Capital Infra Trust (CAPINVIT) Q1 26/27 earnings summary

Executive summary

• Delivered stable operating and financial performance in Q1 FY27, supported by predictable annuity-linked cash flows from 12 operational HAM assets with a residual concession life of 12.9 years.

• Portfolio operations remained robust, with high asset availability, full compliance, and no NHAI litigations or penalties.

• Distribution of INR 2.32 per unit (INR 1,140 million total) delivered in Q1 FY27, maintaining a consistent payout profile.

• Six additional NHAI HAM assets identified for acquisition, potentially expanding the portfolio to 18 assets and increasing annuity visibility.

• Auditors issued unmodified review reports for both consolidated and standalone Q1 FY27 results.

Financial highlights

• Q1 FY27 consolidated total income was INR 2,950 million; EBITDA reached INR 1,807 million; profit after tax was INR 1,256 million.

• Standalone EBITDA was INR 2,258 million; standalone profit after tax was INR 1,734.9 million.

• Net distributable cash flow for Q1 FY27 was INR 1,140 million distributed to unitholders.

• Received annuity inflows of INR 2,162 million from four projects in Q1 FY27; two additional annuities (INR 1,629 million) received in July.

• Earnings per unit (not annualized) for the quarter were 2.56 (consolidated) and 3.53 (standalone).

Outlook and guidance

• FY27 distribution guidance reaffirmed at INR 9–9.25 per unit, supported by inflation-linked annuity receivables and a robust acquisition pipeline.

• AUM expected to grow by 50% to ~INR 100,000 million by March 2027, with six HAM assets under due diligence targeted for acquisition, adding ~181 km to the portfolio.

• Expects DPU to increase by 7–10% in FY28, driven by new acquisitions and higher leverage.

• Ongoing due diligence on six ROFO assets, with acquisition completion targeted for Q2 or Q3 FY27.