Indus Infra Trust544137Periodic business update

Half-yearly valuation report shared; NAV at INR 124.22 per unit as at 30 September 2026

Indus Infra Trust has shared its half-yearly valuation report for all its assets as at 30 September 2026, prepared by independent valuer CA Jayesh Kumar Shah.

By ScoutQuest · Tue 3 Nov 2026, 5:53 PM IST · 2 min read

NAV per unit: INR 124.22 per unit
Net assets: Rs. 75,896.40 million
Net debt to AUM: 37.73%

What was shared

Indus Infra Trust has submitted its half-yearly valuation report covering all the assets of the trust as at 30 September 2026. The report is by independent valuer CA Jayesh Kumar Shah, holding IBBI Registration No. IBBI/RV/07/2020/13066. The update also sets out the trust's net asset value (NAV) per unit worked out from that valuation.

The NAV numbers

Total assets: Rs. 1,41,954.60 million
Total liabilities: Rs. 66,058.20 million
Net assets (assets minus liabilities): Rs. 75,896.40 million
Units outstanding: 61,10,05,831
NAV at fair value: INR 124.22 per unit

NAV per unit is simply net assets divided by the number of units. It is the valuer's estimate of what the trust's assets are worth, less what it owes, spread across each unit.

What the valuer says about the road assets

The trust holds Hybrid Annuity Mode (HAM) road projects run through special purpose vehicles (SPVs) under concession agreements awarded by the National Highways Authority of India and other government authorities. The portfolio covers 17 road projects across states including Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Punjab, Bihar, Chhattisgarh, Tamil Nadu, Kerala and Uttar Pradesh.

The valuer used the Income Approach, specifically the Discounted Cash Flow method, applying Free Cash Flow to Firm, based on financial projections provided by the investment manager. The total fair enterprise value of the SPVs works out to Rs. 119,207 million. Enterprise value means the value of the equity plus debt and debt-related liabilities, minus cash available to meet those liabilities.

How the trust is placed on borrowing

The update states that net debt to AUM as at 30 September 2026 was 37.73%. This is the ratio of net borrowings to assets under management; a lower figure generally means less borrowed money relative to the asset base.

What to keep in mind

A valuation is a point-in-time estimate. The valuer notes that it depends on assumptions about future financial performance, credit risk and cost of debt, and that actual outcomes can differ considerably.
For operating working capital, the investment manager's management acknowledged considering provisional financial statements as at 30 September 2026.
The going concern view rests on factors such as continued validity of the concession agreements, timely annuity receipts and no event that could lead to termination.

Why this disclosure matters

A half-yearly valuation is a scheduled disclosure for InvITs, and the NAV per unit gives unitholders a reference value for the trust's net assets on the valuation date. It is an estimate by a registered valuer, not a price or a promise of returns.

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