Indus Infra Trust (Bharat Highways InvIT) (BHARATINV) Key Insights, Strengths & Considerations
Indus Infra Trust (Bharat Highways InvIT) — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹9,448 Cr with a Current NAV of ₹116.81/unit across 16 core assets (4,270 Lane-Kms (16 HAM Road Assets)).
- Distribution & Cash Flow Track Record: Delivers an indicated FY26 dividend yield of 10.83% (trailing 1Y DPU: ₹13.50/unit) and cumulative payouts of ₹27.70/unit since listing.
- Balance Sheet & Credit Profile: Backed by a CRISIL AAA / CARE AAA (Stable) credit rating with consolidated leverage at 43.5% LTV (5.5% headroom below SEBI's standard 49% debt threshold).
- Sponsor & Institutional Alignment: Sponsored by Indus Infra / GR Infraprojects Platform with a 15.0% sponsor group stake and 72.7% combined FII + DII institutional ownership.
Key Considerations & Watchouts
- Price-to-NAV Valuation Spread: Investors should consider the prevailing discount or over-valuation of the market unit price (reference: ₹124.70) relative to the audited NAV of ₹116.81/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: At 43.5% LTV, debt service costs and refinancing spreads should be monitored closely as new assets are acquired.
- Distribution Tax Mix: Unitholder post-tax yield depends on the quarterly NDCF split between Interest (taxed at marginal slab rate), Dividend, and Return of Capital (ROC).
- Concession Life & Tariff Resets: Infrastructure InvIT cash flows are finite-life concessions where long-term NAV trajectory depends on residual concession tenure, traffic/availability compliance, and debt-funded asset additions.
Performance & Asset Evolution
Multi-year operational and financial trajectory
HAM Highway Lane-Kilometers
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY24 (Listing) | FY25 | FY26 | 7-Yr Trend / CAGR |
|---|---|---|---|---|
| Highway Lane-Kilometers (Lane-Kms) | 2,850 | 3,620 | 4,270 | +49.8% |
| Audited NAV per Unit (₹) | ₹108.50 | ₹112.40 | ₹116.81 | +7.7% |
| Annual Distribution per Unit (DPU ₹) | ₹11.50 (Annualized) | ₹14.20 | ₹13.50 | ₹27.70 Cumulative |
| Annual Operating Revenue (₹ Cr) | ₹620 | ₹840 | ₹1,139 | +83.7% |
| Gross Asset Value (GAV ₹ Cr) | ₹6,500 | ₹7,850 | ₹9,448 | +45.4% |
| Avg Residual Concession Life (Years) | 12.1 | 11.7 | 11.34 | 11.34 Yrs |
| Major Maintenance (MM) Reserve (₹ Cr) | ₹120 | ₹165 | ₹210 | Fully Funded |
| Loan to Value (LTV %) | 41.5% | 42.8% | 43.5% | 43.5% LTV |
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Status | Residual Life | GAV Share |
|---|---|---|---|---|
GR Phagwara Expressways Punjab (NH-44) | HAM Annuity | Operational | 15.0 Yrs Concession | 9.5% |
Porbandar - Dwarka Expressway Gujarat (NH-51) | HAM Annuity | Operational | 15.2 Yrs Concession | 11.2% |
Dwarka - Khambhalia Highway Gujarat (NH-51) | HAM Annuity | Operational | 14.8 Yrs Concession | 6.8% |
Akkalkot - Solapur Highway Maharashtra (NH-150E) | HAM Annuity | Operational | 14.5 Yrs Concession | 7.4% |
Sangli - Solapur Package I Maharashtra (NH-166) | HAM Annuity | Operational | 14.0 Yrs Concession | 6.2% |
Sangli - Solapur Package II Maharashtra (NH-166) | HAM Annuity | Operational | 14.0 Yrs Concession | 6.5% |
Rewa - Sidhi Highway Madhya Pradesh (NH-75E) | HAM Annuity | Operational | 14.2 Yrs Concession | 6.9% |
Varanasi - Sangam Highway Uttar Pradesh & Bihar (NH-19 / NH-2) | HAM Annuity | Operational | 15.0 Yrs Concession | 9.8% |
Gundugolanu - Devarapalli Highway Andhra Pradesh (NH-16) | HAM Annuity | Operational | 15.5 Yrs Concession | 7.5% |
Bellary Byepass & Tollway Karnataka (NH-67) | HAM Annuity | Operational | 14.8 Yrs Concession | 5.8% |
Aligarh - Kanpur Package III Uttar Pradesh (NH-91) | HAM Annuity | Operational | 14.5 Yrs Concession | 6.1% |
Munger - Bhagalpur Highway Bihar (NH-80) | HAM Annuity | Operational | 15.0 Yrs Concession | 5.4% |
Thiruvananthapuram Bypass Kerala (NH-66) | HAM Annuity | Operational | 15.2 Yrs Concession | 4.8% |
