Indus Infra Trust (INDUSINVIT) Q1 25/26 earnings summary

Executive summary

• Portfolio consists of nine operational HAM road assets totaling ~617 km, with an average residual life of over 11 years as of June 30, 2025.

• Listed on NSE & BSE in March 2024 as the first HAM-focused public InvIT, with strong investor demand: institutional subscription at 9.1x and non-institutional at 6.25x.

• Distribution per unit (DPU) for Q1 FY26 is INR 3.25, with cumulative DPU since listing at INR 17.45.

• Market capitalization stood at ~Rs. 48,293.60 million as of June 30, 2025.

• Due diligence initiated on new ROFO HAM assets and active evaluation of third-party assets.

Financial highlights

• Consolidated Q1 FY26 total income was INR 2,044.88 million, up from INR 1,914.38 million year-over-year.

• Consolidated profit for Q1 FY26 was INR 1,205.47 million, up from INR 1,110.78 million YoY.

• Standalone Q1 FY26 net profit was INR 949.83 million, with EBITDA at INR 1,343.85 million, considering an impairment of investments of INR 585.66 million.

• EBITDA margin for Q1 FY26: 80.12%; net profit margin: 64.67%.

• Distribution per unit for Q1 FY26 was INR 3.25, comprising interest, dividend, and return of capital.

Outlook and guidance

• Targeting AUM growth of INR 3,500–4,000 crores in FY 2026, INR 5,000 crores in FY 2027, and INR 5,000–5,500 crores in FY 2028 from ROFO and non-ROFO assets.

• Full-year DPU guidance for FY 2026 is at least INR 12.5, with potential to exceed this.

• Strategy focuses on maximizing distributions while maintaining capital flexibility for future acquisitions.

• Right of first offer (ROFO) agreement in place for acquiring 21 additional road assets from GRIL and any future acquisitions by GRIL over the next 5 years.

• Distribution of at least 90% of net distributable cash flows to unitholders required by regulations.