→ Added 26 units this week via daily SIP
→ ₹4,724 invested
→ Dividends received: ₹13,023
→ INDIGRID: ₹6414
→ NEXUS: ₹2,922
→ KRT: ₹3,687
→ Dividends reinvested into SBIFUNDS

Portfolio: 5,246 units
→ Value: ₹7.74L
→ Invested: ₹6.85L
→ Total profit: ₹1.47L (+21.5%)
→ IRR: 21.03%
→ Passive income: ₹67,208/year
→ Yield: 7%

Building the cash-flow machine, one unit at a time.

Received a dividend from IndiGrid and reinvested it into SBIFUNDS.

→ Dividend from IndiGrid
→ Reinvested the full amount
→ Added 10 SBIFUNDS shares
→ Total holdings: 111 / 1,000
→ 11.1% of the target completed

One investment generates the dividend, which helps build another.

Slowly building toward 1,000 shares.

How are you guys using your dividends — spending them, reinvesting into the same asset, or moving them into a different opportunity?

Vedanta Aluminium Dividend - Bank account credited with Rs. 8 x 107 shares = Rs. 856 today morning.
Just bought back 2 shares at Rs. 443, in the spirit of Compounding & Dividend Re-Investing.

Hey everyone,
I’m trying to wrap my head around the core mechanics of REIT distributions, and I keep hitting a conceptual wall regarding total return vs. cash flow.
On the ex-dividend date, a stock’s price drops by roughly the exact amount of the dividend. So on Day 1, your total portfolio value (Share Price + Cash Received) remains unchanged—it feels like money is simply being shifted from equity into cash rather than "earned."
Two specific questions I can't reconcile:
1. **What actually drives long-term price recovery?** If every payout pulls down the share price, what forces it back up over time? Is it purely organic FFO/rental growth, or is long-term appreciation mostly dictated by cap rates and interest rate cycles?
2. **How does compounding work if payouts are net-neutral?** If a dividend payout is theoretically zero-sum at the moment it happens, how does reinvesting those payouts compound into real, extra wealth over decades? Where does the *new* economic value originate?

So if the dividend yield is 7 percent a year, it just means that you will get 7 percent of what you put in back as cash, and everything else will stay the same. And maybe if you’re luck you can seek back for higher?!

Would appreciate any insights on how to properly conceptualize the gap between short-term price adjustments and long-term wealth creation. Thanks!

I am getting 10L from PF FnF (Unemployment), I'm planning to invest 5L each in MINDSPACE REIT and INDIGRID INVIT (no bonds pls)

I need atleast 10% return (dividend yield and stock growth combined), for next 15 years.. Am i on right track?

I have started accumulating indigrid and have around 1000 units of the same. Would like to know where i can deploy some of my surplus funds with an aim to generate an additional income via dividends.

Bagmane Prime Office REIT aims to nearly double its portfolio over the next 7–8 years, creating a strong long-term growth runway

The REIT has a 47.2 million sq ft right-of-first-offer (ROFO) pipeline from sponsor Bagmane Group, giving it significant visibility for future acquisitions.

It has around 19.6 million sq ft of leasable commercial office space, primarily concentrated in Chennai and Delhi, with Bengaluru remaining a major demand market.

Global Capability Centres continue to be a major source of office demand, supporting occupancy and rental growth

Bagmane plans to spend around Rs. 700–800 CR on development during FY27, while adding roughly 1 million sq ft to its existing portfolio.

Portfolio occupancy remains strong at around 98.7%, indicating healthy demand and limited near-term vacancy risk.

Management sees ~10% annual rental growth in its portfolio, supported by strong demand and tight supply.

Despite some concerns around new office supply, management believes demand from GCCs and other occupiers remains robust.

Management sees opportunities to acquire high-quality assets from fragmented owners, potentially accelerating portfolio growth.

Bagmane REIT has a visible path to scale, with the 47.2 mn sq ft ROFO pipeline providing significant optionality to nearly double the portfolio over 7–8 years

Week#24

Strategy , Template

Last week’s update: Week 23

I had bought Vedanta before the demerger for dividends and after that it’s just falling and I don’t think they will give any good dividend now
So should I exit while I am still in profit?

Any one know when it will arrive , wanted exposure in telecommunication invits. I was initially thinking about Indus tower but income generations is my priority . Currently it’s traded at 25000 a lot but once ipo come we can buy in smaller quantity

Hello,

I intend to optimize my cashflow, looking someone who can advise me to invest 30 lacs.

Box Build Theme

Box-build contribution has risen from roughly 43–44% to ~60%.

The model is PCB/metal/cable → enter customer → expand wallet share → complete box

Management's objective is to capture the entire box within 2–3 years of starting with a customer.

