Half-yearly valuation shared; NAV stated at INR 124.22 per unit as at 30 September 2026
Half-yearly valuation of all assets as at 30 September 2026, done by an independent registered valuer.
By ScoutQuest · · 2 min read
- NAV per unit
- INR 124.22 per unit; the NAV table in the same letter shows INR 124.85 per unit
- Net assets
- INR 76,285.94 million (total assets INR 1,44,697.29 million, liabilities INR 68,411.35 million)
- Total fair enterprise value
- INR 119,207 million
Indus Infra Trust has shared an independent valuer's report on the fair value of all its road assets as at 30 September 2026, along with the net asset value (NAV) per unit worked out from that report.
What was valued
- The report is by CA Jayesh Kumar Shah, a registered valuer for securities and financial assets, and it covers every special purpose vehicle (SPV) that holds the trust's road projects.
- All the assets are Hybrid Annuity Mode (HAM) highway projects, built and run under concession agreements awarded by NHAI and other government authorities, where the SPV receives annuity payments over the concession period.
- The portfolio now runs to seventeen such projects across Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Punjab, Bihar, Chhattisgarh, Tamil Nadu, Kerala and Uttar Pradesh.
Portfolio change in the half year
- Four SPVs, namely KPPL, KRPL, UKEPL and KGPL, were acquired during the half year, taking the portfolio from thirteen assets to seventeen.
How the valuation was done
- The valuer used the income approach, specifically the discounted cash flow method, projecting free cash flow to the firm from the Management's financial projections and discounting it to arrive at an enterprise value for each SPV.
- Enterprise value means the value of the equity plus debt and debt-related liabilities, minus cash or cash equivalents held to meet those liabilities. The exercise is done on a going concern basis, assuming the concessions stay valid and annuity payments come in on time.
The headline numbers
- Total assets: INR 1,44,697.29 million; total liabilities: INR 68,411.35 million; net assets: INR 76,285.94 million.
- Outstanding units: 61,10,05,831. The letter states NAV arrived at INR 124.22 per unit as at 30 September 2026, while the NAV table in the same letter lists NAV at fair value of INR 124.85 per unit.
- Across the seventeen SPVs, the report shows a total fair enterprise value of INR 119,207 million.
- Net debt to AUM as at 30 September 2026 was 37.73%.
What this means for a unitholder
- NAV per unit is the valuer-backed estimate of what the trust's assets are worth per unit on that date. It is a valuation reference, not a traded price, and it is refreshed with each valuation exercise.
- The figures rest on Management's projections and on the valuer's assumptions about annuity receipts, operating costs and the rate used to discount future cash flows. The report itself says the valuation is not a guarantee of future performance and that actual outcomes can differ.
- The trust's units are listed on NSE and BSE.
Also from Indus Infra Trust
Half yearly report: consolidated revenue Rs. 7,189.49 Million, profit after tax Rs. 3,389.81 Million
3 Nov 2026
Investor presentation for Q2 FY27 results, with Rs. 3.55 per unit distribution
3 Nov 2026
Half-yearly valuation report shared; NAV at INR 124.22 per unit as at 30 September 2026
3 Nov 2026
More numbers
- NAV per unit stated in the letterINR 124.22
- NAV at Fair Value (INR per Unit) as per the NAV table124.85
- Total Assets (Rs. in Million)1,44,697.29
- Total Liabilities (Rs. in Million)68,411.35
- Net Assets (Rs. in Million)76,285.94
- Outstanding Units (No. of Units)61,10,05,831
- Net Debt to AUM as at 30 September 202637.73%
- Total Fair Enterprise Value of all SPVs (INR Mn)119,207
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.