Indus Infra Trust (INDUSINVIT) — share price & stock analysis
Profits have nearly tripled in two years, the price has kept pace — no more, no less, leaving little room for error.
Indus Infra Trust (INDUSINVIT) trades at ₹126 as of 1 July 2026, up 11% over the past year — beating NIFTY 500 for 31 weeks. The machine reads this as recovery, richly priced: profits have nearly tripled in two years, the price has kept pace — no more, no less, leaving little room for error. It trades at a P/E of 20.1× (the 83rd percentile of its own range); the price is in Stage 2 — advancing, 47 weeks in; the business cycle reads DEEP CYCLICAL / EXPANSION. Fundamentals-momentum score: 36/100 (deteriorating).
Data as of 1 July 2026 · every number traces to its Screener source column · not investment advice.
- Market cap
- ₹7,701 Cr
- P/E
- 20.1×
- ROE
- 7.9%
- vs own history (since 2025)
- 83rd pctile
- Book value / share
- ₹107
- EPS (TTM)
- ₹8.63
- 10-yr median P/E
- 12.7×
- Revenue (FY26)
- ₹677 Cr
- Profit after tax (FY26)
- ₹383 Cr
- Weinstein stage
- Stage 2 (47 weeks)
- Data as of
- 1 July 2026
Profits swing violently in this business — a 100% peak-to-trough profit collapse. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.net_profit
Where the clock stands now: earnings sit at 79% of their historical range, margins are the best ever printed, and the market pays the expensive end of its range (83rd percentile). That reads as EXPANSION — the comfortable middle — but the records are already on the table; from here the bet is that they keep coming.net_profit
1 of the 5 things we track are currently moving the right way — most of the dashboard is red.
Where the levels actually stand: ROCE 7% — weak; real debt (0.97× equity); margins at an all-time high. Momentum says which way things are moving; these say where they are.
Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).
The price is tracking the earnings — no froth, no gift
Since Jan 2025, the stock is up 10% and earnings per share are up 10% — the price has tracked the profits, not run ahead of them.pricettm_eps
The market is paying for delivery, not promises. What you see in earnings is what you get in the price.
Today’s P/E of 20.1× means the market is paying up — this is the expensive end of its own history since 2025 (83rd percentile).pe_ratio
Data: Price, EPS and valuation (sampled — full series in the embedded dataset)
| Period | Price (₹) | EPS (TTM) (₹) | P/E (×) |
|---|---|---|---|
| Jan 25 | 114 | – | – |
| Feb 25 | 114 | 7.9 | 14.4 |
| Feb 25 | 114 | 7.9 | 14.4 |
| Mar 25 | 109 | 7.9 | 13.8 |
| Mar 25 | 113 | 7.9 | 14.3 |
| Apr 25 | 110 | – | 13.9 |
| Apr 25 | 108 | – | 13.6 |
| May 25 | 110 | – | 13.9 |
| May 25 | 110 | 10.9 | 10.1 |
| May 25 | 112 | 10.9 | 10.3 |
| Jun 25 | 109 | 10.9 | 10.0 |
| Jun 25 | 109 | 10.5 | 10.0 |
| Jul 25 | 112 | 10.5 | 10.7 |
| Jul 25 | 114 | 10.5 | 10.9 |
| Aug 25 | 111 | 11.1 | 10.0 |
| Aug 25 | 115 | 11.1 | 10.3 |
| Sep 25 | 115 | 11.1 | 10.4 |
| Sep 25 | 119 | 11.1 | 10.7 |
| Oct 25 | 118 | 11.1 | 10.6 |
| Oct 25 | 118 | 11.1 | 10.7 |
| Oct 25 | 120 | 11.1 | 10.8 |
| Nov 25 | 117 | 10.0 | 11.7 |
| Nov 25 | 118 | 10.1 | 11.7 |
| Dec 25 | 118 | 10.1 | 11.7 |
| Dec 25 | 114 | 10.1 | 11.3 |
| Jan 26 | 119 | 10.1 | 11.8 |
| Jan 26 | 120 | 10.1 | 11.9 |
| Feb 26 | 121 | 9.5 | 12.7 |
| Feb 26 | 121 | 9.6 | 12.6 |
| Feb 26 | 125 | 9.6 | 13.0 |
| Mar 26 | 122 | 9.6 | 12.7 |
| Mar 26 | 122 | 9.5 | 12.8 |
| Apr 26 | 124 | 9.6 | 12.9 |
| Apr 26 | 126 | 9.5 | 13.2 |
| Apr 26 | 129 | 8.6 | 15.0 |
| May 26 | 125 | 8.6 | 14.5 |
| May 26 | 125 | 8.6 | 14.4 |
| Jun 26 | 126 | 8.7 | 14.5 |
| Jun 26 | 125 | 8.6 | 14.5 |
| Jun 26 | 126 | 8.7 | 14.5 |
| Jun 26 | 126 | 8.7 | 14.5 |
| Jul 26 | 126 | 8.6 | 14.6 |
Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (12.7×).
