# Infrastructure Investment Trusts — company-by-company sector analysis

> Infrastructure Investment Trusts: Altius Telecom Infrastructure Trust owns the largest revenue base; National Highways Infra Trust has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Infrastructure Investment Trusts has outperformed NIFTY 500 by 13.7% over 52 weeks and 2.8% over 13 weeks. 8 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself. Altius Telecom Infrastructure Trust leads with income of ₹24,165 crore, based on 9 of 9 comparable companies through Mar 2026.

### Is the Infrastructure Investment Trusts sector outperforming NIFTY 500?

Infrastructure Investment Trusts has outperformed NIFTY 500 by 13.7% over 52 weeks and 2.8% over 13 weeks. 8 of 8 covered companies beat NIFTY on Mansfield relative strength, while 2 of 5 beat the sector itself.

### Which Infrastructure Investment Trusts company is largest by income?

Altius Telecom Infrastructure Trust leads with income of ₹24,165 crore, based on 9 of 9 comparable companies through Mar 2026.

### Which Infrastructure Investment Trusts company is growing fastest?

National Highways Infra Trust has the fastest current income growth at 80.8%, across 9 of 9 comparable companies.

### Which Infrastructure Investment Trusts company has the strongest 4-Factor Sector Score?

National Highways Infra Trust ranks first at 57.2/100 with 58.3% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Infrastructure Investment Trusts company has the lowest comparable P/BV-to-ROE?

Shrem InvIT has the lowest comparable P/BV ÷ ROE at 0.08, among 9 of 9 companies that pass the metric’s comparability rules.

### How much history does this Infrastructure Investment Trusts comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Infrastructure Investment Trusts has outperformed NIFTY 500 by 13.7% over the last 52 weeks. Over 13 weeks the gap is a lead of 2.8%. 8 of 8 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. National Highways Infra Trust is the strongest against the sector itself at +3.3%.

13-week sector return versus NIFTY 500: 2.8%
52-week sector return versus NIFTY 500: 14%
Stocks leading NIFTY: 8/8
Stocks leading sector: 2/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 9
Combined market value: ₹1.4 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. National Highways Infra Trust (NHIT): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 25.4/35 | Capital efficiency 10.8/25 | Valuation 5.0/20 | Relative strength 16.0/20
   - Exact sum: 25.4 + 10.8 + 5 + 16 = 57.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. IndiGrid Infrastructure Trust (INDIGRID): 50/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 19.4/35 | Capital efficiency 16.9/25 | Valuation 3.6/20 | Relative strength 9.9/20
   - Exact sum: 19.4 + 16.9 + 3.6 + 9.9 = 49.8
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
3. Powergrid Infrastructure Investment Trust (PGINVIT): 47/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 6.4/35 | Capital efficiency 9.5/25 | Valuation 15.7/20 | Relative strength 14.9/20
   - Exact sum: 6.4 + 9.5 + 15.7 + 14.9 = 46.5
   - Decision use: Price leads the evidence: RS versus the benchmark is 8.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Shrem InvIT (SHREMINVIT): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 9.6/35 | Capital efficiency 15.5/25 | Valuation 16.1/20 | Relative strength 3.9/20
   - Exact sum: 9.6 + 15.5 + 16.1 + 3.9 = 45.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. IRB InvIT Fund (IRBINVIT): 43/100 — Mixed-negative evidence; evidence 67%
   - Growth & earnings 18.4/35 | Capital efficiency 11.9/25 | Valuation 5.7/20 | Relative strength 6.6/20
   - Exact sum: 18.4 + 11.9 + 5.7 + 6.6 = 42.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Altius Telecom Infrastructure Trust (543225): 52/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 21.8/35 | Capital efficiency 13.4/25 | Valuation 5.7/20 | Relative strength 11.1/20
   - Exact sum: 21.8 + 13.4 + 5.7 + 11.1 = 52
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. NDR INVIT Trust (NDRINVIT): 43/100 — Thin evidence · provisional; evidence 43%
   - Growth & earnings 16.3/35 | Capital efficiency 10.3/25 | Valuation 4.3/20 | Relative strength 12.5/20
   - Exact sum: 16.3 + 10.3 + 4.3 + 12.5 = 43.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Cube Highways Trust (CUBEINVIT): 42/100 — Thin evidence · provisional; evidence 34%
   - Growth & earnings 18.7/35 | Capital efficiency 8.2/25 | Valuation 3.5/20 | Relative strength 11.6/20
   - Exact sum: 18.7 + 8.2 + 3.5 + 11.6 = 42
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Sustainable Energy Infra Trust (SEITINVIT): 42/100 — Thin evidence · provisional; evidence 38%
   - Growth & earnings 14.2/35 | Capital efficiency 10.7/25 | Valuation 6.8/20 | Relative strength 10.0/20
   - Exact sum: 14.2 + 10.7 + 6.8 + 10 = 41.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Altius Telecom Infrastructure Trust is the scale leader at ₹24,165 crore, 406.7% ahead of IndiGrid Infrastructure Trust. National Highways Infra Trust's growth is 80.8% from a ₹4,274 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Altius Telecom Infrastructure Trust is the scale benchmark; National Highways Infra Trust is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Altius Telecom Infrastructure Trust's growth falls below National Highways Infra Trust's for two consecutive comparable reports while operating margin also compresses.

