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Interise Trust

INTERISE

NSE

₹109.750.00%19 Oct 2026

Reports

Construction Civil and Turnkey

Interise Trust

INTERISE

NSE

₹109.75

0.00%

19 Oct 2026

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Interise Trust is a toll-road landlord - it owns highways, collects the tolls, and passes nearly all the cash to its investors. It was born in 2018 when L&T IDPL, a pioneer of Indian public-private partnerships, settled an irrevocable trust that was registered on March 7, 2018, and subsequently acquired operational road assets with effect from May 4, 2018, into a trust structure designed to turn concrete and asphalt into a steady income stream. Everything the Trust does follows a single recurring logic: buy completed roads with long concessions, strip out construction risk, and run them with in-house management to keep the cash flowing.

Business segments

A single engine - a portfolio of 17 toll and annuity road concessions across eight Indian states, all generating cash from long-term government contracts.

1. Toll-road concessions: the cash-generating engine

The Trust owns the right to collect tolls on national and state highways for decades, earning a fee on every vehicle that passes - a pure infrastructure utility.

Paid by the vehicle, hedged by inflation - toll rates are linked to inflation indices under the concession agreements, so when prices rise, the toll rises too, providing a built-in hedge. On some roads, the Trust receives fixed annuity payments from the government instead of, or alongside, toll revenue, removing traffic-volume risk entirely.
A corridor portfolio, not a single bet - the roads span eight states and sit on high-density freight and passenger routes: one asset runs 244 km on the Kandla-Delhi freight corridor, another connects Chennai to Bengaluru, and a third links the pilgrimage town of Nathdwara to the Mumbai-Delhi artery. This geographic spread means no single state’s economy or alternate expressway can break the whole portfolio.
Cash pooling keeps the weakest link strong - the Trust pools cash flows across all its project companies, so a major resurfacing job on one road does not get starved of funding just because that specific asset had a slow quarter. This is critical because every SPV must periodically carry out major maintenance, and the SPVs do not plan to maintain major maintenance reserve (MMR) sufficiently in advance.
Digital tolling, nearly frictionless - roughly 98% of toll collections in India now come through FASTag, and the Trust uses AI-enabled cameras for incident detection and digital challans on its major corridors. The government is pushing toward barrier-less, satellite-based tolling, which would further reduce leakage and congestion.

Group structure and partners

The Trust is a self-contained asset-management platform - it owns the roads, the project manager that runs them, and an investment manager controlled by its anchor investors, eliminating third-party conflicts.

Self-sponsored, not sponsor-led - in a first-of-its-kind structure for Indian InvITs, the Investment Manager (Interise Investment Managers Limited) is owned directly by the Trust’s anchor global investors, not by the original sponsor L&T. This means the manager’s interests are aligned with unitholders, not a parent construction company.
The trustee holds the ring - IDBI Trusteeship Services Limited acts as the independent trustee, and the Trust is required under SEBI InvIT Regulations to distribute not less than 90% of net distributable cash flows to unitholders each year.
A unified brand after the L&T exit - when Larsen & Toubro moved to sell its entire stake in L&T IDPL, the platform rebranded from IndInfravit Trust to Interise Trust in 2023, with the Trust, Investment Manager, and Project Manager all operating under a single name. The Investment Manager’s board has five independent directors, a super-majority that bakes institutional governance into the structure.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹11,440Cr

