Roadstar Infra Investment Trust (ROADSTAR)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Roadstar Infra's revenue was ₹296 Cr (-2.5% year on year, +3.0% on the previous quarter), and net profit ₹34.2 Cr (against a loss a year earlier); the operating margin was 68.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹296 | -2.5% | +3.0% |
| Operating profit | ₹201 | +294.4% | — |
| Net profit | ₹34.2 | from loss | from loss |
| EPS (₹) | 0.77 | from loss | from loss |
| Operating margin | 68.1% | — | — |
📢 Recent Corporate Announcements
Roadstar Infra Investment Trust reported its unitholding pattern for the quarter ended September 30, 2026. Total outstanding units stand at 45,54,77,143. Sponsor and sponsor group entities hold 10,22,00,005 units or 22.44%, of which 6,88,06,097 units (67.32% of sponsor holding) are pledged or encumbered. Institutional public unitholders represent 60.22% of total units, led by financial institutions and banks holding 32.72%.
- Total outstanding units of the Trust remain at 45,54,77,143 as of September 30, 2026
- Sponsor and sponsor group hold 10,22,00,005 units, representing a 22.44% stake
- Sponsor units encumbered stand at 6,88,06,097 units, amounting to 67.32% of sponsor holdings
- Institutional investors hold 60.22% of units, including Banks/FIs at 32.72% and Provident/Pension funds at 13.17%
- Total public unitholding accounts for 35,32,77,138 units, or 77.56% of total equity
Roadstar Infra Investment Trust has submitted its quarterly investor grievance report for the period ending September 30, 2026. The Trust reported zero investor complaints pending at the start of the quarter, zero received, and zero pending at the end of the quarter across all channels, including SEBI SCORES. This is a standard quarterly compliance filing mandated under SEBI InvIT regulations.
- Zero complaints pending at the start of the quarter ended September 30, 2026
- Zero complaints received during the quarter ended September 30, 2026
- Zero complaints pending at the end of the quarter
- Zero complaints reported via SEBI SCORES
Roadstar Infra Investment Trust announced that its subsidiary, Pune Sholapur Road Development Company Limited (PSRDCL), has fully repaid its external debt of ₹528.83 crore. This follows the receipt of ₹473.72 crore (net of TDS on ₹499.09 crore) as an arbitration settlement from NHAI under the Vivad Se Vishwas-III scheme. The balance funding for the complete debt payoff was bridged via internal borrowings from the Trust, extinguishing external bank liabilities across 12 institutional lenders.
- Full repayment of ₹528.83 crore external debt at subsidiary PSRDCL.
- Funded primarily via ₹473.72 crore net settlement amount from NHAI under the Vivad Se Vishwas-III scheme (gross ₹499.09 crore).
- Balance debt repayment funded via internal borrowings extended by Roadstar Infra Investment Trust.
- Lenders fully paid off include 12 institutions such as Bank of India, Bank of Baroda, PNB, IndusInd Bank, and Aditya Birla Finance.
Acuite has assigned a 'Provisional ACUITE AAA/Stable' long-term Issuer Rating to Roadstar Infra Investment Trust (RIIT) as it centralizes debt servicing at the trust level. The trust plans to refinance SPV debt, reducing the quantum from ₹3,300 crore to ₹2,827 crore after utilizing ₹473.72 crore (net of TDS from a ₹500 crore NHAI arbitration award) to prepay debt. Concurrently, ICRA and Acuite withdrew prior issuer and proposed loan facility ratings at the company's request.
- Assigned Provisional ACUITE AAA/Stable issuer rating by Acuite Ratings & Research.
- Proposed InvIT-level debt refinancing reduced to ₹2,827 crore following ₹500 crore (₹473.72 crore net) NHAI claim receipt.
- Comfortable debt structure with an average DSCR of ~2.09x over loan tenure, with only 29% principal due in the first 4 years of an 8-year tenor.
- Acuite withdrew rating on ₹3,300 crore proposed bank facility; ICRA reaffirmed [ICRA]A (Stable) and withdrew issuer rating on request.
Shareholders of Roadstar Investment Managers Limited have formally approved the appointment of Mr. Sanjay Kumar Gupta as an Independent Non-Executive Director for a five-year term. Mr. Gupta is a highly qualified professional, being a Gold Medalist Chartered Accountant and Company Secretary with over 33 years of experience. His background includes 12 years as a CFO at major organizations such as Tata International and GoAir. This appointment is intended to strengthen the governance and financial oversight of the Investment Manager as the Trust manages its portfolio of six road assets.
