Capital Infra Trus has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Capital Infra Trust (InvIT) held its maiden earnings call post listing on January 17, 2025, where it raised Rs 1,578 crore. The Trust currently has 9 HAM road assets with an AUM of Rs 4,912 crore and a Bid Project Cost of over Rs 9,000 crore. For FY26, the Board has guided a distribution of Rs 14.61 per unit (about 14.75% yield on issue price of Rs 99), of which Rs 2.61 per unit is the Q1 interim distribution. Management plans to add 3-4 sponsor assets in Q2-Q3 FY26, adding around Rs 3,000 crore of AUM (~80% growth), funded through a mix of QIP/preferential issue, sponsor units, and debt. The long-term aspiration is to reach Rs 11,000 crore AUM by March 2027 and USD 5 billion AUM by 2030, with a target mix of 80% HAM and 20% toll/BOT assets. NCDs of Rs 2,363 crore were raised at 7.68% and there is no external debt at the SPV level, with consolidated leverage at 44%. An impairment of Rs 444 crore was booked mainly due to a Rs 350 crore interim distribution already paid to unit holders.
Positive near-term: clear FY26 DPU guidance at 14.75% yield and visible near-term AUM growth of ~80% through sponsor ROFO assets. Investors should note that further acquisitions will likely involve equity dilution (QIP/preferential issue) alongside sponsor unit issuance, and key questions on exit NAV, acquisition IRR and price-to-book were left unanswered, leaving some valuation clarity pending.