Citius Transnet Investment · BSE:CITIUSINVT
Citius Transnet Investment — Citius TransNet Investment Trust — Q1 FY27 Earnings Presentation
60 slides from Citius Transnet Investment's earnings presentation, August 2026
Slide 1: Citius TransNet Investment Trust Investor Presentation: Q1-FY27
Citius TransNet Investment Trust (“Citius TransNet”) Investor Presentation: Q1-FY27 August 2026
Slide 2: Disclaimer
Disclaimer This presentation is prepared and issued by EAAA TransInfra Managers Limited (the “Investment Manager”) on behalf of and in its capacity as the investment manager of Citius TransNet Investment Trust (“Citius TransNet” or “InvIT”) for general information purposes only without regards to sp
Slide 3: Contents
Contents 1 Introduction 04 2 Portfolio Highlights 08 3 Operational Highlights 11 4 Valuation 14 5 Industry Opportunities 16 6 Board & Management Team 20 7 Asset Operations & Management Capabilities 24 8 EAAA Platform 28 9 Awards & Recognition 34 10 Annexures 37 3
Slide 4: Introduction
Introduction
Slide 5: Citius TransNet – A Unique, Differentiated InvIT Offering
Citius TransNet – A Unique, Differentiated InvIT Offering… Growth Governance Management ROFO portfolio Governance principles “Active” asset management demonstrating Sponsor driving accountability, to drive growth and group commitment fairness and transparency value enhancement EAAA Platform’s track
Slide 6: Executive Summary (1/2)
Executive Summary (1/2) Unique Offering Diversified, Mature Assets Dispersed Portfolio A transport sector Mix of toll and annuity Toll portfolio with 10.6 years(4) focused InvIT revenues (85:15)(1) of average operating history + + Annuity Assets: Established Commercial – Passenger mix Backed by a Fi
Slide 7: Executive Summary (2/2)
Executive Summary (2/2) Supported by an Backed by Strong Asset Growth Visibility Experienced Investment Management Capabilities Management Platform Large Market Opportunity Managed by a wholly owned A 350+ member In-house – transport sector asset subsidiary of EAAA India asset management team(2) inv
Slide 8: Portfolio Highlights
Portfolio Highlights
Slide 9: Mature, Balanced & Diversified Portfolio with Long Operating History
Mature, Balanced & Diversified Portfolio with Long Operating History 10 Roads Geographical Diversification c. 3,406 Spread across 9 states lane-kms Haryana 1 PECPL (NH 1) 10.6 years 12.6 years Gujarat 10 Arunachal Pradesh Average Operating History Average Residual Life Dibang (NH 13) SBGTPL (NH 8A)
Slide 10: Portfolio at a Glance
Portfolio at a Glance ₹ 1,883 Cr 74:26 ₹ 489 Cr Annuity Annuities Annuity Receipts – FY27(1) (₹ Cr) SPVs Received FY26 Toll CV:PV mix % Q1 FY27 Toll (#)(5) Q1 Q2 Q3 Q4 Revenue(1) Toll Revenue(2) Revenue (1) 55.9 55.9 Dhola 17 -- [31-Aug / -- [28-Feb / Not Due] Not Due] 39.7 39.7 Dibang 16 [17-May /
Slide 11: Operational Highlights
Operational Highlights
Slide 12: Financial Highlights
Financial Highlights ₹ 11,172 Cr 34.03% ₹ 112.79 ₹ 2.06 ₹ 0.7126 ₹ 1.3458 ₹ 0.0016 Capital Adj. AUM(1) Net Debt to AUM(2) NAV / Unit(2) DPU (Q1 FY27) Interest Others Repayment DPU Break-up ₹ 4,492 Cr Debt 30% 43% 27% 7.50% AAA/Stable AA/Stable Repayment Gross Profile Up to FY31 to Beyond Average Tru
Slide 13: Traffic Growth
Traffic Growth Q1FY27 vs Q1FY26 PCU YoY Growth# 10.0% 9.3% 8.9% 7.8% 6.3% 5.5% 2.9% AMTPL DTPL PECPL RVTPL SBGTPL SRTPL TEL Portfolio -6.0% ▪ Portfolio continues to demonstrate strong traffic growth ▪ SBGTPL impacted by ongoing geopolitical situation - congestion at ports following stranded shipment
