Top 10 InvITs of India with Highest Dividend Yields
A 31% dividend yield looks almost impossible to ignore. But for Infrastructure Investment Trusts, the number comes with an important qualification: dividend yield does not capture the entire cash distribution investors receive.
InvITs can distribute interest, dividends, return of capital and other income. Therefore, an InvIT can have a relatively low dividend yield on a screening platform while still paying a substantial distribution to unitholders.
That distinction becomes particularly striking in the current ranking. Energy Infrastructure Trust leads with a 31% dividend yield, while Nxt-Infra Trust stands at 18%. At the other end, IndiGrid, Sustainable Energy Infra Trust and Cube Highways show dividend yields of just 3.19%, 2.59% and 2.52%, respectively.
The numbers do not mean that the latter three necessarily distribute less cash. They indicate that a smaller portion of their payout is classified as dividend.
That makes the ranking useful as a starting point, but not as a complete investment verdict. The more important question is what investors actually receive, where that cash comes from and whether the underlying assets can continue generating it.
How We Ranked The Highest-Yielding InvITs
The Top 10 ranking uses Screener’s reported dividend yield as the screening metric. The yield is kept separate from the deeper financial analysis because an InvIT’s distribution yield does not necessarily represent recurring income from its infrastructure assets.
This is the latest ranking:
| Rank | InvIT | Dividend Yield |
| 1 | Energy Infrastructure Trust | 31% |
| 2 | Nxt-Infra Trust | 18% |
| 3 | Anzen India Energy Yield Plus Trust | 11.94% |
| 4 | Maple Infrastructure Trust | 10.36% |
| 5 | IRB InvIT Fund | 10.3% |
| 6 | Altius Telecom Infrastructure Trust | 9.15% |
| 7 | Roadstar Infra | 8.79% |
| 8 | IndiGrid Infrastructure Trust | 3.19% |
| 9 | Sustainable Energy Infra Trust | 2.59% |
| 10 | Cube Highways Trust | 2.52% |
The deeper analysis then examines distribution composition, NDCF, asset life, leverage and growth prospects.
This approach prevents the article from treating a 31% dividend yield and a 2.52% dividend yield as direct measures of total investor income.
Why Dividend Yield Can Be Misleading For An InvIT?
For a conventional company, dividend yield usually provides a straightforward view of cash dividends relative to the share price. InvITs are different because their distributions can contain several components.
The distinction can be expressed simply:
Total distribution = interest + dividend + return of capital + other income
That means the dividend-yield ranking captures only one part of the cash investors may receive.
IndiGrid provides a useful example. Its Q1 FY27 distribution was ₹4.12 per unit, but only ₹0.0224 of that amount was classified as dividend. The larger components were ₹2.6909 of interest and ₹1.4067 of capital repayment.
This explains why IndiGrid appears eighth in the dividend-yield ranking despite having a substantial overall distribution.
The same principle applies across the sector. A low dividend yield does not automatically mean low income, while a very high dividend yield does not automatically mean a superior recurring cash return.
For InvITs, the composition of the distribution is almost as important as its size.
1. Energy Infrastructure Trust - 31% Yield
Energy Infrastructure Trust sits comfortably at the top of the ranking with a 31% dividend yield.
The latest disclosures, however, show why investors should look beyond that number. In Q1 FY27, the Trust generated ₹250.97 crore of NDCF at the Trust level, rising to ₹260.29 crore after surplus cash. Its distribution was fully matched by the latter figure.
But the composition of the payout is important. The July 2026 distribution of ₹3.8380 per unit included ₹2.1371 of return of capital and ₹1.7009 of return on capital.
FY26 was even more revealing. Of the ₹1,012.62 crore distributed, ₹535.91 crore was classified as return of capital, while ₹476.71 crore represented return on capital.
The headline yield is therefore undeniably high, but it should not be interpreted as a 31% recurring income stream.
Energy Infrastructure Trust is the highest-yielding name on the screen, but not necessarily the cleanest income proposition.
2. Nxt-Infra Trust - 18% Yield
Nxt-Infra Trust ranks second at 18%, giving it a substantial gap over the remaining names.