- Shareholders approved the appointment for a 5-year term from May 26, 2026, to May 25, 2031
- Mr. Sanjay Kumar Gupta brings over 33 years of experience in Corporate Finance, Treasury, and Risk Management
- He has served as CFO for 12 years at firms including Tata International, GoAir, and Emami Agrotech
- The Trust reported a revenue of ₹286.99 cr and PAT of ₹28.50 cr in the Dec 2025 quarter
Roadstar Infra Investment Trust (RIIT) has disclosed its independent valuation report as of June 30, 2026, conducted by Ernst & Young. The Trust's Net Asset Value (NAV) is calculated at ₹90.20 per unit, derived from net assets of ₹4,108.3 crore. The portfolio consists of six road assets (4 BOT Toll and 2 BOT Annuity) spanning approximately 685 km across six states. Total assets are valued at ₹7,401.6 crore against total liabilities of ₹3,293.3 crore.
- Net Asset Value (NAV) per unit is determined at ₹90.20 as of June 30, 2026
- Total assets valued at ₹74,016.38 Mn (approx. ₹7,401.6 cr) by independent valuer Ernst & Young
- Total liabilities reported at ₹32,933.32 Mn (approx. ₹3,293.3 cr)
- Portfolio includes 6 road SPVs covering 3,145 lane kms across 6 states
- Total number of units outstanding stands at 45,54,77,143
Roadstar Infra Investment Trust (RIIT) reported a standalone net profit of ₹73.04 cr for the quarter ended June 30, 2026, a significant recovery from a net loss of ₹83.15 cr in the same period last year. Revenue from operations remained stable at ₹82.93 cr compared to ₹81.97 cr YoY. The turnaround is primarily driven by the absence of large provisions for investment diminution, which had impacted previous periods. The Trust's Fair Value Net Asset Value (NAV) was reported at ₹90.20 per unit.
- Net Profit of ₹73.04 cr in Q1 FY27 compared to a loss of ₹83.15 cr in Q1 FY26.
- Revenue from operations stood at ₹82.93 cr, representing a marginal 1.17% growth YoY.
- Fair Value NAV per unit reported at ₹90.20 as of June 30, 2026, against a Book Value NAV of ₹102.31.
- Total expenses decreased sharply to ₹11.47 cr from ₹163.38 cr YoY, due to zero provisions for diminution in investment value this quarter.
- Investment Management fees for the quarter were ₹7.94 cr, calculated at 107% of actual annual cost per the agreement.
Roadstar Infra Investment Trust's subsidiary, Pune Sholapur Road Development Company Limited (PSRDCL), has received a net settlement of ₹473.72 crore from NHAI. This payment, received on July 31, 2026, follows a gross settlement agreement of ₹499.09 crore under the Vivad Se Vishwas-III scheme for contractual disputes. The inflow is highly material, representing approximately 174% of the Trust's Dec 2025 quarterly revenue of ₹286.99 crore. This aligns with management's strategy to use arbitration inflows for deleveraging and improving the financial risk profile.
- Received ₹473.72 crore net of TDS from NHAI on July 31, 2026
- Gross settlement amount finalized at ₹499.09 crore under the Vivad Se Vishwas-III scheme
- Settlement amount represents ~1.74x the Dec 2025 quarterly revenue of ₹286.99 crore
- Funds received by subsidiary Pune Sholapur Road Development Company Limited (PSRDCL)
Financial Performance
Revenue Growth by Segment
Consolidated operating income grew by 58.9% YoY, rising from INR 433.6 Cr in FY2023 to INR 689.0 Cr in FY2024. This growth was primarily driven by an 11.5% CAGR in toll collections between FY2018-2023 and the progressive integration of SPV assets.
Geographic Revenue Split
The portfolio is diversified across 6 Indian states, including Maharashtra (PSRDCL), Uttar Pradesh (MBEL), Rajasthan (SBHL), Jharkhand (HREL), Kerala (TRDCL), and West Bengal (BAEL). Specific percentage contribution per state is not disclosed, but toll assets contribute the majority of the 73.5% operating margin.
Profitability Margins
Operating profit margin (OPBDIT/OI) improved significantly from 61.0% in FY2023 to 73.5% in FY2024. Net profit margin (PAT/OI) also improved from -26.7% (INR -115.8 Cr) in FY2023 to -2.8% (INR -19.4 Cr) in FY2024, reflecting better cost control and asset stabilization.
EBITDA Margin
The EBITDA margin (represented by OPBDIT/OI) stood at 73.5% in FY2024, a YoY increase of 12.5 percentage points from 61.0% in FY2023, driven by healthy growth in toll collections and fixed-price O&M contracts.
Capital Expenditure
Major Maintenance Reserves (MMR) of INR 221 Cr were created as of March 31, 2025, to address catch-up maintenance requirements. The trust also maintains a three-month Debt Service Reserve Account (DSRA) to ensure liquidity for debt obligations.
Credit Rating & Borrowing
The issuer rating was upgraded to [ICRA]A (Stable) on May 29, 2025, from [ICRA]BBB+ (Stable). Borrowing costs are managed under a moderate leverage profile with a total debt/OPBDIT ratio that improved from 8.3x in FY2023 to 5.6x in FY2024.
