Capital Infra Trust · NSE:CAPINVIT
Capital Infra Trust — Q1 FY27 Earnings Presentation
45 slides from Capital Infra Trust's earnings presentation, Jul 21, 2026
Slide 1: Exchange filing cover letter for Q1 FY27 investor presentation
July 21, 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: INE0Z8Z07016, I
Slide 2: Investor Presentation Q1 FY27 | July 2026
Investor Presentation Q1 FY27 | July 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 4 Key Updates during Q1 FY27 Operational & Key Fundamentals FY27: Acquisition Strategy Q1 FY27 Financial Updates 5 6 7 Trust at Glance Annexures Industry Updates
Slide 5: Connecting Pathways, Securing Yield
Connecting Pathways, Securing Yield FY27: Marching Towards Growth- AUM Addition and Portfolio Expansion FY26: Strengthen Balance Sheet and Predictable Yield FY25: Successful Listing as HAM Focused InvIT © 2026 Capital Infra Trust. All Rights Reserved 4
Slide 6: Quarterly Highlights
01 Quarterly Highlights
Slide 7: Q1FY27: Highlights
Q1FY27: Highlights CRISIL/ICRA Annuity Received Debt Cost Distribution Credit Rating 7.24% Rs. 2.32 per unit AAA Rs. 2,162 Mn vs 7.33% Operational Highlights Capital Management Sector Outlook Growth Outlook • 12 stabilized HAM road assets, with • Net debt remained comfortable at 41.1%, • NMP 2.0 ide
Slide 8: Portfolio Hedged from Macro Volatility
Portfolio Hedged from Macro Volatility Macro Headwinds Impact on Capital Infra Trust Positive Increase in interest Rate hike cycle RBI maintains repo rate at 5.25%; Inflation-linked toll escalation supports rates will increase may restart inflation risks elevated revenue growth Trust revenue Neutral
Slide 9: Q1 FY27: Operational Performance
Q1 FY27: Operational Performance Operational & Traffic Volume Environmental Maintenance Compliance • Maintained over 4.1 lakh plantations • Routine O&M activities executed • Portfolio traffic demonstrated across the portfolio seamlessly across all project SPVs sustained QoQ growth • Solar power inst
Slide 10: Key Fundamentals
02 Key Fundamentals
Slide 11: AUM Expected to Grow by 50% to reach ~100,000 Mn as on Mar'27
1. AUM Expected to Grow by 50% to reach ~100,000 Mn as on Mar’27 AUM Growth (Rs. Mn) 1 Disciplined Portfolio Expansion • 6 HAM assets currently under due diligence, targeted for acquisition in FY27 ~1,00,000 • From new acquisition annuity visibility is expected to +50% extend largely to 2040 66,348
Slide 12: Focus on Healthy Balance Sheet with Effective Debt Utilization
2. Focus on Healthy Balance Sheet with Effective Debt Utilization Healthy Net Debt Ratio Effective Debt Utilization Net Borrowing Ratio • Target leverage ratio expected to increase to 57.5%-60%, to support future acquisitions and portfolio growth 52.5% • Balanced growth with optimal debt and equity
Slide 13: Sustainable NAV Growth for Years Ahead
3. Sustainable NAV Growth for Years Ahead Net Asset Value Trend Robust Project Pipeline to Sustain and Grow NAV Bhangbar to Kangra 10,570 3.6 3.3 2.3 2.4 6 ROFO Assets Rs. 48,710 Mn Waranga-Mahagaon 10,646 Under Due Bid Project Cost DPU/unit Udaipur Bypass Project 8,910 Diligence 74.7 Bhiwani-Hansi
Slide 14: Marching Towards Guidance of Rs. 9.0-9.25/unit
4. Marching Towards Guidance of Rs. 9.0-9.25/unit Distribution Performance Since Listing Sustainable Distributions Since IPO, the Trust has distributed Rs. 12,079.3 Mn to unitholders, translating into a cumulative DPU of Rs. Distribution per unit 37.8 per unit (Rs./unit) 9.0 – 9.25 Stable, Contracte
