Nxt-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.

Nxt-Infra Trust trades at ₹95.5, building a base and 20 weeks into that stage. That is −4.6% against its own 200-day average. It sits at 0% of a 52-week range of ₹96 to ₹110. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is building a base — week 20 of stage 1, confirmed. At ₹95.5 it trades −4.6% versus its 200-day average and sits at 0% of its 52-week range (₹96–₹110).

Against the market, two honest reads. Cumulative: over the last 2.0 years the stock moved −6% while the NIFTY 500 moved +0% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-03) — 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.

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.

Nxt-Infra Trust trades at 20.6× P/E, against too little history to rank. Its long-run median P/E is 27.0×, measured across 0.7 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 20.6× is against too little history to rank, against a long-run median of 27.0× measured over 0.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

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

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).

Nxt-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 4 quarters across 1 curve, on partial evidence.

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

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.

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

4-Factor Sector Score

36.5/100 — rank 9 of 9 in Infra/Real Estate Investment Trust · 41% evidence confidence · provisional, ranked below fully-evidenced peers

Nxt-Infra Trust scores 36.5 out of 100 against the 9 companies it is compared with in Infra/Real Estate Investment Trust, ranking 9. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 8.5 + 11.8 + 6.2 + 10 = 36.5. 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.

Nxt-Infra Trust reported ₹87.0 Cr of revenue in the Jun 26 quarter, +7.4% year on year. Over 5 years it has compounded at −12.8% a year. The last full year, FY26, came in at ₹321 Cr. The last four reported quarters add to ₹326 Cr.

FY26 revenue came in at ₹321 Cr (+11.1% on the year), capping 5 years at −12.8% compound. The latest quarter (Jun 26) printed ₹87.0 Cr, +7.4% year on year.

Pace check: the last four quarters averaged −10.0% growth against the decade's −12.8% — the current year is running faster than its own long-run rate.

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.

Nxt-Infra Trust's operating margin is 39.0% in the Jun 26 quarter, −8.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged −11.0% to 35.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 39.0%, −8.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged −11.0%–35.0%, and FY26's 35.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −8.2 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

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.

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

Nxt-Infra Trust earned ₹74.0 Cr of net profit in the Jun 26 quarter, +72.1% year on year. Full-year FY26 profit was ₹101 Cr. The 5-year compound rate is 27.5%. That is 85.1% of the quarter's revenue. The same quarter a year earlier earned ₹43.0 Cr. 1 of the last 8 reported quarters were loss-making.

Jun 26 profit was ₹74.0 Cr, +72.1% year on year. On the full year, FY26 printed ₹101 Cr (−47.9%), and the 5-year compound rate is 27.5%.

Why profit moved: revenue contributed +7.4% and the margin −8.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit −29.0% vs revenue −10.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 115% of Nxt-Infra Trust's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹187 Cr of operating cash against ₹101 Cr of profit. After ₹0.0 Cr of capital spending, ₹187 Cr was left as free cash.

FY26: operating cash of ₹187 Cr against reported profit of ₹101 Cr, leaving free cash of ₹187 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 115% 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 115%: the cash cycle tightened 56 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

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

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).

Nxt-Infra Trust's cash conversion cycle runs 49 days in FY26, down from 105 days in FY21. Capital spending ran ₹0.0 Cr over the last 3 years. At FY26 sales of ₹321 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹43.0 Cr sits inside the business at any moment.

FY26: debtors at 49 days (an asset-light business — no inventory to speak of) — for a full cycle of 49 days, tighter than FY21's 105.

In money terms: at FY26 sales of ₹321 Cr, each day of the cycle holds about ₹0.9 Cr — so the 49-day loop keeps roughly ₹43.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹0.0 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.

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.

Nxt-Infra Trust earns a ROCE of 6% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 31.5% net margin on 0.06× asset turns.

FY26 ROCE is 6%.

Why the return is what it is — the wiring (FY26): 31.5% net margin × 0.06× asset turns × 2.34× balance-sheet leverage ≈ 4.4% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

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.

Nxt-Infra Trust carries ₹3,112 Cr of borrowings against ₹2,414 Cr of equity in FY26, a debt-to-equity of 1.29. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹2,520 Cr to ₹3,112 Cr. Capital spending ran ₹0.0 Cr across the last 3 of those years.

FY26: borrowings of ₹3,112 Cr against equity of ₹2,414 Cr — a debt-to-equity of 1.29. Operating profit covers the interest bill 1×. Over 5 years borrowings went from ₹2,520 Cr to ₹3,112 Cr while capital spending ran ₹0.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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 Nxt-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 — .

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.

Nxt-Infra Trust: 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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