Capital Infra Trust (CAPINVIT) Q3 25/26 earnings summary

Executive summary

• Completed first IPO anniversary and expressed gratitude to unitholders, while acquiring three high-quality HAM/SPV assets in December 2025 for INR 2,350 crore/₹4,383.82 million at a 9.3% discount, expanding AUM by 57% to INR 6,733 crore.

• Raised INR 1,595 crore (Rs. 15,950 Mn) via preferential issue and QIP, supporting acquisitions and prepayment of INR 420 crore (Rs. 4,200 Mn) in borrowings, strengthening the capital base.

• Portfolio now includes 12 operational HAM assets across eight states, covering 847 km with 13.4 years of residual concession rights.

• NAV increased to INR 72.31 per unit, a 7.2% rise over Q2 FY26, driven by accretive acquisitions.

• Debt optimization reduced effective interest cost by 47 bps and improved net debt/EV to 43.34%.

Financial highlights

• Q3 FY26 consolidated total income was INR 182 crore (Rs. 1,818.7 Mn), with standalone total income at INR 129 crore, and consolidated EBITDA at INR 48 crore (Rs. 478.4 Mn); net profit at INR 11 crore (Rs. 107.6 Mn).

• Distribution per unit for Q3 FY26 was INR 2.34 (Rs. 2.34), with cumulative distributions since listing at INR 33.09 per unit.

• AUM as of Dec'25: Rs. 67,329 Mn; market cap as of Feb'26: Rs. 36,331 Mn.

• All five annuities due in the quarter were received on time, supporting stable cash flows.

• Q3 FY26 consolidated EBITDA margin was 26.92%, with net profit margin at 6.05%.

Outlook and guidance

• Targeting 11%-12% annualized cash yield for FY26, based on IPO price of INR 99 per unit, with future guidance to be provided in March quarter.

• Plans to add four to seven assets in the next financial year, aiming for AUM of INR 9,000–10,000 crore (Rs. 90,000–100,000+ Mn) over the next 12 years.

• IRR for future third-party acquisitions expected at 11.5%-12%.

• Unitholders approved raising up to ₹24,000 million via institutional placement, rights issue, or debt.