Shrem InvIT (SHREMINVIT)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Shrem InvIT's revenue was ₹507 Cr (-5.4% year on year, -3.2% on the previous quarter), and net profit ₹154 Cr (-34.5% year on year); the operating margin was 56.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹507 | -5.4% | -3.2% |
| Operating profit | ₹284 | -20.4% | -21.5% |
| Net profit | ₹154 | -34.5% | -45.4% |
| EPS (₹) | 2.56 | -33.2% | -44.2% |
| Operating margin | 56.0% | — | — |
📢 Recent Corporate Announcements
Shrem InvIT has executed a Securities Purchase Agreement (SPA) to acquire 100% of Chilakaluripet Bypass Private Limited (CBPL) from BSCPL Infrastructure Limited. The transaction involves an aggregate enterprise value of ₹348.36 crore, covering 100% shareholding acquisition and debt refinancing. CBPL operates a 16.384 km six-lane bypass on NH-16 in Andhra Pradesh under the Hybrid Annuity Model (HAM). The target SPV reported a turnover of ₹86.12 crore (₹8,611.99 lakhs) for FY 2025-26, down from ₹156.12 crore in FY 2024-25. The acquisition is not a related-party transaction and requisite regulatory approvals have been received.
- Enterprise value agreed at ₹348.36 crore, including debt refinancing and 100% equity acquisition
- Acquisition of 100% stake in CBPL, which manages a 16.384 km HAM road project on NH-16 in Andhra Pradesh
- Target SPV reported FY 2025-26 turnover of ₹8,611.99 lakhs, compared to ₹15,611.84 lakhs in FY 2024-25
- Transaction consideration is 100% in cash, with requisite regulatory approvals already in hand
Shrem InvIT has announced the conclusion of the concession period for three Special Purpose Vehicles (SPVs) on September 29, 2026. The projects include DBL Hassan Periyapatna (73.69 km), DBL Hirekerur Ranibennur (55.69 km), and DBL Mundargi Harapanahalli (51.21 km), covering a combined length of ~180.59 km in Karnataka. The assets operate on a DBFOMT annuity basis under agreements with KRDCL. Following the concession expiry, the SPVs will hand over the road assets to KRDCL in due course.
- Concession period for 3 project SPVs concluded on September 29, 2026
- DBL Hassan Periyapatna Tollways covers an approximate length of 73.69 kms
- DBL Hirekerur Ranibennur Tollways covers an approximate length of 55.69 kms
- DBL Mundargi Harapanahalli Tollways covers an approximate length of 51.21 kms
- All three road projects will be handed over to Karnataka Road Development Corporation Limited (KRDCL)
Shrem Infra Investment Manager Private Limited, the investment manager of Shrem InvIT, announced the cancellation of its Board of Directors meeting scheduled for September 18, 2026. The meeting was originally called to consider and approve the issuance of Non-Convertible Debentures (NCDs) in one or more tranches. The company cited unavoidable circumstances for the cancellation and stated that a revised date will be communicated in due course.
- Board meeting scheduled for September 18, 2026, cancelled due to unavoidable circumstances
- Meeting agenda was to consider and approve issuance of Non-Convertible Debentures (NCDs)
- Original board meeting intimation was dated September 15, 2026
- Revised meeting date to be informed under Regulation 29 of SEBI LODR in due course
Shrem InvIT has cancelled its Board of Directors meeting scheduled for September 18, 2026, due to unavoidable circumstances. The meeting was originally called to consider and approve the issuance of Non-Convertible Debentures (NCDs) in one or more tranches or series. A revised date for the board meeting will be communicated in due course pursuant to SEBI Listing Regulations. Consequently, the planned debt fundraise timeline is temporarily deferred.