Its portfolio covers 2,067 lane-km across five states, with a 60:40 HAM-to-toll revenue mix and a weighted average remaining concession period of 9.6 years as of March 2026.
Net debt/AUM stood at 48%, while the cost of debt was 7.31%.
The distribution composition matters. Through Q3 FY26, cumulative distributions reached ₹30.89 per unit, while the Q3 distribution of ₹7.48 per unit comprised ₹6.02 of interest and ₹1.46 of return of capital.
This creates a more nuanced picture of the 18% yield.
The current payout is attractive, but the portfolio has a finite concession life. Investors therefore need to consider whether future acquisitions can replace cash flows as existing concessions mature.
Nxt-Infra’s key question is not whether it can distribute substantial cash today, but whether today’s high payout can remain relevant as its 9.6-year average concession runway shortens.
3. Anzen India Energy Yield Plus Trust - 11.94% Yield
Anzen ranks third with an 11.94% dividend yield, but its investment case is less dependent on a short-term yield number.
The Trust’s portfolio combines approximately 1,244 MWp of solar assets with 1,835 circuit-km of transmission assets and two substations. Its weighted residual contracted life stands at 20.3 years, while 88% of revenue comes from Tier-1 counterparties.
Anzen’s Q1 FY27 distribution was ₹3 per unit. Importantly, the distribution consisted of ₹2.38 interest, ₹0.35 repayment of debt, ₹0.26 dividend and ₹0.01 other income. There was no return-of-capital component in that quarter.
The Trust also had a 49.4% net debt/AUM ratio, with a 7.53% cost of debt.
That combination makes Anzen interesting: its dividend yield is high, but the underlying portfolio also has a long contractual runway.
Its strongest attribute may therefore be duration rather than headline yield.
4. Maple Infrastructure Trust - 10.36% Yield
Maple Infrastructure Trust has a 10.36% dividend yield and is concentrated in road infrastructure.
The Trust has seven NHAI toll-road assets covering approximately 3,328 lane-km, with AUM of ₹144.214 billion as of March 2026. Its weighted average residual asset life is approximately 12 years.
Operationally, the portfolio showed momentum. FY26 toll revenue reached ₹20,331 million, up 11.6% from ₹18,212 million in FY25. Commercial traffic represented approximately 78% of FY26 revenue, while ETC penetration exceeded 98%.
Maple distributed ₹14.80 per unit in FY26, although the payout was concentrated in two distributions, including a ₹11.53 per-unit payment in June 2026.
That timing matters because a trailing yield can rise sharply after a large distribution.
Maple’s investment case therefore depends on whether strong toll growth can continue translating into recurring cash flow over the remaining asset life.
5. IRB InvIT Fund - 10.3% Yield
IRB InvIT Fund ranks fifth with a 10.3% dividend yield.
Its cash-generation profile is closely linked to road traffic, making operational performance particularly important. FY26 NDCF stood at ₹706.1 crore, while FY26 DPU was ₹6.60 per unit.
The latest quarter showed a meaningful improvement. Q1 FY27 NDCF increased to ₹228.5 crore, compared with ₹117.7 crore in Q1 FY26. Q1 FY27 distribution was ₹1.625 per unit, while management expects FY27 distribution to increase by 3-5%.
That gives IRB an important advantage over a purely static high-yield story: there is evidence of stronger current-period cash generation.
However, toll-road cash flows remain exposed to traffic growth and concession economics.
IRB therefore sits in an interesting middle ground: its yield is high, but the investment case also depends on whether improving traffic and operating cash flow can sustain distribution growth.
6. Altius Telecom Infrastructure Trust - 9.15% Yield
Altius Telecom Infrastructure Trust offers a 9.15% dividend yield and provides exposure to telecom infrastructure rather than roads or energy assets.
Its latest presentation reports approximately 258,000 towers and a tenancy ratio of 1.2x. Adjusted revenue stood at ₹31,535 million, while cash EBITDA reached ₹21,409 million, up 5.2% year on year.
The underlying revenue model is also relatively long duration. Altius has 315,000+ tenancies, while its weighted average lease expiry is approximately 15.4 years.
