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TVS Infrastructure Trust

TVSINVIT

NSE

₹117.510.00%19 Oct 2026

Reports

Infra and Real Estate Investment Trust

TVS Infrastructure Trust

TVSINVIT

NSE

₹117.51

0.00%

19 Oct 2026

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Infra and Real Estate Investment Trust

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.

TVS Infrastructure Trust is India’s first corporate developer-led warehousing InvIT - a listed trust that owns and operates a network of modern industrial parks, earning steady rental income from the buildings that power the country’s supply chains. It was built on two decades of experience from its sponsor, TVS Industrial & Logistics Parks, which pioneered organised warehousing in India in 2005, and the Trust itself was registered with SEBI in April 2024 before listing on the National Stock Exchange in July 2025. The recurring approach is simple: buy land in fast-growing Tier II and Tier III cities before competitors arrive, build Grade A sheds that tenants find hard to leave, and lock in long leases with built-in rent increases - then pass nearly all the cash to unitholders.

Business segments

A single business - owning and leasing Grade A industrial and logistics parks - run through one portfolio of 18 parks that serves over 35 tenants across five states.

1. Industrial and logistics parks: a landlord to India’s supply chains

The Trust owns 106 Lakh square feet of leasable warehouse and factory space across 18 parks, collects rent from tenants who sign long leases with automatic annual increases, and distributes at least 90% of its net cash to unitholders - a pure rental-income engine.

First mover in smaller cities - the Trust entered markets like Madurai, Sullurpet, Siliguri and Vijayawada before institutional rivals, so it secured land and tenants in locations where warehousing demand is expected to grow 14-18% annually over the next four to five years.
Built-to-suit anchors, multi-tenant diversifies - some buildings are custom-built for a single tenant on long contracts, which creates income stability and keeps tenants tied down, while others house multiple occupiers, spreading risk and making it easier to re-lease space when someone leaves.
Industrial tenants are sticky - roughly 41% of revenue comes from specialised industrial facilities where moving out means relocating heavy machinery and disrupting operations, so these tenants stay for over nine years on average.
Rent grows even without new buildings - every lease includes contractual escalation clauses, security deposits and lock-in periods, meaning rental income rises year after year without the Trust having to acquire or build anything new.
Tenants take more than one shed - about 23% of clients lease space across two or more parks in the portfolio, which deepens the relationship and makes it harder for a competitor to win the business away.

Group structure and partners

A three-tier governance setup separates asset development, fund management and unitholder protection, while the sponsor retains a 35% stake and blue-chip lenders provide long-term fixed-rate debt.

Sponsor runs the ground game - TVS Industrial & Logistics Parks, the sponsor and project manager, has been developing warehousing since 2005 and handles construction and operations for the Trust’s assets.
Investment manager minds the money - TVS Infrastructure Investment Manager, with a board that is 56% independent, oversees portfolio performance, financial management and regulatory compliance.
Trustee guards the unitholders - Axis Trustee Services, a wholly owned subsidiary of Axis Bank Limited and registered under the SEBI (Debenture Trustees) Regulations, 1993, acts as the independent trustee to ensure the Trust follows the rules.
Ten SPVs hold the parks - the Trust owns 100% of ten special-purpose vehicles, each holding one or more parks, so the assets are ring-fenced and the structure is clean for lenders and investors.
Debt is long and mostly fixed - the Trust raised ₹830 Crores through 20-year bonds maturing in 2046, rated AAA and anchored by NaBFID, with 7.42% fixed-rate debt representing ~80% of gross debt, protecting cash flows from rate swings.

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

₹2,317Cr

Close Price

₹117.51

Industry

Infra and Real Estate Investment Trust

Price To Earnings

44.85

Price To Sales

9.80

Revenue

₹236Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	57	61	56	63
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	13	15	16	15
Operating Profit Operating ProfitCr	44	46	40	47
OPM OPM%	76.8	75.1	72.0	75.4
Other Income Other IncomeCr	3	2	0	2
Interest Expense Interest ExpenseCr	20	20	26	20
Depreciation DepreciationCr	16	16	16	17
PBT PBTCr	10	11	-2	12
Tax TaxCr	-2	-3	-8	-5
PAT PATCr	12	14	6	18
Growth YoY PAT Growth YoY%
NPM NPM%	21.6	22.9	10.1	28.2
EPS EPS₹	0.6	0.7	0.4	0.9

Quarter	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	57	61	56	63
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	13	15	16	15
Operating Profit Operating ProfitCr	44	46	40	47
OPM OPM%	76.8	75.1	72.0	75.4
Other Income Other IncomeCr	3	2	0	2
Interest Expense Interest ExpenseCr	20	20	26	20
Depreciation DepreciationCr	16	16	16	17
PBT PBTCr	10	11	-2	12
Tax TaxCr	-2	-3	-8	-5
PAT PATCr	12	14	6	18
Growth YoY PAT Growth YoY%
NPM NPM%	21.6	22.9	10.1	28.2
EPS EPS₹	0.6	0.7	0.4	0.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2026	TTM
Revenue RevenueCr	156	187	174	236
Growth Revenue Growth%		20.1
Expenses ExpensesCr	22	42	44	59
Operating Profit Operating ProfitCr	135	146	130	177
OPM OPM%	86.2	77.7	74.7	74.8
Other Income Other IncomeCr	2	4	5	7
Interest Expense Interest ExpenseCr	68	85	66	85
Depreciation DepreciationCr	38	43	49	66
PBT PBTCr	30	22	20	32
Tax TaxCr	8	5	-12	-18
PAT PATCr	23	16	32	50
Growth PAT Growth%		-28.1
NPM NPM%	14.5	8.7	18.3	20.9
EPS EPS₹				2.6