Operational Drivers
Raw Materials
As an infrastructure trust, primary 'raw material' equivalents are O&M services and bitumen/aggregates for maintenance, which are managed via fixed-price contracts representing the bulk of operational outflows.
Import Sources
Not applicable as services are sourced domestically within India across the 6 project states.
Key Suppliers
Elsamex Maintenance Services Limited (EMSL) is the sole provider for operations and maintenance (O&M) activities across all SPVs under a fixed-price contract for the entire concession period.
Capacity Expansion
Current capacity consists of 6 road assets (3 operational toll roads, 1 tolling-under-construction, and 2 annuity projects). Expansion includes the acquisition of Barwa Adda Expressway Limited (BAEL) following its resolution plan implementation.
Raw Material Costs
O&M costs are fixed-price, mitigating inflation risk; however, past inadequate maintenance led to INR 83 Cr in penalties, necessitating higher catch-up maintenance spending in the near term.
Manufacturing Efficiency
Operational efficiency is measured by toll collection growth, which saw a 4.1% CAGR in traffic volume and a ~10% CAGR in total collections between FY2019-2025.
Logistics & Distribution
Not applicable; revenue is generated at the point of service (toll plazas) or via government annuity payments.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth will be achieved through the acquisition of stressed assets post-resolution (like BAEL), leveraging an 11.5% historical toll CAGR, and utilizing arbitration inflows for deleveraging to improve the financial risk profile.
Products & Services
Toll road operations (PSRDCL, MBEL, SBHL, BAEL) and annuity road maintenance (HREL, TRDCL) providing connectivity across national and state highways.
Brand Portfolio
Roadstar Infra Investment Trust (RIIT).
New Products/Services
The trust is in the process of fully integrating the Barwa Adda Expressway Limited (BAEL) asset, which is expected to contribute significantly to future operating income post-construction completion.
Market Expansion
Targeting the acquisition of further stressed infrastructure assets from the IL&FS Group portfolio once resolution plans are approved by lenders and the NCLT.
Market Share & Ranking
RIIT is a specialized InvIT formed to manage the road asset portfolio of the IL&FS Group; specific industry ranking is not disclosed.
Strategic Alliances
The trust is sponsored by Roadstar Infra Private Limited (a subsidiary of ITNL) and is closely tied to the IL&FS Group resolution framework.
External Factors
Industry Trends
The industry is shifting toward InvIT structures to deleverage developer balance sheets. RIIT is positioned as a recovery vehicle for IL&FS creditors, benefiting from consolidated cash pooling and professional O&M management.
Competitive Landscape
Competition arises from alternative routes and modes of transport (rail/air). For example, a new alternative route is expected to impact the BAEL stretch by FY2031.
Competitive Moat
The moat consists of long-term concession agreements (average toll track record of 10.9 years) and the high capital intensity of building competing highways. However, this is challenged by the government's ability to build alternative routes.
Macro Economic Sensitivity
Toll revenues are highly sensitive to GDP growth (affecting commercial traffic) and WPI inflation (affecting annual toll rate revisions).
Consumer Behavior
Shift toward FASTag has reduced toll leakages and improved collection efficiency across the portfolio.
Geopolitical Risks
Minimal direct impact, though macro-economic slowdowns resulting from global tensions could reduce commercial vehicle traffic on key stretches like MBEL.
Regulatory & Governance
Industry Regulations
Operations are governed by NHAI concession frameworks and SEBI InvIT regulations, which mandate a cap on aggregate consolidated borrowings at 49% of asset value.
Environmental Compliance
Not disclosed; compliance is generally managed within the O&M scope of work for highway maintenance.
Taxation Policy Impact
The trust follows Ind AS; specific tax rate impacts are not disclosed, but InvITs generally benefit from specific tax pass-through structures for distributions.
Legal Contingencies
Outstanding contingent liabilities totaled INR 430.4 Cr as of March 31, 2024. Additionally, INR 47 Cr in penalties is currently under litigation following a reduction from the original INR 92 Cr levied by authorities.
Risk Analysis
Key Uncertainties
Traffic diversion risks from new alternative routes and the potential for further penalties if O&M standards are not met could impact coverage metrics by over 10%.
Geographic Concentration Risk
The portfolio is concentrated in 6 Indian states, with significant cash flow dependency on the MBEL and BAEL projects.
Third Party Dependencies
100% dependency on Elsamex Maintenance Services Limited (EMSL) for O&M; any financial distress at EMSL would directly jeopardize RIIT's asset quality and annuity receipts.
Technology Obsolescence Risk
Low risk for physical road assets, though the shift to electric vehicles and changes in axle load norms may impact long-term wear and tear and toll categories.
Credit & Counterparty Risk
Exposure to NHAI and MORTH is considered low risk, but the Kerala Road Fund Board (KRFB) and specific annuity projects (TRDCL, HREL) have shown a history of delayed payments.
