Roadstar Infra Investment Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
The Board of Roadstar Investment Managers Limited approved the unaudited standalone and consolidated financial results of Roadstar Infra Investment Trust for the quarter and nine months ended December 31, 2025, along with limited review reports by KKC & Associates LLP. The consolidated results show that five subsidiaries reported a combined net loss of Rs. 491.82 million for Q3 FY26 and Rs. 1,678.71 million for 9M FY26, with the joint venture TRDCL adding another loss of Rs. 3.43 million (Q3) and Rs. 8.58 million (9M). The auditors flagged going-concern uncertainties at two subsidiaries – PSRDCL (negative net worth of Rs. 960.02 million, loss of Rs. 500.41 million for the period) and BAEL (negative net worth of Rs. 12,797.79 million, fully eroded). Ernst & Young provided an enterprise valuation of all six road SPVs at Rs. 80,235 million (adjusted enterprise value) as on December 31, 2025. No funds were raised via the unit distribution.
Significant red flags for unit holders: two of the six underlying road SPVs (PSRDCL and BAEL) face material going-concern doubts despite management's mitigation plans, and the group is reporting large consolidated losses. Investors should monitor debt restructuring progress and traffic recovery at toll assets closely, as further deterioration could pressure unit price and distributions.