Indus Infra Trust — Q4 FY26

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.