This Digital InvIT Rises 45% in 5 Years: Towers, Payouts and a Public Listing Push

This digital InvIT has risen approximately 45% in 5 years, and that is only the price gain before a large stream of quarterly cash payouts. As of 10 September 2026, it ranked 78th out of 101 names in our return screen with a 5-year gain of 45.12%, a solid but not spectacular result for a trust built on telecom towers.

The trust is Data Infrastructure Trust (BSE: 543225), formerly Tower Infrastructure Trust and renamed Altius Telecom Infrastructure Trust in September 2024. The Data Infrastructure Trust share price stood at approximately Rs 175 on 11 September 2026, close to its 52-week high of Rs 180, giving it a market value of around Rs 53,330 crore. Investors in a digital InvIT hold units rather than shares, and these units trade only on BSE, not NSE.

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How Much Has This Digital InvIT Returned in 5 Years?

This digital InvIT has delivered a price return of approximately 45.12% over five years, which implies a move from roughly Rs 121 per unit in September 2021 to about Rs 175 today. Most of that gain for the digital InvIT came in two bursts, one early in the window and one in the last 12 months.

Here is how this digital InvIT has moved across time frames, with its rank in our screen of 101 names:

Period	Return (%)	Rank (out of 101)
1 Month	0.96%	85
6 Months	10.22%	81
1 Year	17.67%	62
3 Years	14.95%	90
5 Years	45.12%	78

Returns are simple price changes and are not annualised. There has been no split or bonus in the window. The trust did run a small 1:88 rights issue in early 2022, which has a negligible effect on the price series, so the rise is real price appreciation.

The weak spot is the 3-year return of 14.95%, which ranks 90th. Units of the digital InvIT spent much of 2023 to early 2025 in a range of roughly Rs 140 to Rs 157 as the trust took on debt for a large acquisition. The 1-year return of 17.67% shows the recovery that followed.

Price Return Versus Distributions

For a digital InvIT, the price chart tells only half the story. This digital InvIT must pass on at least 90% of its net distributable cash flow, and it has paid out approximately 98% in FY26. That cash sits on top of the 45% price gain.

In FY26, the digital InvIT distributed approximately Rs 15.64 per unit, split into Rs 10.28 as return on capital and Rs 5.36 as return of capital. At the current price of about Rs 175, that works out to a trailing distribution yield of roughly 8.9%. Cumulative distributions since inception total approximately Rs 77.6 per unit.

The most recent payout declared was approximately Rs 4.01 per unit in May 2026, while the December 2025 quarter paid Rs 3.12. Part of every payout of this digital InvIT is return of capital, meaning some principal comes back rather than pure income. Keep that split in mind when comparing it with a bond.

Why Has This Digital InvIT Risen Over 5 Years?

The rise came from three layers: a long-term anchor contract with Reliance Jio, a large tower acquisition in 2024 and, recently, strong institutional demand at higher prices.

A 30-Year Anchor Contract With Jio

This digital InvIT was set up in 2019 to hold the tower assets that Reliance Jio carved out into Summit Digitel Infrastructure. In 2020, Brookfield Infrastructure acquired control. Summit's towers are backed by a 30-year, non-cancellable master service agreement with Jio, with annual rent escalations and pass-through of power and site costs.

That contract gave this digital InvIT a visible revenue base from day one. As Jio rolled out 5G from late 2022, demand for tower capacity and fibre-connected sites grew, which supported revenue in the early part of the 5-year window.

Crest Digitel and the ATC India Deal Built Scale

In March 2022, the digital InvIT added Crest Digitel, which brings in-building coverage and small cells. The bigger leap came in September 2024, when it completed the purchase of American Tower Corporation's India business for an enterprise value of approximately Rs 18,200 crore. That added around 76,000 sites under Elevar Digitel.

After the deal, the combined platform, branded Altius, became the largest independent tower operator in India. As of March 2026, this digital InvIT owned 2,58,111 sites with approximately 3,15,351 tenancies across all 22 telecom circles, and a weighted average lease expiry of around 16 years.

Revenue and Cash Flow Growth

Adjusted revenue rose approximately 25.2% in FY26 to around Rs 12,262 crore, and cash EBITDA grew about 18.9% to approximately Rs 8,301 crore. Between FY21 and FY26, adjusted revenue compounded at around 28% a year and cash EBITDA at about 23%. That cash flow growth lifted both the NAV and the payouts of this digital InvIT.