The Trust states that more than 94% of NDCF has been distributed quarterly, giving investors a useful indication of how much generated cash reaches unitholders. FY26 total distributions stood at ₹47.7 billion.
The key driver is therefore not traffic or power generation but tenancy retention, contractual revenue and network demand.
Altius’ 9.15% dividend yield understates the importance of its long-duration telecom cash flows.
7. Roadstar Infra - 8.79% Yield
Roadstar Infra ranks seventh with an 8.79% dividend yield.
Its portfolio consists of six operational road projects, including four toll assets and two annuity assets, covering approximately 3,145 lane-km across six states. The weighted average residual concession life is approximately 12 years.
FY26 Trust-level NDCF stood at ₹247.241 crore. Its FY26 distribution was ₹5.30 per unit, consisting of ₹2.71 interest, ₹2.58 return of capital and ₹0.01 other income.
That composition is significant: almost half of the distribution came from return of capital rather than interest or dividend income.
Roadstar’s leverage provides some offset. Net debt stood at roughly 36% of AUM, below the regulatory ceiling applicable to InvITs.
The portfolio’s mix of toll and annuity assets also creates some diversification in cash-flow sources.
Roadstar therefore offers a useful reminder that a lower dividend yield does not necessarily mean weaker economics; the quality of the assets and balance sheet can matter more than the ranking position.
8. IndiGrid Infrastructure Trust - 3.19% Yield
IndiGrid’s 3.19% dividend yield is perhaps the most revealing number in the ranking.
It looks low beside the double-digit yields above it, but that is largely because a substantial portion of IndiGrid’s distribution is classified as interest rather than dividend.
In Q1 FY27, IndiGrid generated ₹370 crore of NDCF, up from ₹286 crore in Q1 FY26. DPU increased from ₹4.00 to ₹4.12.
The ₹4.12 distribution comprised ₹2.6909 interest, ₹0.0224 dividend and ₹1.4067 capital repayment.
That means the 3.19% dividend yield does not describe the total cash distribution investors receive.
The Trust’s growth ambitions also matter. IndiGrid targets ₹16.48/unit DPU for FY27 and plans to add approximately ₹2,000 crore of assets during FY27.
IndiGrid is therefore the clearest example of why a dividend-yield screen alone can misclassify an InvIT’s income potential.
9. Sustainable Energy Infra Trust - 2.59% Yield
Sustainable Energy Infra Trust has just a 2.59% dividend yield, putting it ninth in the ranking.
But the figure becomes much more interesting when its actual distribution is examined.
In Q1 FY27, the Trust generated ₹104 crore of NDCF and distributed ₹103.9716 crore, producing 100.03% NDCF coverage. Its distribution was ₹3.20900 per unit, of which ₹3.20674 was interest and just ₹0.00226 was other income.
There was effectively no capital-repayment component in that quarter.
The operating indicators also support the cash-flow story. Portfolio plant availability was 98.4%, while DSCR stood at 2.14x. Net debt/value of InvIT assets was 43.73%.
So the 2.59% dividend yield does not mean investors are receiving only a 2.59% total cash return.
SEIT demonstrates the central weakness of using dividend yield alone for InvITs: the screening metric can materially understate the economics of the actual distribution.
10. Cube Highways Trust - 2.52% Dividend Yield
Cube Highways Trust completes the ranking with a 2.52% dividend yield.
Again, the number needs context. Cube’s FY26 distribution reached ₹13.77 per unit, while net debt/AUM stood at 46.82% and DSCR was 1.99x.
Its Q4 FY26 distribution of ₹3.57 per unit included ₹1.74 interest and ₹1.55 return of capital, alongside other components.
The portfolio is also substantial. Cube had 27 assets and ₹368.42 billion of AUM as of March 2026. It has additionally committed to acquire four operational road assets with an aggregate enterprise value of ₹72.9 billion.
This creates a useful contrast with the ranking. Cube appears to be a low-dividend-yield InvIT, but its total distribution and acquisition pipeline tell a considerably richer story.
For Cube, the question is less about today’s dividend yield and more about whether its expanding asset base can translate into higher future NDCF and distributions.
What Is Actually Supporting The Yield?
The ranking becomes much more useful once dividend yield is separated from the actual cash distribution.
