Capital Infra Trust (CAPINVIT) Q4 25/26 earnings summary

Executive summary

• Strong Q4 and FY26 performance driven by robust annuity inflows, disciplined portfolio expansion, and the acquisition of three new SPVs, expanding the portfolio to 12 HAM road assets and growing AUM by 42% YoY to Rs. 66,114 Mn.

• Net profit after tax for FY26 was Rs. 2,105.05 Mn, a turnaround from a net loss in FY25, supported by higher annuity income and improved cost management.

• Distributions for FY26 totaled Rs. 4,359.11 Mn, with payout above the 90% regulatory threshold and cumulative distributions since IPO at Rs. 10,938.9 Mn.

• Maintained high-quality operations, stable cash flows, and consistent distributions, supported by a diversified and expanding portfolio.

• CEO transition: Mr. Hare Krishna appointed as CEO effective 1 December 2025.

Financial highlights

• Q4 FY26 consolidated total income rose 90% sequentially to Rs. 3,449.7 Mn, with FY26 consolidated EBITDA at Rs. 5,089.8 Mn and PAT at Rs. 1,950.4 Mn.

• Standalone Q4 FY26 total income was Rs. 2,590 Mn, standalone EBITDA Rs. 2,570 Mn, and net profit Rs. 2,530 Mn.

• EBITDA margin for FY26 was 99.60%, net profit margin 25.42%, and earnings per unit Rs. 6.18.

• NAV per unit increased to Rs. 74.7 as of March 2026, up 14% since Q1FY26, despite Rs. 9.2/unit distributed.

• Delivered a cash yield of 13.1% in FY26, with Q4 DPU at Rs. 2.4/unit and cumulative DPU since IPO at Rs. 35.5/unit.

Outlook and guidance

• FY27 DPU guidance set at Rs. 9.00–9.25/unit, targeting a 13–13.5% cash yield, with visible pipeline for AUM growth to Rs. 100,000 Mn and 8 ROFO assets expected for acquisition.

• DPU expected to increase by at least 10% in FY28, supported by leverage headroom and acquisition pipeline.

• Management anticipates maintaining high distribution payouts and leveraging operational efficiencies to enhance returns.

• NAV expected to remain stable with planned acquisitions; without acquisitions, NAV would gradually decline due to asset amortization.

• Focus on optimizing capital structure and maintaining compliance with SEBI InvIT regulations.