Institutional Deals Re-rated the Units in 2026

The recent 1-year rally has a clear trigger. On 2 September 2026, Canadian pension investor La Caisse completed an investment of approximately Rs 12,100 crore for a 24% stake alongside Brookfield. A sponsor sale of 52.05 crore units for about Rs 8,589 crore implies a price of roughly Rs 165 per unit, above where the units traded a year ago.

This digital InvIT also filed draft papers on 6 August 2026 for a public offering of about Rs 6,000 crore, made up of a Rs 500 crore fresh issue and an offer for sale of up to 30.47 crore units. A wider investor base could improve liquidity, since the units have traded only on BSE in large lots.

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Digital InvIT Financials: Quarterly Performance

Quarterly revenue at this digital InvIT has been flat at around Rs 6,000 crore for a year, but profit is rising as costs and depreciation ease. In Q1 FY27 (June 2026), consolidated net profit of Data Infrastructure Trust rose approximately 66% to Rs 375 crore from Rs 227 crore a year earlier, and the EBITDA margin improved by about 196 basis points to 43%.

Quarter	Revenue (Rs Cr)	Operating Profit (Rs Cr)	Net Profit (Rs Cr)	Operating Margin
Jun 2025	6,030	2,457	227	41%
Sep 2025	6,080	2,484	280	41%
Dec 2025	6,034	2,492	290	41%
Mar 2026	6,021	2,518	310	42%
Jun 2026	6,025	2,555	375	42%

Reported revenue includes power and fuel costs passed through to tenants, which keeps margins lower. Accounting profit is also small next to operating profit because the digital InvIT books around Rs 1,100 crore of depreciation and a similar amount of interest every quarter.

Annual consolidated revenue of the digital InvIT grew from approximately Rs 9,786 crore in FY22 to Rs 24,165 crore in FY26, helped by the ATC India addition. Net profit moved from Rs 547 crore to Rs 1,107 crore over the same period. For this digital InvIT, distributable cash flow matters more than net profit.

Is the Digital InvIT Expensive After the Rally?

No, not on its own yardstick. At about Rs 175, the units trade only around 2% above the NAV of Rs 171.65 per unit as of June 2026. The fair-value NAV has risen from Rs 139.28 in March 2025 to Rs 170.77 in March 2026, so the price rally has largely tracked a real increase in asset value.

Metric	Value
CMP (11 Sep 2026)	Approximately Rs 175
52-week range	Rs 142 to Rs 180
Market cap	Approximately Rs 53,330 crore
NAV per unit (30 Jun 2026)	Rs 171.65
NAV per unit (31 Mar 2026)	Rs 170.77
FY26 distribution	Rs 15.64 per unit
Trailing distribution yield	Approximately 8.9%
Net debt to AUM (Mar 2026)	45.23%
Cost of debt	8.09%
Credit rating	AAA/Stable (two domestic agencies)

A trailing PE of about 42 means little for a digital InvIT with heavy depreciation. The more useful comparison is a distribution yield near 8.9% against a cost of debt of about 8.09% and government bond yields well below that.

Who Owns This Digital InvIT?

Ownership of this digital InvIT is concentrated among large global investors. Brookfield's sponsor entity, BIF IV Jarvis India, held approximately 28.26% of units as of September 2026, down from 45.34% after the recent stake sale. La Caisse now holds around 24%, and affiliates of GIC and British Columbia Investment Management Corporation are also investors.

Retail participation is minimal because the digital InvIT has been privately placed on BSE with large trading lots. A quarterly unitholding pattern in the usual company format is not available, and the planned public offering aims to widen the base.

Key Risks for This Digital InvIT

This digital InvIT is less volatile than most equities, but it carries real risks.

Tenant concentration: A handful of telecom operators account for almost all revenue of this digital InvIT. Jio anchors the Summit portfolio, while the ATC India portfolio has sizeable exposure to weaker operators, so any payment delay or network consolidation could hit cash flow.

Debt and interest rates: Gross debt was approximately Rs 44,800 crore at March 2026, and net debt to AUM stood at 45.23%. Higher rates would raise refinancing costs and make an 8.9% yield look less attractive.