Evidence: Altius Telecom Infrastructure Trust · ₹24,165 crore | 406.7% versus #2 · IndiGrid Infrastructure Trust | 8/8 recent comparable periods | 9/9 companies · 122 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Altius Telecom Infrastructure Trust (543225): ₹24.2K Cr
2. IndiGrid Infrastructure Trust (INDIGRID): ₹4.8K Cr
3. National Highways Infra Trust (NHIT): ₹4.3K Cr
4. Cube Highways Trust (CUBEINVIT): ₹4.2K Cr
5. Shrem InvIT (SHREMINVIT): ₹2.1K Cr

### Income growth — fastest growers
1. National Highways Infra Trust (NHIT): 81%
2. IRB InvIT Fund (IRBINVIT): 56%
3. IndiGrid Infrastructure Trust (INDIGRID): 44%
4. NDR INVIT Trust (NDRINVIT): 30%
5. Cube Highways Trust (CUBEINVIT): 28%

### 20-quarter Income history
- 543225: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹6.0K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.0K Cr | Mar 2026 ₹6.0K Cr | Jun 2026 —
- NHIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹138 Cr | Dec 2022 ₹194 Cr | Mar 2023 ₹218 Cr | Jun 2023 ₹236 Cr | Sep 2023 ₹236 Cr | Dec 2023 ₹232 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹564 Cr | Sep 2024 ₹567 Cr | Dec 2024 ₹586 Cr | Mar 2025 ₹647 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- INDIGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹607 Cr | Mar 2023 ₹618 Cr | Jun 2023 ₹653 Cr | Sep 2023 ₹716 Cr | Dec 2023 ₹783 Cr | Mar 2024 ₹812 Cr | Jun 2024 ₹835 Cr | Sep 2024 ₹836 Cr | Dec 2024 ₹772 Cr | Mar 2025 ₹874 Cr | Jun 2025 ₹840 Cr | Sep 2025 ₹827 Cr | Dec 2025 ₹862 Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- PGINVIT: Sep 2021 ₹335 Cr | Dec 2021 ₹335 Cr | Mar 2022 ₹380 Cr | Jun 2022 ₹320 Cr | Sep 2022 ₹324 Cr | Dec 2022 ₹324 Cr | Mar 2023 ₹317 Cr | Jun 2023 ₹314 Cr | Sep 2023 ₹318 Cr | Dec 2023 ₹319 Cr | Mar 2024 ₹314 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹320 Cr | Dec 2024 ₹320 Cr | Mar 2025 ₹311 Cr | Jun 2025 ₹313 Cr | Sep 2025 ₹317 Cr | Dec 2025 ₹317 Cr | Mar 2026 ₹311 Cr | Jun 2026 —
- NDRINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹43 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹79 Cr | Mar 2025 ₹95 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹106 Cr | Mar 2026 ₹109 Cr | Jun 2026 —
- SHREMINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹419 Cr | Mar 2023 ₹398 Cr | Jun 2023 ₹467 Cr | Sep 2023 ₹443 Cr | Dec 2023 ₹531 Cr | Mar 2024 ₹512 Cr | Jun 2024 ₹546 Cr | Sep 2024 ₹489 Cr | Dec 2024 ₹574 Cr | Mar 2025 ₹848 Cr | Jun 2025 ₹536 Cr | Sep 2025 ₹570 Cr | Dec 2025 ₹471 Cr | Mar 2026 ₹524 Cr | Jun 2026 —
- IRBINVIT: Sep 2021 — | Dec 2021 ₹348 Cr | Mar 2022 — | Jun 2022 ₹716 Cr | Sep 2022 — | Dec 2022 ₹279 Cr | Mar 2023 — | Jun 2023 ₹268 Cr | Sep 2023 — | Dec 2023 ₹268 Cr | Mar 2024 — | Jun 2024 ₹274 Cr | Sep 2024 ₹270 Cr | Dec 2024 ₹275 Cr | Mar 2025 ₹282 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹277 Cr | Dec 2025 ₹450 Cr | Mar 2026 ₹528 Cr | Jun 2026 ₹492 Cr
- SEITINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹206 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹191 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹172 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- CUBEINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 — | Jun 2023 ₹781 Cr | Sep 2023 ₹729 Cr | Dec 2023 ₹753 Cr | Mar 2024 ₹798 Cr | Jun 2024 ₹792 Cr | Sep 2024 ₹820 Cr | Dec 2024 ₹850 Cr | Mar 2025 ₹846 Cr | Jun 2025 ₹944 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —

### 20-quarter Income growth history
- 543225: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 25% | Mar 2024 28% | Jun 2024 24% | Sep 2024 25% | Dec 2024 76% | Mar 2025 71% | Jun 2025 73% | Sep 2025 51% | Dec 2025 0.3% | Mar 2026 1.4% | Jun 2026 —
- NHIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 71% | Dec 2023 20% | Mar 2024 11% | Jun 2024 139% | Sep 2024 140% | Dec 2024 153% | Mar 2025 168% | Jun 2025 81% | Sep 2025 77% | Dec 2025 88% | Mar 2026 77% | Jun 2026 —
- INDIGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 29% | Mar 2024 31% | Jun 2024 28% | Sep 2024 17% | Dec 2024 -1.4% | Mar 2025 7.6% | Jun 2025 0.6% | Sep 2025 -1.1% | Dec 2025 12% | Mar 2026 156% | Jun 2026 —
- PGINVIT: Sep 2021 -0.6% | Dec 2021 0.3% | Mar 2022 — | Jun 2022 80% | Sep 2022 -3.3% | Dec 2022 -3.3% | Mar 2023 -17% | Jun 2023 -1.9% | Sep 2023 -1.9% | Dec 2023 -1.5% | Mar 2024 -1.0% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.3% | Mar 2025 -1.0% | Jun 2025 -1.0% | Sep 2025 -0.9% | Dec 2025 -0.9% | Mar 2026 0.0% | Jun 2026 —
- NDRINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 121% | Jun 2025 35% | Sep 2025 38% | Dec 2025 34% | Mar 2026 15% | Jun 2026 —
- SHREMINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 27% | Mar 2024 29% | Jun 2024 17% | Sep 2024 10% | Dec 2024 8.1% | Mar 2025 66% | Jun 2025 -1.8% | Sep 2025 17% | Dec 2025 -18% | Mar 2026 -38% | Jun 2026 —
- IRBINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 — | Dec 2022 -20% | Mar 2023 — | Jun 2023 -63% | Sep 2023 — | Dec 2023 -3.9% | Mar 2024 — | Jun 2024 2.2% | Sep 2024 — | Dec 2024 2.6% | Mar 2025 — | Jun 2025 6.2% | Sep 2025 2.6% | Dec 2025 64% | Mar 2026 87% | Jun 2026 69%
- SEITINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -2.4% | Sep 2025 1.3% | Dec 2025 4.2% | Mar 2026 1.6% | Jun 2026 —
- CUBEINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.4% | Sep 2024 12% | Dec 2024 13% | Mar 2025 6.0% | Jun 2025 19% | Sep 2025 28% | Dec 2025 27% | Mar 2026 37% | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Altius Telecom Infrastructure Trust leads with ₹1,107 crore of TTM profit, 21.4% above Powergrid Infrastructure Investment Trust. National Highways Infra Trust shows ≥100% on the scoring scale (110.8% uncapped) growth from a ₹685 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Altius Telecom Infrastructure Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Altius Telecom Infrastructure Trust · ₹1,107 crore | 21.4% versus #2 · Powergrid Infrastructure Investment Trust | 4/8 recent comparable periods | 9/9 companies · 122 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. Altius Telecom Infrastructure Trust (543225): ₹1.1K Cr
2. Powergrid Infrastructure Investment Trust (PGINVIT): ₹912 Cr
3. Shrem InvIT (SHREMINVIT): ₹855 Cr
4. National Highways Infra Trust (NHIT): ₹685 Cr
5. IndiGrid Infrastructure Trust (INDIGRID): ₹399 Cr

