Capital Infra Trust (CAPINVIT) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 began with steady operational performance, consistent annuity cash flows, and 100% asset availability across a 650–683 km portfolio of nine HAM assets, with an average residual life of 11.3 years.

• Vision 3G framework targets $5 billion AUM by 2030, emphasizing growth, governance, and sustainable, risk-free returns for investors.

• Distributions for Q1 FY26 totaled INR 3.61 per unit, supporting full-year guidance of INR 14.61 per unit (14.75% yield on issue price).

• Three new fully operational assets are targeted for acquisition in FY26, expected to add INR 2,500–3,000 crore to AUM.

• The Trust completed its IPO and listing in January 2025, acquiring nine SPVs as part of its infrastructure investment strategy.

Financial highlights

• Q1 FY26 AUM stands at INR 4,185 crore, with total income of INR 206 crore (2,062.9 million), and a net loss after tax of INR 737.2 million.

• Standalone total income was INR 298 crore, with EBITDA at INR 297 crore; an impairment of INR 330 crore was booked.

• Net Debt/AUM at quarter end was approximately 53–55%.

• Distribution per unit for the quarter is INR 3.61, with INR 2.61 as interim and INR 1 as debt repayment (tax-free).

• Since listing, approximately INR 7,573.5 million has been distributed to investors (~INR 27.50/unit).

Outlook and guidance

• Full-year FY26 DPU guidance reaffirmed at INR 14.61 per unit, targeting a 14.75% yield on issue price.

• Similar AUM addition of around INR 3,000 crore and four assets targeted for FY27, with potential for third-party acquisitions.

• Double-digit returns expected to be sustained for at least three to four years, with ongoing asset additions.

• ~80% of portfolio to remain in HAM assets for stable cash flows.

• Management is working to ensure compliance with regulatory ratios within the stipulated six-month timeframe.