Indus Infra Trust
Incorporated in 2022, Indus Infra Trust is a SEBI-registered infrastructure investment trust[1]
- Market Cap ₹ 5,240 Cr.
- Current Price ₹ 118
- High / Low ₹ 124 / 95.2
- Stock P/E 13.6
- Book Value ₹ 110
- Dividend Yield 5.58 %
- ROCE 10.9 %
- ROE 10.9 %
- Face Value ₹ 100
Pros
- Stock is trading at 1.08 times its book value
- Stock is providing a good dividend yield of 5.58%.
- Company has delivered good profit growth of 48.2% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 198%
- Promoter holding has increased by 43.6% over last quarter.
Cons
- Tax rate seems low
- Earnings include an other income of Rs.223 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 3,093 | 2,170 | 1,600 | 1,536 | 0 | 0 | 759 | |
| 2,813 | 1,671 | 1,172 | 441 | 4 | 784 | 440 | |
| Operating Profit | 280 | 499 | 428 | 1,095 | -4 | -784 | 319 |
| OPM % | 9% | 23% | 27% | 71% | 87% | -23% | 42% |
| 0 | 0 | 0 | 2 | 30 | 1,451 | 223 | |
| Interest | 171 | 265 | 344 | 376 | 2 | 115 | 148 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 109 | 234 | 84 | 721 | 24 | 552 | 395 |
| Tax % | 31% | 36% | 25% | 27% | 0% | 1% | |
| 75 | 149 | 63 | 527 | 24 | 545 | 388 | |
| EPS in Rs | 0.53 | 12.31 | 8.74 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 556% | 37% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 142% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 48% |
| 3 Years: | 105% |
| TTM: | 23% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 4% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 14% |
| Last Year: | 11% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 178 | 188 | 188 | 0.00 | 4,376 | 4,368 | 4,338 |
| Reserves | 190 | 340 | 402 | 0 | 589 | 613 | 531 |
| 2,284 | 3,710 | 4,679 | 3 | 485 | 1,750 | 2,240 | |
| 924 | 706 | 267 | 5 | 41 | 5 | 4 | |
| Total Liabilities | 3,577 | 4,944 | 5,536 | 8 | 5,491 | 6,736 | 7,114 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 1,941 | 1,372 | 1,297 |
| 3,577 | 4,944 | 5,536 | 8 | 3,550 | 5,364 | 5,816 | |
| Total Assets | 3,577 | 4,944 | 5,536 | 8 | 5,491 | 6,736 | 7,114 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -1,220 | -944 | -398 | 0 | -2 | -40 | |
| 74 | -119 | -151 | 0 | -2,964 | -540 | |
| 1,162 | 1,178 | 626 | -0 | 2,966 | 585 | |
| Net Cash Flow | 16 | 115 | 77 | 0 | 0 | 5 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 1 | 6 | 5 | 0 | ||
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 1 | 6 | 5 | 0 | ||
| Working Capital Days | 23 | 20 | 44 | -0 | ||
| ROCE % | 14% | 9% | 42% | 1% | 11% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
14 Nov - Q2 FY26 transcript: DPU INR3.35 (record date Nov 12, 2025); AUM guidance INR11,000-11,500 crore.
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Reg 23(5)(i): Disclosure of material issue
10 Nov - Audio recording of earnings conference call on Trust financials available (10 Nov 2025).
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Reg 23(5)(i): Disclosure of material issue
8 Nov - Investor presentation for Q2/HY ended 30 Sep 2025; DPU Rs.3.35; record date 12-Nov-2025; external debt Rs.22,403.65m
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Reg 21: Disclosure of valuation report received by the manager
7 Nov - Half-year valuation as at 30 Sep 2025: NAV INR112.60; Total assets INR72,322.27M; Net assets INR49,877.07M.
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Reg 23(5)(i): Disclosure of material issue
7 Nov - H1 FY26: Consolidated revenue Rs3,098.22m; PAT Rs1,799.29m; Rs5,609.6m PNB term loan; AUM Rs67,372m.
Annual reports
No data available.
Concalls
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Nov 2025Transcript PPT REC
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Aug 2025TranscriptPPT
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Jul 2025Transcript PPT
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May 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT REC
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Jan 2024TranscriptNotesPPT
Business Overview:[1][2]
a) Indus InvIT is sponsored by AIPL, with GRHIMPL as the investment manager, AIPL as the project manager, and IDBI Trusteeship Services Ltd as the trustee.
b) It is an infrastructure investment trust formed to acquire, manage, and invest in infrastructure assets or securities of infrastructure companies.
c) It raises funds through the InvIT to invest as per SEBI InvIT Regulations and its defined investment objectives and strategy.