The clearest contrast is between Energy Infrastructure Trust and IndiGrid. Energy’s dividend yield is 31%, while IndiGrid’s is only 3.19%. Yet IndiGrid distributed ₹4.12 per unit in Q1 FY27, of which only ₹0.0224 was classified as dividend.
The difference is classification, not necessarily income generation.
The next question is whether the distribution is supported by NDCF.
Sustainable Energy Infra Trust generated ₹104 crore of NDCF against ₹103.9716 crore distributed, giving it 100.03% coverage.
IndiGrid generated ₹370 crore but distributed ₹392 crore, resulting in 94.39% coverage. The ₹22 crore gap was funded from reserves.
Energy’s Q1 distribution was also fully covered when surplus cash was included, but its payout contains substantial capital repayment.
The lesson is straightforward: dividend yield, total distribution, NDCF and distribution composition answer different questions. Investors need all four to understand an InvIT’s income profile.
What Investors Should Check Beyond Yield?
A dividend-yield screen is useful for finding potential income opportunities, but four additional questions can materially change the ranking in an investor’s mind.
- What is the distribution made of?
Interest and dividend represent returns generated by the underlying assets, while return of capital is money being returned from the investment itself.
- Does NDCF support the payout?
Sustainable Energy Infra Trust’s 100.03% Q1 FY27 coverage is very different from a payout that consistently exceeds current-period cash generation.
- How long can the assets generate cash?
Nxt-Infra’s 9.6-year weighted average remaining concession life makes its 18% yield fundamentally different from Anzen’s 20.3-year residual contracted life.
- Can the portfolio grow without excessive leverage?
IndiGrid’s 58.5% net debt/AUM shows why acquisition-led growth must be assessed alongside balance-sheet risk.
The best InvIT is therefore not necessarily the one at the top of the Screener screen.
Which InvITs Stand Out After Looking Beyond Yield?
Once the analysis moves beyond dividend yield, three names stand out for different reasons.
Anzen offers the strongest combination of long asset life and relatively predictable cash flows. Its 20.3-year residual contracted life, Tier-1 counterparty exposure and energy-infrastructure portfolio provide substantial duration.
IndiGrid is more compelling as a growth-oriented income investment. Its dividend yield looks modest at 3.19%, but that figure ignores the large interest component of its distributions. Its ₹16.48/unit FY27 DPU target and approximately ₹2,000 crore FY27 asset-addition target provide a path for NDCF growth.
Sustainable Energy Infra Trust is the strongest example of distribution quality. Its Q1 FY27 distribution was almost entirely interest, and NDCF covered the payout by 100.03%.
Energy Infrastructure Trust remains the standout for headline dividend yield, but its substantial capital-repayment component means it should not automatically be considered the best income opportunity.
Conclusion
The current ranking produces a striking result: Energy Infrastructure Trust has a 31% dividend yield, while Cube Highways Trust has only 2.52%.
At first glance, that looks like an obvious contest. But InvIT distributions make the comparison far more complicated.
Energy’s FY26 distribution included ₹535.91 crore of return of capital out of ₹1,012.62 crore, while its July 2026 distribution also contained ₹2.1371 of capital repayment out of ₹3.8380 per unit.
Meanwhile, IndiGrid’s 3.19% dividend yield coexists with a ₹4.12 Q1 FY27 distribution because most of that payout was classified as interest rather than dividend. Sustainable Energy Infra Trust presents another contrast: its 2.59% dividend yield sits alongside a Q1 FY27 distribution that was 100.03% covered by NDCF and almost entirely classified as interest.
That makes one conclusion unavoidable: Screener’s dividend yield is a useful screening metric, but it is not a complete measure of an InvIT’s income potential.
For investors, the better opportunity lies where cash generation, distribution quality, asset life, leverage and growth potential reinforce one another.
In that framework, Anzen, IndiGrid and Sustainable Energy Infra Trust look more interesting than their dividend-yield rankings alone suggest, while Energy Infrastructure Trust remains the name for investors specifically attracted to an exceptionally high headline yield.
The number at the top of the screen gets attention. The cash flow underneath it determines whether that attention is justified.
