ROADSTAR
Roadstar Infra Investment Trust financials
- Market cap
- ₹2.8k Cr
- Sector
- Services
What Roadstar Infra Investment Trust does
Roadstar Infra Investment Trust (RIIT) is an infrastructure investment trust that owns and operates a portfolio of six road concession SPVs across six Indian states, acquired from the erstwhile IL&FS Group under an NCLAT-approved resolution framework. It earns revenue either as toll collections from vehicles using its highway stretches or as fixed annuity payments from NHAI, depending on the concession structure of each asset. Roadstar Investment Managers Limited acts as Investment Manager, with Elsamex Maintenance Services Limited providing project management and O&M services across the SPVs.
Segments
- Toll assets
- Annuity assets
- Operating road assets in portfolio
- 6 (4 toll, 2 annuity)
- Total road network length
- ~685 km (~3,145 lane km)
- Geographic footprint
- 6 Indian states (Uttar Pradesh, Rajasthan, Maharashtra, Kerala, Jharkhand, West Bengal)
- Portfolio projects awarded by NHAI
- 67%
- Weighted average operating history of portfolio
- 10.1 years
- Weighted average residual concession life of portfolio
- 12.6 years
Quarterly results
Q1 FY27: revenue down 2.3%, net profit up 127.9% 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 | 165 | 265 | 318 | 303 | 280 +70% | 287 +8% | 287 −10% | 296 −2% |
| EBITDA | 49 | 199 | 145 | 51 | 158 +222% | 207 +4% | 9 −94% | 201 +294% |
| Net profit | -62 | 28 | 9 | -122 | -25 +60% | 28 +0% | -156 −1833% | 34 +128% |
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.
Financials, as filed
Revenue grew 24.4% a year over 1 year, FY25 to FY26. Operating margin narrowed to 36.7%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹930 Cr | ₹1.2k Cr |
| Operating profit | ₹523 Cr | ₹425 Cr |
| Operating margin | 56.2% | 36.7% |
| Interest | ₹351 Cr | ₹418 Cr |
| Depreciation | ₹266 Cr | ₹347 Cr |
| Net profit | ₹-10 Cr | ₹-275 Cr |
| Net margin | -1.1% | -23.8% |
| Cash from operations | ₹757 Cr | ₹849 Cr |
| Free cash flow | ₹703 Cr | ₹797 Cr |
| ROCE | 5.0% | 2.0% |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹2.5k Cr | ₹3.7k Cr | ₹4.4k Cr | ₹4.4k Cr |
| Reserves | ₹-33 Cr | ₹73 Cr | ₹-365 Cr | ₹-490 Cr |
| Borrowings | ₹2.2k Cr | ₹2.9k Cr | ₹3.6k Cr | ₹3.3k Cr |
| Other liabilities | ₹140 Cr | ₹186 Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total liabilities | ₹4.8k Cr | ₹6.9k Cr | ₹8.8k Cr | ₹8.4k Cr |
| Fixed assets | ₹3.9k Cr | ₹5.0k Cr | ₹7.2k Cr | ₹6.4k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹472 Cr |
| Investments | ₹59 Cr | ₹64 Cr | ₹155 Cr | ₹46 Cr |
| Other assets | ₹929 Cr | ₹1.8k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Total assets | ₹4.8k Cr | ₹6.9k Cr | ₹8.8k Cr | ₹8.4k 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.
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