Indus Infra Trust Posts Strong Revenue Growth but Profitability Craters in FY26
The REIT's full-year revenue rose 18.6%, but profit fell sharply by 45.9%, highlighting a significant margin squeeze.
Indus Infra Trust delivered mixed FY26 results, with revenue climbing 18.6% year-on-year. However, profit more than halved, dropping 45.9%, as net profit margins contracted sharply.
Indus Infra Trust closed its financial year with a strong top line but a sharp decline in profitability. For the full year ended March 2026, revenue grew 18.6% to ₹756.72 crore, yet profit after tax fell 45.9% to ₹294.91 crore. This divergence signals a substantial compression in net profit margins, which dropped to 39.0% from a much higher level in the prior year.
The final quarter of FY26 continued this theme of mixed performance. Revenue for Q4 FY26 rose 11.2% year-on-year to ₹195.03 crore. However, profit fell 37.2% to ₹75.93 crore compared to the same quarter last year. The sequential picture shows a strong recovery from the previous quarter, with profit more than doubling (up 108.0%) on a modest 3.1% revenue increase, but this was from a low base.
The quarterly trend over the last two years reveals the volatility in profitability, even as the revenue base has steadily expanded.
Revenue (₹ Cr)
Profit (₹ Cr)
Net Profit Margin (%)
| Metric | CurrentQ4 FY26 | Same quarter LYQ4 FY25 |
|---|---|---|
| Period | Quarter ended March 2026 | Quarter ended March 2025 |
| Revenue (₹ Cr) | 195.03YoY +11% | 175.38 |
| Profit (₹ Cr) | 75.93YoY -37% | 120.98 |
| Net Profit Margin (%) | 38.9YoY -44% | 69.0 |
Key Points
- The company's five-year track record remains impressive, with revenue growing at a CAGR of 405.2% and profit at 253.4%.
- The balance sheet shows a debt-to-equity ratio of 0.97, indicating moderate leverage for the REIT.
- The stock trades at a P/E of 21.1, a slight discount to the industry average of 23.3.
Despite the near-term pressure on margins, the underlying revenue growth and long-term expansion story remain intact. The focus now shifts to whether the trust can stabilize its profitability in the coming year.
Also read
Want this applied to your portfolio?
Talk to a HexaWealth advisor, or sync your mutual fund data for insights tailored to your holdings.