Capital Infra Trust (CAPINVIT) Q4 24/25 earnings summary

Executive summary

• Successfully completed maiden listing on January 17, 2025, raising INR 1,578 crore, with an initial portfolio of 9 HAM assets across 7 states and AUM of INR 4,912 crore.

• Vision targets USD 5 billion AUM by 2030, with best-in-class governance, sustainable distributions, and a focus on risk-free returns for investors.

• Backed by Gawar Construction Limited, a strong sponsor with a robust execution track record, no outstanding litigations, and a healthy order book.

• Board and management team comprise experienced professionals from infrastructure, finance, and regulatory backgrounds.

• Principal activity is investment in road sector infrastructure through SPVs, with revenue streams from annuity and maintenance contracts with NHAI.

Financial highlights

• FY25 consolidated revenue from operations was INR 1,590.63 million, total income INR 1,706.63 million, and net loss INR 373.10 million.

• AUM at INR 4,912 crore as of FY25, with debt-to-value ratio at 44%.

• Issued NCDs totaling INR 2,363 crore at 7.68% cost, used to repay SPV-level debt.

• Distribution per unit for FY25 was INR 23.89, totaling INR 6,578.47 million, with higher DPU due to reserve release.

• Net distributable cash flow for FY25 was INR 6,578.50 million.

Outlook and guidance

• FY26 guidance targets INR 14.61 per unit distribution, implying a 14.75% yield on issue price, with consistent and sustainable distributions planned.

• Targeting addition of 3-4 operational assets in FY26, aiming for 80% AUM growth (~INR 3,000 crore).

• Aspires to reach INR 11,000 crore AUM by 2027, with continued asset additions from sponsor and third-party acquisitions, targeting ~37% CAGR.