Capital Infra Trust · NSE:CAPINVIT
Capital Infra Trust — Q3 FY26 Earnings Presentation
46 slides from Capital Infra Trust's earnings presentation, Feb 5, 2026
Slide 1: Cover letter to stock exchanges
February 05, 2026 To National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-l, Block-G Corporate Relationship Department Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (E), Mumbai-400051 Fort, Mumbai- 400001 Symbol: CAPINVIT Scrip Code: 544338 ISIN: INE0Z8Z0701
Slide 2: Investor Presentation Q3 & 9M FY26
Investor Presentation Q3 & 9M FY26 | February 2026
Slide 3: Disclaimer
Disclaimer This presentation is prepared and issued by Capital Infra Trust Limited on behalf of and in its capacity as the investment manager of Capital Infra Trust for general information purposes only without regards to specific objectives, financial situations or needs of any particular person an
Slide 4: Agenda
Agenda 1 2 3 Key Updates during the Q3 FY26 Operational & Trust at a Glance Quarter Financial Updates 4 5 Annexures Industry Updates
Slide 5: Q3 FY26 Highlights
Q3 FY26 Highlights 1 2 Total Return Index 115 Completed acquisition of 3 HAM 110 Received 5 Annuities (Rs. 3,476 Mn) Assets, strengthening portfolio & pertaining to Q3FY26 cash flow visibility 105 100 95 3 4 90 Strengthened capital base with 85 fundraise through Preferential Debt significantly optim
Slide 6: Quarter at Glance
Quarter at Glance Operational Key Milestones Sector Outlook Growth Outlook Highlights ➢ Annuity inflows (5 project) ➢ Raised Rs. 3,450 Mn through ➢ 2026-27 Budget: Govt. allocates Rs. 3.09 lakh crore to roads & ➢ Portfolio expansion via third received inline with contractual preferential issue at Rs
Slide 7: Key Updates during the Quarter
01 Key Updates during the Quarter
Slide 8: Yield Normalization Supporting Long-term Operational Stability
1. Yield Normalization Supporting Long-term Operational Stability Trailing Cash Yield (%) based on IPO Price High cash yield in FY25 as distributions were largely supported by Trust’s opening cash DPU/unit balance during IPO 23.9 3.6 3.3 2.3 33.1 FY26 quarterly yields indicate an annualized DPU/unit
Slide 9: Growth in Net Asset Value
2. Growth in Net Asset Value Mar’25 – Jun’25 Capital Return + Rate Cut Net Asset Value Trend ➢ Utilized accumulated cash at InvIT level, cumulative distribution of Rs. 23.9/unit in FY25 82.26 ➢ Interest rate cut by 100 bps till Jun’25 led to drop in NAV 72.31 Jun’25 – Sep’25 Stabilization Phase 67.4
Slide 10: Optimizing Debt Capital
3. Optimizing Debt Capital AAA Stable 43.34% 11.22 years 7.35% p.a. Credit Rating Net Debt / EV Debt Tenure Effective interest rate Low Leverage Offers Balance Sheet Rs. 3,450 Mn raised via preferential issue Headroom for Future Growth is utilized towards debt reduction Net Borrowing Ratio 52.5% Uti
Slide 11: Further Lower Debt Cost by Q4 FY26
3. Further Lower Debt Cost by Q4 FY26 Debt Target Level Optimizing Capital Structure to Enhance Free Cash Flow 45%-47% Debt Refinancing Strategy Debt as of Sep’25 Projected Debt as of (Rs. Mn) Mar’26 (Rs. Mn) Effective Interest Rate Effective Interest Rate 7.82% p.a. 7.35% p.a. To optimize the cost
Slide 12: Recent Asset Acquisition led to Robust AUM Growth
4. Recent Asset Acquisition led to Robust AUM Growth Portfolio Overview AUM Growth (Rs. Mn) ➢ Added Rs. 25,707 Mn of enterprise value through asset acquisition Existing Portfolio Acquired Assets 67,329 ➢ Key assets include JRR Highways, Champa 9 Assets 3 Assets Korba, Hasanpur – Bakhtiyarpur Total E