An uptrend that has held for 47 weeks
STAGE 2 · ADVANCING · 47 WEEKSEvery stock cycles through the same four seasons — a flat base (stage 1), an advance (2), a top (3), a decline (4). Right now this one is in Stage 2: advancing, 47 weeks in, confirmed.stage
The price sits above its rising 200-day average (₹121 today) — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200
Beating NIFTY 500 for 31 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield
What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200
Data: Weekly price, moving averages and stage (sampled — full series in the embedded dataset)
| Period | Price (₹) | 200-DMA (₹) | 50-DMA (₹) | Stage |
|---|---|---|---|---|
| Mar 24 | 104 | 103 | 103 | 4 |
| Apr 24 | 108 | 104 | 105 | 4 |
| Apr 24 | 107 | 104 | 106 | 2 |
| May 24 | 106 | 104 | 106 | 2 |
| Jun 24 | 106 | 105 | 106 | 2 |
| Jun 24 | 105 | 105 | 106 | 2 |
| Jul 24 | 106 | 105 | 106 | 2 |
| Aug 24 | 107 | 105 | 106 | 2 |
| Aug 24 | 109 | 106 | 107 | 2 |
| Sep 24 | 113 | 106 | 109 | 2 |
| Oct 24 | 113 | 107 | 111 | 2 |
| Nov 24 | 114 | 108 | 112 | 2 |
| Nov 24 | 114 | 109 | 113 | 2 |
| Dec 24 | 114 | 110 | 114 | 2 |
| Jan 25 | 112 | 110 | 113 | 2 |
| Jan 25 | 114 | 111 | 113 | 2 |
| Feb 25 | 112 | 111 | 113 | 2 |
| Mar 25 | 109 | 111 | 113 | 2 |
| Mar 25 | 108 | 111 | 112 | 2 |
| Apr 25 | 108 | 111 | 110 | 3 |
| May 25 | 110 | 111 | 110 | 3 |
| May 25 | 112 | 110 | 110 | 4 |
| Jun 25 | 110 | 110 | 109 | 4 |
| Jul 25 | 112 | 110 | 110 | 1 |
| Aug 25 | 114 | 111 | 112 | 1 |
| Aug 25 | 115 | 111 | 112 | 1 |
| Sep 25 | 116 | 111 | 113 | 2 |
| Oct 25 | 118 | 112 | 115 | 2 |
| Oct 25 | 121 | 113 | 116 | 2 |
| Nov 25 | 117 | 114 | 118 | 2 |
| Dec 25 | 119 | 114 | 118 | 2 |
| Dec 25 | 114 | 115 | 117 | 2 |
| Jan 26 | 118 | 115 | 117 | 2 |
| Feb 26 | 121 | 116 | 119 | 2 |
| Feb 26 | 125 | 117 | 121 | 2 |
| Mar 26 | 124 | 118 | 122 | 2 |
| Apr 26 | 126 | 118 | 123 | 2 |
| Apr 26 | 129 | 120 | 125 | 2 |
| May 26 | 124 | 120 | 125 | 2 |
| Jun 26 | 126 | 121 | 125 | 2 |
| Jun 26 | 125 | 121 | 125 | 2 |
| Jun 26 | 126 | 121 | 125 | 2 |
| Jul 26 | 126 | 122 | 125 | 2 |
Recovering — profits are climbing off the FY23 low but still below their best
Over 6 years, sales went from ₹3,093 Cr to ₹677 Cr (about −22% a year), and profit from ₹75.0 Cr to ₹383 Cr.revenuenet_profit
The worst year was FY23 (₹0.0 Cr). Everything in this story hangs on whether the climb since then continues.net_profit
Data: Revenue by year
| Period | Revenue (₹ Cr) |
|---|---|
| FY20 | 3,093 |
| FY21 | 2,170 |
| FY22 | 1,600 |
| FY23 | 0 |
| FY24 | 121 |
| FY25 | 745 |
| FY26 | 677 |
Data: Profit by year
| Period | Profit after tax (₹ Cr) |
|---|---|
| FY20 | 75 |
| FY21 | 149 |
| FY22 | 63 |
| FY23 | 0 |
| FY24 | 15 |
| FY25 | 482 |
| FY26 | 383 |
Data: OPM % by year
| Period | OPM % (%) |
|---|---|
| FY20 | 9.1 |
| FY21 | 23.0 |
| FY22 | 26.8 |
| FY23 | – |
| FY24 | 30.6 |
| FY25 | 69.9 |
| FY26 | 71.3 |
Sales fell hard 25% last quarter
Mar 26 sales were ₹188 Cr, down 25% on the same quarter last year.revenue
A shrinking topline puts the burden of the story on margins and one-offs — watch whether this is a pause or a slide.