Slide 14: Valuation
Valuation
Slide 15: Enterprise Valuation
Enterprise Valuation Key Parameters Discount Rate Paramaters 31-Dec-2025 31-Mar-2026 30-June-2026 Risk Free Rate 6.46% 6.90% 6.81% Market Risk Premium 7.00% 7.00% 7.00% Beta (Toll Assets) 0.86-0.93 0.87-0.94 0.87-0.94 Beta (Annuity Assets) 0.55-0.56 0.53-0.54 0.55-0.57 Cost of Debt 7.50% 7.50% 7.50%
Slide 16: Industry Opportunities
Industry Opportunities
Slide 17: Attractive transport sector outlook with established regulatory environment and tailwinds
Attractive transport sector outlook with established regulatory environment and economic & social tailwinds ₹ 42-45 Tn Investment Potential Favorable Government policies focusing on multimodal across Transport Infrastructure… transport integration, sustainable mobility & logistics efficiency Ropeway
Slide 18: Outlook for Roads: Monetisation Potential
Outlook for Roads: Monetisation Potential ~₹ 5.9 Tn monetization potential for road assets until fiscal 2030 A B C Private developers – Government Monetization NHAI/MoRTH Pipeline/ Asset divestment / monetization & Capex Upcoming Projects Medium-term Opportunity HAM Monetization by BOT Developers To
Slide 19: Outlook Opportunities in Transport Sector
Outlook Opportunities in Transport Sector Logistics Ropeways Infrastructure Airports Ports Metro Rail Support • At present, 25 ropeways • Rail Linked terminals: • Passenger traffic to grow 7– • Projected ~5% CAGR • 1,000+ km operational operational in India across Estimated market size of 10% YoY in
Slide 20: Board & Management Team
Board & Management Team
Slide 21: Strong IM Board with Independent Directors having multi-sector expertise
Strong IM Board with Independent Directors having multi-sector expertise VIDYA SURESH DR. EMANDI BASARKOD GURUMANI SANKARA RAO Managing Director Over 40 years of rich work experience Managing Director A Senior Business leader with over An independent director Has over 3 decades of diverse of COWI in
Slide 22: An Experienced Project Management Team
An Experienced Project Management Team MANISH SANDIP PRAMOD CHITKARA* DAS^ MULCHAND SHARMA^ 33+ years of techno-commercial experience in infrastructure 28+ years of experience including with L&T and Hindustan 18+ years experience in infrastructure development, projects. Has been involved in construc
Slide 23: Experienced Investment Manager Team
Experienced Investment Manager Team BHAVYANG OZA P PADMANABHAN Chief Investment Officer Chief Financial Officer & Compliance Officer • 26+ years of experience in infrastructure investment, fixed income business & advisory across infrastructure sub-sectors • Over 30 years experience with ~17 years su
Slide 24: Asset Operations & Management Capabilities
Asset Operations & Management Capabilities
Slide 25: Full-spectrum Asset Management Capabilities embedded in InvIT structure
Full-spectrum Asset Management Capabilities embedded in InvIT structure Asset Management capabilities spanning entire “Life Cycle” of assets Engineering, Finance & Treasury Pavement Quality Equipment & Client Commercial & Assurance Toll System Relations Contracts Diligence, Business Traffic & Safety
Slide 26: Tech-Oriented Operations & Maintenance
Tech-Oriented Operations & Maintenance Integrated digital framework designed to enhance efficiency, safety & proactive management TRAFFIC REAL TIME ROAD DATA FIELDWORK MANAGEMENT MONITORING UPKEEP ANALYSIS HTMS (Highway Juno Viewer iHAMS Intelligent (HDM-4) Highway TAS (Toll Analytic System) Traffic
