NDR InvIT Trust reports strong revenue growth and operational expansion in Q1 FY26
, India's pioneering perpetual warehousing and industrial parks InvIT listed on the National Stock Exchange, reported a 35% year-on-year increase in Revenue from Operations, which jumped to ₹1,015.59 million in Q1 FY26 from ₹751.77 million in the same quarter last year.
This growth was underpinned by a combination of high occupancy, lease escalations, and the onboarding of new assets. Total income rose to ₹1,083.18 million, compared to ₹764.03 million in Q1 FY25, reflecting both organic growth from existing assets and accretive additions to the portfolio.
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'Quarter ended June 2025 has been a strong start for NDR InvIT Trust, marked by the milestone of crossing INR 1,015.59 Mn in rental income. We have continued to scale our portfolio, maintain high occupancy, and deliver strong returns to our investors. With steady growth in average rentals, expansion into new markets, and disciplined capital management, we are well-positioned for long-term value creation. Our focus remains on strengthening India's infrastructure backbone while maximizing value for all stakeholders,' said Sandeep Jain, Chief Financial Officer, NDR InvIT Trust.
EBITDA improved significantly to ₹946.12 million, up from ₹661.63 million in the previous year's first quarter, indicating improved operational efficiency and scale benefits. Despite the increase in operational and administrative costs due to expansion,
Profit Before Tax remained stable at ₹430.65 million, marginally higher than ₹428.66 million in Q1 FY25. The strong EBITDA margins reflect effective cost controls, rental escalations, and a stable lease structure with long-term contracted tenants.
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The Trust declared a distribution of ₹1.825 per unit for the quarter, compared to ₹1.75 in the same period last year. Of this, ₹0.8475 was in the form of capital return. This consistent and slightly enhanced payout aligns with NDR InvIT's strategy to offer predictable and tax-efficient returns to its unitholders. The Net Asset Value (NAV) per unit increased to ₹135.87, up from ₹126.88 in Q1 FY25, supported by both capital appreciation and operational growth.
From an operational standpoint, NDR InvIT continued to scale its portfolio, closing the quarter with
Assets Under Management
(AUM) of 19.22 million sq. ft., compared to 16.96 million sq. ft. a year ago. The Trust's
warehouse occupancy
remained robust at approximately 98%, up from ~96.5% in the prior year, demonstrating continued tenant stickiness and high asset utilization.
The Trust also expanded its geographic reach, increasing its presence from 13 cities to 15, and now operates 37
logistics parks
and over 60 warehouses, up from 33 parks in Q1 FY25. This network expansion is aligned with India's evolving consumption and manufacturing hubs, positioning the platform strategically for future growth.
The share of leased area occupied by the top 10 clients declined from 39% to 33%, reflecting the Trust's proactive leasing strategy and efforts to mitigate concentration risks. The tenant mix continues to include leading names across e-commerce, FMCG, retail, automotive, and third-party logistics (3PL) sectors.
NDR InvIT's performance in Q1 FY26 reflects its consistent focus on revenue growth, capital discipline, and asset quality. With India's warehousing sector expected to grow at a double-digit pace over the next few years—driven by e-commerce, supply chain reconfiguration, and infrastructure-led policies—the Trust is well-positioned to capture the upside.
NDR InvIT Trust, the first perpetual warehousing and industrial Parks InvIT in India. The trust has an AUM of 19.22 msf. The asset portfolio is diversified across over 60 warehouses and 37 Industrial parks, located at 15 cities in India. At the end of March 2025, the warehouses were leased out to over 100 tenants.
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