Slide 13: ROFO Assets acquired in Q3 FY26
ROFO Assets acquired in Q3 FY26 Ring road around the city Link between northern & Links Champa to Korba, Katghora & of Jodhpur central Bihar further to Jharkhand Hansanpur Premium assets have now been fully integrated with Project JRR Highways Champa Korba Bakhtiyarpur the portfolio, enhancing portf
Slide 14: Assets Acquired
Assets Acquired Jodhpur Ring Road Hasanpur Bakhtiyarpur Champa Korba © 2026 Capital Infra Trust. All Rights Reserved 13
Slide 15: Acquisition Led Growth Strategy
Acquisition Led Growth Strategy ROFO Pipeline & Third-Party HAM Assets ROFO Asset Pipeline- Near Term Visibility Third-Party HAM Acquisitions ➢ Aim to achieve portfolio growth through third-party (non-sponsor) ➢ 7 ROFO assets expected to be ready for acquisition by FY27 asset additions ➢ Additional
Slide 16: Redefining the InvIT Strategy in FY26
Redefining the InvIT Strategy in FY26 Way Delivered so far during 9M FY26 Forward Strengthened Deleveraging Refinancing Distributions Delivering Value Asset Portfolio De-leveraging Balance Sheet Refinancing Borrowing Cost Balance sheet Borrowing Cost Added 3 HAM Assets Optimized cost of during 9MFY2
Slide 17: Q3 FY26 Operational & Financial Updates
02 Q3 FY26 Operational & Financial Updates
Slide 18: Q3 FY26 Operational Performance
Q3 FY26 Operational Performance Operational & Traffic Volume Environmental Maintenance Compliance • Regular maintenance activities have • Overall traffic volume increased • Around 4.1 lakh plants are being been carried out across all SPVs. by 16% compared to Q2 FY26 maintained across the portfolio •
Slide 19: Q3 & 9MFY26 Standalone Performance
Q3 & 9MFY26 Standalone Performance In Rs. Mn Total Income Operating Expenses Q3 FY26 vs Q2 FY26 6000 5,303.9 40 35 5000 30.0 ➢ Total income for the quarter increased, 30 4000 25 primarily driven by: 3000 20 2000 15 • Higher dividend inflows from SPVs, 1,293.0 9.0 9.1 1,022.5 10 reflecting the stable
Slide 20: Q3 & 9MFY26 Consolidated Performance
Q3 & 9MFY26 Consolidated Performance In Rs. Mn Total Income Operating Expenses Q3 FY26 vs Q2 FY26 6,400.00 5,752.1 5000 4,513.0 4500 5,400.00 4000 ➢ The Trust continued to demonstrate the 4,400.00 3500 3000 strength and stability of its operating 3,400.00 2500 2000 portfolio in Q3, with total income
Slide 21: Q3 FY26 Distribution Update
Q3 FY26 Distribution Update Distribution Interim Particulars Total Q3 FY26 Distribution Distribution per unit (DPU) (Rs.) Dividend 0.65 0.89 1.50 Capital Repayment 0.38 0.32 Cumulative distribution of Rs. 33.09 per unit aggregating to Rs. 9,757.84 Mn distributed to Interest 0.41 0.52 unitholders sin
Slide 22: Q3 FY26 Net Distributable Cash Flow
Q3 FY26 Net Distributable Cash Flow NDCF (In Rs. Mn) 15 214 99 1,174 Interim Q3 FY26 NDCF Distribution 2,201 445 712 438 SPV Cashflow Reserve - SPV Trust - Operating Trust - Other Trust - Debt Trust - Reserve NDCF Interim Cashflow Income Obligation Distribution © 2026 Capital Infra Trust. All Rights
Slide 23: Net Distributable Cash Flow as per Direct Method
Net Distributable Cash Flow as per Direct Method Particulars (Rs. Mn) GKBHPL GNHPL GRJHPL GRSHPL DUHPL HHHPL GBHPL GKNHPL GNHPL-II JRRHPL KHPL HBHPL Total Annuity Inflow - - - - - 170.3 - 344.2 115.4 - - - 630.0 Interest on Annuity - - - - - 294.2 - 585.7 149.8 - - - 1,029.7 O&M Inflow - - - - - 32.
