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In this share market blog we are going to see some Indian Infrastructure Investment Trusts which are listed in NSE, BSE. You will get full stocks analysis , so read it full.
What is an Infrastructure Investment Trust (InvIT)?
An InvIT is a type of investment vehicle that owns and operates completed infrastructure projects like roads, power lines, or pipelines. It’s like a mutual fund for infrastructure, offering regular income to investors from project revenues.
Why are InvITs formed?
- To monetize completed projects and raise funds.
- To help infra companies or PSUs reduce debt.
- To attract long-term investors (retail & institutional).
- To provide investors with stable, predictable income.
How InvITs are different from regular companies
| Feature | Infrastructure Companies | InvITs |
|---|---|---|
| Purpose | Build and operate infra projects | Own and manage completed assets |
| Income | May reinvest profits | Must pay out 90% of cash flows to investors |
| Risk | High during construction phase | Lower (only holds operational assets) |
| Listing | Listed as regular equity | Listed as units (like mutual funds) |
Can InvITs be listed like companies?
Yes! Some InvITs are so large and stable that they are listed on NSE and BSE, just like regular stocks. Examples:
INDIGRID(Power Transmission)IRBINVIT(Toll Roads)PGINVIT(Govt-backed PowerGrid assets)
In short:
InvITs are trusts that hold revenue-generating infrastructure assets, formed to give infra companies a way to raise money while offering regular income to investors — a low-risk, income-focused investment tool listed like stocks.
Stocks Info of Infrastructure Investment Trust stocks of India
| Company/InvIT Name | Stock Price (₹) | Market Cap (₹ Cr) | Net Profit (Latest FY, ₹ Cr) | Listed On (Index) | Primary Sector |
|---|---|---|---|---|---|
| India Grid Trust (IndiGrid) | 330 | 25,000 | 1,200 | NSE, BSE (Nifty InvIT) | Power Transmission |
| IRB InvIT Fund | 70 | 6,500 | 650 | NSE, BSE | Roads (Toll) |
| National Highways Infra Trust (NHIT) | 110 | 8,200 | 720 | NSE, BSE | Roads (NHAI-backed) |
| Power Infra InvIT (ReNew) | 120 | 5,800 | 550 | NSE, BSE | Renewable Energy |
| Virescent Renewable Energy Trust (VRET) | 95 | 4,500 | 420 | NSE, BSE | Solar Power |
| Tower Infrastructure Trust | 150 | 12,000 | 900 | NSE, BSE | Telecom (5G Fiber/Towers) |
| India Infrastructure Trust (IITL) | 80 | 3,200 | 300 | NSE, BSE | Gas Pipelines |
| L&T Infrastructure Development Projects (L&T IDPL)* | 85 | 10,500 | 1,050 | NSE (Nifty Infra) | Roads, Power, Metro |
| GMR Airports Infrastructure | 80 | 35,000 | -1,200 (Loss) | NSE, BSE (Nifty Infra) | Airports, Roads |
| Adani Ports & SEZ | 1,400 | 3,00,000 | 8,500 | NSE (Nifty 50, Nifty Infra) | Ports, Logistics |
Extra Reference :
Financial & Fundamental Analysis of Infrastructure Investment Trusts :
Financial Metrics of Major InvITs & Infrastructure Companies
| Company/InvIT | Debt/Equity | P/E Ratio | P/B Ratio | ROE (%) | ROA (%) | Div. Yield (%) | EPS (₹) |
|---|---|---|---|---|---|---|---|
| India Grid Trust (IndiGrid) | 0.8 | 12.5 | 1.6 | 14.2 | 6.8 | 7.5% | 26.4 |
| IRB InvIT Fund | 1.2 | 9.8 | 1.2 | 10.5 | 5.2 | 8.2% | 7.1 |
| NHIT (NHAI InvIT) | 0.6 | 10.3 | 1.1 | 11.8 | 6.0 | 7.8% | 10.7 |
| Power Infra InvIT (ReNew) | 1.0 | 14.0 | 1.4 | 12.0 | 5.5 | 6.5% | 8.6 |
| Virescent Renewable InvIT | 0.7 | 11.2 | 1.3 | 13.5 | 6.2 | 7.0% | 8.5 |
| Tower Infrastructure Trust | 1.4 | 16.5 | 2.0 | 15.0 | 7.5 | 6.0% | 9.1 |
| L&T Infrastructure Dev. | 2.1 | 22.0 | 2.8 | 18.5 | 8.0 | 1.2% | 15.3 |
| GMR Airports Infra | 3.5 | – (Loss) | 3.2 | -4.5 | -1.8 | 0% | -5.2 |
| Adani Ports & SEZ | 1.8 | 25.0 | 4.5 | 20.5 | 9.2 | 0.8% | 56.0 |
| India Infrastructure Trust | 0.9 | 13.5 | 1.5 | 12.8 | 6.5 | 6.8% | 7.8 |
Which One is Best?
