| P/E TTM | 16.37xSector 34.74x |
|---|---|
| Market Cap | ₹8,040.8 CrInvIT Cap |
| RSI | 63.26Neutral-Strong |
| 1Yr Price Change | 9.98%Appreciation |
| Metric | Q2-27 | Q1-27 | Q2-26 |
|---|---|---|---|
| Revenue from Operations | 434 | 285 | 123 |
| Other Income | 37.9 | 16.9 | 16.2 |
| Total Income | 472 | 302 | 140 |
| Profit Before Tax | 251 | 139 | 59.3 |
| Net Profit | 210 | 129 | 59.4 |
| Operating Margin | 53.2% | 46.2% | 42.4% |
| Net Profit QoQ | +62.0% | ||
| Net Profit YoY | +252.9% | ||
| Adj. Profit QoQ | +74.3% | ||
| Adj. Profit YoY | +394.9% | ||
Key highlights
- Net profit surged 252.9% YoY to ₹210 crore in Q2-27 compared to ₹59.4 crore in Q2-26
- Quarterly revenue from operations jumped 252.8% YoY to ₹434 crore from ₹123 crore
- Declared unitholder distribution of ₹3.55 per unit, consisting of ₹2.50 interest and ₹1.05 dividend
- Operating margin expanded to 53.2% in Q2-27, up from 42.4% in the year-ago period
- Completed the acquisition of KNR Guruvayur Infra on September 17, 2026, and KNR Ramanattukara on October 5, 2026
- Net Borrowing Ratio stood at 37.68% as of September 30, 2026, well within regulatory limits
Expansion of Operational Asset Portfolio
Indus Infra Trust's revenue growth in Q2-27 was primarily driven by the full-quarter contribution of assets acquired earlier in the year. Revenue from operations rose to ₹434 crore from just ₹123 crore in the same period last year, marking a massive expansion of the trust's toll and annuity collection base. During the half-year ended September 30, 2026, the Trust successfully integrated multiple Special Purpose Vehicles (SPVs) including KNR Palani, KNR Ramagiri, and ULCCS Kasaragod Expressway.
This inorganic growth strategy has lowered the trust's TTM P/E to 16.37x, significantly below the sector average of 34.74x.
Unitholder Distribution and Yield Guidance
- Board approved a distribution of ₹3.55 per unit for the second quarter of FY27
- The payout comprises ₹2.50 as interest and ₹1.05 as dividend per unit
- Record date for the purpose of distribution is fixed as Friday, November 6, 2026
- Distribution will be paid to unitholders on or before Monday, November 16, 2026
- Management maintains FY27 annual distribution guidance of ₹14.00 per unit
- Consolidated Debt Service Coverage Ratio (DSCR) remains healthy at 1.63x for the half-year
Strategic Acquisitions and Post-Quarter Milestones
The Trust continues to consolidate its position in the road infrastructure sector with the recent induction of KNR Guruvayur Infra Private Limited on September 17, 2026. Furthermore, subsequent to the quarter-end, the Trust completed the acquisition of a 100% equity stake in KNR Ramanattukara Infra Private Limited on October 5, 2026. These additions are backed by a ROFO agreement for 19 operational road assets from GR Infraprojects Limited.
The Trust's Net Distributable Cash Flow (NDCF) for the half-year reached ₹388.06 crore at the InvIT level, demonstrating strong cash generation from the underlying project portfolio.
Operational Metrics and Financial Health
- EBITDA margin for the half-year ended September 30, 2026, reported at 77.17%
- Interest Service Coverage Ratio (ISCR) stands at 3.12x for H1-FY27
- Net Borrowing Ratio after cash adjustments is 37.68% vs 34.04% in the previous quarter
- Consolidated total assets reached ₹13,533.8 crore as of September 30, 2026
- Investments in subsidiaries (receivable under service concession) hit ₹9,457.7 crore
Management on Distribution Policy
The Board of directors of Investment manager in their meeting on November 3, 2026 have approved distribution of ₹ 3.55 per unit to the unitholders, which comprises of ₹ 2.50 per unit in the form of interest and ₹ 1.05 per unit in the form of dividend, which is payable within 5 working days from the record date.
| Date | Announcement | Amount |
|---|---|---|
| 05 Aug 2026 | Q1 FY27 consolidated revenue from operationsSource: business-standard.com | ₹284.77 Cr |
| 05 Aug 2026 | Management guidance of FY27 annual distribution of Rs 14.00 per unitSource: quartr.com | – |
| 29 Apr 2026 | Q4 FY26 consolidated revenue from operationsSource: business-standard.com | ₹187.94 Cr |
| 03 Feb 2026 | Q3 FY26 consolidated revenue from operationsSource: screener.in | ₹179.38 Cr |
| 07 Nov 2025 | Q2 FY26 consolidated revenue from operationsSource: screener.in | ₹123.46 Cr |
| 30 Jul 2025 | Q1 FY26 consolidated revenue from operationsSource: kotakneo.com | ₹204.49 Cr |
What to watch next
- Payment of unitholder distribution of ₹3.55 per unit on or before November 16, 2026
- Integration and first full quarter revenue contribution from KNR Ramanattukara asset in Q3-27
- Progress on target asset additions of ₹8,000 to ₹8,500 crore planned for FY27
- Next Board meeting for Q3 FY27 results expected in February 2027
“Pursuant to the Investment management agreement dated July 21, 2022 (as amended), the Investment Manager is entitled to fees @ 1.82% p.a. of aggregate cash flow received from each subsidiary per annum.”
| Share price | ₹131.6 |
|---|---|
| Market capitalisation | ₹8,040.84 Cr |
| Revenue (annual) | ₹804.33 Cr |
| Net profit (annual) | ₹481.67 Cr |
| Revenue (latest quarter) | ₹186.40 Cr-25.75% vs previous quarter |
| Net profit (latest quarter) | ₹120.55 Cr-18.23% vs previous quarter |
| P/E (TTM) | 16.37×Sector 34.74× |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Indus Infra Trust announcing its unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. Market figures from a third-party data provider.
