INDUSINVIT
Indus Inf. Trust share price & financials
- Price
- ₹125.49
- Market cap
- ₹8.1k Cr
- Sector
- Services
- Calls analysed
- 7
Indus Inf. Trust Q4 FY26
What went well
- Total DPU for FY26 amounted to INR 13.50 per unit, exceeding the initial guidance of INR 12.50 per unit.
- Declared a DPU of INR 3.50 per unit for Q4 FY26, with a total distribution for the year aggregating to INR 597.97 crores.
- Acquired 100% shareholding in three HAM assets from GR Infra projects, increasing total assets to 13 with AUM over INR 9,400 crores.
What to watch
- Standalone revenue for FY26 saw a fall due to lower dividend up-streamed by SPVs compared to the previous year.
- Finance cost increased to INR 42.47 crores in Q4 FY26 due to additional borrowings.
What Indus Inf. Trust does
Indus Infra Trust (formerly Bharat Highways InvIT) is an infrastructure investment trust that owns and operates a portfolio of national highway road assets built under NHAI's Hybrid Annuity Mode (HAM), earning fixed, pre-determined annuity payments from NHAI rather than toll or traffic-linked revenue. Its portfolio comprises 13 special purpose vehicles (SPVs) spanning eight Indian states, together covering roughly 838 km of highway (about 3,646 lane km). The Trust is sponsored by Aadharshila Infratech Private Limited, with day-to-day operations and maintenance handled by G R Infraprojects Limited (GRIL) and the portfolio managed by GR Highways Investment Manager Private Limited. It was the first HAM-focused infrastructure investment trust to list on the NSE and BSE, in March 2024.
Segments
- HAM Road Annuity Assets
- HAM road projects (SPVs) owned
- 13
- Total portfolio road length
- ~838.5 km
- Total lane kilometers
- ~3,646 km
- States covered
- 8 (Gujarat, Punjab, Uttar Pradesh, Maharashtra, Madhya Pradesh, Andhra Pradesh, Bihar, Chhattisgarh)
- Weighted-average residual concession life
- ~11.34 years
- Annuity payments received to date
- 87 of 390 scheduled annuities
Guidance record · Q4 FY26
what the last two calls moved 15 tracked 6 delivered 0 missed 9 open- Acquisition Completion delivered said Q1 FY25 Promised: before end of current quarter (Q2 FY25) Q4 FY26: Already achieved in prior quarters
- FY26 EV/AUM Additions delayed said Q4 FY25 Promised: INR 3,500-4,000 crores Q4 FY26: Acquired 3 GR assets for INR 2,639 cr. KNR assets delayed to Q1 FY27, missing the FY26 timeline for the full INR 4,000-4,500 cr target.
- Maximum Leverage Ceiling on track said Q2 FY25 Promised: 70% after end of next financial year Q4 FY26: Management aims to maintain internal debt threshold at 63-65% of AUM.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 53.2%, net profit up 6.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 156 | 210 | 251 | 186 | 123 −21% | 179 −15% | 188 −25% | 285 +53% |
| EBITDA | 119 | 149 | 173 | 149 | 81 −32% | 117 −21% | 129 −25% | 214 +44% |
| Net profit | 104 | 119 | 147 | 121 | 59 −43% | 96 −19% | 106 −28% | 129 +7% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +15.4% 1Y
1Y: ₹114.9 on 10 Sept 2025 → ₹132.57. High ₹136.98 (7 Aug 2026), low ₹113.51 (24 Dec 2025).
How the price took the results
close before → close after
- Q4 FY26
- +1.0%
- 30 Apr
- Q3 FY26
- +0.9%
- 4 Feb
- Q2 FY26
- −1.0%
- 10 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 136.4% a year over 2 years, FY24 to FY26. Operating margin widened to 70.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹121 Cr | ₹744 Cr | ₹676 Cr |
| Operating profit | ₹37 Cr | ₹521 Cr | ₹476 Cr |
| Operating margin | 30.6% | 70.0% | 70.4% |
| Interest | ₹25 Cr | ₹129 Cr | ₹167 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹15 Cr | ₹481 Cr | ₹382 Cr |
| Net margin | 12.4% | 64.7% | 56.5% |
| ROCE | 1.0% | 9.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹188 Cr | ₹188 Cr | ₹0 Cr | ₹4.4k Cr | ₹4.3k Cr | ₹4.2k Cr |
| Reserves | ₹340 Cr | ₹403 Cr | ₹0 Cr | ₹580 Cr | ₹507 Cr | ₹531 Cr |
| Borrowings | ₹3.7k Cr | ₹4.7k Cr | ₹3 Cr | ₹1.1k Cr | ₹2.2k Cr | ₹4.6k Cr |
| Other liabilities | ₹706 Cr | ₹267 Cr | ₹5 Cr | ₹165 Cr | ₹63 Cr | ₹225 Cr |
| Total liabilities | ₹4.9k Cr | ₹5.5k Cr | ₹8 Cr | ₹6.3k Cr | ₹7.1k Cr | ₹9.6k Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹67 Cr | ₹638 Cr | ₹145 Cr |
| Other assets | ₹4.9k Cr | ₹5.5k Cr | ₹8 Cr | ₹6.2k Cr | ₹6.5k Cr | ₹9.4k Cr |
| Total assets | ₹4.9k Cr | ₹5.5k Cr | ₹8 Cr | ₹6.3k Cr | ₹7.1k Cr | ₹9.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
What the price assumes
Growth trapTo justify its price of ₹133, this stock must grow earnings at 5% every year for 7 years. Our analysis caps realistic growth at ~-12%. At that growth it is worth ₹54 — downside of 59%.
- Growth the price implies
- 4.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 404.6% a year
- net profit, FY24–FY26 · EPS -11.8%
- The gap
- 0.2 pp
- -59% downside if it only repeats history
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse Indus Inf. Trust
Guides on how to read this kind of business and the numbers that matter.