Data: Quarterly sales
| Period | Revenue (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 0.0 | – |
| Sep 23 | 0.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 121 | – |
| Jun 24 | 127 | – |
| Sep 24 | 156 | – |
| Dec 24 | 210 | – |
| Mar 25 | 251 | 107.4 |
| Jun 25 | 186 | 46.5 |
| Sep 25 | 123 | -21.2 |
| Dec 25 | 179 | -14.8 |
| Mar 26 | 188 | -25.1 |
Margins have been rebuilt — 9.1% in FY20 to 71.3% now
Of every ₹100 of sales, the company keeps ₹68.8 as operating profit — unchanged from a year ago.opm_pct
Zoom out and this is the page's quiet hero: annual operating margin bottomed at 9.1% in FY20 and has been rebuilt to 71.3% — that recovery, not sales alone, is what powers the profit growth elsewhere on this page.operating_profit
Data: Three margins, quarterly
| Period | Gross (%) | Operating (%) | Net (%) |
|---|---|---|---|
| Jun 23 | – | – | – |
| Sep 23 | – | – | – |
| Dec 23 | – | – | – |
| Mar 24 | 100 | 30.8 | 12.8 |
| Jun 24 | 100 | 62.8 | 87.4 |
| Sep 24 | 100 | 76.6 | 66.9 |
| Dec 24 | 100 | 70.6 | 56.5 |
| Mar 25 | 100 | 68.9 | 58.7 |
| Jun 25 | 100 | 80.1 | 64.7 |
| Sep 25 | 100 | 65.9 | 48.1 |
| Dec 25 | 100 | 65.1 | 53.8 |
| Mar 26 | 100 | 68.8 | 56.6 |
Profit fell hard 28% — mostly from selling more
Mar 26 profit after tax was ₹106 Cr, down 28% year on year.net_profit
Data: Quarterly profit after tax
| Period | PAT (₹ Cr) | YoY growth (%) |
|---|---|---|
| Jun 23 | 0.0 | – |
| Sep 23 | 0.0 | – |
| Dec 23 | 0.0 | – |
| Mar 24 | 15.0 | – |
| Jun 24 | 111 | – |
| Sep 24 | 104 | – |
| Dec 24 | 119 | – |
| Mar 25 | 147 | 880.0 |
| Jun 25 | 121 | 9.0 |
| Sep 25 | 59.0 | -43.3 |
| Dec 25 | 96.0 | -19.3 |
| Mar 26 | 106 | -27.9 |
The single biggest driver was selling more.
