Unit price
monthly high and low of daily closing prices from the NSE bhavcopy; the adjustment basis is printed under Market data₹ per unit · NSEMarket data
from the exchange price file and the latest filed statements; a figure with no source says soReturns
price return, income return and total return, by fiscal year₹ per unitThe filed years, four numbers
the whole trust, measured from filed statements onlyThe trust
Dates that matter
filed and scheduledthe company's own guidance, measured against its own first quarter
NOI, NDCF and DPU are non-statutory measures defined by the manager, not by Ind AS
Distribution per unit, and what it is made of
₹ per unitRevenue and net operating income, half year by half year
as filed, with derived halves marked₹ mnRevenueNet operating incomederived as full year less the filed half
Segments
revenue, net operating income and margin₹ mn · three monthsPortfolio at a glance
the number that confuses everyone about REITs, reconciled
What the call claimed, tested
Figures we did not accept, and why
property-wise fair value tables across the balance dates on fileWhere the two revenue numbers come from
databook against statutory statementSeries breaks the statements themselves declare
where a line stops meaning what it meantA break is recorded against the first year on the new basis · totals stay comparable across a break, sub-lines do not
Every filed year, as filed
every figure from a consolidated statement of profit and loss or a segment note₹ mn unless statedCAGR columns computed on the endpoints showna dot marks a figure derived rather than filed
where the operating result and the unitholder's result part company
RevenueNet operating incomeDistribution per unitNAV per unitFinance costs
Common-size income statement
per cent of revenue from operationsPer-unit series
₹ per unit, on the units outstanding at each year endevery figure in this panel carries its document and page
Segment history
revenue and net operating income by segment₹ mnBlank cells are periods where the filing gives segment NOI but not segment revenue — never a zero
Half-yearly and quarterly revenue and NOI
assembled from the segment notes of the filings on disk₹ mnA dotted marker means the period was derived by subtraction from a filed full year or half year, never read directly
Consolidated financial statements
₹ mn
Statement
View
Quarterly statement of unaudited results
₹ mnevery figure in this panel carries its document and page
What is not here, and why
declared coverage gapsA gap is published as a gap · nothing on this page is interpolated, smoothed or back-solved to fill one
Ratio analysis
every ratio derived from the filed statements on the previous tab — inputs named in each rowNet debt = borrowings, current and non-current, less cash, bank balances and current investments
Leverage
net debt to EBITDA and interest coverNet debt / EBITDA (×)EBITDA / finance costs (×)
Where the operating income goes
finance costs as a share of NOIFinance costs ÷ NOIDistributions ÷ NOI
Projection engine
drivers on the left, statements below — every default is a measured historical value, not a guessProjected statements
net operating income to distribution per unit₹ mn unless statedValuation
two independent routes, both driven by the sliders above₹ per unitSensitivity — value per unit
exit cap rate against terminal NOI growth₹ per unitevery figure in this panel carries its document and page
What the earnings calls on file actually contain
what the files on record actually contain, countedBHARATINVIT · earnings callsGuidance track record
every number the manager guided, against the number that was later filedThe same questions, asked of every call on file
one row per metric management repeats, one column per callsaid on the call, not in a statementalso fileda blank is a call that did not give the number — never a carried-forward value
Facts joined to the sentence that explains them
every claim found in the calls on file, each anchored to a filed numberwhy the same period appears twice, and which filing each came fromWho was on the call
extracted from the participant block of each transcriptA governance series that exists only inside transcripts
Distribution per unit, as declared on each call
₹ per unitevery figure in this panel carries its document and page
Net distributable cash flow, SPV level to unitholder
the bridge the whole asset class turns onevery figure in this panel carries its document and page
NDCF by asset, SPV level
where the distributable cash is actually generated₹ mnevery figure in this panel carries its document and page
Distribution per unit, quarter by quarter
as declared₹ per unitevery figure in this panel carries its document and page
Commercial office portfolio
the assets in the portfolio tableMark-to-market is market rent over in-place rent · GAV from the semi-annual independent valuation by L. Anuradha with C&W review
Development pipeline
under construction and proposed₹ mn to be spentHospitality
every figure in this panel carries its document and page
Revenue, NOI and NDCF by asset
eighteen line items — the detail no XBRL filing carries₹ mn · three monthsA blank is a period or a measure not disclosed for that asset, never a zero
Asset fair value, the verified balance dates
from the property-wise break-up inside the statement of net assets at fair value₹ mnView
Accepted only where the entity values sum exactly to the total printed in the same table · the dates rejected for this trust are listed on the Triage tab
Asset metric picker
any measure the databook carries, for the periods it carries themMeasure
every figure in this panel carries its document and page
Leasing
three months endedLargest occupiers
share of gross annualised rental obligationsevery figure in this panel carries its document and page
Notable deals signed this quarter
Occupier names are as disclosed — several are anonymised by the manager and are shown that way, never guessed at
Debt at REIT level
Maturity ladder
principal repayment by fiscal yearevery figure in this panel carries its document and page
Leverage
Borrowings and net debt, the filed years
derived from the consolidated balance sheet₹ mnConsolidated borrowings differ from the REIT-level debt table above, which covers instruments issued by the Trust itself
Unitholding pattern
units as filedevery figure in this panel carries its document and page
Document library
every filing on disk, by classevery figure in this panel carries its document and page
Source register
which filing each period on this page came fromPage references are to the printed page of the source PDF
Sell-side coverage
nineteen firms, as listed in the databookAnalyst coverage is disclosed in the databook and is itself a data point — no other Indian REIT publishes it this completely
Download the workbook
INE0NHL23019_BHARATINVIT_trustbook.xlsx — every number this page serves for the trust as a cell, with a row per cell naming the document, page and line it was read from.
