RIRaajmarg Infra Investment Trust544734Key financial milestone

Half-year valuation: enterprise value Rs. 10,040.5 Crore, NAV Rs. 110.12 per unit

Raajmarg Infra Investment Trust has shared the independent valuation report for its assets as at the half year ended September 30, 2026.

By ScoutQuest · Wed 4 Nov 2026, 8:50 PM IST · 3 min read

Enterprise valuation

Rs. 10,040.5 Crore

Net Assets

Rs. 6,607.33 crore

NAV per unit

Rs. 110.12 per unit

What has been shared

Raajmarg Infra Investment Trust has submitted the valuation report for its assets as at the half year ended September 30, 2026. The report has been issued by RBSA Valuation Advisors LLP, an independent valuer registered with the Insolvency and Bankruptcy Board of India.

The headline numbers

• Enterprise valuation: Rs. 10,040.5 Crore
• Total Assets (A): Rs. 10,329.54 crore
• Total Liabilities (B): Rs. 3,722.21 crore
• Net Assets C = (A - B): Rs. 6,607.33 crore
• Number of outstanding units (D): 60
• NAV per unit (C/D): Rs. 110.12 per unit

What NAV means for a unitholder

Net Asset Value is the value of what the trust owns minus what it owes, divided by the number of units. Here, net assets of Rs. 6,607.33 crore divided by 60 units gives Rs. 110.12 per unit. It is a valuation figure as at September 30, 2026 - a measure of the asset backing behind each unit on that date, not a market price.

What sits inside the trust

The trust holds its road assets through Raajmarg 1 Projects Private Limited, a wholly owned subsidiary incorporated as a special purpose vehicle to operate and maintain the road projects. This SPV has entered into concession agreements with the National Highways Authority of India (NHAI), which is also the Sponsor, for tolling, operation, management, maintenance and transfer of the projects. NHAI monetized five road projects through the InvIT route with effect from 1 April 2026 for a concession fee of about INR 9,583 crores. All the Specified Projects were acquired by the Specified SPV from the Sponsor (a related party).

How the valuer describes the exercise

• The valuation is of the fair enterprise and equity value of the SPV on a going concern basis, as at September 30, 2026.
• The valuer states it analysed information provided by or on behalf of the Investment Manager and did not carry out due diligence or an audit of that information.
• The valuer states it has no present or planned future interest in the Sponsor, the SPV or the Investment Manager, other than its appointment, and that its fees are not contingent on the values reported.
• The report is to be read along with its Assumptions and Limiting Conditions and as a whole, rather than in parts.

Points a unitholder may want to note

• The figures are as at a single date, September 30, 2026, and reflect the assumptions and management projections used for that valuation.
• As per a Traffic Due Diligence report of December 2025, the toll plaza at Vanagaram is proposed to be relocated to Tiruneermalai and the toll plaza at Nallur is proposed to be relocated to Durainalur.
• The trust's receipts ultimately depend on toll collections from these road stretches, which the valuation models through projections rather than realised numbers.

In short

The update places on record the half-yearly valuation of the trust's road assets - an enterprise valuation of Rs. 10,040.5 Crore and a net asset value of Rs. 110.12 per unit as at September 30, 2026 - which is the reference point investors can use to compare against the trust's own trading price and distribution record.

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