Key Metrics of Interise Trust
About Interise Trust
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 17 Sep 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹12,150 Cr | View |
| 28 May 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹12,094 Cr | View |
Credit strengths (ICRA, Sep 2026)
+ Operational nature of asset portfolio with track record of toll collection
Interise has a portfolio of 1 3 assets, which include 11 build-operate-transfer (BOT) toll road projects [10 toll road projects undertaken on public private partnership (PPP) basis with the NHAI and one toll road project in concession with state authority].
+ Strong financial profile of Trust
The ratings consider Interise’s healthy financial risk profile, marked by strong debt coverage metrics with cumulative DSCR of more than 1.70 times as per ICRA’s base case estimates for the debt tenure and a moderate leverage of 42% as on March 31, 2026.
+ Cash pooling benefit of InvIT and regulatory approval for increase in consolidated leverage
The ratings consider the benefit of cash flow pooling for the SPVs and the Trust, which ensures that the cash flows of all the SPVs are available for meeting the regular and periodic maintenance expenses and debt servicing of the Trust.
+ Large and reputed anchor investors
The key unitholders of Interise Trust comprises reputed pension funds – Canada Pension Plan Investment Board (CPPIB) and The Ontario Municipal Employees Retirement System (OMERS) Infrastructure Asia Holdings Pte.
Credit challenges
− Risks inherent in BOT toll road projects
Interise is exposed to risks inherent in toll road projects, including those arising from lower traffic growth, inflation-linked toll rate increase, risk of political acceptability of rate hikes over the concession period, the likelihood of toll leakages, development or improvement of alternate routes or modes of transportation.
− Undertaking regular and periodic maintenance/capex within budgeted cost
The cash flows of the underlying assets depend on timely undertaking of regular operations and maintenance (O&M) and periodic maintenance (major maintenance) as specified in the CA and within the budgeted costs.
− Risk of future asset acquisition by the Trust and its funding pattern
The Trust may acquire additional projects in future, which could have a material impact on its operational and financial risk profiles.
Could lead to a downgrade
The ratings may be downgraded if any debt-funded acquisition results in a significant increase in leverage or unfavourable changes in debt structure, thereby resulting in material decline in debt coverage metrics. Material decline in toll collections or increase in costs, resulting in cumulative DSCR over the debt tenure falling below 1.70 times on a sustained basis, could trigger a rating downgrade. www.icra.in Sensitivity Label : Public Page |5
Agency-reported financials (ICRA, 17 Sep 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹3,234 Cr | ₹3,544 Cr | ₹3,568 Cr |
| PAT | ₹-,157.10 Cr | ₹-71.40 Cr | ₹42.20 Cr |
| OPBDIT/OI | 61.0% | 65.0% | 70.0% |
| PAT/OI | -5.0% | -2.0% | 1.0% |
| Total outside liabilities/Tangible net worth (times) | 2.60× | 2.90× | 3.60× |
| Total debt/OPBDIT (times) | 4.10× | 3.40× | 3.50× |
| Revenue growth (YoY) | — | 9.6% | 0.7% |
| EBITDA (margin × income) | ₹1,973 Cr | ₹2,304 Cr | ₹2,497 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹8,088 Cr | ₹7,832 Cr | ₹8,741 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-convertible debentures (NCD) Non-convertible debentures (NCD) | Debentures & bonds | ₹935 Cr | ₹0 | −100.0% | AAA (Stable) | Reaffirmed | ICRA |
| Commercial paper programme (CP) | Commercial paper | ₹1,040 Cr | ₹63.7 Cr | −93.9% | A1+ | Reaffirmed | ICRA |
| Commercial paper programme (CP) | Commercial paper | ₹760 Cr | ₹1,736 Cr | 128.5% | A1+ | Reaffirmed | ICRA |
| Long-term – Fund-based bank facilities – Term loan | Term loans | ₹4,063 Cr | ₹4,063 Cr | 0.0% | AAA (Stable) | Reaffirmed | ICRA |
| Long-term Short-term – Non-fund based – Bank guarantee (BG) Short-term – Fund-based – Overdraft | Non-fund based limits | ₹340 Cr | ₹340 Cr | 0.0% | AAA / A1+ (Stable) | Reaffirmed | ICRA |
| facility Proposed – Long-term – Fund-based | Working capital & bank lines | ₹10.0 Cr | ₹10.5 Cr | 5.0% | A1+ | Reaffirmed | ICRA |
| facilities Non-convertible debentures (NCD) | Debentures & bonds | ₹2,896 Cr | ₹2,137 Cr | −26.2% | AAA (Stable) | Reaffirmed | ICRA |
| programme | Other | — | ₹1,750 Cr | — | AAA (Stable) | Assigned | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE790Z07079 | — | Debentures & bonds | 7.30% | 16 Oct 2025 | 31 Mar 2045 | ₹1,013 Cr | AAA | Outstanding |
| INE790Z07061 | — | Debentures & bonds | 6.96% | 16 Oct 2025 | 31 Mar 2045 | ₹1,037 Cr | AAA | Outstanding |
| INE790Z14067 | paper + | Commercial paper | 6.70% | — | — | ₹1,736 Cr | A1+ | Not stated |
| INE790Z07053 | — | Debentures & bonds | 7.59% | 14 Jun 2023 | 31 Mar 2040 | ₹935 Cr | AAA | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 56% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 73% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- ₹10.5 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
As on July 31, 2026, the Trust has healthy cash and bank balances of around approximately Rs. 1,500 crore, including encumbered cash balances of around Rs. 310 crore, providing additional buffer in case of any higher-than-expected outflow towards major maintenance expenditure.
From the report
ICRA notes that the Trust has raised Rs. 2,075 crore of domestic NCDs and Rs. 3,322 crore of term loan to refinance the existing rupee term loan at a lower interest rate in FY2026.
From the report
As on March 31, 2026, the Trust has healthy cash and bank balances of around Rs. 1,300 crore, including encumbered cash balances of around Rs. 280 crore, providing additional buffer in case of any higher- than-expected outflow towards major maintenance expenditure.
From the report
The rating notes that the Trust has raised Rs. 2,075 crore of domestic NCDs and Rs. 3 ,322 crore of term loan to refinance the existing rupee term loanat a lower interest rate.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.