NDR INVIT Trust (NDRINVIT)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, NDR INVIT's revenue was ₹124 Cr (+22.1% year on year, +13.6% on the previous quarter), and net profit ₹36.0 Cr (-5.1% year on year); the operating margin was 89.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹124 | +22.1% | +13.6% |
| Operating profit | ₹111 | +26.1% | +17.7% |
| Net profit | ₹36.0 | -5.1% | +538.4% |
| Operating margin | 89.3% | — | — |
📢 Recent Corporate Announcements
NDR InvIT Trust has submitted its quarterly compliance report on corporate governance for the quarter ended September 30, 2026, pursuant to SEBI InvIT regulations. The filing confirms that all 6 board members were present across 3 board meetings held on August 6, August 10, and August 14, 2026, with full quorum met including 3 independent directors. The Investment Manager's Audit Committee also met twice during the quarter (August 6 and August 14, 2026). All affirmations regarding committee compositions and regulatory compliance were confirmed in the affirmative with no adverse remarks from the previous quarter's report.
- Submitted corporate governance report for the quarter ended September 30, 2026.
- Board composition comprises 6 directors, including 3 independent directors.
- 3 board meetings held in the quarter (August 6, August 10, and August 14, 2026) with 100% attendance.
- Audit Committee conducted 2 meetings during the quarter on August 6 and August 14, 2026.
NDR InvIT Trust disclosed its unitholding pattern as of September 30, 2026. The total outstanding units stand at 45,80,39,043. Sponsors and related entities hold 38.12% (17,46,10,532 units), of which 33.71% are mandatorily held and 12.12% are pledged or encumbered. Public unitholders hold the remaining 61.88% (28,34,28,511 units), comprising 8.76% institutional and 53.12% non-institutional holdings.
- Total outstanding units stood at 45,80,39,043 as of September 30, 2026
- Sponsor and Sponsor Group hold a 38.12% stake (17,46,10,532 units)
- Pledged/encumbered units among sponsors total 2,11,64,472 (12.12% of sponsor units)
- Public unitholding represents 61.88% (28,34,28,511 units), with non-institutions at 53.12%
NDR InvIT Trust submitted its quarterly investor grievance report for the period ended September 30, 2026, under Regulation 23 of the SEBI InvIT Regulations. The filing represents a regular statutory disclosure regarding complaints received including those on the SCORES platform. No operational, business, or financial updates were provided in the filing. The underlying report confirms procedural compliance with SEBI master circular guidelines.
- Compliance filing under Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014
- Covers the quarterly period ended September 30, 2026 (Q2 FY27)
- Complies with SEBI Master Circular SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025
NDR InvIT Trust has submitted its periodic compliance disclosure under Regulations 6(1) and 7(1) of SEBI LODR Regulations for the quarter ended September 30, 2026. The trust confirmed Neha Chovatia as the Company Secretary and Compliance Officer, appointed on March 17, 2023. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) continues to serve as the Registrar and Share Transfer Agent (RTA). The filing is purely procedural and reflects no operational or leadership changes.
- Quarter ended September 30, 2026 compliance details submitted to the stock exchange
- Compliance Officer Neha Chovatia holds membership number A63171 and has been appointed since March 17, 2023
- RTA confirmed as MUFG Intime India Private Limited with SEBI Registration Number INR000004058
India Ratings and Research has affirmed its 'IND AAA/Stable' rating for NDR InvIT Trust's issued and proposed Non-Convertible Debentures (NCDs) aggregating to Rs 20,000 million (Rs 2,000 crore). The reaffirmed rating covers three existing tranches totaling Rs 17,850 million (Rs 7,450 million maturing in 2039, Rs 6,300 million in 2032, and Rs 4,100 million in 2031) alongside Rs 2,150 million of proposed NCDs. The total rated amount of Rs 2,000 crore represents approximately 113.5% of the Trust's reported debt of Rs 1,762 crore. The affirmation reflects the Trust's high-quality credit profile supported by high occupancy across its warehousing assets.