### Profit growth — fastest growers
1. National Highways Infra Trust (NHIT): 100%
2. Altius Telecom Infrastructure Trust (543225): 32%
3. IndiGrid Infrastructure Trust (INDIGRID): -2.9%
4. Sustainable Energy Infra Trust (SEITINVIT): -3.6%
5. IRB InvIT Fund (IRBINVIT): -14%

### 20-quarter Net profit history
- 543225: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹257 Cr | Mar 2023 ₹322 Cr | Jun 2023 ₹344 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹346 Cr | Mar 2024 ₹241 Cr | Jun 2024 ₹243 Cr | Sep 2024 ₹210 Cr | Dec 2024 ₹220 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹290 Cr | Mar 2026 ₹310 Cr | Jun 2026 —
- NHIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹61 Cr | Dec 2022 ₹70 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹72 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹64 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹141 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹112 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹205 Cr | Jun 2026 —
- INDIGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹120 Cr | Mar 2023 ₹137 Cr | Jun 2023 ₹107 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹58 Cr | Jun 2024 ₹137 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹117 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹185 Cr | Jun 2026 —
- PGINVIT: Sep 2021 ₹-42 Cr | Dec 2021 ₹219 Cr | Mar 2022 ₹219 Cr | Jun 2022 ₹208 Cr | Sep 2022 ₹-690 Cr | Dec 2022 ₹217 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹191 Cr | Sep 2023 ₹316 Cr | Dec 2023 ₹207 Cr | Mar 2024 ₹269 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹687 Cr | Jun 2025 ₹191 Cr | Sep 2025 ₹279 Cr | Dec 2025 ₹198 Cr | Mar 2026 ₹244 Cr | Jun 2026 —
- NDRINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹18 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹6 Cr | Jun 2026 —
- SHREMINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹202 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹234 Cr | Sep 2023 ₹256 Cr | Dec 2023 ₹291 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹237 Cr | Mar 2025 ₹289 Cr | Jun 2025 ₹235 Cr | Sep 2025 ₹206 Cr | Dec 2025 ₹132 Cr | Mar 2026 ₹282 Cr | Jun 2026 —
- IRBINVIT: Sep 2021 — | Dec 2021 ₹17 Cr | Mar 2022 — | Jun 2022 ₹103 Cr | Sep 2022 — | Dec 2022 ₹100 Cr | Mar 2023 — | Jun 2023 ₹101 Cr | Sep 2023 — | Dec 2023 ₹81 Cr | Mar 2024 — | Jun 2024 ₹86 Cr | Sep 2024 ₹85 Cr | Dec 2024 ₹91 Cr | Mar 2025 ₹94 Cr | Jun 2025 ₹100 Cr | Sep 2025 ₹83 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹97 Cr | Jun 2026 ₹79 Cr
- SEITINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 ₹-6 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹52 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹42 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- CUBEINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-7 Cr | Mar 2023 — | Jun 2023 ₹-20 Cr | Sep 2023 ₹-793 Cr | Dec 2023 ₹-14 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹-30 Cr | Dec 2024 ₹52 Cr | Mar 2025 ₹-62 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹41 Cr | Mar 2026 ₹135 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 543225: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 35% | Mar 2024 -25% | Jun 2024 -29% | Sep 2024 12% | Dec 2024 -36% | Mar 2025 -31% | Jun 2025 -6.6% | Sep 2025 33% | Dec 2025 32% | Mar 2026 86% | Jun 2026 —
- NHIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 21% | Dec 2023 2.9% | Mar 2024 4.8% | Jun 2024 -23% | Sep 2024 0.0% | Dec 2024 -36% | Mar 2025 114% | Jun 2025 89% | Sep 2025 51% | Dec 2025 437% | Mar 2026 45% | Jun 2026 —
- INDIGRID: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -23% | Mar 2024 -58% | Jun 2024 28% | Sep 2024 154% | Dec 2024 -37% | Mar 2025 102% | Jun 2025 -45% | Sep 2025 -61% | Dec 2025 72% | Mar 2026 58% | Jun 2026 —
- PGINVIT: Sep 2021 -140% | Dec 2021 71% | Mar 2022 — | Jun 2022 89% | Sep 2022 — | Dec 2022 -0.9% | Mar 2023 -80% | Jun 2023 -8.2% | Sep 2023 — | Dec 2023 -4.6% | Mar 2024 526% | Jun 2024 5.2% | Sep 2024 -75% | Dec 2024 -1.5% | Mar 2025 155% | Jun 2025 -5.0% | Sep 2025 249% | Dec 2025 -2.9% | Mar 2026 -64% | Jun 2026 —
- NDRINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 80% | Jun 2025 -3.7% | Sep 2025 36% | Dec 2025 -11% | Mar 2026 -83% | Jun 2026 —
- SHREMINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 44% | Mar 2024 255% | Jun 2024 35% | Sep 2024 7.8% | Dec 2024 -19% | Mar 2025 7.0% | Jun 2025 -26% | Sep 2025 -25% | Dec 2025 -44% | Mar 2026 -2.4% | Jun 2026 —
- IRBINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.6% | Sep 2022 — | Dec 2022 488% | Mar 2023 — | Jun 2023 -1.9% | Sep 2023 — | Dec 2023 -19% | Mar 2024 — | Jun 2024 -15% | Sep 2024 — | Dec 2024 12% | Mar 2025 — | Jun 2025 16% | Sep 2025 -2.4% | Dec 2025 -34% | Mar 2026 3.2% | Jun 2026 -21%
- SEITINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -40% | Jun 2025 -1.9% | Sep 2025 -44% | Dec 2025 -24% | Mar 2026 24% | Jun 2026 —
- CUBEINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -151% | Jun 2025 -100% | Sep 2025 — | Dec 2025 -21% | Mar 2026 — | Jun 2026 —

## Funding Base & Its Composition

What the numbers say: There is not enough comparable evidence to name a reliable deposits leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/9 companies · 0 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases

### Borrowings — largest borrowings
1. Altius Telecom Infrastructure Trust (543225): ₹52.7K Cr
2. National Highways Infra Trust (NHIT): ₹25.0K Cr
3. IndiGrid Infrastructure Trust (INDIGRID): ₹21.4K Cr
4. Cube Highways Trust (CUBEINVIT): ₹17.7K Cr
5. IRB InvIT Fund (IRBINVIT): ₹9.4K Cr

