintains a comfortable leverage ratio of 31.6% as of September 30, 2025. Consolidated finance costs increased by 42.05% YoY to INR 802.86 million in H1 FY26 from INR 565.21 million in H1 FY25, reflecting higher borrowing costs or increased debt levels to fund operations/acquisitions.
Operational Drivers
Raw Materials
The primary operational costs are Operation and Maintenance (O&M) and Major Maintenance and Repairs Expenditure (MME), which are essential for maintaining the 9 HAM road assets. Specific material components like bitumen or steel are not broken down as percentages of total cost.
Import Sources
Not disclosed in available documents; materials for road maintenance are typically sourced locally within India.
Capacity Expansion
The current portfolio consists of 9 operational HAM road assets. Expansion is planned through the acquisition of ROFO (Right of First Offer) and non-ROFO assets, currently in the advanced due diligence stage.
Raw Material Costs
Total consolidated expenses for H1 FY26 were INR 791.40 million, a 5.42% decrease from INR 836.77 million in H1 FY25. These expenses primarily relate to the O&M and management of infrastructure assets.
Manufacturing Efficiency
Operational efficiency is reflected in the timely receipt of annuities and a healthy collection cycle for the 9 operational assets.
Logistics & Distribution
Not applicable for an Infrastructure Investment Trust (InvIT).
Strategic Growth
Growth Strategy
The Trust aims to achieve growth through a disciplined acquisition strategy focusing on seasoned ROFO and non-ROFO road assets. It leverages its 31.6% headroom in gearing to fund these acquisitions, transitioning from a funding platform to a long-term value creation engine within the Indian road sector, which is projected to reach INR 8 lakh crores in AUM.
Products & Services
Annuity-based road infrastructure services provided through 9 operational Hybrid Annuity Model (HAM) road assets.
Brand Portfolio
Indus Infra Trust (formerly known as Bharat Highways InvIT).
New Products/Services
New asset acquisitions (ROFO/non-ROFO) are expected to contribute to future revenue, though specific percentage contributions are not yet disclosed.
Market Expansion
Targeting the acquisition of seasoned road assets in India to capitalize on the government's focus on asset monetization.
Market Share & Ranking
The Trust operates in a sector nearing INR 8 lakh crores of AUM; specific market share percentage is not disclosed.
Strategic Alliances
The Trust works with GR Highways Investment Manager Private Limited as its investment manager.
External Factors
Industry Trends
The Indian road sector is evolving into a mature market with AUM expected to reach INR 8 lakh crores. There is a shift toward seasoned investors leading the acquisition of operational assets, supported by steady cash flows and government monetization programs.
Competitive Landscape
Competes with other InvITs and infrastructure funds for the acquisition of seasoned road assets in a growing market.
Competitive Moat
The moat is built on a portfolio of 9 operational, revenue-generating HAM assets with a track record of timely annuity receipts. The low leverage of 31.6% provides a competitive advantage for future acquisitions compared to more highly geared peers.
Macro Economic Sensitivity
Highly sensitive to interest rate fluctuations, as evidenced by the 42.05% increase in finance costs. Also sensitive to government fiscal policy regarding asset monetization and road sector infrastructure spending.
Consumer Behavior
Not applicable; revenue is B2G (Business to Government) via annuity payments.
Geopolitical Risks
Minimal direct impact as assets are localized road infrastructure in India, though macro-economic stability affects investor confidence.
Regulatory & Governance
Industry Regulations
Operations are governed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014. Compliance includes maintaining specific distribution levels and leverage caps.
Taxation Policy Impact
The Trust is subject to InvIT regulations requiring the distribution of at least 90% of Net Distributable Cash Flows (NDCF). Tax expenses for H1 FY26 were INR 47.92 million (Consolidated).
Legal Contingencies
The Investment Manager reported no legal proceedings during the period that would have a material impact on the Trust's cash flows or operations.
Risk Analysis
Key Uncertainties
Key risks include the impairment of investments (INR 1,718.15 million in H1 FY26), potential changes in tax legislation, and the lack of a long established operating history as a newly settled trust.
Geographic Concentration Risk
100% of revenue and assets are concentrated in the Indian road infrastructure sector.
Third Party Dependencies
Dependency on government authorities for timely annuity payments and on the Investment Manager for strategic acquisition execution.
Technology Obsolescence Risk
Low risk for physical road infrastructure, though digital monitoring of tolling or maintenance could be a factor.
Credit & Counterparty Risk
Counterparty risk is primarily with government-linked entities (NHAI/Ministry of Road Transport), which is generally considered low, supported by a 'healthy' collection cycle.