- India Ratings reaffirmed 'IND AAA/Stable' on NCDs totaling INR 20,000 million (INR 2,000 cr)
- Existing instruments rated include INR 7,450 million (8.10% coupon), INR 6,300 million (8.05% coupon), and INR 4,100 million (variable coupon)
- Proposed NCDs of INR 2,150 million also received an affirmed rating of 'IND AAA/Stable'
- The INR 20,000 million rated capacity compares to NDR InvIT's existing debt of Rs 1,762 cr
India Ratings and Research has affirmed its 'IND AAA/Stable' rating for NDR InvIT Trust's issued and proposed Non-Convertible Debentures (NCDs) aggregating to Rs 20,000 million (Rs 2,000 crore). The reaffirmed rating covers three existing tranches totaling Rs 17,850 million (Rs 7,450 million maturing in 2039, Rs 6,300 million in 2032, and Rs 4,100 million in 2031) alongside Rs 2,150 million of proposed NCDs. The total rated amount of Rs 2,000 crore represents approximately 113.5% of the Trust's reported debt of Rs 1,762 crore. The affirmation reflects the Trust's high-quality credit profile supported by high occupancy across its warehousing assets.
- India Ratings reaffirmed 'IND AAA/Stable' on NCDs totaling INR 20,000 million (INR 2,000 cr)
- Existing instruments rated include INR 7,450 million (8.10% coupon), INR 6,300 million (8.05% coupon), and INR 4,100 million (variable coupon)
- Proposed NCDs of INR 2,150 million also received an affirmed rating of 'IND AAA/Stable'
- The INR 20,000 million rated capacity compares to NDR InvIT's existing debt of Rs 1,762 cr
NDR InvIT Trust announced the closure of its trading window for insiders and designated persons starting October 01, 2026. The closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the quarter and half-year ended September 30, 2026. The window will reopen 48 hours after the declaration of financial results. The specific date for the board meeting to approve the results will be intimated in due course.
- Trading window closes with effect from October 01, 2026
- Applies to securities of NDR InvIT Trust (ISIN: INE0Q7Q23015) and three debt instruments
- Window remains closed until 48 hours after declaration of financial results for quarter and half year ended September 30, 2026
- Board meeting date to approve the financial results will be intimated in due course
CareEdge Ratings has reviewed and reaffirmed the credit rating of 'CARE AAA; Stable' for NDR InvIT Trust's Non-Convertible Debentures (NCDs) aggregating to ₹2,000 crore. The rated amount comprises ₹1,785 crore in issued NCDs across three tranches and ₹215 crore in proposed NCDs. The review was conducted based on audited FY26 and unaudited Q1FY27 financial performances. The reaffirmed highest rating underscores the Trust's stable debt-servicing ability against its ₹1,762 crore existing debt profile.
- CareEdge reaffirmed 'CARE AAA; Stable' rating for ₹2,000 crore total NCD facilities
- Issued NCDs total ₹1,785 crore across three distinct ISIN tranches with coupons between 7.61% and 8.10%
- Proposed unissued NCD facility stands at ₹215 crore
- Rating review evaluated operational and financial performance up to Q1FY27
CareEdge Ratings has reaffirmed its highest credit rating of 'CARE AAA; Stable' for NDR InvIT Trust's Non-Convertible Debentures (NCDs) aggregating to ₹2,000 crore. The rated debt comprises ₹1,785 crore in issued NCDs and ₹215 crore in proposed NCDs. The rating was reaffirmed based on operational and financial performance through FY26 and Q1FY27. This reaffirmation covers existing debt across three tranches maturing between 2031 and 2039 with coupon rates between 7.61% and 8.10%.
- CARE AAA; Stable reaffirmed for total NCDs of ₹2,000 crore
- Covers ₹1,785 crore of existing issued NCDs and ₹215 crore in proposed NCDs
- Tranches include ₹630 crore (8.05% due 2032), ₹745 crore (8.10% due 2039), and ₹410 crore (7.61% due 2031)
- Rating based on audited FY26 and unaudited Q1FY27 performance reviews
NDR InvIT Trust shared its investor roadshow presentation ahead of meetings commencing September 22, 2026. The presentation highlights the trust's long-term portfolio stability with a Weighted Average Lease Expiry (WALE) of 11.30 years as of March 31, 2026, alongside standard rental escalations of 4-5% annually (or 12-15% every 3 years). It details a future Right of First Offer (ROFO) pipeline spanning 10.56 million sq ft across 440.35 acres, targeting key hubs like Chennai, Bangalore, and Hyderabad. No unpublished price sensitive information was disclosed during this update.
