Intelligent Supply Chain Infrastructure Trust reported a 3.1% rise in FY26 revenue to ₹1,379.55 crore but saw its consolidated loss widen to ₹118 crore. The trust operates 68 warehouses, with Reliance Retail Ventures holding 60% of the space.
Intelligent Supply Chain Infrastructure Trust FY26 Results
Consolidated revenue for Intelligent Supply Chain Infrastructure Trust rose 3.1% to ₹1,379.55 crore in the financial year ended March 31, 2026. However, the trust reported a consolidated loss before taxes of ₹118 crore, a widening from ₹96.61 crore in the previous year.
Reader Takeaway: Stable revenue from anchor tenant, but widening losses due to non-cash expenses.
What just happened
Intelligent Supply Chain Infrastructure Trust announced its financial results for the fiscal year 2026. Consolidated revenue from operations increased to ₹1,379.55 crore from ₹1,337.88 crore in FY25. The total income grew to ₹1,394.56 crore from ₹1,358.70 crore.
The trust, however, posted a consolidated loss before taxes of ₹(118.00) crore for FY26, compared to a loss of ₹(96.61) crore in FY25. This widened loss was attributed to significant non-cash expenses, including ₹593.69 crore for depreciation and amortization, and ₹296.02 crore in finance costs.
Why this matters
The results highlight a business model that generates consistent revenue from its assets but faces significant depreciation and financing costs impacting profitability. For investors, understanding the drivers of the loss and the trust's ability to manage its debt obligations is crucial. The reliance on a single anchor customer also presents a key risk.
The backstory
The Trust operates a network of 68 warehouses across India, with a total warehouse space of 13.20 million square feet as of March 31, 2026. Reliance Retail Ventures Limited (RRVL) is the dominant tenant, occupying 60% of the total warehouse area.
No new warehouse inventory was added during FY26. The capital expenditure of ₹52.68 crore (excluding GST) was for relocating existing warehouses to improve efficiency.
What changes now
Governance changes are underway, with Mr. Raj Agrawal appointed as CEO and Mr. Roshan Jha as CFO from July 2025. Ms. Jayanti Chaurasia Naita will be the Compliance Officer from August 2025. Mr. Natarajan Tanjore Gnanaskandan joined as a Non-Executive Director in April 2026. The distribution policy has shifted from monthly to quarterly payments to unitholders, approved in June 2025.
Risks to watch
- Anchor Customer Concentration: Reliance Retail Ventures Ltd. accounts for 60% of the total warehouse space. Any adverse business changes or payment delays at RRVL could significantly impact the Trust's cash flows.
- Regulatory Compliance: The Trust must increase public unitholding to 25% by October 2026. Failure to meet this deadline could lead to regulatory action or market sell-offs, potentially diluting existing unitholders' value.
Peer comparison
As an Infrastructure Investment Trust (InvIT), Intelligent Supply Chain Infrastructure Trust operates in a capital-intensive sector. Other real estate InvITs often face similar challenges with high depreciation and finance costs impacting reported profits, while revenue streams are generally stable, especially with anchor tenants. The specific metrics like revenue growth and loss widening will need to be compared against peers in the logistics and warehousing InvIT space.