Nxt-Infra Trust reported a total income of INR 5,765 million and a profit for the period of INR 1,009 million for the financial year ended March 31, 2026. The Trust's revenue for March 2026 stood at INR 9.52 billion, driven by a balanced mix of availability-based Hybrid Annuity Model (HAM) and toll-based cash flows across its portfolio of six assets spanning five states. The board, convened by investment manager Walter Infra Manager Private Limited, approved the audited financial results and a distribution of INR 4.3475 per unit for the quarter ended March 31, 2026.

Financial Performance

The Trust reported a Profit Before Tax of INR 1,261 million for the year ended March 31, 2026, while the Profit for the Period was INR 1,009 million. On a standalone basis, the Profit for the Period was higher at INR 2,056 million. EBITDA for the consolidated financial year reached INR 4,578 million. The outstanding debt as of March 31, 2026, was INR 31,162 million, with an average cost of debt of 7.31% from January onwards.

Distribution and Unitholders

The board declared a total distribution of INR 4,909 million in FY26, translating to INR 17.23 per unit. For Q4 FY26, the distribution of INR 4.3475 per unit comprises INR 2.8887 as interest and INR 1.4588 as repayment of capital. The record date for determining eligibility is set for June 02, 2026, with payment scheduled on or before June 09, 2026. The Trust has witnessed a fivefold growth in the number of unitholders, rising from 8 in June 2024 to over 45 at present.

Portfolio Overview

Nxt-Infra Trust holds a diversified portfolio of 2,067 lane kilometers with a weighted average remaining concession life of 9.6 years as of March 2026. The assets include the Delhi Meerut Expressway (DME), Chutmalpur Ganeshpur (CGRG), Gagalkerhi – Sahranpur (GSY), Chikkali – Tarsod (CTHPL), Amravati (AM2), and Mukarba Chowk Panipat (MCP). The Trust maintains a CRISIL AAA/Stable credit rating and is ranked number one in India Roads in GSERB (ESG) ratings with a score of 96/100.

Valuation and Future Plans

The Net Asset Value (NAV) of the Trust as of March 31, 2026, is INR 97.13 per unit pre-distribution and INR 92.78 per unit post-distribution. The board granted omnibus approval for raising further unit capital up to INR 27,000 million and approved an institutional placement of units aggregating up to INR 10,000 million. Additionally, the board approved the execution of Securities Purchase Agreements for the acquisition of securities holding and beneficial ownership of certain asset Special Purpose Vehicles, including Darah Jhalawar Highways Private Limited, Vadodara Kim Expressway Private Limited, and Calicut Expressway Private Limited.

Nxt-Infra Trust has reported a Net Asset Value (NAV) of Rs 97.13 per unit for the financial year ended March 31, 2026, based on a valuation report by independent valuer S Sundararaman. The valuation, conducted pursuant to Regulation 10 and 21 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, assessed the fair enterprise value of the Trust's six Special Purpose Vehicles (SPVs) at INR 5,57,240 lakh.

The NAV was computed by the management of the Investment Manager, Walter Infra Manager Private Limited, based on the Valuation Report. The pre-distribution NAV stands at Rs 97.13 per unit, while the post-distribution NAV is Rs 92.78 per unit. The total assets of the Trust were valued at INR 60,108.20 million against liabilities of INR 32,426.38 million, resulting in net assets of INR 27,821.82 million.

The valuation employed the Discounted Cash Flow (DCF) method under the income approach to determine the fair enterprise value of the SPVs, which operate under Hybrid Annuity Model (HAM) and Build, Operate, and Transfer (BOT)-Toll models. The Weighted Average Cost of Capital (WACC) for the SPVs ranged from 6.95% to 10.02%, reflecting the specific risk profiles of the underlying road assets.

Valuation of SPVs

The fair enterprise value and adjusted enterprise value for each SPV as of March 31, 2026, are detailed below:

MCP Stake Acquisition

The Trust currently holds a 49% equity stake in Nxt-Infra MCP Highways Private Limited, with the remaining 51% held by Welspun Enterprises Limited. The valuation report notes that the Trust has received in-principle approval from the National Highways Authority of India (NHAI) to acquire the balance 51% shares of MCP. The acquisition is expected to be completed in FY 2026-27. Consequently, the enterprise value for MCP is presented at both 100% and 49% equity stake levels.

Regulatory Compliance

The Valuation Report, dated May 28, 2026, was submitted to the stock exchanges along with the annual financial results. The report includes sensitivity analyses on key inputs such as WACC, total expenses, and revenue. The Investment Manager represented that there are no material litigations expected to result in significant outflows, and no material devolvement on account of contingent liabilities was factored into the valuation.