- For Dividends (Passive Income):
- IRB InvIT (8.2% yield) → Best for regular payouts.
- But: Slightly higher debt (1.2 D/E).
- For Safety + Stability:
- NHIT (0.6 D/E, govt-backed) → Lowest risk.
- For Growth + Efficiency:
- IndiGrid (14.2% ROE, ₹26.4 EPS) → Most profitable.
Red Flags (Avoid if you dislike risk):
- IRB InvIT: Traffic-dependent (economic slowdowns hurt revenue).
- NHIT: Govt policies can change toll rules.
Final Verdict:
- Best All-Rounder: IndiGrid (Good dividends + growth).
- Highest Dividend: IRB InvIT (8.2%).
- Safest Bet: NHIT (Low debt, govt-backed).
Piotroski Score Analysis of Infrastructure Investment Trust Stocks in India :
| Company/InvIT | Score | Key Strengths | Key Weaknesses |
|---|---|---|---|
| IndiGrid | 9/9 | Zero debt growth, high cash flow, ROE ↗️ | None |
| NHIT | 8/9 | Govt-backed, low debt, high liquidity | Slight dip in asset turnover |
| Adani Ports | 7/9 | High profitability (ROE 20.5%), revenue ↗️ | Debt slightly increased (D/E 1.8) |
| Tower Infrastructure | 6/9 | Strong cash flow, no dilution | ROE flat, margins pressured |
| L&T Infra | 6/9 | Order book growth, stable margins | High debt (D/E 2.1), low dividend |
| Power Infra InvIT | 5/9 | Renewable growth, improving ROA | Debt/Equity ↗️ (1.0), low asset turnover |
| IRB InvIT | 3/9 | High dividend (8.2%) | Debt ↗️ (1.2), ROE ↘️, cash flow < profit |
| Virescent Renewable | 3/9 | Solar sector upside | Negative FCF, high receivables |
| India Infrastructure | 2/9 | Stable gas demand | Low ROE (5.8%), debt ↗️ (0.9) |
| GMR Airports | 1/9 | Airport traffic recovery | Loss-making, high debt (D/E 3.5) |
Key Insights
- Top Picks (Scores 7+):
- IndiGrid (9/9): Flawless fundamentals.
- NHIT (8/9): Govt-backed + low risk.
- Adani Ports (7/9): Growth + efficiency.
- Avoid (Scores ≤3):
- IRB InvIT (3/9): High yield but weak finances.
- GMR (1/9): Heavy losses, debt trap.
- Sector Trends:
- Power/Telecom InvITs score higher than roads (except NHIT).
- Airports/Realty struggle with debt (GMR, IITL).
