In , NDR INVIT Trust (Infrastructure Investment Trusts) is outperforming Nifty 500 with +13.4% relative strength. Fundamentals: Weak. On a 12-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: AUM: 19.68 msf.
Impact: Rs. 640 mn revenue
“Successfully acquired MLG Warehousing Pvt. Ltd., at Lucknow, strengthening our warehousing footprint. Undertaking a project at Sohna Road, NCR.”
What: Occupancy Rate: ~99%
“Our portfolio performance remains robust, supported by healthy occupancy levels, steady rental growth, and efficient capital management.”
What: EDGE Certification: 77,560 sq. m
“Achieved EDGE Advanced certification for our facility at Sri City, bringing 77,560 sq. m of our portfolio under EDGE Advanced certification.”
What: Revenue growth of 33.5% YoY
“Revenue (INR in Mn) 1,059 for Q3FY26 compared to 793 for Q3FY25, representing 33.5% YoY growth.”
What: 19.2 msf. → 19.68 msf.
“AUM 19.68 msf. in Q3 FY26 compared to 19.2 msf. in Q1 FY26.”
Earnings deceleration risks from management commentary
Trigger: General macro and regulatory environment in India.
Management view: Monitoring through Enterprise Risk Management framework.
Monitor: regulatory
Trigger: Operational nature of warehousing and logistics.
Management view: Fostering a safe and secure workplace for employees and contractors.
Monitor: labor
Key quotes from recent conference calls
“Distribution (Per Unit) 1.825 for Q1 FY26 performance metrics in the previous presentation. [Previous Distribution Per Unit (DPU) guidance]”
“We are undertaking a project at Sohna Road, NCR and expecting a realization of Rs.640 mn over a period of 18 months. [Initiative: Sohna Road Project]”
“Successfully acquired MLG Warehousing Pvt. Ltd., at Lucknow, strengthening our warehousing footprint. [Initiative: MLG Warehousing Acquisition]”
“Important developments that could affect the Trust's operations include changes in the industry structure... tax laws, import duties. [Risk (regulatory): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
INR 1,059 mn
Why: Revenue growth was driven by continued growth in average rentals and the expansion of the portfolio into new markets.
Revenue reached INR 1,059 mn, representing a 33.5% year-on-year increase from INR 793 mn in Q3 FY25.
EBITDA
INR 960 mn
Why: EBITDA growth was supported by healthy occupancy levels and efficient capital management across the scaled portfolio.
EBITDA grew to INR 960 mn from INR 716 mn in the previous year, maintaining a high margin profile.
PAT
INR 332.66 mn
Why: Profit was impacted by higher finance costs of INR 328.28 mn compared to INR 117.77 mn in Q3 FY25.
Despite higher operating income, PAT declined year-on-year primarily due to a significant increase in finance costs.
Other Highlights
• Occupancy rate maintained at ~99% for Q3 FY26.
• Distribution per unit declared at 1.875 for the quarter.
• Net Asset Value (NAV) stood at INR 135.23 per unit.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Assets Under Management (AUM)
19.68 msf.
Why: Growth driven by the acquisition of MLG Warehousing and project completions.
Occupancy Rate
99%
Why: Maintained high occupancy due to industry leadership and client loyalty.
Weighted Average Lease Expiry (WALE)
10.89 years
Why: Reflects portfolio resilience and long-term tenant commitments.
Leverage (Net Debt to GAV)
17.7%
Why: Increase likely due to funding for acquisitions and new projects.
Distribution Per Unit (DPU)
1.875
Why: Increased distribution following robust operational performance.
Net Asset Value (NAV) per Unit
135.23
Why: Reflects asset valuation adjustments and working capital changes.
Top 10 Client Rental Contribution
31%
Why: Diversification of the tenant base as the portfolio scales.
Logistics and 3PL Revenue Share
43%
Why: Dominant sector in the tenant mix contributing to revenue.
Forward-looking targets from management for 18 months
Rs. 640 mn
Guidance Changes
Portfolio Size: 19.2 msf. → 19.68 msf.
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +34% | +24% | Stable |
| PAT (Net Profit) | -11% | +80% | Inflection Down |
| OPM | 88.0% | 0 bps | Expanding |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
NDR INVIT Trust's latest quarterly results (Dec 2025) show
NDR INVIT Trust's profit is declining with an inflecting downward trend.
NDR INVIT Trust's revenue growth trend is stable.
NDR INVIT Trust's operating margin is expanding.
NDR INVIT Trust's long-term compounding rates
NDR INVIT Trust's earnings growth is inflecting downward with weakening on a sequential basis.
NDR INVIT Trust's trailing twelve month (TTM) performance
NDR INVIT Trust appears fairly valued based on our fair value analysis.
NDR INVIT Trust's current PE ratio is 38.5x.
NDR INVIT Trust's current PE is 38.5x.
NDR INVIT Trust's price-to-book ratio is 1.4x.
NDR INVIT Trust is rated Weak with a fundamental score of 26.25/100. This score is calculated from objective financial metrics
NDR INVIT Trust has a debt-to-equity ratio of N/A.
NDR INVIT Trust's return ratios over recent years
NDR INVIT Trust's operating cash flow is positive (FY2025).
NDR INVIT Trust's current dividend yield is 2.71%.
NDR INVIT Trust has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
NDR INVIT Trust is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
NDR INVIT Trust has 5 key growth catalysts identified from recent earnings analysis
NDR INVIT Trust has 2 key risks worth monitoring
In Q3 FY26, NDR INVIT Trust's management highlighted
NDR INVIT Trust's management has provided the following forward guidance for 18 months
NDR INVIT Trust's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why NDR INVIT Trust may be worth studying
NDR INVIT Trust investment thesis summary:
NDR INVIT Trust's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