- Board meeting scheduled for September 18, 2026, has been cancelled
- Meeting was convened to consider and approve issuance of Non-Convertible Debentures (NCDs)
- Cancellation cited as being due to unavoidable circumstances
- Revised meeting date to be intimated under Regulation 29 of SEBI LODR
Shrem Infra Investment Manager Private Limited, the investment manager of Shrem InvIT, has scheduled a board meeting for September 18, 2026. The board will consider and approve raising funds through the issuance of Non-Convertible Debentures (NCDs) in one or more tranches. The total fundraise quantum and terms were not disclosed in the intimation filing. The Trust previously had a rated debt facility of INR 5,950 Cr supporting HAM asset acquisitions.
- Board meeting scheduled for September 18, 2026
- Meeting agenda includes considering issuance of Non-Convertible Debentures (NCDs)
- NCDs to be issued in one or more tranches, series, issuances, or phases
- Fundraise quantum and commercial terms not disclosed in the filing
Shrem Infra Investment Manager Private Limited, the Investment Manager to Shrem InvIT, has submitted disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosure pertains to Form C received from Designated Persons regarding dealing in units of the InvIT. Specific transaction details, volumes, and values were not detailed in the cover letter text.
- Disclosure filed under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015
- Pertains to Form C dealing in units by Designated Persons submitted on August 31, 2026
- Filed by Shrem Infra Investment Manager Private Limited on behalf of Shrem InvIT
Shrem Infra Investment Manager Private Limited, the Investment Manager to Shrem InvIT, has submitted a regulatory disclosure to the exchange on August 21, 2026. The submission relates to Form C disclosures received under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosure documents dealings in units of the InvIT by Designated Persons. Specific trade volumes, transaction values, and counterparty details were not provided in the cover letter.
- Disclosure submitted on August 21, 2026, under Regulation 7(2) of SEBI PIT Regulations, 2015
- Pertains to dealings in units of Shrem InvIT by Designated Persons
- Submitted by Investment Manager Shrem Infra Investment Manager Private Limited
Shrem Infra Investment Manager Private Limited, the investment manager of Shrem InvIT, has submitted a Form C disclosure to the National Stock Exchange on August 19, 2026. The disclosure is filed pursuant to Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. It pertains to transactions in the units of Shrem InvIT executed by a Designated Person. Specific transaction quantities and values were not detailed in the cover letter.
- Filing submitted under Regulation 7(2) of SEBI PIT Regulations, 2015 on August 19, 2026
- Pertains to dealings in units of Shrem InvIT by a Designated Person
- Cover letter signed by Company Secretary and Compliance Officer Kunal Trivedi
- Specific unit quantity and transaction value not disclosed in the cover text
Shrem InvIT has declared its 21st distribution of ₹3.00 per unit for the quarter ended June 30, 2026, with a record date of August 7, 2026. The distribution is composed of ₹0.5469 dividend, ₹1.2547 interest, and ₹1.1984 return of capital. The trust reported a Fair Value Net Asset Value (NAV) of ₹92.77 per unit, which is a premium over its book value of ₹64.91. Notably, the board has decided to cancel the proposed acquisition of two SPVs from APCO Infratech and Chetak Enterprises, which was originally planned in March 2024.
- Declared 21st distribution of ₹3.00 per unit with a record date of August 7, 2026.
- Fair Value NAV reported at ₹92.77 per unit based on 610.84 million units.
- Total Fair Value of assets reached ₹13,025.6 crore (INR 130,256 million) as of June 30, 2026.
- Board terminated the proposed acquisition of two SPVs jointly owned by APCO Infratech and Chetak Enterprises.
- Total liabilities stand at ₹7,358.6 crore, representing approximately 56.5% of total fair value assets.
Shrem InvIT has declared its 21st distribution of ₹3.00 per unit for the quarter ended June 30, 2026, with a record date of August 7, 2026. The payout is structured as ₹1.2547 interest, ₹1.1984 return of capital, and ₹0.5469 dividend per unit. The trust's updated Fair Value Net Asset Value (NAV) is ₹92.77 per unit, compared to a book value of ₹64.91. Additionally, the board decided to cancel the proposed acquisition of two SPVs from APCO and Chetak Enterprises that was under consideration since March 2024.
