Nxt-Infra Trust declares Rs 7.8073 payout after Rs 444.40 crore NDCF

Nxt-Infra Trust declared a Rs 7.8073-per-unit distribution on November 5, 2026, after reporting Rs 444.40 crore of net distributable cash flow, or NDCF, for the quarter ended September 30, 2026. The payout comprises Rs 1.2924 of interest, Rs 5.0383 of principal and Rs 1.4766 of dividend per unit.

What distribution has Nxt-Infra Trust declared?

Nxt-Infra Trust has declared a Rs 7.8073 distribution per unit for the quarter and half year ended September 30, 2026. The board of Walter Infra Manager Private Limited, the investment manager, approved the distribution on November 5, 2026, and the filing says payment is due within five days from the declaration date.

The distribution consists of Rs 1.2924 per unit of interest, Rs 5.0383 per unit of principal and Rs 1.4766 per unit of dividend. Principal is the largest component at Rs 5.0383 per unit, while the interest and dividend portions total Rs 2.7690 per unit. The declaration occurred after September 30, 2026, so it was not included in the standalone September-quarter financial results.

Nxt-Infra Trust reported a standalone loss of Rs 21.25 crore for the quarter ended September 30, 2026, compared with a profit of Rs 66.80 crore in the June 2026 quarter and a profit of Rs 62.68 crore in the September 2025 quarter. For the half year ended September 30, 2026, standalone profit was Rs 45.55 crore, against Rs 87.69 crore a year earlier.

What was Nxt-Infra Trust’s distributable cash flow?

Nxt-Infra Trust reported Rs 444.40 crore of NDCF for the quarter ended September 30, 2026, while its half-year NDCF was Rs 505.40 crore. The quarterly figure follows Rs 607.37 crore of trust-level cash inflow and Rs 162.97 crore of cash outflows and retention. NDCF is the InvIT cash-flow measure after prescribed deductions, rather than accounting profit.

Cash received from special purpose vehicles, or SPVs, was Rs 616.81 crore in the September 2026 quarter, compared with Rs 173.64 crore in the preceding June quarter and Rs 205.17 crore in the September 2025 quarter. Trust-level operating cash flow was negative Rs 9.44 crore in the September quarter, but SPV distributions lifted total trust-level inflow to Rs 607.37 crore.

For the half year ended September 30, 2026, cash received from SPVs was Rs 790.45 crore, up from Rs 357.97 crore in the corresponding 2025 half year. Total cash inflow at trust level increased to Rs 781.65 crore from Rs 352.39 crore, while half-year NDCF increased to Rs 505.40 crore from Rs 160.88 crore. The increase in half-year NDCF was therefore Rs 344.52 crore.

What cash outflows reduced Nxt-Infra Trust’s NDCF?

Nxt-Infra Trust deducted Rs 162.97 crore of cash outflows and retention from quarterly trust-level inflow to calculate its Rs 444.40 crore NDCF. Finance cost was Rs 72.01 crore and scheduled debt repayment at trust level was Rs 55.64 crore during the September 2026 quarter.

Capital expenditure on existing assets was Rs 37.80 crore in the quarter ended September 30, 2026. The NDCF calculation also included a negative Rs 2.48 crore under reserves required under financing, concession or regulatory obligations. A negative reserve line reduces aggregate outflows, unlike finance costs, debt repayment and qualifying capital expenditure.

For the September 2026 half year, finance cost was Rs 129.22 crore, debt repayment was Rs 111.62 crore and capital expenditure was Rs 42.06 crore. Total cash outflows and retention were Rs 276.25 crore, compared with Rs 191.51 crore in the half year ended September 30, 2025. Nxt-Infra Trust is required under InvIT regulations to distribute at least 90% of annual NDCF, but the filing does not state what proportion of half-year NDCF the declared Rs 7.8073 payout represents.

How did Nxt-Infra Trust’s capital and asset base change?

Nxt-Infra Trust’s standalone unit capital increased to Rs 5,524.08 crore at September 30, 2026 from Rs 2,838.81 crore at March 31, 2026. Units outstanding rose to 56.92 crore from 28.50 crore over the same period, after the trust issued 28.42 crore units during the half year.

Standalone assets stood at Rs 11,076.57 crore at September 30, 2026, compared with Rs 5,783.96 crore at March 31, 2026. Loans increased to Rs 6,177.69 crore from Rs 3,444.17 crore, while non-current borrowings increased to Rs 4,994.14 crore from Rs 2,885.51 crore. These figures show the balance-sheet effect of the capital raising, acquisition funding and lending to project entities disclosed during the period.

Nxt-Infra Trust’s fair-value net asset value, or NAV, was Rs 103.20 per unit at September 30, 2026, compared with Rs 97.13 at March 31, 2026. Its fair-value net assets were Rs 5,874.42 crore, against Rs 2,768.18 crore at March 31, based on the independent valuer’s discounted-cash-flow method after adjustments for cash, cash equivalents and current liabilities.

Conclusion

Nxt-Infra Trust’s declared Rs 7.8073-per-unit payout has a stated mix of Rs 5.0383 of principal, Rs 1.4766 of dividend and Rs 1.2924 of interest. The September-quarter NDCF of Rs 444.40 crore was supported chiefly by Rs 616.81 crore of SPV cash receipts, while the half-year NDCF rose to Rs 505.40 crore from Rs 160.88 crore a year earlier.

The next disclosed matter to watch is Nxt-Infra Trust’s ability to acquire the remaining 51% equity interest in its joint venture, Nxt-Infra MCP Highways Private Limited. The filing says unutilised net proceeds from an earlier private placement are temporarily invested in bank deposits and are intended for payment of that consideration, while the right to acquire the 51% stake follows arrangements effective June 18, 2024.