Slide 24: Consolidated Debt Position at Sustainable Level
Consolidated Debt Position at Sustainable Level Consolidated Net Debt to Enterprise Value (Rs. Mn) As on 30th Sep 2025 As on 14th Nov 2025 As on 31st Dec 2025 Consolidated Net Debt: Long term borrowings 23,393.7 23,393.7 36,728.8 Interest payable on borrowings 300.1 521.5 647.5 Total Financial Indeb
Slide 25: Diversified Investor Base
Diversified Investor Base Top Institutional Investors Others Bank 6% PF 5% ✓ ICICI Prudential Mutual Fund Mutual FPI 4% ✓ Kotak Mutual Fund Sponsor Funds ✓ Quant Mutual Fund 3% 32% Public ✓ HDFC Life Insurance 7% ✓ SBI Life Insurance Unitholding Pattern Insurance ✓ Axis Max Life Insurance AIF ✓ Kota
Slide 26: Valuation Summary as on 31st Dec 2025
Valuation Summary as on 31st Dec 2025 Particulars Description Enterprise Fair Adj. Cash and cash Valuation Approach Income approach (DCF) Particulars (Rs. Mn) value Enterprise value equivalent The valuation is performed using a discounted cash flow (DCF) Valuation methodology, wherein project-level
Slide 27: Trust at Glance
03 Trust at Glance
Slide 28: Vision 3G: A Roadmap to Sustainable Growth
Vision 3G: A Roadmap to Sustainable Growth Growth Committed to achieve an AUM target of ~USD 5 Billion by 2030 Governance Best in class Governance Practices in Place Unique Structure of PMA and ROFO agreement Goal Sustainable Distribution with Risk-free Consistent Returns To deliver consistent and s
Slide 29: Capital Infra Trust at a Glance (1/2)
Capital Infra Trust at a Glance (1/2) Key Strengths of CIT Trusted Customer & HAM Focused Portfolio: Optimised Debt Structure: ➢ Consistent Annuity Track ➢ Lower Counterparty Risk as ~Rs. 67,329 Mn 12 HAM Assets Record all assets are contracted 8 with NHAI Asset Under Initial Portfolio of ➢ Natural
Slide 30: Capital Infra Trust at a Glance (2/2)
Capital Infra Trust at a Glance (2/2) Rampur – Kathgodam (NH - 87, New NH - 9,109) Kiratpur – Nerchowk (NH - 21) Rigid: 49.8 Km Rigid: 3.3 Km Flexible: 0 Km Flexible: 44.1 Km Rohna – Sonepat (NH - 344B) Rohna – Jhajjar (NH - 334B) Rigid: 21.2 Km Rigid: 35.5 Km Flexible: 19.0 Km Flexible: 0 Narnaul -
Slide 31: Annexures
04 Annexures
Slide 32: About Us
About Us ➢ Sponsored by Gawar Construction Limited (GCL) Distribution Highlights ➢ Unparalleled expertise as EPC player in road and highways sector Sponsor ➢ Proven execution capability, consistently delivering complex projects ahead of time 27th Feb 2025- Interim Distribution ➢ Strong financial cre
Slide 33: Strategy - Hybrid Annuity Model (HAM) Road Projects
Strategy - Hybrid Annuity Model (HAM) Road Projects Under HAM, 40% of project cost is paid during construction, reducing capital risk, while the remaining 60% is recovered through fixed annuity payments indexed to MCLR /bank rates (plus spread). With no traffic risk & government guarantees, HAM ensu
Slide 34: Capital Infra Trust - InvIT Structure
Capital Infra Trust - InvIT Structure Transfer of road assets to InvIT Issue Proceeds Gawar Construction Ltd. Other Unitholders (Sponsor) Return on/of capital (Investors) Return on/of Capital 2 Gawar Investment Manager Investment Management Services Trust Management Services Pvt. Ltd. Axis Trustee S
Slide 35: Backed by Strong Sponsor - Gawar Construction Limited
Backed by Strong Sponsor - Gawar Construction Limited Class I Contractor STRENGTH 25+Years of Experience ➢ Into construction of ➢ Qualified to bid for single Roads, Highways, Bridges, • EPC project of Rs. 90,000 Mn* Metro, Flyovers for the Efficient operating cycle of • HAM of Rs. 90,000 Mn* Govt. /