Madurai - Paramakudi Highway Tamil Nadu (NH-49) | HAM Annuity | Operational | 14.6 Yrs Concession | 6.0% |
Khammam - Devarapalle Package I Telangana & AP (NH-365BB) | HAM Annuity | Operational | 15.8 Yrs Concession | 5.9% |
Khammam - Devarapalle Package II Telangana & AP (NH-365BB) | HAM Annuity | Operational | 15.8 Yrs Concession | 5.6% |
Compare Indus Infra Trust (Bharat Highways InvIT) with Peer Indian InvITs
Side-by-side comparison across all 9 listed Indian InvITs by NAV, GAV, Dividend Yield, Cumulative DPU & LTV
| InvIT Name | Category / Sector | Current NAV | GAV (₹ Cr) | Dividend Yield | Cumulative DPU | LTV (%) |
|---|---|---|---|---|---|---|
| Cube Highways TrustCUBEINVIT | National Highway Toll & Annuity Road Assets | ₹145.77 | ₹36,842 | 9.34% | ₹38.52 | 46.8% |
| Capital Infra TrustCAPINVIT | National Highway HAM Annuity Corridors | ₹74.72 | ₹6,635 | 11.43% | ₹14.60 | 41.1% |
| Indus Infra Trust (Bharat Highways InvIT)BHARATINVViewing | National Highway HAM Annuity Road Assets | ₹116.81 | ₹9,448 | 10.83% | ₹27.70 | 43.5% |
| Raajmarg Infra Investment TrustRAAJMARG | Sovereign National Highway TOT Road Concessions | ₹100.72 | ₹9,807 | - | ₹2.40 | 38.4% |
| Citius TransNet Investment TrustCITIUSINV | Diversified Transport & Highway Concessions | ₹112.79 | ₹11,200 | - | ₹2.06 | 39.0% |
| Anantam Highways TrustANANTAM | Hybrid Annuity Model (HAM) Highway Assets | ₹115.80 | ₹3,250 | - | ₹7.50 | 35.5% |
| IRB InvIT FundIRBINVIT | Golden Quadrilateral & High-Density Toll Roads | ₹81.26 | ₹18,254 | 10.81% | ₹80.10 | 44.0% |
| India Grid Trust (IndiGrid)INDIGRID | Power Transmission, Solar & BESS Utility Assets | ₹148.24 | ₹33,815 | 9.34% | ₹121.44 | 58.5% |
| PowerGrid Infrastructure Investment Trust (PGInvIT)PGINVIT | Inter-State Power Transmission Assets | ₹90.79 | ₹9,450 | 12.80% | ₹58.50 | 5.8% |
Frequently Asked Questions about Indus Infra Trust (Bharat Highways InvIT)
Key facts on Indus Infra Trust (Bharat Highways InvIT) (BHARATINV) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of Indus Infra Trust (Bharat Highways InvIT) (BHARATINV)?
Indus Infra Trust (Bharat Highways InvIT) (NSE: BHARATINV) has an audited Net Asset Value (NAV) of ₹116.81 per unit and an appraised Gross Asset Value (GAV) of ₹9,448 Crore across its national highway ham annuity road assets portfolio (4,270 Lane-Kms (16 HAM Road Assets)).
What is the dividend yield and DPU of Indus Infra Trust (Bharat Highways InvIT) (BHARATINV)?
Indus Infra Trust (Bharat Highways InvIT) (BHARATINV) has an indicated FY26 dividend yield of 10.83% based on a trailing 1-year DPU of ₹13.50 per unit and a median unit price of ₹124.70. Since inception, cumulative distributions stand at ₹27.70 per unit.
What is the LTV leverage and credit rating of Indus Infra Trust (Bharat Highways InvIT)?
Indus Infra Trust (Bharat Highways InvIT) operates with a consolidated Loan-to-Value (LTV) leverage ratio of 43.5% and holds a CRISIL AAA / CARE AAA (Stable) credit rating. Under SEBI regulations, InvITs are subject to a 49% standard leverage cap (extendable up to 70% for AAA-rated trusts with 6 consecutive quarterly distributions).
Who is the sponsor and what is the unitholding pattern of Indus Infra Trust (Bharat Highways InvIT)?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (Indus Infra / GR Infraprojects Platform) holds 15.0% of units, Foreign Institutional Investors (FIIs) hold 48.5%, Domestic Institutional Investors (DIIs) hold 24.2%, and Public/Retail unitholders hold 12.3%.
How many portfolio assets does Indus Infra Trust (Bharat Highways InvIT) own and operate?
Indus Infra Trust (Bharat Highways InvIT) owns and operates 16 core infrastructure project assets in the National Highway HAM Annuity Road Assets segment. Under SEBI rules, at least 80% of its Gross Asset Value must be invested in completed, revenue-generating assets and at least 90% of Net Distributable Cash Flows (NDCF) must be paid out to unitholders.