Capital Infra Trust · NSE:CAPINVIT
Capital Infra Trust — Q1 FY26 Earnings Presentation
35 slides from Capital Infra Trust's earnings presentation, August 2025
Slide 1: Investor Presentation Q1 FY26
Investor Presentation Q1 FY26 | August 2025
Slide 2: Disclaimer
Disclaimer This presentation is prepared and issued by Capital Infra Trust Limited on behalf of and in its capacity as the investment manager of Capital Infra Trust for general information purposes only without regards to specific objectives, financial situations or needs of any particular person an
Slide 3: Agenda
Agenda 1 2 3 4 Vision 3G Trust at a Glance Q1 FY26 Quarterly Update FY26 Guidance 5 6 7 8 Q1FY26 Financial Growth Strategy Core Competencies Annexures Updates
Slide 4: Vision 3G: A Roadmap to Sustainable Growth
Vision 3G: A Roadmap to Sustainable Growth Growth Committed to achieve an AUM target of ~USD 5 Billion by 2030 Governance Best in class Governance Practices in Place Unique Structure of PMA and ROFO agreement Goal Sustainable Distribution with Risk-free Consistent Returns To deliver consistent and s
Slide 5: Capital Infra Trust at a Glance
Capital Infra Trust at a Glance Rampur - Kathgodam (NH - 87, New NH - 9,109) Kiratpur - Nerchowk (NH - 21) Narnaul - Paniyala Mor (NH - 148B) Rohna - Jhajjar (NH - 334B) Rohna - Sonepat ~Rs. 4,185 Cr 9 HAM Assets (NH - 344 B) 7 Asset Under Initial Portfolio of Khajuwala - BAP States Covered Manageme
Slide 6: Q1 FY26: Quarterly Update
03 Q1 FY26: Quarterly Update
Slide 7: Q1 FY26 Highlights
Q1 FY26 Highlights Financial Performance Operational & Portfolio Update • Q1 FY26 reported total income was Rs. 2,062.9 Mn • Asset Utilization: Operational highways covered ~683 kms, with 100% availability and no major disruptions • EBITDA during the quarter stood at Rs. (630.6)Mn • AUM and Net Debt
Slide 8: Key Industry Updates
Key Industry Updates To ensure timely project execution, MoRTH has increased the required financial capacity for bidders from 15% to 20% of the project cost NHAI’s Bidding Activity NHAI Bid out Projects (in Kms) 8,000 HAM Dominates Upcoming Over the past 2 years, project bidding slowed Project Award
Slide 9: Key Industry and Regulatory Highlights
Key Industry and Regulatory Highlights Offset of Trust-Level Expenses Monetary Policy Easing Holding companies can deduct expenses and Policy rates were cut by 75 basis points since debt repayments from SPV inflows before April 2025, with further easing expected later distribution, improving overall
Slide 10: Asset Under Acquisition
Asset Under Acquisition Hasanpur- Bakhtiyarpur JRR Highways State: NH-20 State: NH-112 HAM Length: 50.9 Kms Length: 74.6 Kms PCOD: Jun-24 PCOD: Apr-24 End of Concession Period: Jun-39 End of Concession Period: Apr-39 Authority: NHAI Project Type: HAM Total Enterprise Value No. of Lanes: 4 Addition:
Slide 11: Q1 FY26: Operational Performance Update
Q1 FY26: Operational Performance Update Key Milestones Site Report Achieved satisfactory road All projects followed a general condition in all 9 road assets, regular maintenance reflecting adherence to quality schedule standards Completion Status Riding Quality 6 projects have received COD Riding qu
Slide 12: Well-Diversified Investor Base
Well-Diversified Investor Base Unitholding Pattern (As on 30th June 2025) Unit Holders Bank PF FPI 3% 4% 4% Public ~9% Held by Group 8% AIF Sponsor 6% 42% ~10% Held by Corporates Insurance 11% Mutual Funds Held by Pension Fund, AIFs , FPIs, Corporates ~17% 11% Banks 11% ~11% Held by Insurance ~11% H
Slide 13: FY26: Outlook and Guidance
04 FY26: Outlook and Guidance
Slide 14: FY26 Guidance
FY26 Guidance Value accretive distribution to Stakeholders Rs. 6.86/unit Rs. 7.75/unit Rs. 14.61/unit (H1FY26) (H2FY26) (FY26) 14.75% Yield* (FY26) • *Calculated on the Issue Price of Rs. 99/ unit. It includes the Q1 FY26 interim distribution of Rs. 2.61/ unit • Q1 FY26, Total distribution of Rs. 3.