### 20-quarter Deposits history

### 20-quarter Borrowings history
- 543225: Sep 2021 — | Dec 2021 — | Mar 2022 ₹22.0K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹29.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹31.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹50.7K Cr | Jun 2025 — | Sep 2025 ₹51.5K Cr | Dec 2025 — | Mar 2026 ₹52.7K Cr | Jun 2026 —
- NHIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.5K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2.9K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹11.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹21.7K Cr | Jun 2025 — | Sep 2025 ₹21.7K Cr | Dec 2025 — | Mar 2026 ₹25.0K Cr | Jun 2026 —
- INDIGRID: Sep 2021 — | Dec 2021 — | Mar 2022 ₹13.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹14.5K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹19.3K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹20.1K Cr | Jun 2025 — | Sep 2025 ₹22.0K Cr | Dec 2025 — | Mar 2026 ₹21.4K Cr | Jun 2026 —
- PGINVIT: Sep 2021 ₹81 Cr | Dec 2021 — | Mar 2022 ₹575 Cr | Jun 2022 ₹575 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹572 Cr | Jun 2023 ₹572 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹569 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.1K Cr | Jun 2025 — | Sep 2025 ₹1.1K Cr | Dec 2025 — | Mar 2026 ₹1.1K Cr | Jun 2026 —
- NDRINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.1K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹448 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.5K Cr | Jun 2025 — | Sep 2025 ₹1.5K Cr | Dec 2025 — | Mar 2026 ₹2.2K Cr | Jun 2026 —
- SHREMINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8.4K Cr | Jun 2025 — | Sep 2025 ₹8.1K Cr | Dec 2025 — | Mar 2026 ₹7.6K Cr | Jun 2026 —
- IRBINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3.0K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3.0K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.2K Cr | Jun 2025 — | Sep 2025 ₹6.6K Cr | Dec 2025 — | Mar 2026 ₹9.4K Cr | Jun 2026 —
- SEITINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3.4K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹3.3K Cr | Jun 2025 — | Sep 2025 ₹3.3K Cr | Dec 2025 — | Mar 2026 ₹3.3K Cr | Jun 2026 —
- CUBEINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹10.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹15.1K Cr | Jun 2025 — | Sep 2025 ₹17.9K Cr | Dec 2025 — | Mar 2026 ₹17.7K Cr | Jun 2026 —

## Return On Assets

What the numbers say: IndiGrid Infrastructure Trust leads roa at 4.6%; Powergrid Infrastructure Investment Trust leads roa change at -6.5 percentage points.

Investor read: IndiGrid Infrastructure Trust sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: IndiGrid Infrastructure Trust · 4.6% | 309.5% versus #2 · Powergrid Infrastructure Investment Trust | Not enough history | 2/9 companies · 2 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. IndiGrid Infrastructure Trust (INDIGRID): 4.6%
2. Powergrid Infrastructure Investment Trust (PGINVIT): -2.2%

### ROA change — fastest improvers
1. Powergrid Infrastructure Investment Trust (PGINVIT): −6.5 pp

### 20-quarter ROA history
- PGINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 4.3% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -2.2% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter ROA change history
- PGINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −6.5 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## ROE — Leaders & Improvers

What the numbers say: Shrem InvIT leads roe at 13.3%; Powergrid Infrastructure Investment Trust leads roe change at -9 percentage points.

Investor read: Shrem InvIT sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Shrem InvIT · 13.3% | 11.8% versus #2 · Powergrid Infrastructure Investment Trust | Not enough history | 9/9 companies · 5 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Shrem InvIT (SHREMINVIT): 13%
2. Powergrid Infrastructure Investment Trust (PGINVIT): 12%
3. Altius Telecom Infrastructure Trust (543225): 8.1%
4. IndiGrid Infrastructure Trust (INDIGRID): 7.2%
5. IRB InvIT Fund (IRBINVIT): 5.1%

