Indus Infra Trust

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indus Infra Trust trades at ₹130, in a confirmed uptrend and 49 weeks into that stage. That is +6.3% against its own 200-day average. It sits at 100% of a 52-week range of ₹114 to ₹130. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 49 of stage 2, confirmed. At ₹130 it trades +6.3% versus its 200-day average and sits at 100% of its 52-week range (₹114–₹130).

Against the market, two honest reads. Cumulative: over the last 2.3 years the stock moved +26% while the NIFTY 500 moved +19% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indus Infra Trust trades at 20.9× P/E, about the priciest it has ever traded. Its long-run median P/E is 12.8×, measured across 1.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 20.9× is about the priciest it has ever traded, against a long-run median of 12.8× measured over 1.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −20.5% against a +14.5% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indus Infra Trust reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 5 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

47.3/100 — rank 1 of 9 in Infra/Real Estate Investment Trust · 67% evidence confidence

Indus Infra Trust scores 47.3 out of 100 against the 9 companies it is compared with in Infra/Real Estate Investment Trust, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 9.6 + 17.1 + 8.4 + 12.2 = 47.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indus Infra Trust reported ₹188 Cr of revenue in the Mar 26 quarter, −25.1% year on year. Over 6 years it has compounded at −22.4% a year. The last full year, FY26, came in at ₹677 Cr. The last four reported quarters add to ₹676 Cr.

Indus Infra Trust reported ₹188 Cr of revenue in the Mar 26 quarter, −25.1% year on year. Over 6 years it has compounded at −22.4% a year. The last full year, FY26, came in at ₹677 Cr. The last four reported quarters add to ₹676 Cr.

FY26 revenue came in at ₹677 Cr (−9.1% on the year), capping 6 years at −22.4% compound. The latest quarter (Mar 26) printed ₹188 Cr, −25.1% year on year.

Pace check: the last four quarters averaged −3.7% growth against the decade's −22.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −9.1% over the last 4 quarters against +136.4%/yr over the last 8 — rolling over; TTM profit −20.6% vs +404.6%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 69.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indus Infra Trust's operating margin is 69.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 9.0% to 71.0%. The current quarter sits inside that band.

Indus Infra Trust's operating margin is 69.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 9.0% to 71.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 69.0%, +0.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 9.0%–71.0%, and FY26's 71.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +0.0 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit −27.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indus Infra Trust earned ₹106 Cr of net profit in the Mar 26 quarter, −27.9% year on year. Full-year FY26 profit was ₹383 Cr. The 6-year compound rate is 31.2%. That is 56.4% of the quarter's revenue. The same quarter a year earlier earned ₹147 Cr.

Indus Infra Trust earned ₹106 Cr of net profit in the Mar 26 quarter, −27.9% year on year. Full-year FY26 profit was ₹383 Cr. The 6-year compound rate is 31.2%. That is 56.4% of the quarter's revenue. The same quarter a year earlier earned ₹147 Cr.

Mar 26 profit was ₹106 Cr, −27.9% year on year. On the full year, FY26 printed ₹383 Cr (−20.5%), and the 6-year compound rate is 31.2%.

🚨 Why profit moved: revenue contributed −25.1% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −20.4% vs revenue −3.7%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 133% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 133% of Indus Infra Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹599 Cr of operating cash against ₹383 Cr of profit. After ₹3.0 Cr of capital spending, ₹596 Cr was left as free cash.

FY26: operating cash of ₹599 Cr against reported profit of ₹383 Cr, leaving free cash of ₹596 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 133% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 133%: the cash cycle held roughly steady between FY20 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 1-day cycle and ₹3.0 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indus Infra Trust's cash conversion cycle runs 1 days in FY26, down from 1 days in FY20. Capital spending ran ₹3.0 Cr over the last 3 years. At FY26 sales of ₹677 Cr each day of that cycle holds about ₹1.9 Cr, so roughly ₹2.0 Cr sits inside the business at any moment.

FY26: debtors at 1 days (an asset-light business — no inventory to speak of) — for a full cycle of 1 days, tighter than FY20's 1.

In money terms: at FY26 sales of ₹677 Cr, each day of the cycle holds about ₹1.9 Cr — so the 1-day loop keeps roughly ₹2.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹3.0 Cr over the last 3 fiscal years. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indus Infra Trust earns a ROCE of 7% in FY26. That is up from a trough of 0% in FY23. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 56.6% net margin on 0.07× asset turns.

FY26 ROCE is 7%, recovered from a FY23 trough of 0% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 56.6% net margin × 0.07× asset turns × 2.02× balance-sheet leverage ≈ 8.0% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 202% on reported income across 1 comparable period. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.97.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Indus Infra Trust carries ₹4,603 Cr of borrowings against ₹4,749 Cr of equity in FY26, a debt-to-equity of 0.97. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹3,710 Cr to ₹4,603 Cr. Capital spending ran ₹3.0 Cr across the last 3 of those years.

FY26: borrowings of ₹4,603 Cr against equity of ₹4,749 Cr — a debt-to-equity of 0.97. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹3,710 Cr to ₹4,603 Cr while capital spending ran ₹3.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Indus Infra Trust moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indus Infra Trust: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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