Indus Infra Trust (INDUSINVIT) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 portfolio performance remained stable and aligned with expectations, supported by a robust operating environment for road infrastructure in India.

• Successfully listed on NSE & BSE in March 2024 as the first HAM-focused public InvIT, with strong investor demand and a diversified portfolio of 10 NHAI HAM projects totaling ~662 km and AUM of ~Rs. 71,770 Mn as of Dec 31, 2025.

• Board approved a distribution of INR 3.40 per unit (INR 1.44 as interest, INR 1.96 as capital repayment) for unitholders as of February 6, 2026.

• Cumulative distribution for the nine-month period reached INR 10 per unit, with cumulative distributions of Rs. 24.20 per unit till Q3 FY26.

• Appointment of Mr. Ankush Vinod Pitale as Additional Director (Non-Executive and Independent), bringing over 25 years of investment banking experience.

Financial highlights

• Q3 FY26 consolidated total income was Rs. 1,982 Mn, with revenue from operations at INR 1,791.21 million; nine months revenue was INR 4,889.43 million.

• Q3 FY26 consolidated EBITDA was Rs. 1,406 Mn, with EBITDA margin at 67.85%; net profit for the quarter was Rs. 964 Mn, with net profit margin at 53.84%.

• Standalone interest income was INR 187.41 crores, down from INR 189.24 crores in the previous quarter due to SPV debt repayment.

• Basic earnings per unit for the quarter was INR 2.18; for nine months, INR 6.24.

• NDCF at SPV level was INR 447.94 crores, with INR 441.25 crores upstreamed to the InvIT.

Outlook and guidance

• Portfolio expansion underway with acquisition of GBAHPL and signing of SPAs for four additional HAM assets.

• Distribution guidance for next year will be provided after asset acquisitions are finalized, expected by the next earnings call.

• Management expects yield-accretive acquisitions to support at least current distribution levels for FY27.

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

• ROFO agreement in place for potential acquisition of 18 additional road assets from GRIL over the next five years.