NDR InvIT has Rs 115.30 crore of proceeds awaiting use

NDR InvIT Trust had Rs 115.30 crore of unutilised unit-issue proceeds at September 30, 2026, temporarily invested in mutual funds pending deployment. NDR InvIT had used Rs 606.47 crore of Rs 721.78 crore in disclosed unit-issue proceeds for acquisitions, refinancing debt of acquired entities, capital expenditure and issue expenses.

How much unit capital did NDR InvIT issue?

NDR InvIT issued 6,20,26,829 units, or 6.20 crore units, during the half year ended September 30, 2026. Gross unit capital issued was Rs 842.32 crore, while unit-issue expenses of Rs 12.76 crore reduced the net addition reflected in unit capital.

The unit count increased to 45,80,39,043 at September 30, 2026 from 39,60,12,214 at April 1, 2026. In the comparable half year ended September 30, 2025, NDR InvIT issued 1,10,12,214 units, or 1.10 crore units, with gross unit capital of Rs 110.12 crore. The latest half-year issuance was therefore 5.10 crore units higher than the prior-year period.

Unit capital reported in the balance sheet rose to Rs 4,788.61 crore at September 30, 2026 from Rs 3,959.04 crore at March 31, 2026. The cash-flow statement separately recorded Rs 755.17 crore of cash proceeds from unit capital issuance, Rs 12.76 crore of issue expenses and Rs 7.61 crore of public-listing expenses during the half year.

Where did NDR InvIT deploy its unit-issue proceeds?

NDR InvIT had utilised Rs 606.47 crore of its Rs 721.78 crore disclosed unit-issue proceeds by September 30, 2026. The uses were acquisition costs, refinancing of existing debt at acquired entities, capital expenditure at special purpose vehicles, or SPVs, and issue expenses.

Refinancing of debt at acquired entities accounted for Rs 366.14 crore of cumulative deployment, compared with Rs 160.72 crore for acquisitions and Rs 66.85 crore for capital expenditure. Issue expenses represented the remaining Rs 12.76 crore of the utilisation total.

The Rs 308.96 crore deployed after June 30 comprised Rs 100.31 crore for acquisitions, Rs 175.21 crore for refinancing and Rs 33.43 crore for capital expenditure. The stated unit-proceeds schedule distinguishes these allocations from the broader standalone cash-flow statement, which recorded Rs 312.54 crore of purchase consideration towards acquisitions during the half year.

Why does NDR InvIT still have Rs 115.30 crore awaiting use?

NDR InvIT reported Rs 115.30 crore of unutilised unit-issue proceeds at September 30, 2026, down from Rs 424.26 crore at June 30, 2026. The filing states that these funds were temporarily invested in mutual funds pending deployment, without identifying a project-level timetable for their use.

The reduction in the unutilised balance matches the Rs 308.96 crore deployed during the September quarter. The balance also reconciles to Rs 721.78 crore of proceeds less Rs 606.47 crore of cumulative utilisation, based on the unit-capital proceeds disclosure.

Current investments were Rs 193.02 crore at September 30, 2026, compared with Rs 11.45 crore at March 31, 2026. Cash and cash equivalents fell to Rs 2.67 crore from Rs 400.17 crore over the same period, while bank balances other than cash equivalents stood at Rs 38.03 crore; the proceeds note specifically identifies mutual funds as the temporary placement for unutilised unit-issue funds.

What acquisitions and debt funding did NDR InvIT disclose?

NDR InvIT acquired 100% ownership of Sai Sankalpa Infra Projects Private Limited in the quarter ended September 30, 2026 for cash consideration of Rs 66.02 crore. In the preceding quarter, it acquired 100% ownership of NDR Space Private Limited for Rs 80.26 crore, comprising Rs 46.87 crore in cash and 24,58,591 units valued at Rs 33.39 crore.

The unit issue therefore included a non-cash component linked to the NDR Space transaction, alongside the Rs 755.17 crore cash inflow shown in financing cash flows. The trust also advanced Rs 886.83 crore in loans to subsidiaries and received Rs 340.42 crore in repayments from subsidiaries during the half year ended September 30, 2026.

NDR InvIT disclosed nil unutilised proceeds from non-convertible debentures, or NCDs, at September 30, 2026. Total NCD proceeds were Rs 1,787.45 crore across three listed issuances, including Rs 410 crore issued on March 30, 2026, with stated annual interest rates of 7.61%, 8.05% and 8.10% and quarterly interest payments.

How did the larger unit base affect NDR InvIT's reported position?

NDR InvIT reported total equity of Rs 4,426.59 crore at September 30, 2026, compared with Rs 3,782.49 crore at March 31, 2026. Unit capital pending allotment of Rs 87.16 crore at March 31 was no longer reported at September 30, while distribution repayment of unit capital increased to Rs 356.66 crore from Rs 272.34 crore.

For the half year ended September 30, 2026, total comprehensive income was Rs 78.50 crore, compared with Rs 54.18 crore in the corresponding prior-year period. NDR InvIT distributed Rs 176.80 crore during the half year, comprising Rs 92.48 crore as return on unit capital and Rs 84.33 crore as repayment of unit capital.

Reported net asset value, or NAV, was Rs 96.64 per unit at September 30, 2026, compared with Rs 93.99 at March 31, 2026. Fair-value NAV was Rs 141.40 per unit, versus Rs 142.03 at March 31, and the filing says the investments were fair valued by an independent valuer as at June 30, 2026, including additions to capital work in progress during the September quarter.

Conclusion

NDR InvIT expanded its unit base by 6.20 crore units in the half year ended September 30, 2026 and had deployed Rs 606.47 crore of its Rs 721.78 crore disclosed unit-issue proceeds. Refinancing debt of acquired entities accounted for Rs 366.14 crore, while acquisitions absorbed Rs 160.72 crore and capital expenditure used Rs 66.85 crore.

The immediate item to watch is the deployment of Rs 115.30 crore still invested temporarily in mutual funds, as the filing does not set a timetable for that balance. Separately, NDR InvIT's investment manager approved a proposed conversion from a privately listed InvIT to a publicly listed InvIT through a fresh issue and offer for sale on June 26, 2026; unitholders approved it on July 17, 2026 and it was filed with the Securities and Exchange Board of India on August 10, 2026, subject to necessary approvals.