India’s industrial and warehousing sector is seeing steady momentum, and NDR InvIT Trust is firmly riding that wave. The country’s first perpetual warehousing and industrial parks investment trust, listed on the National Stock Exchange, has reported a strong Q2 FY26 performance, demonstrating both operational resilience and financial discipline.
For the quarter ended September 30, 2025, the Trust recorded rental income of INR 1,036.05 million, up from INR 750.75 million during the same period last year, marking a substantial 38% growth. EBITDA also jumped 45% to INR 950.19 million, up from INR 657.33 million in Q2 FY25. These numbers not only underline the Trust’s robust revenue growth but also its ability to convert strong occupancy and rental income into tangible profits.
One of the standout figures from this quarter is warehouse occupancy, which remained above 98%. This high occupancy reflects both the quality of NDR InvIT Trust’s assets and the trust it enjoys among top tenants. The Trust’s diversified portfolio includes 37 industrial parks and over 60 warehouses across 15 cities, catering to a wide spectrum of industries. Its top 10 tenants occupy about 32% of the leased area, balancing anchor clients with leading industrial players. This diversification has helped the Trust maintain stability even amidst market fluctuations, ensuring predictable income streams for investors.
Sandeep Jain, Chief Financial Officer of NDR InvIT Trust, highlighted the achievements of the quarter. “Quarter ended September 2025 has been a strong start for NDR InvIT Trust, marked by the milestone of crossing INR 1,036.05 million in rental income,” he said. “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.”
The Trust’s disciplined financial approach is evident in its low loan-to-value (LTV) ratio, which remains below 15%. This conservative leverage strategy not only reinforces balance sheet strength but also positions the Trust to capitalize on future growth opportunities without compromising financial stability. The Net Asset Value (NAV) stood at INR 133.75 per unit as of September 30, 2025, reflecting steady value creation for unitholders.
In line with its commitment to investors, the Board declared a total distribution of INR 722.72 million for the quarter. This includes INR 1.825 per unit, split evenly between interest income and return of capital. The record date for distribution has been set on or before November 22, 2025. Such consistent distributions underscore NDR InvIT Trust’s focus on delivering regular and reliable returns to its investors, a key differentiator in India’s growing REIT and InvIT landscape.
The Trust’s AUM currently stands at approximately 19.22 million square feet, highlighting both its scale and its ability to maintain a high-quality, income-generating portfolio. As industrial and warehousing demand continues to grow, fueled by e-commerce expansion, manufacturing growth, and logistics development across India, the Trust is strategically positioned to capitalize on these trends. Its mix of anchor tenants and diversified portfolio ensures predictable revenue and mitigates risk.
Beyond numbers, the quarter also reflects a broader narrative: the maturation of India’s InvIT and REIT market. Investors are increasingly looking for stable, yield-generating assets backed by strong operational performance. NDR InvIT Trust’s results indicate that professionally managed industrial and warehouse assets can offer both growth and stability, blending long-term capital appreciation with recurring cash flows.
Looking ahead, the Trust plans to continue expanding its footprint across strategic industrial hubs while maintaining operational excellence and high occupancy levels. With strong rental growth, disciplined capital management, and a diversified tenant base, NDR InvIT Trust is not only reinforcing investor confidence but also contributing to the development of India’s industrial and warehousing infrastructure.
In a market increasingly defined by structured and professionally managed assets, NDR InvIT Trust stands out as a model of consistent performance, investor focus, and strategic growth. For the quarter ended September 2025, the results speak volumes about the Trust’s vision, execution, and ability to deliver value in both numbers and long-term potential.
As India’s logistics and industrial sectors expand, the Trust is poised to remain a leading player, demonstrating that disciplined management, quality assets, and tenant diversification can drive strong financial performance while supporting the country’s infrastructure backbone.
