Indus Infra Trust
Incorporated in 2022, Indus Infra Trust is a SEBI-registered infrastructure investment trust[1]
- Market Cap ₹ 4,828 Cr.
- Current Price ₹ 109
- High / Low ₹ 119 / 95.2
- Stock P/E 8.85
- Book Value ₹ 112
- Dividend Yield 9.36 %
- ROCE 11.0 %
- ROE 11.0 %
- Face Value ₹ 100
Pros
- Stock is trading at 0.95 times its book value
- Stock is providing a good dividend yield of 9.41%.
- Company has delivered good profit growth of 48.5% CAGR over last 5 years
Cons
- The company has delivered a poor sales growth of -14.0% over past five years.
- Promoter holding is low: 15.0%
- Tax rate seems low
- Working capital days have increased from 99.7 days to 199 days
* 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.
Peer comparison
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 | |
|---|---|---|---|---|---|---|
| 3,093 | 2,170 | 1,600 | 1,536 | 0 | 1,451 | |
| 2,813 | 1,671 | 1,172 | 441 | 4 | 784 | |
| Operating Profit | 280 | 499 | 428 | 1,095 | -4 | 667 |
| OPM % | 9% | 23% | 27% | 71% | 87% | 46% |
| 0 | 0 | 0 | 2 | 30 | 0 | |
| Interest | 171 | 265 | 344 | 376 | 2 | 115 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 109 | 234 | 84 | 721 | 24 | 552 |
| Tax % | 31% | 36% | 25% | 27% | 0% | 1% |
| 75 | 149 | 63 | 527 | 24 | 545 | |
| EPS in Rs | 0.53 | 12.31 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 82% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -14% |
| 3 Years: | -3% |
| TTM: | % |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | 105% |
| TTM: | 2208% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 2% |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 178 | 188 | 188 | 0.00 | 4,376 | 4,368 |
| Reserves | 190 | 340 | 402 | 0 | 589 | 613 |
| 2,284 | 3,710 | 4,679 | 3 | 485 | 1,750 | |
| 924 | 706 | 267 | 5 | 41 | 5 | |
| Total Liabilities | 3,577 | 4,944 | 5,536 | 8 | 5,491 | 6,736 |
| 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 1,941 | 1,372 |
| 3,577 | 4,944 | 5,536 | 8 | 3,550 | 5,364 | |
| Total Assets | 3,577 | 4,944 | 5,536 | 8 | 5,491 | 6,736 |
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 | 0 | |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 1 | 6 | 5 | 0 | 0 | |
| Working Capital Days | 26 | 45 | 100 | 1 | 199 | |
| ROCE % | 14% | 9% | 42% | 1% | 11% |
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
12 Jun - Board to consider Rs.225 crore non-convertible debt issuance on 16 June 2025.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
3 Jun - Crisil reaffirms Indus Infra Trust's Rs.3000 Cr bank loans at AAA/Stable rating on June 2, 2025.
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Reg 23(5)(i): Disclosure of material issue
26 May - Annual Secretarial Compliance Report filed; minor deviation: no D&O insurance for Independent Directors.
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Reg 23(5)(i): Disclosure of material issue
16 May - Q4 FY25 earnings call: Rs.2.25 DPU declared; acquired new assets; FY26 guidance Rs.12.5 DPU; plans 5-6 asset acquisitions.
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Reg 23(5)(d): Disclosure of details of any credit rating obtained by the InvIT and any change in such rating
12 May - India Ratings affirms IND AAA/Stable rating on Indus Infra Trust's Rs. 6000 million rupee term loan.
Annual reports
No data available.
Concalls
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May 2025TranscriptPPT
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT REC
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.