### ROE change — fastest improvers
1. Powergrid Infrastructure Investment Trust (PGINVIT): −9.0 pp

### 20-quarter ROE history
- PGINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 5.1% | Jun 2022 6.1% | Sep 2022 8.6% | Dec 2022 — | Mar 2023 -2.7% | Jun 2023 -2.9% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter ROE change history
- PGINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −7.8 pp | Jun 2023 −9.0 pp | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/9 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Shrem InvIT has the lowest comparable P/BV ÷ ROE at 0.08×, 20% below Powergrid Infrastructure Investment Trust. Only 9 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Shrem InvIT · 0.08× | 20% versus #2 · Powergrid Infrastructure Investment Trust | 0/8 recent comparable periods | 9/9 companies · 3 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Shrem InvIT (SHREMINVIT): 0.1
2. Powergrid Infrastructure Investment Trust (PGINVIT): 0.1
3. IRB InvIT Fund (IRBINVIT): 0.2
4. Sustainable Energy Infra Trust (SEITINVIT): 0.4
5. IndiGrid Infrastructure Trust (INDIGRID): 0.4

### P/BV — lowest P/BV
1. IRB InvIT Fund (IRBINVIT): 1.0
2. Shrem InvIT (SHREMINVIT): 1.0
3. Powergrid Infrastructure Investment Trust (PGINVIT): 1.2
4. National Highways Infra Trust (NHIT): 1.4
5. Sustainable Energy Infra Trust (SEITINVIT): 1.4

### 20-quarter P/BV ÷ ROE history
- PGINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- 543225: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2.6 | Mar 2024 1.7 | Jun 2024 2.9 | Sep 2024 2.1 | Dec 2024 2.4 | Mar 2025 2.3 | Jun 2025 3.0 | Sep 2025 3.3 | Dec 2025 3.5 | Mar 2026 3.6 | Jun 2026 —
- NHIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.1 | Dec 2022 1.1 | Mar 2023 — | Jun 2023 0.9 | Sep 2023 1.2 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 0.7 | Sep 2024 1.2 | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 0.8 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.5 | Jun 2026 —
- INDIGRID: Sep 2021 — | Dec 2021 — | Mar 2022 2.2 | Jun 2022 — | Sep 2022 — | Dec 2022 1.8 | Mar 2023 1.7 | Jun 2023 1.8 | Sep 2023 1.9 | Dec 2023 1.8 | Mar 2024 1.9 | Jun 2024 1.6 | Sep 2024 2.1 | Dec 2024 2.1 | Mar 2025 2.1 | Jun 2025 2.5 | Sep 2025 2.7 | Dec 2025 3.1 | Mar 2026 3.1 | Jun 2026 —
- PGINVIT: Sep 2021 1.1 | Dec 2021 — | Mar 2022 1.2 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 1.4 | Sep 2023 1.2 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.1 | Jun 2026 —
- NDRINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.2 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 —
- SHREMINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 — | Sep 2024 — | Dec 2024 1.1 | Mar 2025 1.1 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 —
- IRBINVIT: Sep 2021 — | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.8 | Sep 2022 — | Dec 2022 0.9 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 — | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.0 | Dec 2025 0.9 | Mar 2026 2.0 | Jun 2026 0.5
- SEITINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.3 | Mar 2026 1.4 | Jun 2026 —
- CUBEINVIT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.2 | Mar 2025 1.2 | Jun 2025 1.6 | Sep 2025 1.7 | Dec 2025 1.8 | Mar 2026 1.8 | Jun 2026 —

## Market action

NDR INVIT Trust has the strongest one-year price move in Infrastructure Investment Trusts at +29.4%. It also leads on Mansfield relative strength against NIFTY at +16%. 8 of 8 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. NDR INVIT Trust (NDRINVIT): 29%
2. National Highways Infra Trust (NHIT): 27%
3. Cube Highways Trust (CUBEINVIT): 19%
4. Altius Telecom Infrastructure Trust (543225): 16%
5. IndiGrid Infrastructure Trust (INDIGRID): 15%

### Strongest relative strength versus NIFTY 500
1. NDR INVIT Trust (NDRINVIT): 16%
2. National Highways Infra Trust (NHIT): 11%
3. Cube Highways Trust (CUBEINVIT): 11%
4. Altius Telecom Infrastructure Trust (543225): 10%
5. Powergrid Infrastructure Investment Trust (PGINVIT): 8.2%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Funding base, Return on assets, Asset quality have fewer than three usable current readings.