Slide 15: Q1FY26: Financial Updates
05 Q1FY26: Financial Updates
Slide 16: Q1 FY26 Financial Highlights
Q1 FY26 Financial Highlights Particulars (Rs. Million) Q1 FY26 Total Income 2,062.9 Loss on modification of financial assets 1,812.7 Other Operating Expenses 880.8 EBITDA (630.6) Finance Cost 452.3 Profit/(Loss) before Tax (1,082.9) Profit/(Loss) after Tax (737.2) NDCF 993.7 DPU (Rs. per unit) 3.61
Slide 17: Q1 FY26 Distribution Update
Q1 FY26 Distribution Update Interim Distribution Distribution Total Particulars Q1 FY 26 Distribution to Unitholders Q1 FY 26 Q1 FY 26 (Aug 25) Since Inception (May 25) Distribution per unit (DPU) (Rs.) 13.8 * 12.7 Taxable Dividend NIL NIL NIL Exempt Dividend for NIL NIL NIL interim distribution Int
Slide 18: Q1 FY26 Net Distributable Cash Flow
Q1 FY26 Net Distributable Cash Flow Rs. in Million 994 1,851 2 -124 -452 0 -284 323 2,174 2,174 0 Debt Obligation at SPV Amount Retained InvIT : CFO Debt Obligation DSRA SPV: CFO+ Other Income Surplus at SPV Cash Upstreamed by SPV Other Income Amount Retained at Trust INVIT: NDCF /Distribution inclu
Slide 19: Distribution Composition and Build up
Distribution Composition and Build up Performance 23.89 18.09 Damages/Disputes Reliability 3.37 3.55 3.61 1.38 1.04 - - 0.06 0.01 - Dividend Taxable Dividend Exempt Interest Repayment of Loan Other Income Total March-25 June-25 Total distribution for Q1 FY26 is Rs. 3.61 per unit amounting to ~Rs. 99
Slide 20: Growth Strategy
06 Growth Strategy
Slide 21: Growth Strategies to Achieve Our Vision
Growth Strategies to Achieve Our Vision …Backed by Strong Driving Robust AUM Growth… …Through Strategic Asset Fundamentals to Deliver Additions Sustainable Returns Stable Yield for investors 17 ROFO HAM Assets in Pipeline Credit Rating – AAA rated by Crisil Potential Increase in Revenue Vi
Slide 22: Driving Robust AUM Growth
Driving Robust AUM Growth… Sustainable Yield Revenue Momentum Predictable DPU Strong Visibility for Asset Addition… …will accelerate AUM Asset Addition Target for next 2 years Aim to Increase AUM to ~Rs. 11,000 Cr by FY27E 17 13 9 4 4 FY25 FY26E FY27E New Assets Commulative Assets FY25 FY26E FY27E ©
Slide 23: Through Strategic Asset Additions
…Through Strategic Asset Additions Rudrapur Bypass i. Mo to Sihuni i. Bijni to Mandi ii.Kangra Bypass ii.Shimla Bypass (Pkg2) iii.Padhar to Bijni iii.Sihuni to Rajol iv.KBNC Highway 17 ROFO Assets Fazilka to Abohar Bhiwani-Hansi Bypass Behsuma-Bijnor JRR (Pkg-1 2,000+ Lane Kms Basukinath- KIM Deogha
Slide 24: Core Competencies: Key Strengths Driving Our Success
07 Core Competencies: Key Strengths Driving Our Success
Slide 25: Backed by Strong Sponsor - Gawar Construction Limited
Backed by Strong Sponsor - Gawar Construction Limited Class I Contractor STRENGTH 25+Years of Experience Into construction of Qualified to bid for single Roads, Highways, • EPC project of Rs. 5,500 Cr* Bridges, Metro, Flyovers Early completion Efficient operating cycle of • HAM of Rs. 5,500 Cr*
