Nxt-Infra Trust reports Rs 61.23 crore September loss

Nxt-Infra Trust reported a consolidated total comprehensive loss of Rs 61.23 crore for the quarter ended September 30, 2026, against total comprehensive income of Rs 45.67 crore a year earlier, despite revenue from operations rising 109% to Rs 159.90 crore. Higher finance costs, other expenses and a joint-venture loss outweighed the increase in operating revenue.

Why did Nxt-Infra Trust report a September-quarter loss?

Nxt-Infra Trust reported a loss because consolidated total expenses of Rs 255.65 crore exceeded total income of Rs 219.98 crore in the quarter ended September 30, 2026. Before its share of the joint-venture result and tax, the trust recorded a loss of Rs 35.67 crore, compared with a profit of Rs 72.59 crore in the September 2025 quarter.

Nxt-Infra Trust then recognised a Rs 18.97 crore share of loss from its joint venture, net of tax, compared with a Rs 19.41 crore loss a year earlier. This resulted in a loss before tax of Rs 54.64 crore, against a profit before tax of Rs 53.19 crore in the comparable quarter. Total tax expense of Rs 6.60 crore, including a deferred-tax credit of Rs 8.01 crore, took the reported post-tax loss to Rs 61.29 crore.

The total comprehensive loss was Rs 61.23 crore and was attributable to unitholders. In the preceding quarter ended June 30, 2026, Nxt-Infra Trust reported total comprehensive income of Rs 74.47 crore, a quarter-on-quarter reversal of Rs 135.70 crore.

How did Nxt-Infra Trust's revenue change in September 2026?

Nxt-Infra Trust's revenue from operations rose to Rs 159.90 crore in the September 2026 quarter from Rs 76.34 crore in the September 2025 quarter. The Rs 83.56 crore increase represented 109% year-on-year growth, while revenue was also above the Rs 87.23 crore reported in the June 2026 quarter.

Other income fell to Rs 60.08 crore from Rs 78.66 crore a year earlier and Rs 110.10 crore in the preceding quarter. Consequently, total income increased 42% year on year to Rs 219.98 crore from Rs 155.00 crore, but rose 11% from Rs 197.33 crore in the June 2026 quarter.

For the half year ended September 30, 2026, Nxt-Infra Trust reported revenue from operations of Rs 247.12 crore, compared with Rs 157.39 crore in the corresponding prior-year period. Total income rose to Rs 365.97 crore from Rs 314.38 crore, while total comprehensive income declined to Rs 13.24 crore from Rs 89.01 crore.

Which costs increased for Nxt-Infra Trust during the quarter?

Nxt-Infra Trust's finance costs increased to Rs 89.51 crore in the September 2026 quarter from Rs 59.66 crore a year earlier and Rs 57.32 crore in the June 2026 quarter. The year-on-year increase was Rs 29.86 crore, while the quarter-on-quarter increase was Rs 32.19 crore.

Sub-contracting charges rose to Rs 23.79 crore from Rs 14.32 crore in the September 2025 quarter. Employee-benefit expense increased to Rs 5.60 crore from Rs 1.79 crore, investment-management fees rose to Rs 2.42 crore from Rs 0.81 crore, and project-management fees increased to Rs 0.84 crore from Rs 0.50 crore.

The consolidated statement also reported depreciation of Rs 37.09 crore for the September 2026 quarter, compared with Rs 0.06 crore a year earlier, and other expenses of Rs 96.42 crore, compared with Rs 5.19 crore. These cost movements, along with the higher finance charge, meant that the increase in operating revenue did not translate into a quarterly profit.

For the six months ended September 30, 2026, finance costs were Rs 146.84 crore, compared with Rs 124.13 crore in the prior-year half year. Total expenses increased to Rs 298.99 crore from Rs 172.43 crore, a rise of Rs 126.56 crore that exceeded the Rs 51.58 crore increase in total income over the same periods.

What was the effect of Nxt-Infra Trust's joint venture?

Nxt-Infra Trust's share of loss from its joint venture, net of tax, was Rs 18.97 crore in the September 2026 quarter. This was marginally lower than the Rs 19.41 crore loss in the September 2025 quarter, but higher than the Rs 16.12 crore loss recorded in the June 2026 quarter.

The auditor's review identifies Nxt-Infra MCP Highway Private Limited as Nxt-Infra Trust's one joint venture. The auditor stated that the financial information of the joint venture had been reviewed by its independent auditor and that its own conclusion was based partly on that review report.

For the half year ended September 30, 2026, Nxt-Infra Trust's share of joint-venture loss was Rs 35.08 crore, compared with Rs 36.88 crore in the corresponding prior-year period. Although that loss narrowed by Rs 1.80 crore, profit before tax declined to Rs 31.86 crore from Rs 105.08 crore as the increase in expenses exceeded growth in total income.

What do Nxt-Infra Trust's disclosures say about cash flows and group changes?

Nxt-Infra Trust reported cash flow from operating activities at the InvIT level of negative Rs 34.38 lakh for the September 2026 quarter, compared with negative Rs 49.41 lakh a year earlier. Cash flows received from special purpose vehicles, or SPVs, representing distributions of net distributable cash flows were Rs 61.68 crore, compared with Rs 20.52 crore in the September 2025 quarter.

Total cash inflow at the InvIT level was Rs 60.74 crore for the September 2026 quarter, compared with Rs 20.04 crore a year earlier. The statement separately disclosed finance-cost and debt-repayment deductions in its net distributable cash flow calculation, indicating that accounting profit and the InvIT's cash-flow disclosure measure different items.

The consolidated group included five subsidiaries added during August 2026: Second Vivekananda Bridge Tollway Company Private Limited, Vindhyachal Expressway Private Limited, Darah Jhalawar Highways Private Limited and Vadodara Kim Expressway Private Limited from August 13, 2026, and Calicut Expressway Private Limited from August 26, 2026. The auditor's review, dated November 5, 2026, was not modified.

Conclusion

Nxt-Infra Trust's September-quarter loss reflects a gap between revenue growth and consolidated costs. Revenue from operations increased by Rs 83.56 crore year on year, but total expenses increased by Rs 173.25 crore, while the Rs 18.97 crore joint-venture loss and Rs 6.60 crore tax expense contributed to the Rs 61.23 crore total comprehensive loss attributable to unitholders.

The next quarterly results will show the contribution from subsidiaries added in August 2026 and whether operating revenue remains near the Rs 159.90 crore September-quarter level. They will also provide the next disclosed comparison for finance costs, which were Rs 89.51 crore in the September quarter, and for the joint-venture loss.