Indus Infra Trust (INDUSINVIT) Q2 25/26 earnings summary

Executive summary

• Listed on NSE & BSE in March 2024 as the first HAM-focused public InvIT, with strong investor demand and a diversified portfolio of 9 NHAI HAM projects totaling ~617 km and AUM of ~Rs. 67,372 Mn as of September 30, 2025.

• Portfolio of nine operational HAM road assets performing well, with comfortable leverage at 31.6% and timely annuity receipts.

• Declared distribution of ₹3.35 per unit for Q2 FY26, split as ₹2.51 interest, ₹0.10 dividend, and ₹0.74 capital repayment, with record date 12 November 2025.

• Market capitalization reached ~Rs. 50,645.60 Mn as of September 30, 2025, with cumulative distributions of Rs. 20.80 per unit.

• Advanced due diligence underway for new asset acquisitions, with a disciplined approach to quality and long-term value.

Financial highlights

• Consolidated revenue from operations for H1 FY26 was ₹3,098.22 million, up from ₹2,831.53 million in H1 FY25.

• Consolidated net profit for Q2 FY26 was Rs. 593.82 Mn, and for H1 FY26 was ₹1,799.29 million.

• Standalone Q2 FY26 EBITDA was Rs. 767.12 Mn, impacted by an impairment of investments of Rs. 1,132.49 Mn.

• Distribution per unit for H1 FY26 was ₹6.60, with ₹3.35 per unit for Q2 FY26.

• Basic and diluted earnings per unit for H1 FY26 were ₹4.06.

Outlook and guidance

• Distribution guidance for FY26 is INR 12.5 per unit, with potential to exceed this target.

• AUM expected to reach INR 11,000–11,500 crores by year-end and INR 17,000–18,000 crores by FY 2027, driven by acquisitions.

• Focus on maximizing distributions to unitholders while maintaining capital flexibility for future acquisitions.

• Right of first offer (ROFO) for 21 additional road assets from GRIL and potential third-party acquisitions.

• Distribution of at least 90% of net distributable cash flows to unitholders is maintained as per regulations.