Data: Where the profit change came from (Mar 25 → Mar 26)
| Component | Effect (₹ Cr) |
|---|---|
| PAT Mar 25 | 147 |
| More sales | −43 |
| Thinner margins | −1 |
| Other income | +2 |
| Interest | −10 |
| Tax | +11 |
| PAT Mar 26 | 106 |
Most of the profit becomes cash — but not all
Over the last 4 profitable years, the business reported ₹943 Cr of profit and collected ₹769 Cr of operating cash — about 82% conversion (1 loss year excluded — a negative denominator would flatter the ratio).operating_cash_flownet_profit
The gap sits in receivables: customers now take 1 days to pay, up from 0. Profit booked, cash pending.debtor_days
Data: Cash collected vs profit reported (annual)
| Period | Operating cash flow (₹ Cr) | Profit after tax (₹ Cr) |
|---|---|---|
| FY20 | -1,220 | 75.0 |
| FY21 | -944 | 149 |
| FY22 | -398 | 63.0 |
| FY23 | 0.0 | 0.0 |
| FY24 | 129 | 15.0 |
| FY25 | 439 | 482 |
| FY26 | 599 | 383 |
The cash cycle is stable
One rupee now takes about 1 days to go out the door as materials and come back as collected cash.cash_conversion_cycle
Data: Days of cash locked up (annual)
| Period | Customers owe (debtor days) (days) |
|---|---|
| FY20 | 1.0 |
| FY21 | 6.0 |
| FY22 | 5.0 |
| FY24 | 18.0 |
| FY25 | 0.0 |
| FY26 | 1.0 |
Steady, unhurried investment
The productive asset base has gone from ₹0.0 Cr (FY20) to ₹3.0 Cr.fixed_assetscwip
The build is self-funded: the last 3 years' investing outflow (₹−1,066 Cr) fits inside the operating cash the business generated (₹1,167 Cr).investing_cash_flowoperating_cash_flow
Data: Assets in place vs under construction (annual)
| Period | Fixed assets (₹ Cr) | Under construction (CWIP) (₹ Cr) |
|---|---|---|
| FY20 | 0.0 | 0.0 |
| FY21 | 0.0 | 0.0 |
| FY22 | 0.0 | 0.0 |
| FY23 | 0.0 | 0.0 |
| FY24 | 0.0 | 0.0 |
| FY25 | 0.0 | 0.0 |
| FY26 | 3.0 | 0.0 |
Carrying real debt
For every ₹100 shareholders have put in (and left in), the company has borrowed ₹97 — total borrowings have grown from ₹2,284 Cr to ₹4,603 Cr over the window.borrowings
Data: Total borrowings (annual)
| Period | Borrowings (₹ Cr) |
|---|---|
| FY20 | 2,284 |
| FY21 | 3,710 |
| FY22 | 4,679 |
| FY24 | 1,138 |
| FY25 | 2,144 |
| FY26 | 4,603 |
Data: Debt vs shareholders’ money (annual)
| Period | Debt ÷ equity (x) |
|---|---|
| FY20 | 6.2 |
| FY21 | 7.0 |
| FY22 | 7.9 |
| FY24 | 0.2 |
| FY25 | 0.4 |
| FY26 | 1.0 |
Every ₹100 kept in the business earns just ₹7
Return on capital employed is 7.0% (a year ago: 9.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct
Data: Returns on capital (annual)
| Period | ROCE (%) |
|---|---|
| FY21 | 14.0 |
| FY22 | 9.0 |
| FY23 | 0.0 |
| FY24 | 1.0 |
| FY25 | 9.0 |
| FY26 | 7.0 |
A real recovery — the question is the price
The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.
Best thing in the data: free cash flow rising (₹806 Cr → ₹1,298 Cr).operating_cash_flow
Biggest worry: debt moving the wrong way (0.44× → 0.97×).borrowings
Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.
Straight answers from the data
What does Indus Infra Trust do?
Incorporated in 2022, Indus Infra Trust is a SEBI-registered infrastructure investment trust[1]. It is listed in the Infra/Real Estate Investment Trust sector with a market capitalisation of ₹7,701 Cr.
What is Indus Infra Trust's share price?
As of 1 July 2026, Indus Infra Trust trades at ₹126, up 11% over the past year, with a market capitalisation of ₹7,701 Cr. Beating NIFTY 500 for 31 weeks. Prices are weekly closes from Screener data; this page refreshes with each weekly update.
What is Indus Infra Trust's share price target?
Sector Alpha does not publish broker-style price targets. Our discounted-cash-flow model estimates Indus Infra Trust's intrinsic value at ₹275 per share under base assumptions (bear ₹78.0, bull ₹275), against the current price of ₹126 — a 120% margin of safety. The current price already implies roughly 14% annual earnings growth. These are model estimates, not forecasts — treat them as one input alongside the valuation history below, not as a target.