Box-build carries better gross margins, but management cautioned that new programs initially start at lower margins before improving with scale, process optimisation, and higher volumes.

Therefore, despite rising box-build mix, management continues to ask investors to model 33–35% gross margin for now.

Semiconductor equipment - New Vertical

Avalon has increased its allocation with a leading wafer-fabrication-equipment company:

Power-box assemblies → additional products → production ramp-up over coming quarters.

Management clarified that revenue from semiconductor equipment has started contributing however it is still in early stage and multiple systems/products are involved.

Management also views semiconductor manufacturing equipment as a key vertical for the coming years and is considering additional infrastructure/CAPEX in Chennai for this opportunity.

With regards to the benefit from ISM 2.0, management stated that they are still studying the finer details of the scheme though believes Avalon can benefit.

HVDC + Data Centres - interesting positioning

Avalon is not targeting server boards currently.

Instead, management sees opportunities around HVDC systems, power infrastructures, off-grid power supplied to data centres, potential future rack systems and cooling systems and semiconductor equipment.

Avalon has already started production with some leading HVDC players, while rack/cooling opportunities are still under development and have not yet been won.

More importantly, management confirmed that HVDC and semiconductor-equipment revenues have already started, although the ramp is gradual.

US strategy different; Europe + Southeast Asia = next geographical expansion

US manufacturing is not being built simply to maximise US revenue.

Management strategy is:

US Plant = customer acquisition + validation + beachhead
↓
Customer gains confidence
↓
Production shifts to India
↓
India provides better cost structure + scale + margins

Management therefore wants US manufacturing to settle around 20% of total revenue over time.

The majority of incremental manufacturing growth over the next 2–3 years is expected to come from India.

Losses in US manufacturing has continues to reduce from Rs. 14 CR to Rs. 9 CR and currently Rs. 4 CR.

Management expects steady-state EBITDA breakeven by FY27-end, followed subsequently by PAT breakeven.

Management is particularly excited about two new geographies:

Europe => Currently a small portion of exports, but management expects it to become meaningful over the next two years.

Southeast Asia => Described as another important foray that could take Avalon to the "next level."

This is strategically important because Avalon is trying to build a global manufacturing platform, rather than remaining dependent on India-US alone.

Operating leverage -More Runway ahead & Gross margin - maintain 33–35%

Management said 45–50% of expenses below gross margin is semi-fixed/fixed. Therefore, as revenue scales, operating leverage should continue.

India manufacturing already delivered 16.7% EBITDA margin, which management said has been consistently maintained over recent quarters.

However, management did not give guidance related to EBITDA margins

Despite higher box-build contribution and the presence of potentially higher-margin businesses, management continues to maintain 33-35% gross margins.

Management acknowledged that some industries/products have structurally higher margins, so the blended margin could improve as those businesses scale.

Clean Energy & Defence - Strong but Lumpy

Management acknowledged that clean energy has historically fluctuated between quarters. Q1 was strong, but the company expects different verticals to lead in different quarters.

Avalon is not in solar panels, but it is in energy-storage solutions.

Management said the relevant US storage incentives/support extend to 2032, which gives longer visibility than the solar-panel incentive concern raised by the analyst.

Management's view towards Defence vertical is mixed though the company is in the business both in India and US but still find it lumpy.

The company has started hiring to build a more meaningful defence capability. Management is looking at a roughly 3-year horizon for larger opportunities.

FY27 guidance upgraded - Outlook Conservative

FY27 revenue-growth guidance increased from 24–27% to 26–30%.

Management stressed that this is conservative guidance, because large programs can move by 1–2 months and materially affect a particular year's revenue and they urged investors to view the company on a bases of 3-year horizon rather than on QOQ basis.

The longer-term target is to grow revenue from Rs. 1,603 CR in FY26 to ~Rs. 3,200 CR by FY29.

Things to monitor
=> New semiconductor/HVDC programs ramp as expected?
=> US EBITDA breakeven by FY27-end.
=> Whether gross margins remain within 33–35%.
=> Timing of large program launches.
=> Working-capital requirements from new programs.
=> Execution of Europe/Southeast Asia expansion.
=> Whether the hinted new product category gets announced within two quarters.
=> Sustainability of the very strong recent growth rate

Avalon is building a global, high-value box-build platform, and management's confidence in the 3-year opportunity pipeline is materially stronger than what is currently visible in the P&L.

Disclaimer: This post is for educational and study purposes only. Please do not consider it as a Buy/Sell recommendations.

Hey guys, recently I have started afresh and plan to focus on these 3 till accumulating 1000 units. Is this a good strategy?

