Capital Infra Trust · NSE:CAPINVIT
Capital Infra Trust — H1 FY26 Earnings Presentation
40 slides from Capital Infra Trust's earnings presentation, Nov 14, 2025
Slide 1: Cover letter to stock exchanges for Q2 & H1 FY26 presentation
November 14, 2025 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 Q2 & H1 FY26
Investor Presentation Q2 & H1 FY26 | November 2025
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 Q2 & H1FY26 Trust at a Glance Short-term Growth Drivers Long-term Growth Highlights Strategy 5 6 7 8 Operational & Strong Sponsor Industry Updates Annexures Financial Updates Profile
Slide 5: Q2 & H1FY26 Highlights
Q2 & H1FY26 Highlights 1 2 Retained Credit Rating Sustained Operational Annuity Receipts in line Crisil AAA/ Stable Stability across all HAM assets with estimates, Rs. 5,229 Mn (ex. Taxes) DPU Rs. 3.25 3 4 On Track Distributions Improvement in Capital NDCF consistent with H1 FY26 Management using Rs
Slide 6: Trust at a Glance
02 Trust at a Glance
Slide 7: Capital Infra Trust at a Glance
Capital Infra Trust at a Glance Key Strengths of CIT Trusted Customer & HAM Focused Portfolio: Optimised Debt Structure: Consistent Annuity Track Lower Counterparty Risk as all ~Rs. 4,282 Cr 9 HAM Assets Record assets are contracted with 7 NHAI Asset Under Initial Portfolio of Natural Hedge ag
Slide 8: Short-term Growth Drivers
03 Short-term Growth Drivers
Slide 9: Capital Infusion to Strengthen Balance Sheet and Expand Portfolio
Capital Infusion to Strengthen Balance Sheet and Expand Portfolio Fundraise Asset Addition Growth in AUM Preferential Issue of ~Rs. 345 3 ROFO ~Rs. 6,800+ Cr Crore to Sponsor Growth in AUM (Cr) Debt Reduction HAM Asset Addition ~Rs. 6,800+ 12 53% 45-47% 9 Rs. 4,282 Existing Target FY25 FY26 Sep'25 M
Slide 10: Rationalization of Current Debt Levels
Rationalization of Current Debt Levels Debt Target of ~45-47% Levels in medium term ➢ ~Rs. 345 crore allocated towards Movement in Leverage debt reduction, with promoters participating in the fundraise to 55.0% 52.5% support this objective 47.1% 45.6% 44.0% Disciplined Approach for Future Debt Requi
Slide 11: Targeting 3 ROFO Assets for Acquisition during FY26
Targeting 3 ROFO Asset for Acquisition during FY26 Ring road around the city of Jodhpur Link between northern & central Bihar Links Champa to Korba, Katghora & further to Jharkhand Hansanpur Project JRR Highways Champa Korba Premium assets acquired at value-accretive Bakhtiyarpur rates State Rajasth
Slide 12: Long-term Growth Strategy
04 Long-term Growth Strategy:
Slide 13: 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 14: Growth Strategies to Achieve Our Vision
Growth Strategies to Achieve Our Vision …Backed by Strong Driving Robust AUM Growth… …Through Strategic Asset Fundamentals to Deliver Additions Sustainable Returns Stable Yield for investors 17 ROFO HAM Assets in Pipeline Credit Rating – AAA rated by Crisil & Potential Increase in Revenue
Slide 15: Driving Robust AUM Growth
Driving Robust AUM Growth… Sustainable Yield Revenue Momentum Predictable DPU Strong Visibility for Asset Addition… …will accelerate AUM Asset Addition Target for next 2 years Aim to Increase AUM to ~Rs. 10,000 Cr by FY27E 17 12 9 5 3 FY25 FY26E FY27E New Assets Cummulative Assets FY25 FY26E FY27E ©