Slide 26: A Capable Project Manager for Effective Portfolio Management
A Capable Project Manager for Effective Portfolio Management Strong Execution Track Record Operational Efficiency Manpower Healthy Liquidity Position Ability to execute complex projects Vertically integrated construction Large team of experienced Robust Balance sheet as Sponsor Track record of d
Slide 27: A Strong Start: 9 HAM Assets with Bid Project Cost
A Strong Start: 9 HAM Assets with an Impressive Bid Project Cost of ~Rs. 9,000+ Cr Sovereign Counter Low Risk Asset ~2,100 Lane Kms Portfolio Party- NHAI Residual Total Design End of Bid Project No. of Concession Annuities Project Length Location State Concession PCOD COD Cost Annuities Period Recei
Slide 28: Prudent Financial Management: Ensuring Strong Balance Sheet
Prudent Financial Management: Ensuring Strong Balance Sheet Debt Refinancing AAA Stable ~7.68% ~53% 1,250 7.90% 7.90% 8.00% Floating rate Net Debt/ 1,230 7.75% Credit Rating 1,200 7.60% 7.00% of borrowing Value of Assets 1,210 6.00% 1,190 5.00% 1,170 1,163 4.00% 1,150 3.00% ~1.75 ~13 years Rs. 2,363
Slide 29: Competitive Advantage: The Unique Value Proposition
Competitive Advantage: The Unique Value Proposition Advantageous Long-Term ROFO Tax Benefits on Optimized PMA Structure Structure for 10 Dividends Debt Structured Years PMA contract is well Dividends from two Competitive cost of structured and offers a assets, namely BRT debt with accelerated If R
Slide 30: Annexures
08 Annexures
Slide 31: Credible Board & Experienced Management Team
Credible Board & Experienced Management Team Mr. Yudhvir Singh Malik - Chairman & Independent Director Mr. Rakesh Kumar - Director Retired IAS officer Promoter Director at GCL Ex Chairman of NHAI, Ex Secretary of MoRTH Over 30 years of experience in the civil construction Currently serves
Slide 32: Capital Infra Trust - InvIT Structure
Capital Infra Trust - InvIT Structure Sponsor Investors Gawar Construction Ltd Unitholders 1 2 Investment Manager Axis Trustee Services Ltd Gawar Investment Manager Project Manager 100% Ownership Gawar Construction Ltd Portfolio of Assets Rohna Jhajjar Khajuwala Poogal Narnaul Bypass Rohna Sonepat H
Slide 33: Key Industry Updates- Road Sector
Key Industry Updates- Road Sector Opportunities in Road Sector Highway Construction in India (Kms) HAM Model Continues to Garner Traction Budgetary Outlay for Roads (USD Bn) BOT Toll EPC HAM/Annuity 13,298 12,349 33 33 33 10,993 10,855 8 10,457 10,421 10,237 9,829 26 27 46 40 47 56 51 8,231 59 60 55
Slide 34: Key Industry Updates- InvIT
Key Industry Updates- InvIT AUM of Road InvITs (Rs. Lakh Cr) Other Sector 78% InvITs, 5 Growth 3.27 2.38 26 Power 1.84 Sector Road Sector Listed InvITs InvITs, 5 InvITs, 16 1 0.65 FY22 FY23 FY24 FY25 (p) FY26 (p) AUM- Road InvITs as on Sep 2024 Projected Growth: AUM of Road InvITs is expected to gro
Slide 35: Thank You
THANK YOU Capital Infra Trust (erstwhile National Infrastructure Trust)