Close Price

₹109.75

Industry

Construction Civil and Turnkey

Price To Earnings

249.43

Price To Sales

3.20

Revenue

₹3,575Cr

Rev Gr TTM

Revenue Growth TTM

0.80%

PAT Gr TTM

PAT Growth TTM

228.51%

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	876	887	884	880	896	889	910	906	870
Growth YoY Revenue Growth YoY%					2.3	0.2	3.0	3.0	-2.9
Expenses ExpensesCr	298	417	240	287	228	243	255	345	245
Operating Profit Operating ProfitCr	578	469	644	594	667	646	655	561	625
OPM OPM%	66.0	52.9	72.9	67.4	74.5	72.7	72.0	61.9	71.8
Other Income Other IncomeCr	53	6	2	51	3	3	21	24	22
Interest Expense Interest ExpenseCr	357	358	358	349	343	340	344	345	331
Depreciation DepreciationCr	306	278	256	292	292	278	275	273	252
PBT PBTCr	-32	-160	32	4	36	30	57	-33	64
Tax TaxCr	-24	-11	2	-50	8	-6	26	20	32
PAT PATCr	-8	-149	31	55	28	37	31	-53	32
Growth YoY PAT Growth YoY%					447.7	124.7	1.3	-197.1	14.9
NPM NPM%	-0.9	-16.8	3.5	6.2	3.1	4.1	3.4	-5.9	3.6
EPS EPS₹	-0.1	-1.4	0.3	0.5	0.3	0.3	0.3	-0.5	0.3

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	876	887	884	880	896	889	910	906	870
Growth YoY Revenue Growth YoY%					2.3	0.2	3.0	3.0	-2.9
Expenses ExpensesCr	298	417	240	287	228	243	255	345	245
Operating Profit Operating ProfitCr	578	469	644	594	667	646	655	561	625
OPM OPM%	66.0	52.9	72.9	67.4	74.5	72.7	72.0	61.9	71.8
Other Income Other IncomeCr	53	6	2	51	3	3	21	24	22
Interest Expense Interest ExpenseCr	357	358	358	349	343	340	344	345	331
Depreciation DepreciationCr	306	278	256	292	292	278	275	273	252
PBT PBTCr	-32	-160	32	4	36	30	57	-33	64
Tax TaxCr	-24	-11	2	-50	8	-6	26	20	32
PAT PATCr	-8	-149	31	55	28	37	31	-53	32
Growth YoY PAT Growth YoY%					447.7	124.7	1.3	-197.1	14.9
NPM NPM%	-0.9	-16.8	3.5	6.2	3.1	4.1	3.4	-5.9	3.6
EPS EPS₹	-0.1	-1.4	0.3	0.5	0.3	0.3	0.3	-0.5	0.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	801	981	1,490	1,666	1,970	3,143	3,476	3,567	3,575
Growth Revenue Growth%		22.4	52.0	11.8	18.2	59.6	10.6	2.6	0.8
Expenses ExpensesCr	639	670	644	813	824	1,273	1,241	1,071	1,088
Operating Profit Operating ProfitCr	163	311	846	854	1,145	1,869	2,235	2,496	2,486
OPM OPM%	20.3	31.7	56.8	51.2	58.1	59.5	64.3	70.0	69.6
Other Income Other IncomeCr	21	27	136	109	132	321	163	85	70
Interest Expense Interest ExpenseCr	420	587	902	941	973	1,348	1,421	1,373	1,361
Depreciation DepreciationCr	281	349	587	643	764	1,079	1,131	1,118	1,077
PBT PBTCr	-517	-598	-507	-621	-459	-237	-155	90	118
Tax TaxCr	-27	-119	-37	-97	-59	-80	-84	48	72
PAT PATCr	-491	-480	-470	-524	-401	-157	-71	42	46
Growth PAT Growth%		2.2	2.0	-11.5	23.6	60.8	54.6	159.0	228.5
NPM NPM%	-61.2	-48.9	-31.5	-31.4	-20.3	-5.0	-2.0	1.2	1.3
EPS EPS₹	-13.3	-11.9	-7.6	-8.4	-6.5	-1.6	-0.7		0.4