Slide 15: FY27: Acquisition Roadmap
03 FY27: Acquisition Roadmap
Slide 16: Acquisitions Under Due Diligence
Acquisitions Under Due Diligence A ROFO-led HAM portfolio opportunity designed to deepen annuity-backed cash flows, expand footprint and support NAV growth 6 181 km Rs. 48,710 Mn Largely to 2040 NHAI HAM ASSETS TOTAL LENGTH BID PROJECT COST ANNUITY / CONCESSION VISIBILITY Strategic Rationale Due Dil
Slide 17: Assets Targeted for FY27
Assets Targeted for FY27 Gawar Bhiwani Highway Private Limited Gawar Kangra Highways Private Limited Bhiwani–Hansi NH-148B (HAM, Bharatmala): Strategic 42.934 km Bhangbar–Kangra NH Corridor (HAM): Strategic 18.13 km four-lane four-lane corridor under Bharatmala Pariyojana, enhancing corridor linking
Slide 18: Assets Targeted for FY27
Assets Targeted for FY27 Gawar Pathankot Mandi Highway Private Limited Gawar Udaipur Highway Private Limited Mo–Sihuni NH-154 (HAM): Strategic 8.33 km four-lane section on the Udaipur Bypass (Debari–Kaya Village) (HAM): Strategic 23.883 km Pathankot–Mandi corridor, strengthening connectivity in Hima
Slide 19: Assets Targeted for FY27
Assets Targeted for FY27 Gawar Waranga Highways Private Limited Gawar Rudrapur Highway Private Limited Waranga–Mahagaon NH-361 (HAM): Strategic 66.88 km four-lane Rampur–Rudrapur Greenfield Corridor (HAM): Strategic 4-lane Greenfield corridor in Maharashtra, significantly strengthening regional conn
Slide 20: Q1 FY27 Operational & Financial Updates
04 Q1 FY27 Operational & Financial Updates
Slide 21: Q1 FY27 Standalone Performance
Q1 FY27 Standalone Performance In Rs. Mn Total Income Operating Expenses Q1 FY27 vs Q4 FY26 2,800 2,590.4 2,313.3 • In Q1FY27, the Trust reported stable operating 2,300 performance, supported by contracted 1,800 55.1 annuities from portfolio of operational HAM 1,300 assets 800 22.0 • EBITDA of Rs. 2
Slide 22: Q1 FY27 Consolidated Performance
Q1 FY27 Consolidated Performance In Rs. Mn Total Income Operating Expenses Q1 FY27 vs Q4 FY26 3,449.7 1,200.00 1,084.7 • Performance during the quarter remained 2,949.5 1,000.00 stable with Total Income of Rs. 2,949.5 Mn, 800.00 reflecting the predictable nature of HAM asset 576.8 600.00 cash flows
Slide 23: Delivering Stable Returns, Creating Long-Term Value
Delivering Stable Returns, Creating Long-Term Value Distribution Distribution Particulars Q1 FY27 FY26 DPU Guidance - FY27 Distribution per unit (DPU) (Rs.) Rs. 9.00 – 9.25/unit Dividend 0.64 2.88 Stable, predictable returns backed by operational road assets Capital Repayment 0.19 4.70 Interest 1.48
Slide 24: Q1 FY27 Net Distributable Cash Flow
Q1 FY27 Net Distributable Cash Flow NDCF (in Rs Mn) 3 73 263 868 1 1,931 1,934 1,668 1,668 1,139 1,140 1,140 SPV Operating Cash SPV - Reserve Trust - Other Income Trust- Indemnity Inflow Trust - Debt Obligation Trust- Expenses NDCF Flow © 2026 Capital Infra Trust. All Rights Reserved 23
Slide 25: 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 - - - - - 179.0 - 361.3 6.3 202.3 - - 748.8 Interest on Annuity - - - - - 278.5 - 554.7 89.7 350.1 - - 1,273.1 O&M Inflow - - - -
Slide 26: Consolidated Debt Position at Sustainable Level
Consolidated Debt Position at Sustainable Level Consolidated Net Debt to Enterprise Value (Rs. in Mn) As on 31st Mar 2026 As on 30th Jun 2026 Consolidated Net Debt: Long term borrowings 29,609.0 29,278.4 Interest payable on borrowings 190.3 417.1 Total Financial Indebtedness 29,799.3 29,695.5 Less:
Slide 27: Diversified Investor Base