Financial Year	Mar 2023	Mar 2024	Mar 2026	TTM
Revenue RevenueCr	156	187	174	236
Growth Revenue Growth%		20.1
Expenses ExpensesCr	22	42	44	59
Operating Profit Operating ProfitCr	135	146	130	177
OPM OPM%	86.2	77.7	74.7	74.8
Other Income Other IncomeCr	2	4	5	7
Interest Expense Interest ExpenseCr	68	85	66	85
Depreciation DepreciationCr	38	43	49	66
PBT PBTCr	30	22	20	32
Tax TaxCr	8	5	-12	-18
PAT PATCr	23	16	32	50
Growth PAT Growth%		-28.1
NPM NPM%	14.5	8.7	18.3	20.9
EPS EPS₹				2.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2026
Equity Capital Equity CapitalCr	1,892
Reserves ReservesCr	-11
Current Liabilities Current LiabilitiesCr	49
Non Current Liabilities Non Current LiabilitiesCr	1,126
Total Liabilities Total LiabilitiesCr	3,056
Current Assets Current AssetsCr	176
Non Current Assets Non Current AssetsCr	2,880
Total Assets Total AssetsCr	3,056

Financial Year	Mar 2026
Equity Capital Equity CapitalCr	1,892
Reserves ReservesCr	-11
Current Liabilities Current LiabilitiesCr	49
Non Current Liabilities Non Current LiabilitiesCr	1,126
Total Liabilities Total LiabilitiesCr	3,056
Current Assets Current AssetsCr	176
Non Current Assets Non Current AssetsCr	2,880
Total Assets Total AssetsCr	3,056

Consolidated

Standalone

Financial Year	Mar 2026
Operating Cash Flow Operating Cash FlowCr	126
Investing Cash Flow Investing Cash FlowCr	-136
Financing Cash Flow Financing Cash FlowCr	-49
Net Cash Flow Net Cash FlowCr	-59
Free Cash Flow Free Cash FlowCr
CFO To PAT CFO To PAT%	396.0
CFO To EBITDA CFO To EBITDA%	97.2

Financial Year	Mar 2026
Operating Cash Flow Operating Cash FlowCr	126
Investing Cash Flow Investing Cash FlowCr	-136
Financing Cash Flow Financing Cash FlowCr	-49
Net Cash Flow Net Cash FlowCr	-59
Free Cash Flow Free Cash FlowCr
CFO To PAT CFO To PAT%	396.0
CFO To EBITDA CFO To EBITDA%	97.2

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				2,317
Price To Earnings Price To Earnings				44.9
Price To Sales Price To Sales				9.8
Price To Book Price To Book				1.2
EV To EBITDA EV To EBITDA				18.3
Profitability Ratios Profitability Ratios
GPM GPM%
OPM OPM%	86.2	77.7	74.7	74.8
NPM NPM%	14.5	8.7	18.3	20.9
ROCE ROCE%			2.9	2.9
ROE ROE%			1.7	1.7
ROA ROA%			1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				2,317
Price To Earnings Price To Earnings				44.9
Price To Sales Price To Sales				9.8
Price To Book Price To Book				1.2
EV To EBITDA EV To EBITDA				18.3
Profitability Ratios Profitability Ratios
GPM GPM%
OPM OPM%	86.2	77.7	74.7	74.8
NPM NPM%	14.5	8.7	18.3	20.9
ROCE ROCE%			2.9	2.9
ROE ROE%			1.7	1.7
ROA ROA%			1.0	1.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ROADSTAR	CAPINVIT	ISCITRUST	TVSINVIT	ANANTAM	PSTITANIA	PSPLATINA
Market CapitalizationMkt CapCr	4,555	3,961	3,901	2,317	2,284	494	378
Close PriceClose₹	100.00	77.94	128.00	117.51	105.00	11,06,000.00	11,25,000.00
IndustryIndustry	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust
Price To EarningsPE		8.03		44.85	4.90	69.65	15.61
Price To SalesPS	3.96	4.41	2.83	9.80	4.72	10.59	12.26
RevenueRevenueCr	1,149	899	1,380	236	484	47	31
Revenue Growth TTMRev Gr TTM%	9.3%		2.2%				22.8%
PAT Growth TTMPAT Gr TTM%	20.1%		77.3%				181.6%

	ROADSTAR	CAPINVIT	ISCITRUST	TVSINVIT	ANANTAM	PSTITANIA	PSPLATINA
Market CapitalizationMkt CapCr	4,555	3,961	3,901	2,317	2,284	494	378
Close PriceClose₹	100.00	77.94	128.00	117.51	105.00	11,06,000.00	11,25,000.00
IndustryIndustry	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust	Infra and Real Estate Investment Trust
Price To EarningsPE		8.03		44.85	4.90	69.65	15.61
Price To SalesPS	3.96	4.41	2.83	9.80	4.72	10.59	12.26
RevenueRevenueCr	1,149	899	1,380	236	484	47	31
Revenue Growth TTMRev Gr TTM%	9.3%		2.2%				22.8%
PAT Growth TTMPAT Gr TTM%	20.1%		77.3%				181.6%