Indus Infra Trust has released its half-yearly valuation report as of September 30, 2026, pegging the Net Asset Value (NAV) at Rs 124.22 per unit. The trust, which holds 17 operational road projects, disclosed total net assets of Rs 75,896.40 million. This mandatory update provides unitholders with a transparent look at the valuation of their infrastructure portfolio and current financial position.
Indus Infra Trust Valuation Report Released
Net Assets: Rs 75,896.40 Million
NAV per Unit: Rs 124.22
Reader Takeaway: Standardized valuation report confirms asset base health, with promoter indemnities mitigating identified legal and tax risk exposures.
What just happened
Indus Infra Trust, formerly known as Bharat Highways InvIT, has filed its mandatory half-yearly valuation report for the period ending September 30, 2026. The independent valuation, conducted by CA Jayesh Kumar Shah using the Discounted Cash Flow (DCF) method, covers the trust's entire portfolio of 17 operational Hybrid Annuity Model (HAM) road projects. The total fair enterprise value of these SPVs is assessed at Rs 119,207 million.
Why this matters
For unitholders, the report provides a critical benchmark for the current fair value of the trust's holdings. By arriving at an NAV of Rs 124.22 per unit across 611 million outstanding units, the trust offers transparency into the underlying asset performance. The valuation reflects the cash flow generating capacity of its road infrastructure assets.
Litigation and Tax Matters
The report addresses ongoing legal and tax disputes, noting that the Investment Manager views the current litigation landscape as carrying low-to-medium risk. Importantly, the financial burden of pre-acquisition tax liabilities remains protected. Agreements are in place where the original promoters—GR Infra, KNR, and ULCCS—have provided indemnities to the Trust, shielding it from material cash outflows regarding these specific legacy matters.
What to track next
Investors should monitor the ongoing operational performance of the 17 HAM projects, as these are the primary drivers of the Free Cash Flow to Firm (FCFF) projections utilized in this valuation model. Future filings will reflect any shifts in interest rate environments or traffic volumes that impact these discounted cash flow estimates.