Oriental InfraTrust cuts net borrowing ratio to 43.50%

Oriental InfraTrust cut its net borrowing ratio to 43.50% at 30 September 2026 from 46.01% at 31 March 2026, as borrowings and deferred payments net of cash declined by Rs 424.39 crore to Rs 5,121.81 crore. The trust reported Rs 734.23 crore of Indian-rupee term debt from Union Bank of India at the reporting date.

What changed in Oriental InfraTrust's net borrowing ratio?

Oriental InfraTrust's net borrowing ratio fell 2.51 percentage points from 46.01% at 31 March 2026 to 43.50% at 30 September 2026. The ratio was also below 44.58% at 30 September 2025. It measures aggregate borrowings and deferred payments, net of cash and cash equivalents, against the reported value of Infrastructure Investment Trust, or InvIT, assets.

The fall occurred even though InvIT asset value decreased by Rs 280.48 crore during the six months ended 30 September 2026. Net borrowings and deferred payments fell by more, declining from Rs 5,546.20 crore to Rs 5,121.81 crore. On the reported figures, the reduction in the net debt measure was larger than the decline in asset value, resulting in the lower ratio.

How did Oriental InfraTrust's debt and cash balances move?

Oriental InfraTrust reported borrowings of Rs 5,775.26 crore at 30 September 2026, down Rs 232.21 crore from Rs 6,007.47 crore at 31 March 2026. Deferred payments were Rs 463.97 crore, compared with Rs 494.70 crore at March-end. The deferred amount represents deferred concession fee, including interest on deferment, payable to the National Highways Authority of India, or NHAI, excluding concession-premium instalments not yet due.

Cash and cash equivalents increased by Rs 161.46 crore to Rs 1,117.42 crore over the same six-month period. Cash at Oriental InfraTrust declined to Rs 144.61 crore from Rs 226.04 crore, but Etawah Chakeri (Kanpur) Highway Private Limited increased its balance to Rs 116.49 crore from Rs 5.45 crore. Oriental Pathways (Indore) Private Limited's cash rose to Rs 268.48 crore from Rs 194.38 crore.

Oriental Nagpur Betul Highway Limited held Rs 401.65 crore in cash and cash equivalents at 30 September 2026, versus Rs 371.28 crore at 31 March 2026. Oriental Nagpur Bypass Construction Private Limited increased its balance to Rs 142.14 crore from Rs 89.13 crore. These changes outweighed lower balances at the trust entity and Biaora to Dewas Highways Private Limited, which reported Rs 5.68 crore against Rs 18.77 crore at March-end.

Which borrowing facilities did Oriental InfraTrust report?

Oriental InfraTrust disclosed a Rs 734.23 crore Indian-rupee term loan from Union Bank of India at 30 September 2026. The filing lists no Union Bank loan at 31 March 2026 and does not specify whether the facility refinanced a particular existing borrowing. The lender schedule includes accrued interest and presents borrowings net of unamortised processing fees of Rs 26.13 crore.

IndusInd Bank remained the largest listed term-loan lender, with Rs 1,483.99 crore outstanding at 30 September 2026, followed by Axis Bank at Rs 1,352.94 crore. India Infrastructure Finance Company Ltd. debt reduced to Rs 307.56 crore from Rs 702.87 crore at 31 March 2026. The ICICI Bank term loan shown at Rs 280.47 crore at 30 September 2025 was not listed at September 2026.

Non-convertible debentures, or NCDs, continued to form part of Oriental InfraTrust's funding structure at 30 September 2026. They included Rs 304.41 crore of 7.02% Axis Bank NCDs, Rs 271.21 crore of 6.92% ICICI Bank NCDs and Rs 224.26 crore of 7.12% ICICI Prudential Mutual Fund NCDs. Oriental Nagpur Betul Highway Limited also reported listed NCDs carrying coupons of 8.28%, 8.78% and 9.00%.

How did asset valuations affect Oriental InfraTrust's ratio?

Oriental InfraTrust reported InvIT assets of Rs 11,774.02 crore at 30 September 2026, compared with Rs 12,054.50 crore at 31 March 2026 and Rs 12,183.44 crore a year earlier. The reported asset value was based on an independent valuer's fair-valuation report dated 12 November 2026, after adjustments for the present value of investment-management expenses and other net assets.

Oriental Nagpur Betul Highway Limited's asset value declined by Rs 126.32 crore from March to Rs 1,960.41 crore, while Biaora to Dewas Highways Private Limited declined by Rs 8.65 crore to Rs 2,693.46 crore. Oriental Pathways (Indore) Private Limited moved to a negative Rs 64.14 crore from a positive Rs 68.31 crore at 31 March 2026.

Other project entities recorded higher valuations. Oriental Nagpur Bypass Construction Private Limited increased by Rs 136.96 crore to Rs 4,568.23 crore, and OSE Hungund Hospet Highways Private Limited rose by Rs 19.15 crore to Rs 1,444.05 crore. Total project-entity value was Rs 11,959.56 crore before deducting Rs 181.93 crore for the present value of investment-management expenses and Rs 3.62 crore of other net assets.

What do Oriental InfraTrust's other debt ratios show?

Oriental InfraTrust's debt-equity ratio was 1.59 times at 30 September 2026, compared with 1.55 times at 31 March 2026 and 1.37 times a year earlier. Total debt to total assets was 0.48 times, unchanged from March and above 0.45 times at 30 September 2025. The filing states these ratios use book values, unlike the net borrowing ratio, which uses reported InvIT asset valuation.

Debt service coverage was 1.37 times in the quarter ended 30 September 2026, compared with 3.75 times in the preceding quarter ended 30 June 2026 and 1.39 times a year earlier. Interest service coverage was 2.91 times, against 3.17 times in June 2026. Asset cover available was 2.10 times at September-end, compared with 2.09 times at 31 March 2026.

Net worth, defined as total equity, was Rs 3,614.74 crore at 30 September 2026, down from Rs 3,859.90 crore at 31 March 2026. The current ratio was 1.48 times, compared with 1.61 times at March-end. Distribution per unit was Rs 2.61 for the September 2026 quarter, versus Rs 3.92 in the June 2026 quarter and Rs 2.83 in the September 2025 quarter.

Conclusion

Oriental InfraTrust's 43.50% net borrowing ratio at 30 September 2026 reflected lower gross borrowings, lower deferred payments and higher consolidated cash than at 31 March 2026. The Rs 424.39 crore decline in net borrowings and deferred payments exceeded the Rs 280.48 crore reduction in reported InvIT asset value, while the lender schedule included a Rs 734.23 crore Union Bank of India term loan.

The next disclosed issue to watch is the capacity-augmentation work approved by NHAI for the 22-kilometre Jamtha-Borkhedi section and the 19.5-kilometre Nagpur Bypass section. Oriental InfraTrust said discussions with NHAI and the independent engineer were continuing at 30 September 2026 to finalise scope, design and implementation based on site requirements and land availability.