## Every company
- Altius Telecom Infrastructure Trust (543225) — market value ₹52.1K Cr; latest fundamentals Mar 2026
- National Highways Infra Trust (NHIT) — market value ₹32.5K Cr; latest fundamentals Mar 2026
- IndiGrid Infrastructure Trust (INDIGRID) — market value ₹20.4K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Powergrid Infrastructure Investment Trust (PGINVIT) — market value ₹9.1K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- NDR INVIT Trust (NDRINVIT) — market value ₹6.7K Cr; latest fundamentals Mar 2026
- Shrem InvIT (SHREMINVIT) — market value ₹6.2K Cr; latest fundamentals Mar 2026
- IRB InvIT Fund (IRBINVIT) — market value ₹5.0K Cr; latest fundamentals Jun 2026
- Sustainable Energy Infra Trust (SEITINVIT) — market value ₹4.1K Cr; latest fundamentals Mar 2026
- Cube Highways Trust (CUBEINVIT) — market value ₹0 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 0. Unverified: 8. Withheld: 1. Graded companies: 9.

1 of 9 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 9 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: IndiGrid Infrastructure Trust (INDIGRID) — its two data sources disagree by up to 86% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | INDIGRID | IndiGrid Infrastructure Trust | diff_gt_2pct | disagreement up to 86.33% over 14 comparable periods

- UNVERIFIED | PGINVIT | Powergrid Infrastructure Investment Trust | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Infrastructure Investment Trusts index?

The Nifty Infrastructure Investment Trusts index tracks India's listed Infrastructure Investment Trusts companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Infrastructure Investment Trusts sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Infrastructure Investment Trusts stocks in India?

Ranked by this page's four-factor score, National Highways Infra Trust places first among 9 listed Infrastructure Investment Trusts companies, followed by IndiGrid Infrastructure Trust. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Infrastructure Investment Trusts stocks are listed in India?

This comparison covers 9 listed Infrastructure Investment Trusts companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Infrastructure Investment Trusts company is the biggest?

Altius Telecom Infrastructure Trust is the largest, with trailing-twelve-month income of ₹24,165 crore, ahead of IndiGrid Infrastructure Trust at ₹4,769 crore. That covers 9 of 9 companies with comparable reporting through Mar 2026.

### Which Infrastructure Investment Trusts company is growing fastest?

National Highways Infra Trust has the fastest income growth at 80.8% year on year, across 9 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Infrastructure Investment Trusts company makes the most profit?

Altius Telecom Infrastructure Trust earns the most, at ₹1,107 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. National Highways Infra Trust has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Infrastructure Investment Trusts company earns the highest return on capital?

IndiGrid Infrastructure Trust leads on return on assets at 4.6%, across 2 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Infrastructure Investment Trusts stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Shrem InvIT screens cheapest at 0.08×. Only 9 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Infrastructure Investment Trusts sector beating the market?

Infrastructure Investment Trusts has outperformed NIFTY 500 by 13.7% over the last 52 weeks and 2.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 8 of 8 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Infrastructure Investment Trusts stock has the strongest price momentum?

NDR INVIT Trust has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Infrastructure Investment Trusts company scores highest for research priority?

National Highways Infra Trust scores 57.2 out of 100 with 58.3% evidence confidence, from 25.4 points on growth and earnings, 10.8 on capital efficiency, 5 on valuation and 16 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Infrastructure Investment Trusts companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Infrastructure Investment Trusts sector?

The 9 Infrastructure Investment Trusts companies on this page carry ₹1,36,156 crore of combined market value. Altius Telecom Infrastructure Trust is the largest at ₹52,111 crore, about 38% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Infrastructure Investment Trusts sector's P/B ratio?

The median price-to-book ratio across the 9 Infrastructure Investment Trusts companies on this page is 1.4×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Infrastructure Investment Trusts sector performing?

8 of the 8 covered Infrastructure Investment Trusts companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 13.7% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/infrastructure-investment-trusts