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Revenue
₹187.94 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Quarter read
What the record says.
Indus Infra Trust reported Q4 FY26 consolidated revenue from operations of ₹187.94 crore and PAT of ₹106.28 crore. The trust declared a DPU of ₹3.50, bringing FY26 total DPU to ₹13.50, exceeding the initial guidance of ₹12.50. Key drivers included the acquisition of three HAM assets from GR Infraprojects in March 2026, expanding the portfolio to 13 assets with an AUM of over ₹9,400 crore. Management guided for FY27 DPU of at least ₹14.00, supported by planned AUM addition of ~₹8,000 crore through 10-11 assets (including four from KNR Constructions and five to six from GR). The trust plans to raise equity of ₹3,800-4,000 crore to fund growth while maintaining a conservative debt-to-AUM ratio. A key risk is intense competition for quality HAM assets, which could pressure acquisition pricing and yield.
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Guidance to track
- Management guided a minimum DPU of ₹14.00 for FY27, up from ₹13.50 in FY26, driven by acquisitions in Q1 and Q2.
- Planned acquisition of 10-11 assets (₹4,200 crore non-GR and ₹4,000 crore from GR) to increase AUM to ~₹17,500 crore.
- To fund ~40-42% of the acquisition cost, the trust plans to raise equity capital in one or two tranches during the fiscal.
- Management expects the distribution split to remain broadly similar going forward, with higher interest and capital components.
Risks flagged
- Multiple new InvITs and funds are chasing a limited supply of quality road assets, potentially driving up acquisition prices and lowering IRRs.
- Two assets (Gurda Rupag and Barami San) are due for major maintenance in FY27, which could temporarily impact cash flows.
- Marginal cost of debt may increase due to yield movements, potentially affecting net distributable cash flows.
- The KNR acquisition is yet to close pending conditions precedent; any delay could impact FY27 DPU guidance.
Key quotes
- The guidance for FI27 is going to be almost 14 rupees because on the back of new assets which we are going to acquire which will happen during Q1 and Q2 and the annuities will start flowing second half onwards.
- We are not in that war of AUM that I just need to show you AUM at any cost because otherwise I'll have to answer the same question that all the acquisitions are yield accretive or not.
- The pipeline of non-GR assets is not that great... but on selected pockets you see opportunity and you need to build on what you have done earlier.
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