Slide 27: Pursuing Innovation in Construction & Operations
Pursuing Innovation in Construction & Operations Driven by Life-cycle Cost & Sustainability Considerations Examples Polymer Recycled CGBM Glass Modified Asphalt (Cement Grid Bitumen Pavement Grouted (PMB) (RAP) Bituminous Mix) Used in Major Maintenance (MM) Enhances performance of the Recycles milli
Slide 28: EAAA Platform
EAAA Platform
Slide 29: EAAA India All-Round Investment & Asset Management Experience
EAAA India All-Round Investment & Asset Management Experience… Strong Experienced Corporate Origination z Skills Structuring z Finance Team 80 member investment team – Deep understanding of Richly experienced team manages enables access to promoters, relevant regulations over ₹122.58 Bn debt (as on
Slide 30: Proven Real Assets Acquisition Expertise of Platform
Proven Real Assets Acquisition Expertise of Platform Proven real assets Demonstrated acquisition expertise across sectors over the years acquisition expertise 2018 2018-20 2021-23 2024-27 Successfully integrated 32 Transmission Transmission acquired Infrastructure EAAA Real Assets Strategy Launch 2
Slide 31: ROFO Assets
ROFO Assets EAAA platform has signed definitive documents to acquire a portfolio of 11 HAM road assets (5 already acquired) Kharar Ludhiana Road Ltd. NHAI concessions Punjab c. 1,176 lane kms(1) Revenue Receipts c. ₹ 551.03 Cr(1) Average operating history(2): c. 4.92 years Khairatunda Barwa Adda Roa
Slide 32: Focus on ESG
Focus on ESG Two-Tiered Governance Framework focused on strategic direction & operational integrity Platform-Level Governance Asset-Level Governance Application of Corporate & Strong Board with Technical SOPs including HSE Robust Monitoring ISO Certified Practices across Eminent Independent Systems
Slide 33: Commitment to ESG & Sustainability
Commitment to ESG & Sustainability 10-Stage Transformation Process for ESG Established Environment and Social Management System (ESMS) Due diligence Actions Tracking Due Diligence Deployment EAAA is a signatory to Performance United Nations-supported Monitoring Principles For Responsible Baseline In
Slide 34: Awards & Recognition
Awards & Recognition
Slide 35: 28 Awards – Operational Excellence, HSE & CSR Initiatives (1/2)
28 Awards – Operational Excellence, HSE & CSR Initiatives (1/2) Build India MoRTH – National Highways Excellence Awards Infra Award Dhola Dibang Dhola Dhola Dibang DTL Dhola Outstanding Outstanding Excellence in Green Excellence in Green Impact Work in Work in Highways Highways Operations and Highwa
Slide 36: 28 Awards – Operational Excellence, HSE & CSR Initiatives (2/2)
28 Awards – Operational Excellence, HSE & CSR Initiatives (2/2) EPIC EPIC EPIC EPIC EPIC Dhola Dhola Concessions 3 Concessions 3 Concessions 3 Concessions 3 Concessions 3 OHSSAI Safety Golden Star Golden Star Golden Star Golden Star OSH Brand Award Awards Awards Awards Awards India Honchos 8th Annua
Slide 37: Annexures
Annexures
Slide 38: Citius TransNet - Structure
Citius TransNet - Structure Sponsor & Sponsor (34.58%) Group (65.42%) EPIC TransNet Public & Infrastructure Private Institutional Investors Limited (Sponsor) Trustee Investment Manager Investment Trustee Services Management Services 100% TEL SRPL EPIC 3 Project Manager Project JSEL SRTPL SBGTPL Mana
Slide 39: Unit Holding Pattern & Marquee Investors
