1. At a Glance – The Warehouse That Doesn’t Miss Rent Day
₹125 per unit. ₹4,950 crore market cap. Q3 FY26 revenue at ₹106 crore. PAT at ₹33 crore. Quarterly EPS at ₹0.83. Occupancy at ~99%. WALE at 10.89 years. Distribution declared at ₹1.875 per unit.
Ladies and gentlemen, this is not a startup burning VC money. This is a landlord who collects rent on time.
Sales grew 33.5% YoY in the latest quarter. EBITDA margin? 88%. Yes, you read that right. 88%. When most companies fight for 20%, NDR InvIT is playing in landlord league.
But here’s the twist — ROE is just 3.46%. P/E is 35.2. Industry median P/E is 22.
So the question is simple:
Are we paying premium price for predictable income… or just overpaying for stability?
Let’s break open the shutter and walk inside.
2. Introduction – The Silent Giant of Indian Warehousing
NDR InvIT Trust was incorporated in 2023 and listed in 2024. Unlike flashy tech companies, it owns physical industrial parks and warehouses across India.
As of Q3 FY26:
- 38 industrial parks
- 60+ warehouses
- 19.68 million sq. ft. AUM
- 8.75+ msf ROFO pipeline
- 100+ clients across 15 cities
And most importantly — occupancy at ~99%.
This is India’s first perpetual warehousing InvIT.
Translation? It is designed to exist forever, collecting rent forever.
Sounds boring?
Boring is beautiful in real estate.
But before we fall in love with the rent cheques, let’s understand what exactly they do.
3. Business Model – WTF Do They Even Do?
Imagine Amazon, Flipkart, FMCG brands, auto companies, and logistics firms needing massive storage across India.
Now imagine one landlord who owns the sheds.
That’s NDR InvIT.
They earn rental income from:
