Raajmarg Infra Investment Trust (RAAJMARG) Key Insights, Strengths & Considerations
Raajmarg Infra Investment Trust — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹9,807 Cr with a Current NAV of ₹100.72/unit across 7 core assets (2,450 Lane-Kms (Prime National Highway TOT Stretches)).
- Distribution & Cash Flow Track Record: Has distributed ₹2.40/unit since listing under SEBI's mandatory ≥90% NDCF payout mandate.
- Balance Sheet & Credit Profile: Backed by a CRISIL AAA / CARE AAA (Stable) credit rating with consolidated leverage at 38.4% LTV (10.6% headroom below SEBI's standard 49% debt threshold).
- Sponsor & Institutional Alignment: Sponsored by National Highways Authority of India (NHAI) with a 15.0% sponsor group stake and 72.5% 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: ₹108.40) relative to the audited NAV of ₹100.72/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: While current leverage (38.4% LTV) is conservative, market unit prices and NDCF yields remain sensitive to RBI policy rate cycles and debt-funded acquisitions.
- Distribution Tax Mix: As a recently listed InvIT, full 12-month trailing dividend yield metrics will stabilize after 4 consecutive quarterly distributions.
- 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
National Highway Network (Lane-Kilometers)
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY26 (Listing) | 7-Yr Trend / CAGR |
|---|---|---|
| Highway Lane-Kilometers (Lane-Kms) | 2,450 | 2,450 Lane-Kms |
| Audited NAV per Unit (₹) | ₹100.72 | ₹100.72 (March 2026) |
| Annual Distribution per Unit (DPU ₹) | ₹2.40 (Maiden Q1 FY27) | ₹2.40 Cumulative |
| Annual Toll Revenue (₹ Cr) | ₹850 | Operational |
| Gross Asset Value (GAV ₹ Cr) | ₹9,807 | ₹9,807 Cr |
| Annual Traffic Growth (% YoY) | 9.1% | +9.1% YoY |
| Avg Residual Concession Life (Years) | 14.8 | 14.8 Yrs |
| Major Maintenance (MM) Reserve (₹ Cr) | ₹220 | Ring-Fenced |
| Loan to Value (LTV %) | 38.4% | 38.4% 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 |
|---|---|---|---|---|
Borkhedi - Wadner Tollway (NH-44) Maharashtra | TOT Concession (30 Yrs) | Operational | 24.5 Yrs Concession | 18.5% |
Wadner - Deodhari Tollway (NH-44) Maharashtra | TOT Concession (30 Yrs) | Operational | 24.5 Yrs Concession | 15.2% |
Deodhari - Kelapur Tollway (NH-44) Maharashtra | TOT Concession (30 Yrs) | Operational | 24.5 Yrs Concession | 16.8% |
Hubli - Haveri Highway (NH-48) Karnataka | TOT Concession (30 Yrs) | Operational | 23.5 Yrs Concession | 19.5% |
Agra - Gwalior Expressway (NH-44) UP & Madhya Pradesh | TOT Concession (30 Yrs) | Operational | 24.0 Yrs Concession | 14.5% |
Shivpuri - Jhansi Highway (NH-27) Madhya Pradesh & UP | TOT Concession (30 Yrs) | Operational | 23.5 Yrs Concession | 10.5% |
Palanpur - Abu Road Highway (NH-27) Gujarat & Rajasthan | TOT Concession (30 Yrs) | Operational | 24.0 Yrs Concession | 5.0% |
Compare Raajmarg Infra Investment Trust 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)BHARATINV | National Highway HAM Annuity Road Assets | ₹116.81 | ₹9,448 | 10.83% | ₹27.70 | 43.5% |
| Raajmarg Infra Investment TrustRAAJMARGViewing | 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 Raajmarg Infra Investment Trust
Key facts on Raajmarg Infra Investment Trust (RAAJMARG) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of Raajmarg Infra Investment Trust (RAAJMARG)?
Raajmarg Infra Investment Trust (NSE: RAAJMARG) has an audited Net Asset Value (NAV) of ₹100.72 per unit and an appraised Gross Asset Value (GAV) of ₹9,807 Crore across its sovereign national highway tot road concessions portfolio (2,450 Lane-Kms (Prime National Highway TOT Stretches)).
What is the dividend yield and DPU of Raajmarg Infra Investment Trust (RAAJMARG)?
Raajmarg Infra Investment Trust (RAAJMARG) has distributed a cumulative DPU of ₹2.40 per unit since listing. Because it is a newly listed InvIT, its full-year trailing dividend yield will be computed once 1 year of continuous distributions is completed.
What is the LTV leverage and credit rating of Raajmarg Infra Investment Trust?
Raajmarg Infra Investment Trust operates with a consolidated Loan-to-Value (LTV) leverage ratio of 38.4% 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 Raajmarg Infra Investment Trust?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (National Highways Authority of India (NHAI)) holds 15.0% of units, Foreign Institutional Investors (FIIs) hold 26.0%, Domestic Institutional Investors (DIIs) hold 46.5%, and Public/Retail unitholders hold 12.5%.
How many portfolio assets does Raajmarg Infra Investment Trust own and operate?
Raajmarg Infra Investment Trust owns and operates 7 core infrastructure project assets in the Sovereign National Highway TOT Road Concessions 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.