Capital Infra Trust (CAPINVIT) Q2 25/26 earnings summary

Executive summary

• Achieved strong operational stability across all nine HAM assets, with annuity receipts of Rs. 5,229 Mn in line with estimates and consistent DPU distributions, including Rs. 3.25 per unit for Q2.

• Reduced leverage and improved balance sheet through a successful preferential issue of INR 345 crore, lowering net debt from 55% to 45.6% as of November 14.

• Completed IPO in January 2025, acquired 9 SPVs, and listed on BSE and NSE.

• Distributions totaling Rs. 7,572.19 Mn (~Rs. 27.50/unit) since inception, with Rs. 4,071.86 million paid for FY 2024-25 and H1 FY 2025-26.

• Maintained Crisil AAA/Stable credit rating and delivered distributions consistent with guidance.

Financial highlights

• Q2 FY26 consolidated total income: Rs. 1,870.56 Mn; H1 FY26: Rs. 3,933.41 Mn; Q2 FY26 net profit: Rs. 784.28 Mn; H1 FY26 net profit: Rs. 47.10 Mn.

• EBITDA margin for Q2 FY26: 75.57%; Net profit margin: 43.67%.

• NDCF for Q2 FY26: Rs. 1,035.7 Mn; cumulative DPU since inception: Rs. 30.8 per unit.

• Distribution per unit for Q2 FY26: Rs. 3.25, totaling Rs. 103.6 crore.

• Total assets as of 30 September 2025: Rs. 44,793.43 Mn; Net worth: Rs. 19,009.22 Mn.

Outlook and guidance

• Targeting AUM of ~Rs. 10,000 crore by FY27 through acquisition of 17 ROFO and third-party assets; aiming for ~USD 5 billion by 2030.

• Plan to acquire three ROFO HAM assets in FY26, with unitholder approval to raise up to Rs. 24,000 Mn via equity or debt.

• Projects expected to sustain a cash yield of 10%-12% going forward.

• Leverage to be maintained in the 45%-47% range in the short term, with potential to increase to 55%-60% after the sixth distribution.

• Sustainable distribution and consistent returns remain a priority.