Slide 36: A Capable Project Manager for Effective Portfolio Management
A Capable Project Manager for Effective Portfolio Management Strong Execution Track Record Operational Efficiency Manpower Healthy Liquidity Position ➢ Ability to execute complex projects Vertically integrated construction team Large team of experienced Robust Balance sheet as Sponsor and ➢ Track re
Slide 37: Credible Board & Experienced Management Team
Credible Board & Experienced Management Team Mr. Yudhvir Singh Malik - Chairman & Independent Director Mr. Rakesh Kumar - Director Retired IAS officer Promoter Director at GCL Ex Chairman of NHAI, Ex Secretary of MoRTH Over 30 years of experience in the civil construction Currently serves
Slide 38: Diversified Portfolio of 12 HAM Assets
Diversified Portfolio of 12 HAM Assets Sovereign Counter Low Risk Asset Party- NHAI ~2,700+ Lane Kms Portfolio Residual Design End of Bid Project No. of Concession Project Length Location State Concession PCOD COD Cost Annuities Annuity Months Period (km) Period (Rs. Mn) Received (in Years) Khajuwal
Slide 39: ROFO Asset - Pipeline
ROFO Asset - Pipeline BPC Length of Physical Expected 2nd Sr. No. Name of the Project State Authority (Rs. Mn) the Project progress Annuity Due date 1 Bhangbar to Kangra Himachal Pradesh NHAI 11,000 18.1 Km 97% 27-03-2026 2 Mo to Sihuni Himachal Pradesh NHAI 5,290 8.3 Km 100% 29-05-2026 3 Bhiwani-Ha
Slide 40: Asset Acquired – 1. JRR Highways
Asset Acquired – 1. JRR Highways Geographic Location JRR HIGHWAYS PRIVATE LIMITED (JHPL) JRR Highways Pvt Ltd (JHPL) • State: Rajasthan Connects Jodhpur, a major cultural hub; reduces congestion by • Asset Type: HAM diverting heavy traffic; enhances regional connectivity by linking • National Highwa
Slide 41: Asset Acquired – 2. Hasanpur - Bakhtiyarpur
Asset Acquired – 2. Hasanpur - Bakhtiyarpur Geographic Location Hasanpur - Bakhtiyarpur Highway Pvt HASANPUR BAKHTIYARPUR HIGHWAY PRIVATE LTD Ltd (HBHPL) • State: Bihar Enhances connectivity between northern and central Bihar, • Asset Type: HAM significantly improving travel efficiency between Patn
Slide 42: Asset Acquired – 3. Champa Korba
Asset Acquired – 3. Champa Korba Geographic Location KORBA HIGHWAY PRIVATE LIMITED (KHPL) Korba Highway Pvt Ltd (KHPL) • State: Chhattisgarh The project connects Champa to Korba and Katghora with • Asset Type: HAM onward links to Ambikapur and Jharkhand, integrating • National Highway: NH 149B seaml
Slide 43: Industry Updates
O05 Industry Updates
Slide 44: Key Industry Updates (1/2)
Key Industry Updates (1/2) More than 150 HAM Projects expected to achieve COD/PCOD in next two years. Further, there are around 140 HAM projects under implementation, which are expected to become operational after FY28. HAM Continues to be the Preferred Model MoRTH Yearly Awarding Mix 74% of NHAI Pr
Slide 45: Key Industry Updates (2/2)
Key Industry Updates (2/2) Capital Outlay for MoRTH increased by 2.5x to Rs. 3.09 Status of Bharatmala Pariyojana- Phase 1 Lakh Crore since FY22 34,800 3.09 26,425 2.76 2.81 2.87 In Rs. Lakh Crore 19,826 2.17 1.24 Total length to be Total length awarded Total length awarded under BMP-1 constructed F
Slide 46: THANK YOU
THANK YOU Ernst & Young LLP Investor Relation Advisory Diwakar Pingle / Abhishek Bhatt / Shrishti Tandon ir@capitalinfratrust.com Diwakar.Pingle@in.ey.com / Abhishek.bhatt3@in.ey.com / Shrishti.Tandon@in.ey.com Capital Infra Trust (erstwhile National Infrastructure Trust)