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	801	981	1,490	1,666	1,970	3,143	3,476	3,567	3,575
Growth Revenue Growth%		22.4	52.0	11.8	18.2	59.6	10.6	2.6	0.8
Expenses ExpensesCr	639	670	644	813	824	1,273	1,241	1,071	1,088
Operating Profit Operating ProfitCr	163	311	846	854	1,145	1,869	2,235	2,496	2,486
OPM OPM%	20.3	31.7	56.8	51.2	58.1	59.5	64.3	70.0	69.6
Other Income Other IncomeCr	21	27	136	109	132	321	163	85	70
Interest Expense Interest ExpenseCr	420	587	902	941	973	1,348	1,421	1,373	1,361
Depreciation DepreciationCr	281	349	587	643	764	1,079	1,131	1,118	1,077
PBT PBTCr	-517	-598	-507	-621	-459	-237	-155	90	118
Tax TaxCr	-27	-119	-37	-97	-59	-80	-84	48	72
PAT PATCr	-491	-480	-470	-524	-401	-157	-71	42	46
Growth PAT Growth%		2.2	2.0	-11.5	23.6	60.8	54.6	159.0	228.5
NPM NPM%	-61.2	-48.9	-31.5	-31.4	-20.3	-5.0	-2.0	1.2	1.3
EPS EPS₹	-13.3	-11.9	-7.6	-8.4	-6.5	-1.6	-0.7		0.4

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3,700	6,624	6,624	6,624	6,624	10,886	10,886	10,886
Reserves ReservesCr	187	-379	-983	-2,076	-3,028	-4,732	-5,570	-6,228
Current Liabilities Current LiabilitiesCr	497	977	1,214	1,493	1,375	1,872	2,387	4,523
Non Current Liabilities Non Current LiabilitiesCr	4,343	9,117	9,031	8,884	8,827	13,971	13,032	12,058
Total Liabilities Total LiabilitiesCr	8,727	16,339	15,886	14,925	13,798	21,998	20,735	21,238
Current Assets Current AssetsCr	333	1,101	1,447	1,370	1,276	1,341	1,187	2,601
Non Current Assets Non Current AssetsCr	8,394	15,238	14,438	13,554	12,521	20,656	19,548	18,638
Total Assets Total AssetsCr	8,727	16,339	15,886	14,925	13,798	21,998	20,735	21,238

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	3,700	6,624	6,624	6,624	6,624	10,886	10,886	10,886
Reserves ReservesCr	187	-379	-983	-2,076	-3,028	-4,732	-5,570	-6,228
Current Liabilities Current LiabilitiesCr	497	977	1,214	1,493	1,375	1,872	2,387	4,523
Non Current Liabilities Non Current LiabilitiesCr	4,343	9,117	9,031	8,884	8,827	13,971	13,032	12,058
Total Liabilities Total LiabilitiesCr	8,727	16,339	15,886	14,925	13,798	21,998	20,735	21,238
Current Assets Current AssetsCr	333	1,101	1,447	1,370	1,276	1,341	1,187	2,601
Non Current Assets Non Current AssetsCr	8,394	15,238	14,438	13,554	12,521	20,656	19,548	18,638
Total Assets Total AssetsCr	8,727	16,339	15,886	14,925	13,798	21,998	20,735	21,238

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	373	532	1,060	1,065	820	1,486	1,595	1,867
Investing Cash Flow Investing Cash FlowCr	-353	-137	-339	-404	403	-7,374	-242	-46
Financing Cash Flow Financing Cash FlowCr	10	304	-686	-1,108	-933	6,071	-1,728	-1,397
Net Cash Flow Net Cash FlowCr	30	699	35	-447	290	183	-375	424
Free Cash Flow Free Cash FlowCr	370	523	1,055	1,055	837	1,377	1,527
CFO To PAT CFO To PAT%	-76.1	-110.9	-225.5	-203.3	-204.8	-945.7	-2,234.2	4,429.4
CFO To EBITDA CFO To EBITDA%	229.7	171.2	125.3	124.8	71.6	79.5	71.4	74.8