Slide 16: Through Strategic Asset Additions
…Through Strategic Asset Additions Rudrapur Bypass i. Mo to Sihuni i. Bijni to Mandi ii.Kangra Bypass ii.Shimla Bypass (Pkg2) iii.Padhar to Bijni iii.Sihuni to Rajol iv.KBNC Highway 17 ROFO Assets Fazilka to Abohar Bhiwani-Hansi Bypass Behsuma-Bijnor JRR (Pkg-1 2,000+ Lane Kms Basukinath- KIM Deogha
Slide 17: Prudent Financial Management: Ensuring Strong Balance Sheet
Prudent Financial Management: Ensuring Strong Balance Sheet Leverage Strategy AAA Stable ~7.68% ~46% Floating rate Net Debt/ 55.0% Credit Rating 52.5% of borrowing Value of Assets 45.6% ~1.75 ~12.5 years Rs. 2,339 Cr Average Debt Gross DSCR Tenure Borrowings Jun'25 Sep'25 as on 14th Nov 2025 As of 1
Slide 18: Q2 FY26: Operational & Financial Updates
05 Q2 FY26: Operational & Financial Updates
Slide 19: Q2 FY26: Operational Performance
Q2 FY26: Operational Performance Operational & Environmental Traffic Volume Maintenance Compliance • Regular maintenance activities • Gawar Rohna–Sonepat and Rohna– carried out across all projects Jhajjar showed consistent growth Total plantation completed; • No major overlay or rehabilitation with
Slide 20: Q2 & H1 FY26 Consolidated Financials
Q2 & H1 FY26 Consolidated Financials Rs. Million QY ended HY ended Particulars Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 Total Income (A) 1,870.56 2,062.85 - 3,933.41 - Operating Expenses 507.51 2,677.93 - 3,185.44 - Other Expenses 11.97 15.50 - 27.47 - Total Expenses (B) 519.48 2,693.43 - 3,212.91 -
Slide 21: Q2 & H1 FY26 Standalone Financials
Q2 & H1 FY26 Standalone Financials Rs. Million QY ended HY ended Particulars Q2 FY26 Q1 FY26 Q2 FY25 H1 FY26 H1 FY25 Total Income (A) 1,022.51 2,988.47 - 4,010.98 - Total Expenses (B) 9.01 11.97 - 20.98 - EBITDA (A-B) 1,013.50 2,976.50 - 3,990.00 - Finance Cost 452.95 452.26 - 905.21 - Profit before
Slide 22: Q2 FY26 Distribution Update
Q2 FY26 Distribution Update Distribution Total Particulars Distribution to Unitholders Q2 FY 26 H1 FY 26 Since Inception Distribution per unit (DPU) (Rs.) 13.8 12.7 Taxable Dividend 0.71 0.71 Interest 2.52 2.58 Repayment of USL 0.0 3.55 3.3 1.0 Other Income 0.02 0.02 Feb'25 Jun'25 Aug'25 Nov'25 Outs
Slide 23: Q2 FY26 Net Distributable Cash Flow
Q2 FY26 Net Distributable Cash Flow Rs. Million 2,500 2,000 845 1,500 221 10 2,321 1,000 689 460 500 1,036 0 SPV Cashflow Reserve - SPV Trust - Operating Other Income Trust - Debt Net Reserve - Trust NDCF Cashflow Obligation © 2025 Capital Infra Trust. All Rights Reserved. 22
Slide 24: Consolidated Debt Position as on 14th November 2025
Consolidated Debt Position as on 14th November 2025 Consolidated Net Debt to Enterprise Value (Rs. in Million) As on 14 November 2025 Consolidated Net Debt: Long term borrowings 22,921 Short term borrowings 472 Interest payable on borrowings 521 Total financial indebtedness 23,915 Less: Cash and Cas
Slide 25: Diversified Investor Base
Diversified Investor Base Unitholding Pattern (As on 30th Sep 2025) Bank PF FPI 3% 4% 5% Public 9% Sponsor AIF 42% 6% Insurance 11% Mutual Funds Corporates 9% 11% © 2025 Capital Infra Trust. All Rights Reserved. 24
