Capital Infra Trust Targets Rs 1 Billion AUM in FY27
ROADS & HIGHWAYS

Capital Infra Trust Targets Rs 1 Billion AUM in FY27

Capital Infra Trust has reported a 42 per cent year-on-year increase in assets under management (AUM) to Rs 66.11 billion in FY26 and has set a target of reaching Rs 100 billion in AUM during FY27, supported by further acquisitions of operational highway assets.

The Infrastructure Investment Trust (InvIT) expanded its portfolio to 12 fully operational Hybrid Annuity Model (HAM) highway assets across eight states, covering more than 2,750 lane-km. During FY26, it acquired three operational assets in Rajasthan, Bihar and Chhattisgarh, adding 163.7 km and assets valued at Rs 25.71 billion, acquired at an approximately 9.3 per cent discount to independently assessed fair value.

Net asset value (NAV) increased 14 per cent to Rs 74.7 per unit as of March 2026 despite cumulative distributions of Rs 9.2 per unit since Q1FY26. The Trust distributed Rs 11.60 per unit during FY26, taking cumulative distributions since its IPO to Rs 35.49 per unit.

Net debt to enterprise value improved to 40.9 per cent from 43.1 per cent a year earlier, while the effective annualised interest rate stood at 7.33 per cent. During the year, the Trust raised or refinanced external borrowings worth Rs 20 billion at an interest rate of 6.85 per cent and retained its AAA/Stable credit rating from CRISIL, CARE and ICRA.

“FY26 was a year of disciplined execution and measurable progress. We scaled the platform, improved balance sheet flexibility, lowered our cost of debt, and reinforced the foundations for long-term value creation,” said Hare Krishna, Chief Executive Officer, Capital Infra Trust.

The Trust raised Rs 3.45 billion through a preferential issue and Rs 12.5 billion via a Qualified Institutional Placement (QIP) to support portfolio expansion and capital efficiency.

Looking ahead, Capital Infra Trust plans to acquire five to six additional assets during the second half of FY27 from its sponsor’s Right of First Offer (ROFO) pipeline, subject to regulatory approvals. The sponsor's pipeline currently includes 17 assets, with another nine projects under construction expected to become operational by FY29.

Separately, the Board of Directors of Gawar Investment Manager, acting as the Investment Manager to Capital Infra Trust, approved raising indemnity claims against sponsor Gawar Construction Limited relating to GST-on-annuity shortfalls for three project special purpose vehicles and authorised evaluation of six additional ROFO assets for potential acquisition.

Capital Infra Trust has reported a 42 per cent year-on-year increase in assets under management (AUM) to Rs 66.11 billion in FY26 and has set a target of reaching Rs 100 billion in AUM during FY27, supported by further acquisitions of operational highway assets.The Infrastructure Investment Trust (InvIT) expanded its portfolio to 12 fully operational Hybrid Annuity Model (HAM) highway assets across eight states, covering more than 2,750 lane-km. During FY26, it acquired three operational assets in Rajasthan, Bihar and Chhattisgarh, adding 163.7 km and assets valued at Rs 25.71 billion, acquired at an approximately 9.3 per cent discount to independently assessed fair value.Net asset value (NAV) increased 14 per cent to Rs 74.7 per unit as of March 2026 despite cumulative distributions of Rs 9.2 per unit since Q1FY26. The Trust distributed Rs 11.60 per unit during FY26, taking cumulative distributions since its IPO to Rs 35.49 per unit.Net debt to enterprise value improved to 40.9 per cent from 43.1 per cent a year earlier, while the effective annualised interest rate stood at 7.33 per cent. During the year, the Trust raised or refinanced external borrowings worth Rs 20 billion at an interest rate of 6.85 per cent and retained its AAA/Stable credit rating from CRISIL, CARE and ICRA.“FY26 was a year of disciplined execution and measurable progress. We scaled the platform, improved balance sheet flexibility, lowered our cost of debt, and reinforced the foundations for long-term value creation,” said Hare Krishna, Chief Executive Officer, Capital Infra Trust.The Trust raised Rs 3.45 billion through a preferential issue and Rs 12.5 billion via a Qualified Institutional Placement (QIP) to support portfolio expansion and capital efficiency.Looking ahead, Capital Infra Trust plans to acquire five to six additional assets during the second half of FY27 from its sponsor’s Right of First Offer (ROFO) pipeline, subject to regulatory approvals. The sponsor's pipeline currently includes 17 assets, with another nine projects under construction expected to become operational by FY29.Separately, the Board of Directors of Gawar Investment Manager, acting as the Investment Manager to Capital Infra Trust, approved raising indemnity claims against sponsor Gawar Construction Limited relating to GST-on-annuity shortfalls for three project special purpose vehicles and authorised evaluation of six additional ROFO assets for potential acquisition.

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