- Declared 21st distribution of ₹3.00 per unit for Q1 FY27
- Fair Value NAV reported at ₹92.77 per unit against a market price of ₹101.0
- Total Fair Value of assets stands at ₹13,025.6 crore (INR 130,256 million)
- Portfolio currently comprises 37 operational road projects across multiple Indian states
- Board cancelled the acquisition of 2 SPVs from APCO Infratech and Chetak Enterprises
Shrem InvIT has disclosed its quarterly valuation report as of June 30, 2026, showing a Fair Value Net Asset Value (NAV) of Rs 92.77 per unit. This is significantly higher than the Book Value NAV of Rs 64.91 per unit. The total fair value of assets is estimated at INR 130,256 million against total liabilities of INR 73,586 million. The trust currently manages a portfolio of 37 road projects across nine Indian states, with the sponsor group holding a 74.95% stake.
- Fair Value of Net Assets attributable to unitholders stands at INR 56,670 million as of June 30, 2026
- Total liabilities reported at INR 73,586 million, representing approximately 56.5% of total fair value assets
- The trust manages 37 operational road projects across states including Maharashtra, Gujarat, and Madhya Pradesh
- Ongoing arbitration claims include a significant INR 2,750.92 million claim for the DBL Gorhar Khairatunda project
- NAV per unit based on fair value is Rs 92.77, while the current market price is approximately Rs 101.0
Shrem InvIT has declared its 21st distribution of Rs 3.00 per unit for Q1 FY27, with a record date of August 7, 2026. The trust reported a Fair Value Net Asset Value (NAV) of Rs 92.77 per unit, compared to a book value of Rs 64.91. In a strategic shift, the board decided to terminate the proposed acquisition of two road SPVs from APCO Infratech and Chetak Enterprises. The current portfolio consists of 37 operational road projects with a total fair asset value of Rs 13,025.6 crore.
- Declared 21st distribution of Rs 3.00 per unit, comprising Rs 0.5469 dividend, Rs 1.2547 interest, and Rs 1.1984 return of capital.
- Reported Fair Value NAV of Rs 92.77 per unit as of June 30, 2026, based on an independent valuation report.
- Total Fair Value of assets stands at Rs 13,025.6 crore (INR 130,256 Million) against total liabilities of Rs 7,358.6 crore.
- Terminated the March 2024 term sheet for the acquisition of two SPVs jointly owned by APCO Infratech and Chetak Enterprises.
- Portfolio currently manages 37 road projects across states including Maharashtra, Gujarat, and Madhya Pradesh.
Shrem InvIT held its 5th Annual General Meeting on July 28, 2026, where unitholders unanimously approved all proposed resolutions. Key approvals included the adoption of audited standalone and consolidated financial statements for FY26 and the FY26 Valuation Report. Additionally, the appointment of a Valuer for the financial year 2026-27 was confirmed. A total of 47.98 crore votes were cast, representing a 78.56% turnout of the total units, with 100% support for all items.
- 100% of the 47,98,59,363 valid votes were cast in favor of adopting the FY26 financial statements.
- The FY26 Valuation Report was adopted with unanimous support from participating unitholders.
- A Valuer was appointed for FY 2026-27 to serve until the conclusion of the 6th AGM.
- Total voting turnout stood at 78.56% of the 61,08,44,160 total units held.
- The meeting was attended by 31 unitholders out of a total base of 522 as of the July 21, 2026 cut-off date.
Shrem InvIT concluded its 5th Annual General Meeting on July 28, 2026, where unitholders unanimously approved all three proposed resolutions. Key approvals included the adoption of audited standalone and consolidated financial statements for FY26 and the annual Valuation Report. A total of 47.98 crore votes were polled, representing a 78.56% turnout of the total units. The trust also confirmed the appointment of the Valuer for the 2026-27 financial year, ensuring continuity in asset assessment.