Is Indus Infra Trust stock overvalued or undervalued?
Indus Infra Trust trades at a P/E of 20.1× — the 83rd percentile of its own 1.4-year trading range (median 12.7×), which is near the top of its own historical range. The price is tracking the earnings — no froth, no gift. Since Jan 2025, the stock is up 10% and earnings per share are up 10% — the price has tracked the profits, not run ahead of them. Note the short 1.4-year valuation record.
What did Indus Infra Trust report in its latest quarterly results?
In its most recent reported quarter (Q4 FY26, quarter ended March 2026): Mar 26 sales were ₹188 Cr, down 25% on the same quarter last year. Mar 26 profit after tax was ₹106 Cr, down 28% year on year. Figures are from Screener-scraped quarterly filings; the page updates when the next quarter is filed.
Is Indus Infra Trust growing?
Sales fell hard 25% last quarter. Mar 26 sales were ₹188 Cr, down 25% on the same quarter last year.
Are Indus Infra Trust's profits growing?
Profit fell hard 28% — mostly from selling more. Mar 26 profit after tax was ₹106 Cr, down 28% year on year.
What are Indus Infra Trust's operating margins?
Margins have been rebuilt — 9.1% in FY20 to 71.3% now. In the most recent quarter, of every ₹100 of sales, the company keeps ₹68.8 as operating profit — unchanged from a year ago.
What is Indus Infra Trust's long-term growth record?
Revenue grew from ₹3,093 Cr in FY20 to ₹677 Cr in FY26 — a -22.4% compound annual growth rate over 6 years. Profit after tax compounded at 31.2% over the same period (₹75 Cr → ₹383 Cr).
Is Indus Infra Trust stock in an uptrend?
An uptrend that has held for 47 weeks. Indus Infra Trust is in Stage 2 — advancing, 47 weeks in (confirmed). Stages follow Stan Weinstein's four-phase read of weekly price against the 200-day average: basing (1), advancing (2), topping (3), declining (4).
Why is Indus Infra Trust stock rising?
The price is up 11% over the past year, in a confirmed Stage 2 uptrend (47 weeks), and has beaten NIFTY 500 for 31 weeks. Earnings are moving with the price — this is a profit-backed move, not a pure re-rating. Since 2025, the price is up 10% while earnings per share moved 10%.
Is Indus Infra Trust beating the NIFTY 500?
Yes — beating NIFTY 500 for 31 weeks, as of 1 July 2026. Relative strength is measured weekly against the NIFTY 500 (Mansfield RS): a positive reading means the stock has outperformed the index over the trailing window, week after week.
Where is Indus Infra Trust in its business cycle?
The data reads Indus Infra Trust as a deep cyclical business currently in its expansion phase — earnings at 79% of their own historical range, valuation at the 83rd percentile. Profits swing violently in this business — a 100% peak-to-trough profit collapse. That is what “deep cyclical” means: the same company looks brilliant at the top of its cycle and broken at the bottom.
Does Indus Infra Trust have too much debt?
Carrying real debt. For every ₹100 shareholders have put in (and left in), the company has borrowed ₹97 — total borrowings have grown from ₹2,284 Cr to ₹4,603 Cr over the window.
What is the bull case for Indus Infra Trust?
Profits have nearly tripled in two years, the price has kept pace — no more, no less, leaving little room for error. Best thing in the data: free cash flow rising (₹806 Cr → ₹1,298 Cr). Sales fell hard 25% last quarter.
What is the bear case for Indus Infra Trust — what could break the story?
Biggest worry: debt moving the wrong way (0.44× → 0.97×). Two quarters of free cash flow reversing would kill this story. This falsification condition is stated up front so the thesis can be checked against incoming quarters, not defended after the fact.
Is Indus Infra Trust a stock worth studying right now?
Sector Alpha does not publish buy or sell recommendations — this is a research read, not advice. What the data says: a real recovery — the question is the price. The numbers are genuinely mixed, and the price is roughly fair to the delivery so far. Across the 7-model scorecard the composite research signal is on watch at 55% confidence. This is machine-written research compiled from Screener data — every number traces to its source — and it is not investment advice. Do your own diligence.