Nxt-Infra Trust FY26 NAV at Rs 97.13 per unit
Nxt-Infra Trust reported a Net Asset Value (NAV) of Rs 97.13 per unit for FY26, based on an independent valuation by S Sundararaman. The fair enterprise value of its six SPVs was estimated at INR 5,57,240 lakh. The Trust is set to acquire the remaining 51% stake in Nxt-Infra MCP Highways Private Limited following NHAI approval.
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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:
| SPVs | Enterprise Value (INR Lakhs) | Adjusted Enterprise Value (INR Lakhs) |
|---|---|---|
| NI Road Infra Private Limited (AM2) | 52,377 | 55,329 |
| Nxt-Infra CGRG Highways Private Limited (CGRG) | 43,746 | 46,972 |
| Nxt-Infra CT Highways Private Limited (CTHPL) | 37,353 | 44,151 |
| DM Expressway Private Limited (DME) | 22,158 | 25,441 |
| Nxt-Infra GSY Highways Private Limited (GSY) | 61,435 | 62,516 |
| Nxt-Infra MCP Highways Private Limited (MCP) | 3,40,171 | 3,56,178 |
| Total | 5,57,240 | 5,90,587 |
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.
Historical Stock Returns for Nxt-Infra Trust
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.03% | +1.03% | +1.03% | -2.05% | -2.00% | -2.20% |
How will the proposed acquisition of the remaining 51% stake in MCP Highways impact Nxt-Infra Trust's leverage ratio and debt servicing capacity in FY 2026-27?
What is the expected timeline for securing final NHAI approval and completing the financial closure for the MCP stake acquisition?
How might the WACC range of 6.95% to 10.02% fluctuate in the next fiscal year given potential shifts in interest rate environments and inflation?
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