Shrem InvIT

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.

Shrem InvIT trades at ₹102, in a downtrend and 3 weeks into that stage. That is −0.5% against its own 200-day average. It sits at 62% of a 52-week range of ₹93 to ₹107. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a downtrend — week 3 of stage 4. At ₹102 it trades −0.5% versus its 200-day average and sits at 62% of its 52-week range (₹93–₹107).

Against the market, two honest reads. Cumulative: over the last 4.8 years the stock moved +2% while the NIFTY 500 moved +55% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-09) — 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 95th 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.

Shrem InvIT trades at 7.5× P/E, at the pricey end of its own range (95th percentile). Its long-run median P/E is 6.5×, measured across 4.2 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 7.5× is at the pricey end of its own range (95th percentile), against a long-run median of 6.5× measured over 4.2 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 −23.1% against a −7.3% 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: Turning around 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).

Shrem InvIT reads as turning around on its fundamental arc. Turning around — profit growth swung from −25.6% at the trough to −2.4%, a 2-quarter improving streak (single-quarter readings), ROCE holding at 10.0%. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

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.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

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

4-Factor Sector Score

44.8/100 — rank 3 of 9 in Infrastructure Investment Trusts · 58% evidence confidence

Shrem InvIT scores 44.8 out of 100 against the 9 companies it is compared with in Infrastructure Investment Trusts, ranking 3. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 9.6 + 15.5 + 16.1 + 3.6 = 44.8. 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.

Shrem InvIT reported ₹524 Cr of revenue in the Mar 26 quarter, −38.2% year on year. Over 4 years it has compounded at 38.5% a year. The last full year, FY26, came in at ₹2,100 Cr. The last four reported quarters add to ₹2,101 Cr.

Shrem InvIT reported ₹524 Cr of revenue in the Mar 26 quarter, −38.2% year on year. Over 4 years it has compounded at 38.5% a year. The last full year, FY26, came in at ₹2,100 Cr. The last four reported quarters add to ₹2,101 Cr.

FY26 revenue came in at ₹2,100 Cr (−14.6% on the year), capping 4 years at 38.5% compound. The latest quarter (Mar 26) printed ₹524 Cr, −38.2% year on year.

Pace check: the last four quarters averaged −10.3% growth against the decade's 38.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −14.5% over the last 4 quarters against +3.7%/yr over the last 8 — rolling over; TTM profit −23.5% vs −9.8%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 69.0% this quarter (+21.0 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.

Shrem InvIT's operating margin is 69.0% in the Mar 26 quarter, +21.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 54.0% to 77.0%. The current quarter sits inside that band.

Shrem InvIT's operating margin is 69.0% in the Mar 26 quarter, +21.0 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 54.0% to 77.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 69.0%, +21.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 54.0%–77.0%.

Why the margin moved: operating margin went +21.4 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit −2.4% 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.

Shrem InvIT earned ₹282 Cr of net profit in the Mar 26 quarter, −2.4% year on year. Full-year FY26 profit was ₹855 Cr. The 4-year compound rate is 30.0%. That is 53.8% of the quarter's revenue. The same quarter a year earlier earned ₹289 Cr.

Shrem InvIT earned ₹282 Cr of net profit in the Mar 26 quarter, −2.4% year on year. Full-year FY26 profit was ₹855 Cr. The 4-year compound rate is 30.0%. That is 53.8% of the quarter's revenue. The same quarter a year earlier earned ₹289 Cr.

Mar 26 profit was ₹282 Cr, −2.4% year on year. On the full year, FY26 printed ₹855 Cr (−23.5%), and the 4-year compound rate is 30.0%.

🚨 Why profit moved: revenue contributed −38.2% and the margin +21.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −24.4% vs revenue −10.3%. 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: 27% 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 27% of Shrem InvIT's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹2,221 Cr of operating cash against ₹855 Cr of profit. After ₹−27.0 Cr of capital spending, ₹2,248 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹2,221 Cr against reported profit of ₹855 Cr, leaving free cash of ₹2,248 Cr after ₹−27.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 27% 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 27%: the cash cycle tightened 113 days between FY22 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

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 198-day cycle and ₹−414 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).

Shrem InvIT's cash conversion cycle runs 198 days in FY26, down from 311 days in FY22. Capital spending ran ₹−414 Cr over the last 3 years. At FY26 sales of ₹2,100 Cr each day of that cycle holds about ₹5.8 Cr, so roughly ₹1,139 Cr sits inside the business at any moment.

FY26: debtors at 198 days (an asset-light business — no inventory to speak of) — for a full cycle of 198 days, tighter than FY22's 311.

In money terms: at FY26 sales of ₹2,100 Cr, each day of the cycle holds about ₹5.8 Cr — so the 198-day loop keeps roughly ₹1,139 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−414 Cr over the last 3 fiscal years against ₹174 Cr of depreciation — spending at or below maintenance level. 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 10%.

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.

Shrem InvIT earns a ROCE of 10% in FY26. That is up from a trough of 8% 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 40.7% net margin on 0.14× asset turns.

FY26 ROCE is 10%, recovered from a FY23 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 40.7% net margin × 0.14× asset turns × 2.46× balance-sheet leverage ≈ 14.0% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.27.

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.

Shrem InvIT carries ₹7,595 Cr of borrowings against ₹5,979 Cr of equity in FY26, a debt-to-equity of 1.27. Operating profit covers the interest bill 2×. Over 4 years borrowings went from ₹3,208 Cr to ₹7,595 Cr. Capital spending ran ₹−414 Cr across the last 3 of those years.

FY26: borrowings of ₹7,595 Cr against equity of ₹5,979 Cr — a debt-to-equity of 1.27. Operating profit covers the interest bill 2×. Over 4 years borrowings went from ₹3,208 Cr to ₹7,595 Cr while capital spending ran ₹−414 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 Shrem InvIT 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.

Shrem InvIT: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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