- Portfolio features a WALE of 11.30 years as on March 31, 2026
- Contractual rent escalations structured at 4-5% annually or 12-15% every 3 years
- Identified ROFO asset pipeline consists of 10.56 million sq ft leasable area across 440.35 acres
- Investor meetings scheduled to commence from September 22, 2026
NDR InvIT Trust published its Q1 FY27 investor presentation, reporting operating revenue of ₹124.02 Cr (up 14% QoQ from ₹109.1 Cr in Q4 FY26) and operating EBITDA of ₹118.9 Cr (up 23% QoQ). The Trust declared a Distribution Per Unit (DPU) of ₹1.94 for the quarter, translating to an annualized distribution yield of 7.76%. Portfolio operational metrics stayed solid with committed occupancy at 99.76% across 22.97 million sq ft AUM and a Weighted Average Lease Expiry (WALE) of 11.85 years. Additionally, the Trust completed a preferential allotment of ₹842.3 Cr and added NDR Space assets in Coimbatore and Kochi.
- Operating revenue grew 14% QoQ to ₹1,240.21 Mn with EBITDA reaching ₹1,189 Mn
- Declared Q1 FY27 DPU of ₹1.94 per unit (annualized yield of 7.76%), with total distribution of ₹889 Mn
- Portfolio occupancy stood at 99.76% across 22.97 msf AUM with a WALE of 11.85 years
- Completed ₹8,423 Mn preferential allotment and acquisition of NDR Space assets in Coimbatore and Kochi
- Conservative leverage maintained at 19.11% against Gross Asset Value (GAV) of ₹84,753 Mn
NDR InvIT Trust reported total revenue of INR 1,321 Mn (₹132.1 Cr) in Q1 FY27, up 18.41% QoQ, driven by portfolio additions and sustained occupancy. EBITDA grew 23% QoQ to INR 1,189 Mn with PBT standing at INR 518.40 Mn. The Board declared a quarterly distribution of INR 1.94 per unit (totaling INR 888.60 Mn), representing a 4.16% annualized YoY increase. Operational leasable portfolio maintained high occupancy of 99.76% with a WALE of 11.85 years across 22.97 million sq ft of AUM.
- Revenue increased 18.41% QoQ to INR 1,321 Mn, while EBITDA grew 23% QoQ to INR 1,189 Mn
- Declared Q1 FY27 distribution of INR 1.94 per unit, amounting to INR 888.60 Mn
- Portfolio occupancy stood at 99.76% with WALE of 11.85 years across 22.97 msf AUM
- Completed preferential allotment of INR 8,423 Mn and acquired 0.7 msf assets in Coimbatore and Kochi
NDR InvIT Trust approved its Q1 FY27 financial results and declared a distribution of Rs 1.94 per unit, amounting to a total payout of Rs 88.86 crore (₹888.60 million). The distribution consists of Rs 0.19 as dividend, Rs 0.88 as interest, and Rs 0.87 as return of capital. The record date is fixed as August 19, 2026, with payments to be completed on or before August 26, 2026. On a standalone basis, Q1 revenue from operations rose 37.3% YoY to ₹69.03 crore, while standalone net profit grew 26.1% YoY to ₹36.85 crore.
- Declared Q1 FY27 distribution of Rs 1.94 per unit (aggregate payout of ₹888.60 million)
- Distribution composition: Rs 0.19 dividend, Rs 0.88 interest, and Rs 0.87 return of capital
- Record date set for August 19, 2026, and payment scheduled on or before August 26, 2026
- Q1 Standalone revenue from operations grew 37.3% YoY to ₹690.34 million
- Pari-passu asset security coverage ratio stood at a healthy 2.66x for listed secured debt of ₹1,785.00 crore
NDR InvIT Trust has submitted its statement of deviation or variation for the quarter ended June 30, 2026, confirming that there has been no deviation in the use of proceeds from its preferential issue. The Trust raised ₹7,217.77 million on May 26, 2026, following unitholder approval via a postal ballot dated April 17, 2026. The proceeds are being deployed in line with the stated objects, with zero variation reported. Both the Audit Committee and statutory auditors had no adverse comments.
