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, countedIRBINVIT · 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
INE183W23014_IRBINVIT_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 valuation reports. These are not audited statements. Each figure names the document, the page and the date it was published.
| Measure | 2018-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Units outstanding | 5,805 | 30,000 | 5,805 | 5,805 | 1,282 | 1,282 |
| Weighted average cost of capital | — | -1% | — | 10.9% | — | — |
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 | |
|---|---|---|---|
| 2026-07-23 | IRB InvIT Fund | Read the call | |
| 2024-01-31 | Q3FY24 | IRB InvIT FUND | Read the call |
| 2023-10-26 | Q2FY24 | IRB InvIT FUND, Vinod Kumar Menon | Read the call |
| 2023-07-26 | IRB InvIT Fund | Read the call | |
| 2022-06-27 | IRB InvIT Fund | Read the call | |
| 2021-08-26 | IRB InvIT Fund | Read the call |
What they said about it, quarter by quarter
| Topic | 2021-08 | 2022-06 | 2023-07 | 2026-07 | Q2FY24 | Q3FY24 |
|---|---|---|---|---|---|---|
| Acquisitions | For the Financial year 2020-21, we were hoping to acquire some projects which in turn would extend | acquisition opportunity of a Hybrid Annuity Project namely Vadodara Kim Expressway Project. | Our endeavour would be to continue to acquire assets to the portfolio which can result in | The Trust has completed the acquisition of | This is on account of the interest cost from the newly acquired Vadodara | of interest cost from newly acquired Vadodara Kim HAM project. |
| Availability and tariff | What is the tariff increase for projects undergoing revision for FY22? | In the last few months, we have seen a good recovery in traffic. | What is the overall tariff increase in all projects and expected revenue growth for financial | The Trust’s portfolio delivered resilient operational performance, supported by healthy traffic | During the quarter ended September 2023, we received the tariff rate | The consolidated toll revenues for the quarter ended Q3FY24 improved to Rs. 233 |
| Cap rates and valuation | Reply: NAV provided by the Independent Valuer as on March 31, 2021 was Rs. 104.75 per unit. | We are actively engaged in evaluation of potential acquisition opportunities. | To approve and adopt the Valuation Report of the Trust | To approve and adopt the Valuation Report of the Trust | Just a second question to that, basically the valuation report is showing | valuation report, the total asset size was Rs. 8,194 crores and the debt was Rs. |
| Debt cost | — | — | Hopefully the interest rates have peaked and the likely downward trend in | borrowing cost by 90 basis points and raised long-term debt at competitive rates, | Typically, our cost of debt would have been in range of around 7.5% to | technically for us this liability does exist, and I believe that annual interest rate also |
| Development | — | On completion of the respective concession periods, the Bharuch-Surat BOT Project was handed over | projects being handed back to NHAI after completion of the concession period, the Trust has | Development & Investments of IRB Infrastructure Developers Limited. | is the development platform and there IRB owns 51% and GIC | Menon to give you an overview of the significant development during the quarter. |
| Distributions | Despite the challenges it posed, your Trust ensured a distribution of Rs. 8.50 per | your Trust was able to distribute Rs. 9.00 per unit for FY 2021-22, aggregating a total distribution of | been able to maintain distribution of more than Rs. 8 per unit. | Why was the FY26 distribution reduced to Rs. 6.60 per unit compared to Rs. 8.00 per unit in | And this cash also includes the current distribution of Rs. 116 crores. | maiden distribution in the form of dividend. |
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 |
|---|---|---|---|
| 2021-08-26 | IRB InvIT Fund | With 10% revenue growth assumption for FY22, we expect to pay dividend | |
| 2022-06-27 | IRB InvIT Fund | economy and sharp tariff rate revision of 10.2% from April 2022 in four of our assets, we expect healthy | |
| 2023-07-26 | IRB InvIT Fund | we expect the toll revenue to grow in line with valuation report i.e. around 10% to 11% for | |
| 2023-07-26 | IRB InvIT Fund | around Rs. 58, and for the current fiscal year, we expect around Rs. 8 per unit to be |