Slide 26: Strong Sponsor Profile
06 Strong Sponsor Profile
Slide 27: 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, • EPC project of Rs. 7,000 Bridges, Metro, Flyovers Cr* Early completion Efficient operating cycle of for the Govt. / Semi Go
Slide 28: 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 Large team of experienced Robust Balance sheet as Sponsor Track record of d
Slide 29: Industry Updates
07 Industry Updates:
Slide 30: 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 31: Key Industry Updates (2/2)
Key Industry Updates (2/2) Capital Outlay for MoRTH increased by more Status of Bharatmala Pariyojana- Phase 1 than 4 times to Rs. 2.72 lakh crore Length in Kms 2,85,344 2,72,241 2,63,912 In Rs. Crore 2,05,986 1,13,311 34,800 26,425 89,194 19,826 68,374 Total length to be Total length awarded Total
Slide 32: Annexures
08 Annexures
Slide 33: A Strong Start: 9 HAM Assets with Bid Project Cost of ~Rs. 9,000+ Cr
A Strong Start: 9 HAM Assets with an Impressive Bid Project Cost of ~Rs. 9,000+ Cr Sovereign Counter Low Risk Asset ~2,100 Lane Kms Portfolio Party- NHAI Residual Total Design End of Bid Project No. of Concession Annuities Project Length Location State Concession PCOD COD Cost Annuities Period Recei
Slide 34: 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 35: Capital Infra Trust - InvIT Structure
Capital Infra Trust - InvIT Structure Sponsor Investors Gawar Construction Ltd Unitholders 1 2 Investment Manager Axis Trustee Services Ltd Gawar Investment Manager Project Manager 100% Ownership Gawar Construction Ltd Portfolio of Assets Rohna Jhajjar Khajuwala Poogal Narnaul Bypass Rohna Sonepat H
Slide 36: Asset Under Acquisition – JRR Highways
Asset Under Acquisition – JRR Highways Geographic Location Project Details Scope Description Awarding Authority NHAI Lane KM 327.97 km Bid Project Cost Rs. 1,161 Cr Operational Period 15 years JRR Highways Pvt Ltd (JHPL) Appointed Date 14th Dec 2018 • State: Rajasthan Endorsement Date 13th July 2022
Slide 37: Asset Under Acquisition – Hasanpur-Bakhtiyarpur
Asset Under Acquisition – Hasanpur- Bakhtiyarpur Geographic Location Project Details Scope Description Awarding Authority NHAI Lane KM 203. 6 km Bid Project Cost Rs. 2,310 Cr HASANPUR BAKHTIYARPUR HIGHWAY Operational Period 15 years Pvt Ltd (HBHPL) Appointed Date 31st Dec 2021 • State: Bihar PCOD 27
Slide 38: Asset Under Acquisition – Champa Korba
Asset Under Acquisition – Champa Korba Geographic Location Project Details Scope Description Awarding Authority NHAI Lane KM 152.8 km Bid Project Cost Rs. 830 Cr Operational Period 15 years KORBA HIGHWAY Pvt Ltd (KHPL) Appointed Date 6th Jan 2022 • State: Chhattisgarh PCOD 26th Mar 2024 • Asset Type
Slide 39: ROFO Assets Valuation Summary
ROFO Assets Valuation Summary Project Details Balance Concession Sr. No. SPV WACC Fair EV (Rs. Cr) Fair Adj. EV (Rs. Cr) Period 1 JHPL ~13 Years 7 Months 7.04% 690 705 2 HBHPL ~13 Years 10 Months 7.05% 1,370 1,480 3 KHPL ~13 Years 7 Months 7.11% 474 477 Total 2,534 2,590 • Revenue of all SPVs primar
Slide 40: 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)