- Confirmed Nil deviation or variation in the utilisation of proceeds for the quarter ended June 30, 2026
- Raised ₹7,217.77 million through a preferential issue of units on May 26, 2026
- Fundraise was conducted pursuant to the postal ballot notice dated April 17, 2026
- No adverse observations or comments were noted by the Audit Committee or auditors
NDR InvIT Trust approved its Q1 FY27 (quarter ended June 30, 2026) financial results and declared a distribution of ₹1.94 per unit, totaling ₹88.86 crore. Standalone revenue from operations grew 37.3% YoY to ₹69.03 crore (₹690.34 million) from ₹50.28 crore in the prior-year quarter. Standalone net profit rose 26.1% YoY to ₹36.85 crore (₹368.48 million) compared to ₹29.21 crore in Q1 FY26. The distribution consists of ₹0.19 dividend, ₹0.88 interest, and ₹0.87 return of capital, with a record date set for August 19, 2026.
- Declared distribution of ₹1.94 per unit (total payout of ₹888.60 million / ₹88.86 crore)
- Distribution composition: ₹0.19 dividend, ₹0.88 interest, and ₹0.87 return of capital per unit
- Standalone revenue from operations rose 37.3% YoY to ₹690.34 million (₹69.03 crore)
- Standalone quarterly profit after tax increased 26.1% YoY to ₹368.48 million (₹36.85 crore)
- Record date for distribution fixed as August 19, 2026, payable on or before August 26, 2026
Financial Performance
Revenue Growth by Segment
The Trust reported a total revenue of INR 3,241 mn for FY25, representing a significant YoY growth of 38.00%. For Q2 FY26, revenue reached INR 1,036 mn, a 1.97% increase from INR 1,016 mn in Q1 FY26, driven by high occupancy and rental escalations across its logistics portfolio.
Geographic Revenue Split
Revenue is primarily driven by area contribution from the South region at 59.20%, followed by the West at 24.09%, North at 9.38%, and East at 7.33%. This concentration makes the Trust highly dependent on the industrial and consumption cycles of Southern Indian states.
Profitability Margins
Net profit margins have shown variability, ranging from 35.33% to 44% across different reporting periods. For the quarter ended September 30, 2025, the net profit margin was reported at 35.33%, reflecting stable operational costs relative to rental income.
EBITDA Margin
EBITDA for FY25 stood at INR 2,959 mn with a YoY growth of 44.55%. In Q2 FY26, EBITDA was INR 950 mn (approximately 91.7% margin), up slightly from INR 946 mn in Q1 FY26, indicating high core profitability due to the triple-net nature of many warehouse leases.
Capital Expenditure
The Trust has a clear expansion pipeline including the planned acquisition of 6.86 million sq ft of operational assets under its Right of First Offer (ROFO) by FY27. Additionally, 0.33 million sq ft is currently under construction to further increase the leasable area from the current 16.9 million sq ft.
Credit Rating & Borrowing
The Trust maintains a comfortable financial profile with a net external debt to GAV of ~18.3%. Major borrowings include INR 7,450 mn from NaBFID at an 8.10% coupon (15-year tenure) and INR 6,300 mn from IFC via Sustainability Linked Bonds at an 8.05% coupon (8-year tenure). Interest coverage is robust at 4.58x.
Operational Drivers
Raw Materials
As an InvIT, the primary 'raw materials' are land and construction materials (steel, cement, pre-engineered building components) for its 0.33 million sq ft under-construction pipeline, though specific % of total cost for these materials is not disclosed.
Import Sources
Not specifically disclosed, but construction materials are typically sourced from domestic suppliers within India to support local warehouse development.
Capacity Expansion
Current operational leasable area is 16.9 million sq ft as of June 30, 2024 (up 17% YoY). Planned expansion includes 6.86 million sq ft of ROFO assets and 0.33 million sq ft of active construction, targeting a total portfolio exceeding 24 million sq ft by FY27.
