NDR INVIT Trust

: NDRINVIT · Diversified Commercial Services

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Snapshot

Unlock NDR INVIT Trust's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

NDR InvIT is an infrastructure investment trust focused on the ownership and management of industrial parks and warehousing assets across India. It provides logistics infrastructure solutions to a diverse clientele through a large-scale, geographically dispersed portfolio.

Business Model

The trust generates revenue primarily through long-term leasing of industrial and warehousing space to a broad base of corporate tenants. It maintains a stable income profile supported by a significant weighted average lease expiry.

  • Leasable Area:19.2 million square feet
  • Number of Assets:37 industrial parks
  • WALE:10.7 years

Growth Outlook

Growth is driven by the expansion of the portfolio through the acquisition of ROFO (Right of First Offer) projects and the active management of lease renewals. The trust aims to leverage its existing footprint across 15 cities to capture demand in the Indian logistics sector.

  • ROFO Projects:8.75 million square feet
  • Lease Renewal Exposure FY26:19.5%

Key Risks

  • Lease Renewal Risk. A significant portion of the portfolio is subject to lease renewals in the near term, which could impact occupancy levels and rental income if not successfully renegotiated.
  • Concentration Risk. The trust's performance is heavily dependent on the health of the logistics and warehousing sector in India, making it vulnerable to economic downturns affecting industrial activity.
  • Interest Rate Sensitivity. As an InvIT, the trust is sensitive to fluctuations in interest rates, which can impact financing costs and the attractiveness of its yield to investors.
  • Operational Risk. Maintaining high occupancy rates across a large, multi-city portfolio requires effective property management and the ability to attract and retain high-quality tenants.

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Peers · Diversified Commercial Services

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
NDR INVIT TrustNDRINVIT
87.0%
International Gemological Institute LimitedIGIL
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WeWork India Management LimitedWEWORK
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Nesco LimitedNESCO
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As of Mar 2026

Financials