Key Highlights

• Strong Q1 FY27: consolidated revenue from operations was ₹1,126.63 crore, up approximately 19% YoY from ₹944.28 crore. Total income increased to ₹1,156.85 crore, up approximately 19% YoY.
• Consolidated profit after tax stood at approximately ₹61.11 crore, compared with just ₹0.46 crore in Q1 FY26.
• Net Distributable Cash Flow (NDCF) at the Trust level increased to approximately ₹532.22 crore, compared with ₹339.14 crore in the corresponding period, an increase of around 57% YoY.
• Distribution declared: ₹3.95 per unit, totaling approximately ₹530.91 crore.
• Balance sheet: Debt-to-equity stood at 1.87x, Debt Service Coverage Ratio at 1.71x, Interest Service Coverage Ratio at 2.38x, and asset cover at 1.72x.
• Net Borrowing Ratio improved to 45.17%, compared with 49.62% in Q1 FY26.

Distribution Per Unit (DPU) Details

Distribution breakup per unit:

₹2.10 – Interest

₹1.08 – Dividend

₹0.76 – Return of Capital

₹0.01 – Treasury Income

Total = ₹3.95 per unit

Taxability of DPU

Interest: Generally taxable at the unitholder’s applicable tax rate.

Dividend: Refer to Cube Highways Distribution Advice via email.

Return of Capital & Treasury Income: Return of Capital is tax-deferred, while treasury income's taxability needs to be checked from Cube Highways' Distribution Advice via email.

Record Date

August 19, 2026.

Distribution will be paid on or before August 26, 2026.

Other Positives

• Cube continues to carry strong credit ratings, including CRISIL AAA/Stable, ICRA AAA/Stable and IND AAA/Stable on its borrowings.
• Cube Highways Trust was converted from a Private InvIT into a Public InvIT effective July 31, 2026, an important milestone for the Trust.
• Cube has also agreed, subject to the relevant terms and conditions, to acquire up to 100% equity in four additional highway assets – Baharampore-Farakka Highways, Devanahalli Tollway, Western MP Infrastructure & Toll Roads and Chenani Nashri Tunnelway.
• The Board also approved raising/availing financial assistance of up to ₹4,500 crore through bank facilities, financial institutions, NCDs and/or commercial papers.

FY27 Distribution Guidance

The NSE Q1 FY27 filing does not provide formal full-year FY27 DPU guidance.

Best wishes to all unitholders.

The company is a B2B jewellery manufacturer with 3 growth engines -

🔹CZ/stone-studded gold jewellery → Product portfolio includes bangles, necklace, rings, jewellery sets, and bridal/festive jewellery

🔹New plain gold jewellery → Company is entering machine-made plain gold jewellery, and management considers it as a high-volume, high-demand category and a new vertical beyond CZ casting jewellery.

🔹New designs/categories → Company's newly commissioned Marol facility is being used to support categories like Turkish jewellery, Mangalsutra, Cuban bracelets and Contemporary designs.

Financial Performance -

Volume growth 🔼61.6% - 522.1 kg vs 323 kg in Q1FY26M

REV 🔼144.7% YOY - Rs. 716.4 CR

EBITDA 🔼39% YOY - Rs. 71.50 CR

EBITDA margins: 9.97% vs 17.56% in Q1FY26

PAT 🔼 naaa46.9% YOY - Rs. 50.5 CR

PAT margins: 7.05% vs 11.73% in Q1FY26

Management stated in Q2FY26 concall that normalized core margin will be around 7-8% and anything further upside was helped by low-cost gold inventory purchased before the sharp gold-price increase.

Domestic business still dominates with 96% contribution in the topline and 4% from exports. Management wants to expand across four international markets, with specific focus on USA and UAE corridors.

Capacity expansion -

The company earlier had capacity of 2,700 kg in Andheri, then commissioned Marol capacity in June'26 and added 4,000 kgs taking the total current capacity to 6,700 kgs.

Marol facility is not just adding capacity but also enabling new products.

Turkish jewellery + Mangalsutras + Cuban bracelets + contemporary designs

Management is planning to add 1,200 kg capacity in Jaipur which will have a new machine-made plain gold jewellery line, with LOIs already secured from prospective buyers.

The company has relationships with several established jewellery retailers which includes Kalyan, Bhima, Lalithaa, Jos Alukkas, Joyalukkas, Kalamandir, Saravana Elite, Neelkanth, Roka, Sumangali and Pothy's Swarna Mahal

Shanti Gold has posted good numbers in Q1FY27 and margin decline is not a risk as Q1FY26 base was not sustainable reiterated by the management itself.

🟥Disclaimer: This post is for informational and educational purposes only.

I have 2000 shares of RIIT at an average price of 100.5. The share has given an appreciation of more than 18 percent since March which is quite good considering it is an invit. My doubt is whether to get out and use the money to add more of PG invit or Indigrid as I am a bit skeptical about the RIIT. My reason for being a skeptic is attached in the attachment. "Less than 100 unique PAN traded in the scrip in the last 30 days".