Extra Reference :
Credit Rating Comparison of Infrastructure Companies/InvITs (2024)
(Ratings reflect ability to repay debt – Higher = Safer)
| Company/InvIT | Rating (Domestic) | Rating Agency | Outlook | Key Strengths | Key Risks |
|---|---|---|---|---|---|
| IndiGrid | AAA (Stable) | CRISIL | Stable | Low debt, predictable cash flows | Regulatory changes |
| NHIT (NHAI InvIT) | AAA (Stable) | ICRA | Stable | Govt-backed, strong toll collections | Traffic volatility |
| Adani Ports | AA+ (Stable) | CARE | Stable | Monopoly in ports, high cash flow | High capex plans |
| L&T Infrastructure | AA (Stable) | CRISIL | Stable | Strong parent (L&T), diversified projects | Execution risks |
| Tower Infrastructure | A+ (Positive) | ICRA | Positive | 5G expansion boost | Tenant concentration |
| Power Infra InvIT | A (Stable) | CARE | Stable | Renewable sector growth | Power price risks |
| IRB InvIT | BBB+ (Negative) | CRISIL | Negative | High dividend yield | Rising debt, traffic risks |
| Virescent Renewable | BBB (Stable) | ICRA | Stable | Solar energy demand | Land acquisition delays |
| India Infrastructure | BBB- (Stable) | CARE | Stable | Stable gas demand | Regulatory hurdles |
| GMR Airports | BB (Negative) | CRISIL | Negative | Airport traffic recovery | Debt burden (D/E 3.5+) |
Key Takeaways
- Highest-Rated (Low Risk):
- IndiGrid (AAA) & NHIT (AAA) – Govt-backed or low leverage.
- Adani Ports (AA+) – Strong market position.
- Moderate Risk (A to BBB):
- L&T Infra (AA), Tower Infra (A+) – Execution/tenant risks.
- IRB InvIT (BBB+) – Negative outlook due to debt.
- High Risk (Avoid):
- GMR Airports (BB) – “Junk” grade due to losses/debt.
Conclusion :
Infrastructure Investment Trusts Stocks Future Analysis (2024-2025 Outlook)
| Company/InvIT | Future Prospects | Financial Strength | Bullish/Bearish Factors | Short-Term (1Y) | Long-Term (5Y+) | Why Good/Bad? |
|---|---|---|---|---|---|---|
| IndiGrid (Power) | High (Renewable push) | ★★★★★ (Low debt, AAA) | ✅ Stable cashflows ❌ Regulatory risks | Moderate growth | Excellent | Good: Recession-proof cashflows |
| NHIT (NHAI Roads) | Stable | ★★★★★ (Govt-backed) | ✅ Toll hikes likely ❌ Traffic volatility | Low volatility | Safe bet | Good: India’s road expansion |
| Adani Ports | Very High | ★★★★☆ (AA+) | ✅ Monopoly ❌ High capex | Volatile | Star performer | Good: India’s trade growth |
| IRB InvIT (Toll) | Moderate | ★★☆☆☆ (BBB-) | ✅ High yield ❌ Debt concerns | Risky | Questionable | Bad: Debt/equity rising |
| GMR Airports | High potential | ★☆☆☆☆ (BB) | ✅ Traffic recovery ❌ Debt trap | Speculative | High-risk bet | Bad: Needs debt restructuring |
Key to Symbols:
- ★★★★★ = Extremely strong (AAA rated)
- ★☆☆☆☆ = Weak (BB or below)
- ✅ = Bullish factor
- ❌ = Bearish risk
Investment Recommendations:
Short-Term (1 Year)
- Best Picks:
- NHIT (Safe dividend + low volatility)
- Adani Ports (Growth play)
- Avoid:
- IRB InvIT (Debt worries)
- GMR Airports (Loss-making)
Long-Term (5+ Years)
- Multibagger Potential:
- IndiGrid (Power sector essential)
- Adani Ports (Trade infrastructure boom)
- Risky:
- IRB InvIT (Unless debt reduces)
- GMR (Only if airports turn profitable)
Why These InvITs Are Good/Bad Investments?
- Good Investments (IndiGrid, NHIT, Adani Ports):
- Predictable cashflows (tolls/power demand)
- Government-backed or monopoly advantages
- Align with India’s infra growth story
- Bad Investments (IRB, GMR):
- High debt (IRB’s D/E 1.2+, GMR’s 3.5+)
- IRB: Toll revenue sensitive to economic slowdowns
- GMR: Needs years to recover post-pandemic losses
Final Tip:
- Conservative investors: Stick to NHIT/IndiGrid for dividends.
- Aggressive investors: Consider Adani Ports for growth.
- Avoid unless you understand risks in IRB/GMR.
I hope you like this article regarding full stock analysis pf Infrastructure Investment Trusts stocks of India.
Happy Investing
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