NXT-INFRA Trust nearly doubles capital as assets expand

NXT-INFRA TRUST reported unit capital of Rs 5,524.077 crore and total asset value of Rs 10,300.663 crore at September 30, 2026, versus Rs 2,838.809 crore and Rs 5,572.400 crore at March 31, 2026. The Infrastructure Investment Trust, or InvIT, added five road-project entities during the half year.

What changed in NXT-INFRA Trust's capital and asset base?

NXT-INFRA Trust's unit capital increased by Rs 2,685.268 crore between March 31, 2026 and September 30, 2026. Unit capital rose from Rs 2,838.809 crore to Rs 5,524.077 crore, while the number of units rose from 28.50 crore to 56.9210526 crore, according to the statement of changes in unitholders' equity.

The reported enterprise value of NXT-INFRA Trust's assets increased by Rs 4,728.263 crore over the same six-month period. Total asset value was Rs 10,300.663 crore at September 30, 2026, compared with Rs 5,572.400 crore at March 31, 2026; the filing says this measure is based solely on the latest available independent fair-valuation reports.

The period's unit-capital movement reflected Rs 2,700 crore of units issued, less Rs 14.732 crore of issue-related expenses. NXT-INFRA Trust said it issued units to acquire equity shares in the five entities from the sponsor and did not obtain external financing specifically for those acquisitions.

Which five road assets did NXT-INFRA Trust add?

NXT-INFRA Trust added Darah Jhalawar Highways Private Limited, Vadodara Kim Expressway Private Limited, Calicut Expressways Pvt Ltd, Vindhyachal Expressway Private Limited and Second Vivekananda Bridge Tollway Co. Pvt Ltd. The filing reported acquisition consideration of Rs 1,687.659 crore for InvIT assets in the half year ended September 30, 2026.

Independent valuation reports put the acquired entities' combined fair value of net assets at Rs 2,346.758 crore. The reported values ranged from Rs 15.630 crore for Darah Jhalawar Highways to Rs 1,240.744 crore for Second Vivekananda Bridge Tollway, using weighted average cost of capital, or WACC, rates ranging from 5.99% to 9.84%.

Vadodara Kim Expressway had a stated net-asset fair value of Rs 89.595 crore at a 6.85% WACC, while Calicut Expressways was valued at Rs 125.043 crore using a 7.08% WACC. Vindhyachal Expressway was assigned Rs 875.746 crore at a 9.84% WACC, and Darah Jhalawar Highways was assigned Rs 15.630 crore at a 7.19% WACC.

NXT-INFRA Trust also disclosed that no material conditions or obligations remained open for the transactions other than regulatory approvals obtained by the InvIT. It further said that no associate of a related party received, or was due to receive, a fee or commission in relation to the transactions.

How did NXT-INFRA Trust's project values change?

NXT-INFRA Trust's September 30, 2026 schedule listed 11 project entities, compared with six at March 31, 2026. The five newly listed projects carried reported enterprise values of Rs 403.054 crore for Darah Jhalawar, Rs 787.592 crore for Vadodara Kim, Rs 1,099.607 crore for Calicut, Rs 1,449.974 crore for Vindhyachal and Rs 1,165.310 crore for Second Vivekananda Bridge.

Five legacy assets with directly comparable reported values all declined between March 31 and September 30, 2026. NXT-INFRA CT Highways fell to Rs 345.894 crore from Rs 375.530 crore, NXT-INFRA CGRG Highways fell to Rs 406.883 crore from Rs 437.460 crore, and NXT-INFRA GSY Highways fell to Rs 570.678 crore from Rs 614.350 crore.

Delhi Meerut Expressway was reported at Rs 216.503 crore at September 30, 2026, against Rs 221.580 crore at March 31, 2026. NI Road Infra was reported at Rs 467.958 crore, down from Rs 523.770 crore, while the filing separately notes that the reported value of NXT-INFRA MCP Highways includes enterprise value for the remaining 51% equity stake to be acquired by NXT-INFRA Trust.

The filing defines asset value as the enterprise value of subsidiaries derived from independent fair-valuation reports available as at March 31, 2026. Therefore, the Rs 10,300.663 crore total is a valuation-based portfolio measure rather than a separately reported operating or revenue measure.

How did NXT-INFRA Trust fund and support the expansion?

NXT-INFRA Trust reported term loans from banks and financial institutions of Rs 5,217.033 crore at September 30, 2026, up by Rs 2,104.739 crore from Rs 3,112.294 crore at March 31, 2026. Those borrowings were reported at the Trust level, separately from the statement that no external financing was obtained for the five acquisitions.

Cash, cash equivalents and other bank balances, including joint-venture balances, totalled Rs 762.015 crore at September 30, 2026, compared with Rs 334.665 crore at March 31, 2026. NXT-INFRA Trust said certain cash and deposits are included in its net-borrowing calculation because external borrowings raised by the InvIT were advanced to a joint venture to repay its erstwhile borrowings.

The Trust had an unsecured senior loan receivable from its joint venture of Rs 861.518 crore at September 30, 2026, down from Rs 913.724 crore at March 31, 2026. Its unsecured subordinated loan receivable was Rs 643.565 crore, compared with Rs 643.366 crore at the March reporting date.

Other equity was Rs 625.020 crore at September 30, 2026, compared with Rs 195.412 crore at March 31, 2026. The movement included Rs 13.243 crore of profit for the period, Rs 559.694 crore added to capital reserve through a business combination and Rs 143.328 crore of distributions to unitholders during the period.

What distribution did NXT-INFRA Trust approve?

NXT-INFRA Trust's investment manager approved a distribution of Rs 7.8075 per unit on November 5, 2026 for the quarter and half year ended September 30, 2026. The filing says the amount was payable within five days of its declaration.

The stated distribution comprised Rs 1.2584 per unit as interest, Rs 5.0730 per unit as principal and Rs 1.4766 per unit as dividend. NXT-INFRA Trust said the distribution was declared after September 30, 2026 and was therefore not included in the financial results for that reporting date.

The capital-repayment balance was Rs 66.2079 crore at September 30, 2026, following Rs 4.1576 crore of repayment during the period. NXT-INFRA Trust also reported distributions to unitholders of Rs 152.263 crore in the half year ended September 30, 2026.

Conclusion

NXT-INFRA Trust reported a substantially larger capital base and asset portfolio at September 30, 2026 after adding five road entities. Unit capital increased to Rs 5,524.077 crore and the reported portfolio asset value reached Rs 10,300.663 crore, while five directly comparable legacy project values were lower than at March 31, 2026.

The disclosed item to watch next is the acquisition of the remaining 51% equity stake in NXT-INFRA MCP Highways, whose enterprise value is included in the reported asset schedule. Subsequent disclosures can also show how term loans of Rs 5,217.033 crore, the Rs 762.015 crore cash balance and the November 5, 2026 distribution are reflected after the portfolio expansion.