Unit Holding Pattern & Marquee Investors (as on June 30, 2026) Individuals Insurance 1% (Non-Resident) 1% Provident & Pension Foreign Portfolio Funds Investors 1% Prazim L & T Limited Vidyaniti LLP Mutual Investment(1) Funds 3% Individuals 3% L & T Provident WhiteOak WhiteOak REIT (Resident) 3% Fund
Slide 40: Strategies
Strategies Calibrated Portfolio Expansion - to drive Prudent Capital & disciplined and scalable portfolio growth Risk Management Acquire high-quality road and transport assets Disciplined borrowing strategy Near-term growth visibility - Identified ROFO Target a diversified funding strategy - Assets
Slide 41: Key Regulatory Updates (1/2)
Key Regulatory Updates (1/2) SEBI widens Borrowing Flexibility for Holding SPVs by InvITs post concession Taxation and Other Laws (Amendment) Act InvITs expiry (Passed by the Parliament on August 11, 2026) (SEBI/HO/DDHS/DDHS-PoD-2/I/11700/2026 (SEBI/HO/DDHS/DDHS-PoD-2/I/11700/2026 dated May 15, 2026
Slide 42: Key Regulatory Updates (2/2)
Key Regulatory Updates (2/2) New Highways Concession Model : Use of Linking Factor Due to Combined Single Amendment in NH Fee Rules, 2008 Toll Annuity Hybrid Model/ Modified change of Base Year of WPI Stage RFP for BOT (NHAI Policy Circular No. 17.7.15/2026 BOT model from 2004-05 to 2011-12 for (Tol
Slide 43: Portfolio Assets - Summary
Portfolio Assets - Summary Revenue from Revenue from Operational Residual Lanes Length operations operations Asset Name Type Authority Location history(1) Life(1) FY26 Q1-FY27 (in nos) (kms) (in ₹ Cr) (in ₹ Cr) (in years) (in years) Dhola Annuity MoRTH Assam 2 28.51 74.40 12.56 8.8 3.7 Dibang Annuit
Slide 44: Toll Portfolio Performance
Toll Portfolio Performance Traffic (PCU) Growth(2) Traffic (PCU) Share of Operating CAGR(2) PCU EV State in GST Asset State History CAGR CAGR FY26(2) Weight(3) Collections (years)(1) FY26 Q1 FY27 (4) FY19- FY23- FY26- (Y-o-Y) (Y-o-Y) EOL FY26 FY26 AMTPL Gujarat 14.2 7.3% 9.4% 11.6% 6.3% 4.8% 45,590
Slide 45: Fair Enterprise Value: Asset-wise
Fair Enterprise Value: Asset-wise (₹ Cr) Concession Dec 2025 Mar 2026 June 2026 SPV Authority Type WACC EV WACC EV WACC EV AMTPL - I Toll State 9.41% 1,505.6 9.48% 1,459.7 9.47% 1,404.1 AMTPL – II(1) Toll State 10.41% 125.2 10.48% 132.6 10.47% 191.3 DTPL Toll NHAI 10.40% 1,920.0 10.48% 1.930.5 10.47
Slide 46: WACC Workings – Assets (June 30, 2026)
WACC Workings – Assets (June 30, 2026) Cost of Cost of Concession Debt: Equity Re-levered Cost of SPV Authority CSRP(1) Tax Rate Debt Debt WACC Type Ratio Beta Equity (Pre-tax) (Post-tax) AMTPL - I Toll State 1.00 0.87 0.00% 12.90% 20.00% 7.50% 6.00% 9.47% AMTPL – II(4) Toll State 1.00 0.87 2.00% 14
Slide 47: Ahmedabad Maliya Tollway Private Limited
Ahmedabad Maliya Tollway Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Gujarat GSRDC Toll 14.23 years 10.89 years Connects the industrial areas of Sanand, Chharodi Strategically positioned Legend and Khoda, pharmaceutical hub at Moraiya, ceramic between Gujarat’s major
Slide 48: Deccan Tollways Private Limited
Deccan Tollways Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Karnataka/ Telangana NHAI Toll 8.71 years 17.77 years Part of NH-65 (old NH-9) Connects with major Apart from the originating from Pune and corridors including, NH-48 Chennai Surat SH 122 ending at Machilipat
Slide 49: Panipat Elevated Corridor Private Limited
Panipat Elevated Corridor Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Haryana NHAI Toll 17.96 years 0.59 years Part of NH-1, which connects Delhi to Haryana and Project corridor is a part Legend NH 44 Punjab, crossing through Haryana along its route. of the longest na
