Raajmarg Infra Investment Trust (InvIT) Review | APPLY or AVOID?
Raajmarg Infra Investment Trust started in 2025. It operates in the Infrastructure industry and provides toll road management to its customers across India. This business is based in New Delhi. This IPO review covers the main facts of the offer. It helps you decide if the issue fits your portfolio.
Raajmarg Infra Investment Trust enjoys strong government backing, but the lack of operating history remains a key concern for investors.
IPO Details | |
|---|---|
| Issue Type | Book Building |
| IPO Category | InvIT |
| Fresh Issue | ₹6,000 Cr. |
| Listing At | NSE BSE |
Reservation | |
|---|---|
| QIB Shares Offered | 28,80,00,000 |
| − Anchor Investor Shares Offered | 17,28,00,000 |
| − QIB (Ex. Anchor) Shares Offered | 11,52,00,000 |
| NII (HNI) Shares Offered | 9,60,00,000 |
| Strategic Investor Shares Offered | 21,60,00,000 |
| Total Shares Offered | 60,00,00,000 |
✅ Strengths
⚠️ Challenges
Financial Update
The Trust has no active financial history as a new entity. The Sponsor reported a total revenue of ₹25.65 crore for March 31, 2025. This revenue decreased from ₹26.81 crore in the previous year. The net loss for the same period was ₹841.40 crore. This loss increased from ₹803.77 crore in the previous year. The Sponsor is currently making losses. This trend should be carefully studied prior to any investment.
IPO Valuation
The upper price band is ₹100. The company has not provided earnings data to calculate a P/E ratio. The Trust is currently in the pre-operating stage. You should compare the price to the Net Asset Value (NAV) of peers.
IPO Objective
InvIT will use the offer proceeds to meet stated objectives:
Promoters & Lead Manager
The National Highways Authority of India is the Sponsor. It has decades of experience in Indian road development. SBI Capital and other lead managers have a strong history of managing big public issues.
Peer Comparison
Below is a comparison of the company with its listed peers, based on data from March 2025. Most peers have different service models but operate in the same digital space.
| Company Name | NAV (₹ per share) |
|---|---|
| Cube Highways Trust | 142.70 |
| Vertis Infrastructure Trust | 103.35 |
| Interise Trust | 104.18 |
| National Highways Infra Trust | 145.80 |
| IRB Invit Fund | 79.50 |
Note: Financial data sourced from annual reports and stock exchange data. We use restated financial statements for 2024-25.
IPO Review & Analyst Rating
Raajmarg Infra Investment Trust manages five important toll roads in India. These roads are part of the Golden Quadrilateral network. This network connects major economic hubs across different states. The National Highways Authority of India (NHAI) is the sponsor for this issue. This backing gives the trust a strong reputation and reliable support.
The trust has not yet started its business operations. It does not have any past profit or loss records. The sponsor company has reported losses in the last four years. This is a common situation for large infrastructure projects. They usually require a long time to become profitable. This investment is for people who can wait for many years. It is a long-term play on the growth of Indian highways.
The road assets are located in Tamil Nadu, Karnataka, Andhra Pradesh, and Jharkhand. These roads will collect toll fees for many years. This should provide the trust with a steady income in the future. Experts suggest that only investors with extra cash should apply. You should hold these units for the long term to see good results.
| Analyst Name | Recommendation |
|---|---|
| Dilip Davda | Neutral |
| Axis Capital Ltd | Not Rated |
| Centrum Broking Ltd. | Apply |
| Kunvarji Finstock Pvt Ltd | Apply |
Disclaimer: The information on the site is informational only. The contents of this blog are not financial advice. You should not invest in any stock market instrument without consulting your Financial advisor.
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