Flat revenue: Quarterly revenue has barely moved for four quarters. Growth now depends on new tenancies, 5G densification and rent escalations rather than acquisitions.

Return of capital: About a third of FY26 payouts was return of capital. That lowers the book value per unit over time and is not the same as earned income.

Liquidity and supply: Units of this digital InvIT trade only on BSE with thin volumes. The planned offer for sale of up to 30.47 crore units could add supply and weigh on the Data Infrastructure Trust share price in the near term.

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Data Infrastructure Trust Share: Analyst View

Analysts broadly see this digital InvIT as a yield instrument backed by long-term contracts, a strong sponsor and a AAA rating. The ATC India deal gave it national scale, and the 2026 stake sale to La Caisse at around Rs 165 per unit acted as a valuation marker for the Data Infrastructure Trust share.

The key debates are flat quarterly revenue, high debt and tenant concentration. The Data Infrastructure Trust share price has already caught up with NAV, so further gains may depend on NAV growth and the outcome of the public offering rather than a re-rating.

Data Infrastructure Trust Share Price Target

No verified Data Infrastructure Trust share price target from a domestic or foreign brokerage is available, since few brokerages formally cover a privately placed digital InvIT. In its absence, the useful markers are the NAV of Rs 171.65, the 52-week low of Rs 142 and the 52-week high of Rs 180.

A sustained move above Rs 180 would take the Data Infrastructure Trust share price to a new high, while a slip back to around Rs 165 would bring it to the level of the recent sponsor stake sale. Anyone building their own Data Infrastructure Trust share price target should add the distribution yield, since payouts form a large part of total return.

Conclusion

This digital InvIT has turned roughly Rs 121 into about Rs 175 in five years, a 45% price gain, while paying out Rs 15.64 per unit in FY26 alone. The drivers were a 30-year Jio contract, the Rs 18,200 crore ATC India acquisition and fresh institutional demand in 2026.

The Data Infrastructure Trust share price now sits near NAV and close to its 52-week high, with a weak 3-year record behind it. For investors who want steady cash flow from telecom infrastructure, this digital InvIT is worth tracking, but debt, tenant risk and the pricing of its public offering deserve close attention.

Frequently Asked Questions

Which digital InvIT has risen 45% in 5 years?

Ans. Data Infrastructure Trust (BSE: 543225), now called Altius Telecom Infrastructure Trust, is the digital InvIT whose units have risen approximately 45.12% in five years. It ranked 78th of 101 in our screen as of 10 September 2026.

Is Data Infrastructure Trust listed on NSE?

Ans. No. Data Infrastructure Trust is a digital InvIT listed on BSE under code 543225, where its units have traded since September 2020. The trust has filed draft papers for a public offering, which could widen its investor base.

Why did the Data Infrastructure Trust share price rise?

Ans. The Data Infrastructure Trust share price rose on a 30-year tower contract with Jio, the September 2024 acquisition of ATC India and strong cash flow growth. In 2026, La Caisse bought a 24% stake, and a sponsor sale at around Rs 165 per unit supported the re-rating.

What is the distribution yield of Data Infrastructure Trust?

Ans. The trust paid approximately Rs 15.64 per unit in FY26. At a price of about Rs 175, that is a trailing distribution yield of roughly 8.9%, part of which is return of capital.

What is the NAV of Data Infrastructure Trust?

Ans. The NAV of this digital InvIT was Rs 171.65 per unit as of 30 June 2026, up from Rs 170.77 in March 2026 and Rs 139.28 in March 2025. The units trade around 2% above NAV.

What is the Data Infrastructure Trust share price target?

Ans. No verified Data Infrastructure Trust share price target from a brokerage is available. Key levels to watch are the NAV of Rs 171.65, the 52-week high of Rs 180 and the 52-week low of Rs 142.

How many towers does Data Infrastructure Trust own?

Ans. As of March 2026, the digital InvIT owned 2,58,111 telecom sites with approximately 3,15,351 tenancies across all 22 telecom circles. This includes Summit Digitel, Elevar Digitel and Crest Digitel.

What are the main risks of investing in this digital InvIT?

Ans. The main risks are dependence on a few telecom operators, gross debt of approximately Rs 44,800 crore and flat quarterly revenue. Thin BSE liquidity and fresh unit supply from the planned offer for sale can also weigh on the price.