Roadstar Infra Investment Trust has informed the Exchange regarding Half-Yearly Full Valuation report for assets for FY ended 2025-26
Awaiting price reaction for this filing.
Roadstar Infra Investment Trust (InvIT) has submitted its half-yearly enterprise valuation report prepared by Ernst & Young Merchant Banking Services LLP for the period ended September 30, 2025. The valuation covers 6 road SPVs (4 BOT-Toll and 2 BOT-Annuity) spanning about 685 km across 6 states. Total assets are valued at Rs. 78,936.59 Mn, against liabilities of Rs. 36,047.13 Mn, yielding net assets of Rs. 42,889.46 Mn. Divided across 45.55 crore outstanding units, the NAV works out to Rs. 94.16 per unit. The standalone enterprise values are MBEL Rs. 30,224 Mn, SBHL Rs. 9,677 Mn, PSRDCL Rs. 18,404 Mn, BAEL Rs. 19,116 Mn, HREL Rs. 3,380 Mn and TRDCL Rs. 542 Mn. Management has not revised FY26 estimates despite MBEL recording weaker H1 traffic, noting H2 historically delivers about 10% higher revenue/EBITDA than H1.
NAV at Rs. 94.16 sits about 6% below the Rs. 100 per-unit issue price at which units were distributed to IL&FS creditors in March 2025, which may weigh on near-term unit-holder sentiment. Key watchpoints are the unresolved MBEL concession-period dispute (Independent Engineer recommended a 676-day reduction, contested by management), pending approvals from NHAI/state authorities for Covid-era extensions, and revised traffic studies due in Q3 FY26 that could update cashflow assumptions.