Diversified Investor Base Top Top Institutional Investors Institutional Investors Bank 4% Others PF FPI 4% 1.2% ✓ ICICI Prudential Mutual Fund 3% Mutual ✓ Kotak Mutual Fund Sponsor Funds ✓ SBI Mutual Fund Public 32% ✓ HDFC Mutual Fund 13% ✓ SBI Life Insurance Unitholding Pattern Insurance ✓ HDFC Lif
Slide 28: Debt Maturity Profile
Debt Maturity Profile Rate of Interest Rs. 29,278 Mn 6.92% 7.24% 11.22 years Gross Floating Rate Effective Interest Borrowings of Borrowing Debt Tenure Rate NCD-1 (7.75%) RTL 2 (6.63%) Rs. in Mn Debt Repayment Schedule 7,227 NCD-2 6,617 (6.85%) RTL 1 (6.85%) 3,605 1,560 1,752 1,795 1,795 897 977 977
Slide 29: Trust at Glance
O05 Trust at Glance
Slide 30: Capital Infra Trust at a Glance
Capital Infra Trust at a Glance • 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 04th Mar 2025- Interim Distribution
Slide 31: Our Strategy: Road Asset Focused InvIT
Our Strategy: Road Asset Focused InvIT • Road sector benefits from continued government policy support 01 Focus in Road Sector within Infrastructure Asset Class • Adequate pipeline opportunities for future growth • Evolved and mature sector regulator • Continue to focus on HAM / Annuity linked asset
Slide 32: Portfolio Highlights (1/2)
Portfolio Highlights (1/2) 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 - Paniyala M
Slide 33: Portfolio Highlights (2/2)
Portfolio Highlights (2/2) Sovereign Counter Low Risk Asset ~2,700+ Lane Kms Party- NHAI 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) Khajuwala Poogal BAP
Slide 34: FY27 Project-wise Annuity Receipt Schedule
FY27 Project-wise Annuity Receipt Schedule FY27 Annuity Receipt Calendar excluding taxes (Rs. in Mn) Project Actual Annuities Received Expected Annuity Q2 Q3 Q4 in Q1 (Rs. in Mn) Khajuwala Poogal BAP - 368.5 - 370.2 738.7 Kiratpur Nerchowk 945.3 - 935.1 - 1,880.4 Narnaul Bypass - 442.3 - 444.2 886.5
Slide 35: ROFO Asset - Pipeline
ROFO Asset - Pipeline BPC Length of Expected 2nd Annuity Sr. No. Name of the Project State Authority Physical progress (Rs. Mn) the Project Due date 1 Bhangbar to Kangra Himachal Pradesh NHAI 11,000 18.1 Km 97.9% 27-03-2026 2 Mo to Sihuni Himachal Pradesh NHAI 5,290 8.3 Km 100.0% 29-05-2026 3 Bhiwan
Slide 36: Annexures
06 Annexures
Slide 37: 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 38: 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 39: 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 Roads, • Qualified to bid for single Highways, Bridges, Metro, o EPC project of Rs. 90,000 Mn* Flyovers for the Govt. / Semi o HAM of Rs. 90,000 Mn* Govt clients Currently,
Slide 40: 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 41: 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 42: Industry Updates
07 Industry Updates
Slide 43: Key Industry Updates (1/2)
Key Industry Updates (1/2) HAM Continues to be the Preferred Model Road InvIT AUM opportunity estimated to expand ~2.8x from Rs. 3.2 trillion in 2026 to Rs. 8.8 trillion 1 by 2030 74% of NHAI Projects to be awarded under HAM Model (FY26) The government has allocated Rs. 3.09 lakh crore to MoRTH, und
Slide 44: Key Industry Updates (2/2)
Key Industry Updates (2/2) Capital Outlay for MoRTH increased by 2.5x to Rs. 3.09 Sectoral Split of NIP 2.0 Lakh Crore since FY22 3.1 Others 2.8 2.8 2.9 29% In Rs. Lakh Crore 2.2 Roads & Highways 1.2 51% Power FY22 FY23 FY24 FY25 FY26 FY27E 20% National Infrastructure Pipeline 2.0 (FY25-28E) Road In
Slide 45: 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)