IIIndus Infra Trust544137Quarterly results

Half yearly report: consolidated revenue Rs. 7,189.49 Million, profit after tax Rs. 3,389.81 Million

Half yearly report shared for the half year ended 30 September 2026.

By ScoutQuest · Tue 3 Nov 2026, 9:53 PM IST · 3 min read

Consolidated revenue from operations

Rs. 7,189.49 Million vs Rs. 3,098.22 Million a year earlier

Consolidated profit after tax

Rs. 3,389.81 Million vs Rs. 1,799.29 Million

Portfolio AUM

17 road HAM assets; AUM ~Rs. 1,28,618 Million

What was shared

Indus Infra Trust has submitted its half yearly report for the half year ended 30 September 2026. It carries the Investment Manager's brief report, a summary of the audited standalone and consolidated financial statements, project-wise revenue, borrowings and gearing, the fund raise details, a valuation summary and project-wise asset details.

Earnings snapshot

• Consolidated revenue from operations was Rs. 7,189.49 Million, against Rs. 3,098.22 Million in the corresponding half year ended 30 September 2025.
• Consolidated profit after tax was Rs. 3,389.81 Million, against Rs. 1,799.29 Million.
• On a standalone basis, revenue from operations was Rs. 5,495.82 Million against Rs. 3,742.87 Million, and profit after tax was Rs. 4,312.87 Million against Rs. 1,314.82 Million.
• Standalone EBITDA was Rs. 6,923.15 Million against Rs. 3,829.12 Million; impairment expense was Rs. 738.41 Million against Rs. 1,718.15 Million.
• Standalone finance cost rose to Rs. 1,722.39 Million from Rs. 758.48 Million; consolidated finance cost was Rs. 2,190.19 Million against Rs. 802.86 Million.
• Consolidated sub-contractor charges were Rs. 1,144.21 Million against Rs. 426.44 Million.

Portfolio

• 17 road assets, all on Hybrid Annuity Mode, with combined AUM of about Rs. 1,28,618 Million as on 30 September 2026, and an average balance life of 11.42 Years.
• Four assets were acquired during the half year: KNR Palani Infra Private Limited, KNR Ramagiri Infra Private Limited and KNR Guruvayur Infra Private Limited from KNR Constructions Limited, and ULCCS Kasaragod Expressway Private Limited from Uralungal Labour Contract Co-operative Society Limited.
• Outstanding annuities of the project SPVs stood at Rs. 141,797.61 Million, and 115 of the total 510 annuities had been received on time.
• No project was classified as an under-construction project; all projects were operational with a revenue generation track record of more than one year.

Debt and rating

• Rupee term loan facilities of Rs. 14.73 Billion and Rs. 11.65 Billion were availed from HDFC Bank Limited and Union Bank of India Limited; the proceeds were used towards repayment of external debt of assets acquired by the Trust.
• Consolidated gross leverage stood at 47% and net leverage at 37.68%; the gearing ratio (net debt to value of InvIT assets) was 0.38 consolidated and 0.46 standalone.
• Outstanding long-term debt was Rs. 61,817.97 Million and net debt Rs. 44,921.90 Million on a consolidated basis, with cash and cash equivalents of Rs. 20,941.09 Million.
• The long-term loan facility carries a AAA/Stable rating from CRISIL, India Ratings and CARE Ratings.
• Facilities carry interest at Repo rate (quarterly reset) plus a spread of 160 bps, with applicable rates of 6.85% to 7.85% p.a. on some facilities and 6.88% p.a. on one.

Fund raise

• Units aggregating Rs. 20,000 Million were issued through a Qualified Institutional Placement and a preferential issue.
• The preferential issue to the sponsor was 2,52,10,084 units for aggregate consideration of Rs. 3,000 Million; the QIP was 14,28,57,142 units for Rs. 17,000 Million.
• Both were allotted at Rs. 119.00 per Unit.
• No buy-back of units was undertaken during the half year under review.

Valuation

• The registered valuer assessed each SPV on a discounted cash flow basis, at a WACC of 7.22% for every SPV.
• Enterprise value of all SPVs was Rs. 1,19,206 Million and adjusted enterprise value Rs. 1,28,618 Million.

Related party lending

• Loans given to ULCCS Kasaragod Expressway Private Limited of Rs. 7,322.51 Million and to KNR Guruvayur Infra Private Limited of Rs. 8,278.52 Million were disclosed as related party transactions exceeding five percent of the value of the InvIT assets.

What a unitholder can take away

• The report is a periodic disclosure of audited half-yearly numbers, portfolio composition, borrowings and valuation, which lets a reader track the Trust's scale and leverage half on half.
• Revenue and profit are higher than the corresponding half last year, while finance cost and impairment are also part of the reported numbers, so interest cost and asset-level cash flows are the items to follow.

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