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	373	532	1,060	1,065	820	1,486	1,595	1,867
Investing Cash Flow Investing Cash FlowCr	-353	-137	-339	-404	403	-7,374	-242	-46
Financing Cash Flow Financing Cash FlowCr	10	304	-686	-1,108	-933	6,071	-1,728	-1,397
Net Cash Flow Net Cash FlowCr	30	699	35	-447	290	183	-375	424
Free Cash Flow Free Cash FlowCr	370	523	1,055	1,055	837	1,377	1,527
CFO To PAT CFO To PAT%	-76.1	-110.9	-225.5	-203.3	-204.8	-945.7	-2,234.2	4,429.4
CFO To EBITDA CFO To EBITDA%	229.7	171.2	125.3	124.8	71.6	79.5	71.4	74.8

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							11,779		11,440
Price To Earnings Price To Earnings									249.4
Price To Sales Price To Sales							3.4		3.2
Price To Book Price To Book									2.7
EV To EBITDA EV To EBITDA							8.4		7.3
Profitability Ratios Profitability Ratios
GPM GPM%	76.6	78.8	74.3	95.4	96.4	94.4	96.2
OPM OPM%	20.3	31.7	56.8	51.2	58.1	59.5	64.3	70.0	69.6
NPM NPM%	-61.2	-48.9	-31.5	-31.4	-20.3	-5.0	-2.0	1.2	1.3
ROCE ROCE%	-2.0	-0.1	4.0	3.7	6.7	7.8	9.7	10.9	10.9
ROE ROE%	-12.6	-7.7	-8.3	-11.5	-11.1	-2.5	-1.3	0.9	0.9
ROA ROA%	-5.6	-2.9	-3.0	-3.5	-2.9	-0.7	-0.3	0.2	0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							11,779		11,440
Price To Earnings Price To Earnings									249.4
Price To Sales Price To Sales							3.4		3.2
Price To Book Price To Book									2.7
EV To EBITDA EV To EBITDA							8.4		7.3
Profitability Ratios Profitability Ratios
GPM GPM%	76.6	78.8	74.3	95.4	96.4	94.4	96.2
OPM OPM%	20.3	31.7	56.8	51.2	58.1	59.5	64.3	70.0	69.6
NPM NPM%	-61.2	-48.9	-31.5	-31.4	-20.3	-5.0	-2.0	1.2	1.3
ROCE ROCE%	-2.0	-0.1	4.0	3.7	6.7	7.8	9.7	10.9	10.9
ROE ROE%	-12.6	-7.7	-8.3	-11.5	-11.1	-2.5	-1.3	0.9	0.9
ROA ROA%	-5.6	-2.9	-3.0	-3.5	-2.9	-0.7	-0.3	0.2	0.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	INTERISE	AFCONS	CEIGALL	OSEINTRUST	LCCPROJECT	GLASSWALL	TECHNOCRAF
Market CapitalizationMkt CapCr	11,440	8,989	6,847	5,831	3,876	2,110	1,992
Close PriceClose₹	109.75	244.40	393.05	100.00	133.80	239.95	503.00
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	249.43	62.83	21.30	32.47	13.65	25.80	45.98
Price To SalesPS	3.20	0.80	1.65	2.42	1.08	4.62	5.77
RevenueRevenueCr	3,575	11,249	4,154	2,406	3,600	457	345
Revenue Growth TTMRev Gr TTM%	0.8%	-11.9%	20.3%	7.4%
PAT Growth TTMPAT Gr TTM%	228.5%	-73.0%	23.6%	-70.7%

	INTERISE	AFCONS	CEIGALL	OSEINTRUST	LCCPROJECT	GLASSWALL	TECHNOCRAF
Market CapitalizationMkt CapCr	11,440	8,989	6,847	5,831	3,876	2,110	1,992
Close PriceClose₹	109.75	244.40	393.05	100.00	133.80	239.95	503.00
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	249.43	62.83	21.30	32.47	13.65	25.80	45.98
Price To SalesPS	3.20	0.80	1.65	2.42	1.08	4.62	5.77
RevenueRevenueCr	3,575	11,249	4,154	2,406	3,600	457	345
Revenue Growth TTMRev Gr TTM%	0.8%	-11.9%	20.3%	7.4%
PAT Growth TTMPAT Gr TTM%	228.5%	-73.0%	23.6%	-70.7%