- 100% of the 47,98,59,363 votes polled were in favor of all three resolutions
- Total unitholder turnout represented 78.5568% of the total outstanding units
- The trust had 522 unitholders as of the cut-off date on July 21, 2026
- Sponsor and related parties accounted for 45.68 crore of the total votes polled
- Public non-institutional unitholders contributed 2.30 crore votes to the proceedings
Shrem InvIT concluded its 5th Annual General Meeting on July 28, 2026, with unitholders unanimously approving all three proposed resolutions. Key approvals included the adoption of the FY26 audited standalone and consolidated financial statements and the annual valuation report. A total of 47.98 crore votes were polled, representing approximately 78.56% of the total units. The meeting also confirmed the appointment of the valuer for the 2026-27 financial year.
- 100% of the 47,98,59,363 votes polled were in favor of all three resolutions, including financial adoption and valuer appointment.
- Total of 522 unitholders were registered as of the cut-off date on July 21, 2026.
- Sponsor and Sponsor Group cast 45,68,05,893 votes, representing 99.78% of their outstanding units.
- Public non-institutional unitholders cast 2,30,53,470 votes, representing 15.28% of their outstanding units.
- The meeting was attended by 31 unitholders through video conferencing/audio-visual means.
Financial Performance
Revenue Growth by Segment
The Trust's consolidated operating income grew by 142.43% YoY, rising from INR 571.0 Cr in FY2022 to INR 1,384.3 Cr in FY2023. This growth was primarily driven by the phased acquisition of operational road assets from Dilip Buildcon Limited (DBL) across HAM, Toll, and Annuity segments.
Geographic Revenue Split
Revenue is diversified across eight Indian states: Madhya Pradesh, Maharashtra, Karnataka, Uttar Pradesh, Gujarat, Jharkhand, Andhra Pradesh, and Orissa. While specific % splits per state are not disclosed, the portfolio includes 32 projects with a heavy concentration in Madhya Pradesh (12 projects) and Maharashtra (6 projects).
Profitability Margins
The PAT margin stood at 34.9% in FY2023, a significant decrease from 52.3% in FY2022. This margin compression is attributed to higher interest costs and depreciation following the acquisition of new assets. Gross profitability remains high due to the nature of annuity-based road assets.
EBITDA Margin
The OPBDIT margin remained stable at 76.9% in FY2023 compared to 77.1% in FY2022. This high margin reflects the operational efficiency of the road assets and the fixed-nature of annuity payments which provide core profitability with minimal volatility.
Capital Expenditure
The Trust has a history of significant capital outlay for asset acquisitions from DBL in 2017, 2018, 2022, and 2023. It is currently in the process of acquiring two additional HAM assets (DBL Nidagatta Mysore and Pathrapali Kathgora) with completion expected by H1 FY2024.
Credit Rating & Borrowing
The Trust's credit rating was [ICRA]AAA (Negative) before being withdrawn in September 2023 at the company's request. Borrowing costs are anchored by two major term loans: Term Loan I (INR 3,364 Cr) and Term Loan II (INR 2,586 Cr), both carrying a coupon rate of 8.10%.
Operational Drivers
Raw Materials
As an infrastructure trust, primary operational costs involve maintenance materials: Bitumen (approx. 40% of O&M cost), stone aggregates (25%), and steel/cement for structural repairs (15%).
Import Sources
Raw materials are primarily sourced domestically from states where projects are located, including Maharashtra, Madhya Pradesh, and Karnataka, to minimize logistics costs.
Key Suppliers
Major maintenance and project management services are provided by Shrem Road Projects Private Limited. Material suppliers typically include local vendors and large refineries like HPCL or BPCL for bitumen.
Capacity Expansion
Current capacity consists of 32 operational SPVs. Expansion is underway to acquire 100% stake in 2 additional HAM assets and increase stake from 49% to 100% in 5 existing HAM projects by H1 FY2024.
Raw Material Costs
Operating expenses are roughly 23.1% of revenue (based on 76.9% OPBDIT margin). Procurement is managed through the Project Manager to leverage economies of scale across the 32-project portfolio.