Operating measures
Read from the trust’s filings. These are not audited statements. Each figure names the document, the page and the date it was published.
| Measure | 2023-09-30 | 2024-03-31 |
|---|---|---|
| Units outstanding | 442,938,605 | 442,938,605 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-06 | Q1FY27 | Amit Kumar Singh, Harshael Sawant, Indus Infra Trust | Read the call |
| 2026-04-30 | Q4FY26 | Amit Kumar Singh, Indus Infra Trust | Read the call |
| 2026-02-04 | Amit Kumar Singh, Indus Infra Trust | Read the call | |
| 2025-11-10 | Q2FY26 | Amit Kumar Singh, Harshael Sawant, Indus Infra Trust | Read the call |
| 2025-09-30 | Gurugram Office, Mohnish Dutta, Mumbai Office | Read the call | |
| 2025-07-31 | Q1FY26 | Amit Kumar Singh, Indus Infra Trust | Read the call |
| 2025-07-22 | INDUS INFRA TRUST | Read the call | |
| 2025-06-30 | Mohnish Dutta | Read the call | |
| 2025-05-09 | Q4FY25 | Harshael Sawant | Read the call |
| 2025-03-31 | Mohnish Dutta | Read the call | |
| 2025-01-30 | Amit Kumar Singh, Harshael Sawant, Indus Infra Trust, Mohnish Dutta | Read the call | |
| 2024-12-31 | Mohnish Dutta | Read the call | |
| 2024-09-30 | Mohnish Dutta | Read the call | |
| 2024-07-22 | BHARAT HIGHWAYS INVIT | Read the call | |
| 2024-06-30 | Mohnish Dutta | Read the call | |
| Gurugram Office, Mohnish Dutta, Mumbai Office | Read the call | ||
| Gurugram Office, Mohnish Dutta, Mumbai Office | Read the call |
What they said about it, quarter by quarter
| Topic | 2025-01 | 2025-07 | 2026-02 | Q1FY26 | Q1FY27 | Q2FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Acquisitions | We continue to evaluate the ROFO as well as third party | The 3rd drive portfolio diversification via the ROFO pipelines from GR infra projects | We remain actively engaged on the acquisition pipeline, driving the next phase of our portfolio | connectivity, but also open up significant ROFO and non-ROFO opportunities for InvITs | transaction trajectory communicated earlier, we completed the acquisition of KNR Palani Infra | On the acquisition front, we are now in the advanced stage of due diligence for our next set of | annuity payment post-acquisition of the Aligarh Kanpur Project. | In March '26, we acquired 100% shareholding in three HAM assets from GR Infra projects, |
| Availability and tariff | — | — | — | mean, considering the draft guidelines that we see that in toll assets now kind of every kind | asset life, optimize maintenance life cycles and ensure high operational availability. | since these are finite life assets with a fixed revenue stream, it is not like a toll asset where your | — | — |
| Cap rates and valuation | valuation mismatch, so that's why we could not go. | Resolution number two to approve and adopt the valuation report of the invit assets for | — | everything is under consideration, under evaluation. | Sir, first question is, so last quarter, I think last time we declared the NAV, it was INR116.8 or | And sir, in this H1, most of the InvIT REITs, they have reported much higher NAV | The valuation discussion has not yet happened with GR. | In this time, I think the NAV has also increased by INR 5 - INR 6 if I'm not wrong. |
| Debt cost | The total external borrowing at the Trust level stands at Rs. 1,789 crores. | — | Looking ahead, we need to remain mindful of the interest rate movements, execution timelines, | total external borrowing at the Trust level stands at INR2,114-odd crores and the interest | The total external borrowing at the trust as on June 30, 2026, stands at INR5,623 | to Galgalia Bahadurganj project to refinance the external debt in the SPV in the month of May. | On a standalone basis, the total borrowing at the trust level stands at Rs.1,750 crores and the interest | The total external borrowing at the Trust level as on 31st March 2026 stands at INR 3,688 crores |
| Development | Infra Trust embodies our continuous commitment to comprehensive infrastructure development | — | commitment to long-term infrastructure creation, regional economic development and | development with the national highways network now crossing 1.46 lakhs kilometers. | — | — | economic development, enhanced connectivity and underscore the strategic commitment to | We are targeting completion of these acquisitions at the earliest, |
| Distributions | The Board of Directors of the Investment Manager in yesterday's Board meeting approved a DPU | The 1st ensures efficient capital use with a within a strong distribution model to support | For the quarter, Board has approved a distribution of INR 3.40 Breakup of that is | approved a distribution per unit DPU of INR3.25 for Q1 FY '26 broken down into INR2.78, | Our cumulative distributions, including the distribution approved in the Board meeting held on | On distribution, the Board has approved a payout of INR3.35 for the quarter ended 30th | crores was utilized for distribution during the last quarter. | long-term distribution visibility for our unitholders. |
| Re-leasing and rents | — | — | release of encumbered cash by the SPVs, which we had acquired as part of the IPO. | — | Considering release of incumbent cash of the new | was on account of lower dividend upstream by the SPV, which was on account of release of | — | Considering the release of reserve and the finance cost at the SPV |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2026-04-30 | Q4FY26 | Amit Kumar Singh | For FY26, total DPU amounts to INR 13.50 per unit, exceeding our initial guidance of INR |