NXT-INFRA TRUST term loans rise to Rs 5,217.033 crore by September

NXT-INFRA TRUST reported Rs 5,217.033 crore of term loans from banks and financial institutions at September 30, 2026, compared with a disclosed Rs 3,117.294 crore total at March 31, 2026. The higher borrowing balance coincided with reported infrastructure-asset value rising to Rs 10,300.663 crore from Rs 5,572.400 crore.

What were NXT-INFRA TRUST's bank borrowings at September 30, 2026?

NXT-INFRA TRUST had Rs 5,217.033 crore of term loans from banks and financial institutions at September 30, 2026. The project-wise borrowing table records the balance against NXT-INFRA TRUST itself and does not allocate the term loans among individual road projects, subsidiaries or the joint venture.

The term-loan line was Rs 3,112.294 crore at March 31, 2026, which means the September 30 balance was Rs 2,104.739 crore higher over the six-month period. However, the total in the same March 31 borrowing table is printed as Rs 3,117.294 crore, Rs 5 crore above the line-item amount; the supplied filing gives no explanation for that difference.

The borrowing disclosure forms part of NXT-INFRA TRUST's unaudited consolidated financial results for the quarter and half year ended September 30, 2026. The filing labels the debt as term loans from banks and financial institutions, but does not state the interest rate, maturity, repayment schedule or security package for the Rs 5,217.033 crore balance on this page.

How did NXT-INFRA TRUST's cash and bank balances change?

NXT-INFRA TRUST reported total cash, cash equivalents, other bank balances and joint-venture bank balances of Rs 762.015 crore at September 30, 2026, against a stated Rs 334.665 crore at March 31, 2026. Cash and cash equivalents were Rs 539.264 crore at September, while other bank balances were Rs 149.055 crore and joint-venture cash and bank balances were Rs 73.695 crore.

Cash and cash equivalents increased by Rs 365.010 crore from Rs 174.254 crore at March 31, 2026, while other bank balances rose from Rs 33.200 lakh. In contrast, the joint venture's cash and bank balance fell by Rs 116.384 crore from Rs 190.079 crore over the same period.

NXT-INFRA TRUST says other bank balances are considered for calculating net debt because external borrowings raised by the InvIT were advanced to the joint venture to repay its erstwhile borrowings. The filing also says balances earmarked for acquiring the remaining 51% equity stake in NXT-Infra MCP Highways Private Limited are excluded from the project-level cash presentation.

The March 31, 2026 components in the cash table add to Rs 364.665 crore, while the reported total is Rs 334.665 crore. This is separate from the Rs 5 crore difference in the March borrowing table, and NXT-INFRA TRUST did not reconcile the Rs 30 crore cash-table difference in the supplied disclosure.

How did NXT-INFRA TRUST's portfolio value change?

NXT-INFRA TRUST reported total infrastructure-asset value of Rs 10,300.663 crore at September 30, 2026, compared with Rs 5,572.400 crore at March 31, 2026. The filing defines asset value as the enterprise value of subsidiaries, based on the latest available independent fair-valuation reports as at March 31, 2026.

Five assets appeared in the September 30 portfolio list but not in the March 31 comparison: Darah Jhalawar Highways Private Limited at Rs 403.054 crore, Vadodara Kim Expressway Private Limited at Rs 787.592 crore, Calicut Expressways Pvt Ltd at Rs 1,099.607 crore, Vindhyachal Expressway Private Limited at Rs 1,449.974 crore, and Second Vivekananda Bridge Tollway Co. Pvt Ltd at Rs 1,165.310 crore.

The six assets listed at both dates also changed in reported value. NXT-Infra MCP Highways Private Limited was shown at Rs 1,386.775 crore at September 30 versus Rs 3,401.710 crore at March 31, while NXT-Infra CT Highways Private Limited was shown at Rs 345.894 crore versus Rs 375.530 crore. NXT-INFRA TRUST says the MCP value includes the enterprise value of the remaining 51% equity stake that it plans to acquire.

The filing presents these values as enterprise values rather than cash generation or transaction prices. Accordingly, the Rs 4,728.263 crore increase in total reported asset value between March 31 and September 30 cannot by itself identify how much of the Rs 2,104.739 crore rise in the term-loan line related to acquisitions, refinancing or other uses.

What acquisition and equity financing did NXT-INFRA TRUST disclose?

NXT-INFRA TRUST disclosed acquisition consideration of Rs 1,687.659 crore for InvIT assets during the half year ended September 30, 2026. It also stated that it did not obtain external financing for that acquisition and instead issued units to acquire equity shares of the named entities from the sponsor.

Unit capital rose to Rs 5,524.077 crore at September 30, 2026 from Rs 2,838.809 crore at March 31, 2026. The statement of changes in unitholders' equity records 28,42,10,526 units issued during the period and issue-related expenses of Rs 14.732 crore, taking units outstanding to 56,92,10,526 at September 30.

NXT-INFRA TRUST's disclosed commitment at September 30, 2026 and March 31, 2026 was the acquisition of the remaining 51% equity stake in its joint venture. The filing gives no cash amount or completion date for that balance-stake acquisition, although it identifies the earmarked-balance exclusion in its cash disclosure and includes the stake's enterprise value in the MCP asset value.

NXT-INFRA TRUST also reported Rs 861.518 crore of unsecured senior-loan receivables and Rs 643.565 crore of unsecured subordinated-loan receivables from NXT-Infra MCP Highways Private Limited at September 30, 2026. The senior-loan receivable was Rs 913.724 crore at March 31, 2026, while the subordinated-loan receivable was Rs 643.366 crore, showing a decline in the senior balance and a Rs 19.900 lakh increase in the subordinated balance.

How did the reported distribution and earnings figures compare?

NXT-INFRA TRUST reported profit attributable to unitholders of Rs 13.243 crore for the half year ended September 30, 2026, compared with Rs 85.006 crore for the half year ended September 30, 2025. Basic and diluted earnings per unit were Rs 0.37 for the 2026 half year, versus Rs 3.32 in the prior-year half year.

The board of the investment manager approved a distribution of Rs 7.8075 per unit for the quarter and half year ended September 30, 2026, according to the filing dated November 5, 2026. The distribution comprised Rs 1.2584 per unit of interest, Rs 5.0730 per unit of principal and Rs 1.4766 per unit of dividend, and was stated to be payable within five days of declaration.

Distribution to unitholders in the half year ended September 30, 2026 was Rs 152.263 crore, compared with Rs 212.572 crore in the half year ended September 30, 2025. The filing separately records Rs 143.328 crore of distributions in the statement of changes in unitholders' equity for the 2026 half year, without explaining the difference in presentation between the two disclosures.

Conclusion

NXT-INFRA TRUST's September 2026 filing shows a Rs 5,217.033 crore term-loan balance alongside a portfolio valued at Rs 10,300.663 crore and total reported cash and bank balances of Rs 762.015 crore. The filing distinguishes unit-funded asset acquisitions of Rs 1,687.659 crore from bank borrowings, but does not link the increase in term loans to individual projects or transactions.

The disclosed matter to watch is NXT-INFRA TRUST's planned acquisition of the remaining 51% equity stake in NXT-Infra MCP Highways Private Limited, for which the filing notes earmarked cash exclusions but no completion date or consideration. Future disclosures may also clarify the Rs 5 crore difference in the March 2026 borrowing table and the Rs 30 crore difference between the March cash components and stated total.