Interise Trust Q4 FY26: Strong Asset Cover Confirmed

Filing Details and Key Figures

Interise Trust has submitted its Statement of Security Cover for the quarter ended March 31, 2026. This mandatory filing confirms the Trust's assets are sufficient to cover its outstanding secured debt.

The Trust reported a total book value of assets at ₹21,165.79 crore. Against this, its total secured debt stood at ₹8,038.77 crore.

This resulted in a healthy Pari-Passu Security Cover Ratio of 2.63. This ratio, which compares total assets to total secured debt on an equal footing, means the value of assets is more than double the secured debt. The figures were verified by auditors Sharp & Tannan.

Investor Assurance and Market Standing

This security cover statement is vital for debenture holders, assuring them that the underlying assets provide a strong cushion for their investments. A cover ratio significantly above 1x, the regulatory minimum, signals financial strength and lowers credit risk for the Trust's debt instruments.

For existing debenture holders, the strong ratio reinforces confidence in the repayment of their principal and interest. The filing also confirms the Trust's adherence to regulatory requirements for asset backing of its debt, helping to maintain market transparency and updated financial assurance.

About Interise Trust

Interise Trust, formerly known as IndInfravit Trust, is a prominent Infrastructure Investment Trust (InvIT) focused on road assets and listed on BSE and NSE. It is managed by Interise Investment Managers Private Limited and holds a portfolio of 17 road projects across India.

The Trust actively manages its debt through various issuances, including Non-Convertible Debentures (NCDs) and Commercial Papers (CPs). In October 2025, it completed an NCD issuance totaling ₹2,074.82 crore, carrying coupon rates of 6.96% and 7.30% and rated 'AAA'. Interise has also approved refinancing up to ₹3,350 crore in borrowings to optimize its capital structure, with its leverage at 45.5% as of March 31, 2025.

Important Caveats and Risks

A key point noted in the filing is that the auditor's certificate provides "limited assurance." This is a less comprehensive level of verification compared to a standard audit's "reasonable assurance," suggesting a more restricted scope in the auditor's review of asset valuation.

Furthermore, the security cover applies specifically to listed secured redeemable non-convertible debentures and related debt. It may not extend to all other liabilities of the Trust.

Comparative Issuance Landscape

Companies like Edelweiss Financial Services Ltd., a diversified financial group, also frequently issue secured NCDs. These issuances, often rated 'CRISIL A+/Stable', may offer coupon rates between 8.65% and 10.00%. While Edelweiss issues similar debt instruments, Interise Trust's filing specifically details its own robust asset backing, highlighted by the 2.63x cover ratio.

Looking Ahead for Investors

Investors should closely monitor future quarterly security cover filings to ensure the ratio remains strong.

Tracking any new debt issuances or refinancing plans by Interise Trust will also be important.

Continued adherence to debt servicing obligations and any updates regarding the scope or nature of the auditor's assurance will be key factors to watch.