Raw Material Costs
Not applicable as a percentage of revenue for an operational InvIT; however, development costs for the 0.33 million sq ft pipeline are managed through the sponsor, NDR Warehousing Private Limited.
Manufacturing Efficiency
Portfolio occupancy is high at 97.6% as of June 30, 2025 (up from 96.5% YoY), with a committed occupancy of 89%, indicating high utilization of available leasable space.
Logistics & Distribution
Not applicable as the company provides the infrastructure for logistics rather than performing the distribution itself.
Strategic Growth
Expected Growth Rate
17%
Growth Strategy
Growth will be achieved through the acquisition of 6.86 million sq ft of operational assets via ROFO by FY27, completion of the 0.33 million sq ft construction pipeline, and embedded rental escalations in existing long-term contracts (WALE 10-20 years).
Products & Services
Leasing of Grade A warehousing spaces, industrial parks, and logistics infrastructure to third-party tenants.
Brand Portfolio
NDR InvIT, NDR Warehousing.
New Products/Services
Expansion into 'Green' certified warehouses, such as the EDGE Advanced certified Pune facility, which may command premium rentals or attract ESG-conscious global tenants.
Market Expansion
Expansion is focused on primary markets (Chennai, Bengaluru, Kolkata, Mumbai, Delhi, Pune, Hyderabad) which currently account for 66% of the area, and secondary markets like Coimbatore and Sri City.
Market Share & Ranking
Not disclosed, but the 16.9 million sq ft portfolio positions it as a significant player in the Indian organized warehousing sector.
Strategic Alliances
Strategic backing from Investcorp (20.7% stake) provides global expertise and credibility, while the sponsor NDR Warehousing Private Limited provides the ROFO pipeline.
External Factors
Industry Trends
The warehousing industry is shifting toward Grade A, ESG-compliant spaces. The Trust is positioning itself by securing EDGE certifications and diversifying across 100+ occupiers to mitigate sector-specific downturns.
Competitive Landscape
Competes with other large-scale warehouse developers and InvITs; maintains an edge through a low leverage of 18.3% GAV and a strong ROFO pipeline.
Competitive Moat
The moat consists of long-term lease contracts (WALE 10-20 years), high-quality Grade A assets in strategic primary markets (66% of area), and institutional backing from Investcorp. These are sustainable due to high switching costs for tenants and limited availability of large-scale Grade A land parcels.
Macro Economic Sensitivity
Highly sensitive to GST-driven logistics consolidation and the 'China Plus One' strategy which drives demand for Indian industrial warehousing.
Consumer Behavior
Increased e-commerce penetration (10% of revenue) and FMCG demand (10% of revenue) are driving the need for modern fulfillment centers.
Geopolitical Risks
Trade barriers or global supply chain disruptions could impact the business of key tenants in the E-commerce (10%) and Auto (6%) sectors, indirectly affecting occupancy.
Regulatory & Governance
Industry Regulations
Operations are governed by the SEBI (Infrastructure Investment Trusts) Regulations, 2014, and subsequent amendments regarding NDCF calculations (effective April 01, 2024).
Environmental Compliance
The Trust is investing in sustainable practices, evidenced by the EDGE Advanced Certification for the Pune asset and the issuance of Sustainability Linked Bonds (SLB) with IFC.
Taxation Policy Impact
As an InvIT, it is subject to specific SEBI and Income Tax regulations regarding the distribution of at least 90% of NDCF to unitholders.
Risk Analysis
Key Uncertainties
The primary uncertainty is the renewal of 27% of the leasable area in FY26-FY27, which could impact cash flow if market rents have softened or if vacancies persist.
Geographic Concentration Risk
High concentration in South India, which accounts for 59.20% of the total leasable area.
Third Party Dependencies
Significant dependency on the sponsor, NDR Warehousing Private Limited, for the execution of the ROFO pipeline and future asset development.
Technology Obsolescence Risk
Risk of older warehouses becoming less attractive compared to new 'Smart' or 'Green' warehouses; mitigated by the Trust's recent EDGE certifications.
Credit & Counterparty Risk
Low risk due to a granular base of 100+ occupiers, though the top 10 tenants still represent a significant 32% of gross rentals.