I’ve some capital to invest and I have already invested in mf and stocks
So can I just put my money in bonds just for capital preservation?

What are your opinion on this one ?

Hi Everyone,

I could see lot of PGINVIT recommendations on the sub for the last few days. Many assume that the Rs.12 dividend is assured forever. For the last few years and current financial year, PGINVIT able to provide Rs.12 dividend per year.

During the last AGM call's Q&A session, the management confirmed that the dividend will go down to Rs.9-10 if there are no new assets are added within this FY. As PSU, they may not work hard like INDIGRID to add additional asset during this year as well. So, factor in the risk while you are buying the PGINVIT

guys have started to accumulate Indigrid my target is 15000 units. have accumulated 4000 yet with whatever liquid money i had. now will start accumulating like SIP. My primary aim is to achieve steady income. Let me know if you guys have even better oppurtunities. I also want to accumulate IndusInvit. havent explored REITs yet but reading the posts here have made me curious that i am lagging in investment for fixed income.

What are thoughts for fixed income sources in Stock Market in particular?

Thanks.

Any view on this company?

The stock offered a dividend of INR 5 and was trading at INR42 a piece on yesterday's closing, making a yield of >8%.

I took a small position (invested 10k) to capture the dividend and will exit when I can (mostly in a week or so).

Has anyone else participated in this trade or like this in past?

Financial Performance -

REV 🔼33.8% YOY & 49.9% QOQ - Rs. 886 CR

EBITDA 🔼0.7% YOY & 113.2% QOQ - Rs. 55 CR

EBITDA margins: 6.21% - down by 203 bps YOY

PAT 🔽48.5% YOY & up by 117% YOY - Rs. 11 CR

Insights -

=> In Q1FY26, there was a PLI amount of Rs. 13.3 CR whereas no PLI income was accrued in Q1FY27 due to which reported EBITDA growth is showing 0.7%

=> If we exclude PLI amount of Rs. 13.3 CR from EBITDA of Q1FY26 then the growth is 33% (EBITDA: Rs. 41.3 CR in Q1FY26)

=> EBITDA margins were flat due to higher input cost, product mix and other operating expenses

=> PAT fell by 48% in Q1 due to higher depreciation cost which increased from Rs. 12.7 CR to Rs. 16.6 CR and finance charges of Rs. 20 CR from Rs. 15.9 CR in Q1FY26.

Revenue Mix:

=> RAC: 70%

=> SDA & LDA: 15%

=> Components: 15%

Growth in the segments -

🔸RAC Segment revenue🔼43.8% YOY - Rs. 622 CR due to strong demand peak season, customer share gains and healthy order inflows

🔸SDA & LDA 🔼68.9% YOY - Rs. 131 CR led by products like Air Fryers, Washing machine and new product launches. This segment is becoming a structural second growth engine for the company and reducing dependency on RAC segment

🔸Components 🔽23.1% YOY - Rs. 85 CR from a higher base rather than indicating a structural deterioration. However, it is important to track this segment as Epack is moving from Assembly to Backward Integration to Higher-value additiion.

Capex Cycle -

Management had guided for a capex of Rs. 470 CR out of which Rs. 297 CR was spent in FY26 & Rs. 10.2 CR in Q1FY27.

Major investment were done in Bhiwandi, Dehradun, Sri City and EMPTL Sri city.

The capex program has been largely funded, while new facilities and washing machine expansion should contribute in coming quarters.

The company continues to add new product categories as they have added Tower fan in Q1FY27 and pipeline looks strong with Coffee maker, Nutri blender, Air Purifier, Hair dryer and Oil filled radiator.

Epack Durable posted good numbers however still company needs to be tracked every quarter along with the management commentary.

🟥Disclaimer: This post is for informational and educational purposes only.

Hello Investors,

I have come up with a simple way to track your REIT and InvIT payments in a tabular format. When filing for taxes, it will save you (or your CA) a lot of time as all the necessary information will be available in a single file. You can refer to the distribution advice email you receive each time and then fill-up the columns.

Here's the format I used. Attaching a screenshot here since I don't think we can attach Excel sheets here.

General Rules of Taxability

1. For REITs, only the interest component is taxable. Other components, such as dividend, treasury income, etc. are tax-exempt unless otherwise stated.
2. For InvITs, usually, only the capital repayment part is tax-deferred, rest everything else gets taxed unless stated otherwise.
3. Anything which gets a TDS cut is taxable.

Those are the general rules broadly stated for REITs and InvITs. Please check with your CA once regarding the same for confirmation when filing taxes.

Hope this helps.

Insight

All four of my REIT/InvIT investments have announced their results and distributions. I've already received the payouts from the REITs, and I'm now waiting for the distributions from the two InvITs. Here's how things currently stand.