Intelligent Supply Chain Infrastructure Trust reports Rs 332.55 crore

Intelligent Supply Chain Infrastructure Trust reported Rs 332.55 crore of warehousing-services income from sponsor Reliance Retail Ventures Limited in the quarter ended September 30, 2026, or 96.48% of Rs 344.70 crore disclosed from two related-party warehousing customers. Reliance Consumer Products Limited contributed the remaining Rs 12.15 crore during the quarter.

How concentrated was the Trust's warehousing income from disclosed related parties?

The Trust's disclosed related-party warehousing income was concentrated with Reliance Retail Ventures, which contributed Rs 332.55 crore in the quarter ended September 30, 2026. Reliance Consumer Products, a sponsor-group entity, contributed Rs 12.15 crore, taking income from the two disclosed related-party warehousing customers to Rs 344.70 crore.

Reliance Retail Ventures represented 96.48% of this Rs 344.70 crore total, while Reliance Consumer Products represented 3.52%. This percentage measures only the two related-party warehousing customers listed in the filing; the Trust did not disclose total consolidated revenue or separately state the share of overall revenue represented by these transactions.

The filing identifies Reliance Retail Ventures as the Trust's sponsor and identifies Reliance Consumer Products as part of the sponsor group. It does not provide warehouse-service contract tenures, transaction pricing, renewal dates, customer-diversification objectives or revenue guidance for either customer.

How did the Trust's sponsor income change across periods?

The Trust's warehousing income from Reliance Retail Ventures was Rs 332.55 crore in the September 2026 quarter, Rs 0.69 crore higher than Rs 331.86 crore in the June 2026 quarter. It was Rs 12.09 crore below the Rs 344.64 crore recorded from the sponsor in the quarter ended September 30, 2025.

Reliance Consumer Products contributed Rs 12.15 crore in the latest quarter, compared with Rs 12.84 crore in the June 2026 quarter and nil in the September 2025 quarter. As a result, combined income from the two disclosed related-party warehousing customers was Rs 344.70 crore in both the September and June 2026 quarters, versus Rs 344.64 crore a year earlier.

For the half year ended September 30, 2026, Reliance Retail Ventures generated Rs 664.41 crore of warehousing income for the Trust, compared with Rs 689.24 crore in the corresponding prior-year half. Reliance Consumer Products generated Rs 24.99 crore in the latest half year, while the filing reported no amount from it in the half year ended September 30, 2025.

Which related-party roles does the Trust disclose?

The Trust classifies Reliance Retail Ventures as sponsor and Reliance Consumer Products as a sponsor-group company in its related-party disclosures for September 30, 2026. The disclosures are prepared under Indian Accounting Standard 24 and the Securities and Exchange Board of India Infrastructure Investment Trust regulations.

The related-party list also includes Reliance Industries Limited, Reliance Retail Limited, Model Economic Township Limited and Reliance Prolific Traders Private Limited as sponsor-group entities. Axis Trustee Services Limited is the trustee, Infinite India Investment Management Limited is the investment manager, and Jio Infrastructure Management Services Limited is the project manager.

The Trust also disclosed a Rs 43.46 crore distribution to Reliance Retail Ventures for the September 2026 quarter, compared with Rs 42.77 crore in June 2026 and Rs 43.34 crore in September 2025. This distribution is distinct from the Rs 332.55 crore warehousing-services income recorded from the sponsor.

What other sponsor-group transactions did the Trust report?

The Trust reported Rs 9.40 crore of lease payments to three sponsor-group entities in the September 2026 quarter: Rs 5.19 crore to Reliance Industries, Rs 1.88 crore to Reliance Prolific Traders and Rs 2.33 crore to Model Economic Township. The total was Rs 8.48 crore in June 2026 and Rs 8.46 crore in the September 2025 quarter.

The Trust paid Rs 0.59 crore each in professional fees to Infinite India Investment Management and Jio Infrastructure Management Services in the September quarter. Under the disclosed agreements, the investment manager and project manager are each entitled to Rs 2 crore a year, excluding goods and services tax.

The Trust recorded Rs 0.03 crore of business-support-services income from Reliance Industries and Rs 0.05 crore from Reliance Retail in the September 2026 quarter. It reported no asset purchases or sales with Reliance Retail Ventures during the period, while Reliance Projects & Property Management Services Limited had ceased to be a related party effective March 31, 2026.

What do the Trust's receivables and distributions show?

The Trust had Rs 1.04 crore receivable from Reliance Retail Ventures at September 30, 2026, compared with nil at June 30, 2026 and September 30, 2025. It also had Rs 30.75 crore receivable from Reliance Consumer Products, up from Rs 30.01 crore at June 30, 2026 and Rs 14.89 crore at March 31, 2026.

Reliance Retail Ventures' unit holding in the Trust was reported at Rs 1,554.48 crore at September 30, 2026, unchanged from June 30, 2026, September 30, 2025 and March 31, 2026. The filing presents this holding separately from trade receivables and warehousing income.

At the Trust level, net distributable cash flow was Rs 85.29 crore in the September 2026 quarter, compared with Rs 83.53 crore in June 2026 and Rs 84.66 crore in September 2025. Actual distribution was Rs 85.21 crore, equal to 99.91% of total net distributable cash flow, and was disclosed as return on capital.

Conclusion

The Trust's September-quarter disclosures show that Reliance Retail Ventures accounted for Rs 332.55 crore, or 96.48%, of Rs 344.70 crore earned from its two disclosed related-party warehousing customers. Sponsor income rose Rs 0.69 crore sequentially but fell Rs 12.09 crore from a year earlier, while Reliance Consumer Products supplied Rs 12.15 crore as an additional sponsor-group customer.

The next disclosed results can show whether Reliance Consumer Products builds on its Rs 24.99 crore half-year contribution and whether Reliance Retail Ventures' Rs 664.41 crore half-year income changes further. The filing does not state a customer-diversification target, contract-renewal timetable or non-related-party warehousing-income figure, leaving those matters unresolved.