1. At a Glance – Warehousing, But Make It Boringly Profitable
TVS Infrastructure Trust is that one guy in the party who doesn’t talk much, doesn’t dance, but quietly owns the building. At a market cap of ₹2,218 crore, trading at ₹112 per unit, this InvIT is not here to impress momentum traders—it’s here to collect rent like clockwork. In the last 3 months, units are up ~7.55%, 6 months ~9.49%, while paying a distribution yield of ~1.34% (and yes, distributions just landed again).
Q3 FY26 numbers look like a textbook InvIT slide:
- Revenue: ₹61 crore
- PAT: ₹13.9 crore
- Operating Margin: ~75%
- Occupancy: 99.2% (yes, basically full)
- WALE: ~5.5 years
- Debt maturity: ~20 years
This is not growth stock adrenaline. This is annuity-style calm, backed by warehouses that Amazon, Flipkart, Nestle, TVS Supply Chain and friends refuse to vacate. The real masala? ₹830 crore of NCDs issued at 7.42%, AAA-rated, long tenure, refinancing expensive SPV debt. Translation: lower interest stress, smoother cash flows, happier unitholders.
If stability had a face, it would be a warehouse in Tamil Nadu leased for 9 years with annual escalation clauses.
2. Introduction – The Anti-Startup of Indian Markets
While startups burn cash to acquire customers, TVS Infrastructure Trust just builds a shed and waits. And somehow, the shed is always full.
TVS Infrastructure Trust operates as an Infrastructure Investment Trust (InvIT) focused on warehousing, logistics parks, and industrial premises. No fancy apps. No AI pitch decks. Just concrete, steel, and long-term leases signed by companies who actually make money.
Backed by TVS Industrial & Logistics Parks (TVS ILP)—part of the larger TVS Mobility ecosystem—the Trust is structured to do what InvITs do best:
- Own income-generating assets
- Distribute most of the cash
- Refinance debt intelligently
- Avoid drama
As of Sept 30, 2025, the Trust owns ~9.2 million square feet of operational assets across India, spread over 16 parks. Another ~1.4 msf is under development, with 48% already pre-leased, expected to be operational by March 2026.
This is not
a “story stock”. This is a rent collection vehicle with SEBI regulation, AAA debt, and boring predictability. If you’re looking for fireworks, wrong place. If you’re looking for cash flow with discipline, welcome.
3. Business Model – WTF Do They Even Do?
Let’s simplify this brutally.
TVS Infrastructure Trust:
- Builds or acquires warehouses
- Leases them to large corporates
- Collects rent
- Pays interest
- Distributes the rest
That’s it. No hidden DLC pack.
Who builds and manages everything?
TVS Industrial & Logistics Parks (ILP), incorporated in 2005, is both:
- Sponsor
- Project Manager
They handle development, leasing, operations, maintenance, and execution. Basically, the Trust just sits there like a landlord uncle while TVS ILP does all the heavy lifting.
Geography Check
- 10 parks in Tamil Nadu
- 3 in Andhra Pradesh
- 1 each in Odisha, West Bengal, Maharashtra
- 2 upcoming parks in Odisha
This South-heavy exposure isn’t accidental—it aligns with manufacturing corridors, ports, and consumption hubs.
Tenant Quality
The tenant list reads like an FMCG + logistics conference attendee list:
- Amazon
- Flipkart
- Nestle India
- TVS Supply Chain Solutions
- Alstom
- Godrej & Boyce
- Varun Beverages
- Whirlpool
- First Solar India
Top 5 tenants contribute ~62% of rentals, which sounds concentrated until you remember these tenants don’t vanish overnight.
Ask yourself: when was the last time Amazon vacated a warehouse because of a bad quarter?
4. Financials Overview – Quarterly Results
Q3 FY26 Performance
