New Delhi – Capital Infra Trust (BSE: 544338 | NSE: CAPINVIT), an Infrastructure Investment Trust (InvIT) focused on operational Hybrid Annuity Model (HAM) highway assets, today released its Annual Report for FY2025-26, reporting a year of disciplined expansion, balance sheet strengthening, and consistent unitholder distributions.
KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS — FY26
• Assets Under Management (AUM) grew 42% year-on-year to ₹66,114 Mn (March 2026), from ₹46,683 Mn in March 2025
• Portfolio expanded to 12 fully operational HAM assets spanning 8 states and over 2,750 lane-km
• Three new assets acquired during FY26, in Rajasthan, Bihar, and Chhattisgarh, adding 163.7 km and ₹25,707 Mn of asset value at an approximately 9.3% discount to independently assessed fair value
• FY26 DPU of ₹11.60/unit delivered; cumulative distributions since IPO stand at ₹35.49/unit (approximately ₹10,939 Mn in total)
• NAV per unit reached ₹74.7 as of March 2026, a 14% increase despite ₹9.2/unit in cumulative distributions since Q1FY26
• Net Debt/EV improved to 40.9% (March 2026) from 43.1% (March 2025), within the Trust’s target band
• Effective annualised interest rate at 7.33% p.a.; ₹19,998 Mn of external debt raised/refinanced at 6.85%
• AAA/Stable credit rating maintained from CRISIL, CARE, and ICRA
Mr. Hare Krishna, Chief Executive Officer, Capital Infra Trust, added, “FY26 was a year of disciplined execution and measurable progress. We scaled the platform, improved balance sheet flexibility, lowered our cost of debt, and reinforced the foundations for long-term value creation, all while staying anchored to our core principles of prudent capital allocation, operational reliability, and predictable distributions. Capital Infra Trust is not simply growing in scale; it is growing in strength, predictability, and endurance.”
During FY26, Capital Infra Trust completed the acquisition of three operational HAM assets through the Sponsor Right of First Offer (ROFO) mechanism. All three assets — JRR Highways (NH-112, Rajasthan, 74.6 km), Hasanpur-Bakhtiyarpur (NH-20, Bihar, 50.9 km), and Champa-Korba (NH-149B, Chhattisgarh, 38.2 km) — were fully operational at the time of acquisition, carrying no construction or ramp-up risk. The combined independent valuation of the three assets was ₹25,895 Mn, against an acquisition price of approximately ₹23,498 Mn, resulting in immediate NAV accretion for unitholders.
Following these additions, the Trust’s portfolio spans 8 states with a network length of approximately 847 km and a weighted average residual concession life of 11.1 years.
The Trust executed a ₹3,450 Mn preferential issue and a ₹12,500 Mn Qualified Institutional Placement (QIP) during FY26 to support portfolio growth and capital efficiency. Debt was diversified across fixed and floating-rate instruments, and Net Debt/EV declined from 43.1% (March 2025) to 40.9% (March 2026), comfortably within the regulatory ceiling and the Trust’s internal target range.
The effective annualised interest rate as of March 31, 2026 stood at 7.33% p.a., with ₹19,998 Mn of external borrowings raised or refinanced at 6.85%, and has since declined further to approximately 7.24%, reflecting ongoing liability optimisation.
Capital Infra Trust distributed ₹11.60 per unit in FY26, aggregating to approximately ₹4,360 Mn, underpinned by contracted annuity receivables from NHAI and asset-level cash generation. The Trust distributes on a quarterly basis, ahead of the half-yearly minimum mandated for InvITs. FY26 cash yield was 13.1% (based on the March 2025 unit price), and the current quarterly run-rate implies a normalised yield of approximately 12–13%.
For FY27, the Trust has issued DPU guidance of ₹9.00–₹9.25 per unit, targeting a cash yield of approximately 13%–13.5% based on the March 31, 2026 unit price.
Capital Infra Trust enters FY27 with clear growth visibility. The Sponsor ROFO pipeline comprises 17 assets in various stages, with 5–6 acquisitions targeted in the second half of FY27, subject to regulatory approvals and closing conditions. An additional 9 assets are under construction with the Sponsor and expected to become available by FY29. The Trust is targeting AUM of ₹1,00,000 Mn in FY27, up from ₹66,114 Mn as of March 2026.
The Trust’s strategy remains anchored in acquiring only operational assets, maintaining IRR discipline on every transaction, obtaining independent valuations for related-party deals, and securing unitholder consent for all material acquisitions.
BOARD OF DIRECTORS’ MEETING OUTCOME — JUNE 29, 2026
Separately, the Board of Directors of Gawar Investment Manager Private Limited, acting as Investment Manager to Capital Infra Trust, met on June 29, 2026 and approved the following matters:
• The Trust will raise an indemnity claim of ₹7,27,98,489 from Sponsor Gawar Construction Limited (GCL), in respect of Hardiya Hasanpur Highway Private Limited, towards a shortfall in the claim pertaining to the change in law for GST on annuity. The indemnity, computed under the Share Purchase Agreement, is due by June 30, 2026.
• Additional indemnity claims of ₹48,79,423 and ₹2,64,27,384 will be raised against GCL in respect of Dewas Ujjain Highway Private Limited and Gawar Narnaul Highway Private Limited, respectively, also pertaining to GST-on-annuity shortfalls under the respective Share Purchase Agreements.
• The receipt of the Right of First Offer (ROFO) Notice from the Sponsor, Gawar Construction Limited for six Project SPVs, to the Trust under the terms of the Right of First Offer Agreement. The Board authorised the evaluation of the opportunity and appointment of consultants for due diligence, other advisors to facilitate the transaction and corresponding capital raise, if required.