Slide 50: Rajkot - Vadinar Tollway Private Limited
Rajkot - Vadinar Tollway Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Gujarat GSRDC Toll 14.42 years 3.64 years Part of State Highway 25 (“SH-25”) and NH-151A, which Strategically positioned within connects the industrial areas of Rajkot, Dhrol, Jamnagar India’s larges
Slide 51: Samkhiali Bhachau Gandhidham Tollway Private Limited
Samkhiali Bhachau Gandhidham Tollway Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Gujarat NHAI Toll 15.81 years(2) 8.37 years Legend Part of NH 41, feeding arterial route for Kandla and Mundra Ports, Project Highway SBGTPL Asset Major National Highway connecting them t
Slide 52: Sambalpur-Rourkela Tollway Private Limited
Sambalpur-Rourkela Tollway Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Odisha OWD Toll 8.30 years 14.44 years Project road Region includes Micro alternate routes were TP (part of SH-10) passes prominent closed during the implementation 3 Rourkela through Sambalpur, in
Slide 53: Thrissur Expressway Limited
Thrissur Expressway Limited State Authority Type Operational Years(1) Residual Tenor(1) Kerala NHAI Toll 4.31 years 10.21 years Part of NH-544, a critical Major arterial route linking corridor connecting Salem in Kerala with Tamil Nadu and Tamil Nadu to Kochi in Kerala the rest of India NH 544 Vadak
Slide 54: Dhola Infra Projects Private Limited
Dhola Infra Projects Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Assam MoRTH Annuity 8.83 years 3.67 years Concession agreement for construction The concession period of NH 115 of 12.9m wide bridge between Dhola 17 years, ends on and Sadia ghats along with 2 lane Feb
Slide 55: Dibang Infra Projects Private Limited
Dibang Infra Projects Private Limited State Authority Type Operational Years(1) Residual Tenor(1) Arunachal MoRTH Annuity 8.12 years 4.39 years Pradesh Concession agreement for Construction of bridge The concession construction of bridges across river Lohit at Alubari period of 17 years, across Diba
Slide 56: Jorabat Shillong Expressway Limited
Jorabat Shillong Expressway Limited State Authority Type Operational Years(1) Residual Tenor(1) Assam & Meghalaya NHIDCL(2) Annuity 10.42 years 4.75 years NH 27 4-lane project of the The concession period Jorabat-Shillong of 20 years, ends on (Barapani) section of Guwahati Jan 11, 2031 NH NH 17 Jora
Slide 57: ROFO Assets: Snapshot
ROFO Assets: Snapshot # Annuity FY25 Revenue Approx. Asset State Lane Received / Receipts(1) Status (2) Length Km Balance (in ₹ Cr) Kharar Ludhiana Road Ltd Punjab 4/6 76.0 11/19 129.4 Acquired Andhra Ranastalam Anandapuram Road Ltd 6 47.0 10/20 97.0 Acquired Pradesh Ankleshwar Manubar Expressway Pv
Slide 58: Glossary
Glossary AMTPL Ahmedabad-Maliya Tollway Pvt Ltd. EAAA EAAA India Alternatives Ltd. InvIT Infrastructure Investment Trust ATCC Automatic Traffic Counter & Classifier EOL End of life ISO International Organization of Standardization AUM Assets Under Management EPC Engineering, Procurement, Constructio
Slide 59: Glossary
Glossary NIP National Infrastructure Pipeline SBGTPL Samkhiali Bhachau Gandhidham Tollway Pvt Ltd. NMP National Monetization Pipeline SBI State Bank of India NPV Net Present Value SEBI Securities and Exchange Board of India NUTP National Urban Transport Policy SH State Highway O&M Operations & Maint
Slide 60: Thank You
Thank You
Citius TransNet Investment Trust — Q1 FY27 Earnings Presentation on 6ix