Raajmarg's first results are a placeholder. Toll revenue starts next month.
The trust's first audited numbers show a standalone profit from internal interest. Consolidated, it lost money. Its real business begins April 1.
What's new
- First audited results since March 2026 listing cover the period from incorporation to March 2026.
- Standalone profit of ₹1,030.74 lakhs came entirely from interest on loans to a subsidiary.
- Consolidated loss of ₹38.58 lakhs as setup costs exceeded the interest income.
Why this matters
This is a financial pro forma for a trust whose core assets are not yet operational. The standalone profit is an accounting artefact from internal treasury flows, not operational cash. The zero distribution is expected; the investment case begins to be tested from April 2026.
What we're watching
- First toll revenue once the appointed date passes on April 1.
- The timeline for the first distribution to unit holders.
- Path to consolidated profitability as the toll assets go live.
The full read
Raajmarg Infra Investment Trust's first financials are a placeholder. The standalone profit of ₹1,030.74 lakhs is interest on internal loans. Consolidated, costs exceeded that income, leaving a ₹38.58 lakhs net loss. The NAV per unit is ₹100.72. No distribution was declared. These numbers are backward-looking. They tell you nothing about the trust's core business because that business, toll roads, does not start until April 1, 2026. The results are a clean slate. The real story starts next month.
Questions answered
- How did Raajmarg book a profit with no operational assets?
- The standalone profit of ₹1,030.74 lakhs is entirely from interest earned on loans the trust made to its subsidiary. It's an internal treasury flow, not revenue from toll collections.
- Why did the consolidated results show a loss?
- The consolidated net loss of ₹38.58 lakhs was caused by expenses for setting up the trust and its structure, which exceeded the interest income during this pre-operational phase.
- When will the trust actually start earning from its core business?
- The appointed date for its toll road assets is April 1, 2026. Revenue from toll collections is expected to begin from that date.
- What is the current value of a unit?
- The net asset value per unit stands at ₹100.72, based on the financial position as of March 31, 2026.