Roadstar Infra Investment Trust has informed the Exchange regarding Annual Full Valuation report for assets for FY ended 2025-26
Awaiting price reaction for this filing.
Roadstar Infra Investment Trust has released its annual full valuation report as of March 31, 2026. The independent valuation was conducted by Ernst & Young Merchant Banking Services LLP using the Discounted Cash Flow method. The NAV per unit stands at Rs. 92.09, calculated on total assets of Rs. 75,297.46 million, liabilities of Rs. 33,354.29 million, and net assets of Rs. 41,943.17 million across 455.5 million units. The InvIT owns 6 road SPVs spanning approximately 685 km across Uttar Pradesh, Rajasthan, Maharashtra, Jharkhand, and Kerala. The total enterprise value of the portfolio is Rs. 75,941 million, with MBEL (Rs. 28,190 million) and BAEL (Rs. 18,683 million) being the largest assets. The trust listed on BSE and NSE in March 2025 through a unit distribution to eligible creditors at Rs. 100 per unit. Note: MBEL has disputed an Independent Engineer recommendation for a 7.41% reduction in concession period based on traffic variation, which could impact valuation if resolved unfavorably.
The NAV of Rs. 92.09 per unit indicates the intrinsic value is below the IPO unit price of Rs. 100, suggesting potential downside risk or market discount. However, the trust's 6-asset road portfolio spanning 685 km provides diversification. Pending dispute resolution regarding MBEL's concession period could affect future cash flows and valuation.