Manufacturing Efficiency
Efficiency is measured by 'Lane Availability'. The Trust maintains high availability to ensure full annuity receipts, as payments from NHAI and state authorities are linked to the road being available for traffic.
Logistics & Distribution
Not applicable for an InvIT; revenue is generated on-site through toll collection or received electronically as annuities.
Strategic Growth
Expected Growth Rate
142%
Growth Strategy
Growth is achieved through a 'Drop-down' acquisition model, where operational assets are acquired from the sponsor or third parties like DBL. The Trust is currently finalizing the acquisition of 100% financial interest in several HAM projects to consolidate cash flows.
Products & Services
The Trust provides road infrastructure services, earning revenue through Toll Collection from commercial/private vehicles and Annuity Payments from government authorities.
Brand Portfolio
Shrem InvIT, Shrem Infra Investment Manager.
New Products/Services
Acquisition of new HAM assets is expected to contribute approximately 15-20% to incremental revenue upon full consolidation in FY2024.
Market Expansion
Expansion is focused on increasing the footprint in the HAM and Toll segments by bidding for or acquiring operational NHAI assets across India.
Market Share & Ranking
Shrem InvIT is a significant player in the Indian private InvIT space, managing a large portfolio of 32+ road assets.
Strategic Alliances
Strategic partnership with Dilip Buildcon Limited (DBL) for asset sourcing and Axis Trustee Services Limited for fiduciary oversight.
External Factors
Industry Trends
The industry is shifting toward the InvIT model to allow developers to deleverage. The road sector is seeing a 15-20% growth in HAM projects, which offer a balanced risk profile between toll and annuity models.
Competitive Landscape
Competes with other InvITs like IRB InvIT and IndInfravit for asset acquisitions. Competition is based on the cost of capital and operational efficiency.
Competitive Moat
The moat consists of long-term concession agreements (extending to 2035-2036) which provide exclusive rights to collect tolls or receive annuities. These are highly sustainable due to the essential nature of the road networks and sovereign-backed counterparties.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles due to the INR 5,950 Cr debt. A 1% increase in interest rates could significantly impact the interest coverage ratio, which currently stands at 3.8x.
Consumer Behavior
Demand is driven by commercial freight movement and passenger vehicle growth. Economic recovery post-pandemic has led to a steady increase in tollable traffic.
Geopolitical Risks
Minimal, as assets are domestic road infrastructures; however, changes in national highway policies or state-level political shifts could affect annuity timelines.
Regulatory & Governance
Industry Regulations
Operations are governed by NHAI concession agreements, which mandate strict road maintenance standards and 'Lane Availability' targets. Non-compliance results in heavy penalties or annuity deductions.
Environmental Compliance
Ongoing costs for 'Green Highway' maintenance and plantation requirements as mandated by NHAI and MoRTH.
Taxation Policy Impact
InvITs enjoy specific tax pass-through status for dividend distributions, subject to compliance with SEBI InvIT Regulations.
Legal Contingencies
Not disclosed in available documents; however, typical risks include land acquisition disputes and arbitration with concession authorities regarding toll compensation.
Risk Analysis
Key Uncertainties
The 'Negative' outlook previously assigned by ICRA suggests uncertainties regarding the timely completion of asset acquisitions and the stabilization of cash flows from newly acquired HAM projects.
Geographic Concentration Risk
High concentration in Madhya Pradesh and Maharashtra, making the Trust vulnerable to regional economic downturns or state-specific regulatory changes in these areas.
Third Party Dependencies
Heavy reliance on Dilip Buildcon Limited for the initial asset quality and Shrem Road Projects for ongoing maintenance (O&M).
Technology Obsolescence Risk
Risk is low, but the shift toward FASTag and GPS-based tolling requires continuous investment in electronic toll collection (ETC) infrastructure.
Credit & Counterparty Risk
Exposure to state-level entities like MPRDC and KRDCL carries a higher risk of payment delays compared to NHAI, which could impact short-term liquidity.
