Capital Infra Trust Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 3 Aug 2026 | Construction | Market Cap: ₹2.8K Cr
Capital Infra Trust aims to significantly grow its Asset Under Management (AUM) to at least INR 10,000 crores by FY27. Capital Infra Trust is entering a new growth phase driven by balance sheet deleveraging, value-accretive acquisitions, and disciplined capital allocation.
From Capital Infra Trust's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹77
Market Cap
₹2.8K Cr
P/E Ratio
6.7
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Capital Infra Trust — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹283 Cr, net profit ₹195 Cr.
Full financials →📊 Revenue & Sales Performance
- →Capital Infra Trust aims to significantly grow its Asset Under Management (AUM) to at least INR 10,000 crores by FY27.
- →Growth driven by acquisitions of 17 Right of First Offer (ROFO) assets from sponsors and additional third-party HAM road projects.
- →Focus primarily on adding HAM-based road assets, which provide stable annuity cash flows and have long concession periods (over 13 years).
- →Pipeline includes acquisition of 3 operational ROFO assets imminently and expected addition of 4-5 ROFO assets by mid-FY27, with 2-3 more by end of FY27.
- →Planned acquisitions to increase AUM by over 60% from INR 4,282 crores to about INR 6,800 crores by FY26.
- →Industry outlook remains favorable with sustained government budget allocation and strong momentum in road sector, especially HAM projects.
- →Strategy targets stable, inflation-linked cash flow yield of 10-12%, with value-accretive acquisitions improving Net Distributable Cash Flow (NDCF) and NAV.
📈 Profitability & Margins
- →Capital Infra Trust is entering a new growth phase driven by balance sheet deleveraging, value-accretive acquisitions, and disciplined capital allocation.
- →Addition of three ROFO assets at a 9% discount is expected to be accretive, increasing AUM by over 60% from INR 4,282 crores to approximately INR 6,800 crores by FY26.
- →The standalone IRR on these three assets is above 14%, higher than the current portfolio IRR.
- →NDCF (Net Distributable Cash Flow) is expected to improve post-acquisition, although exact contribution will be clearer after acquisition and equity raise.
- →The Trust targets sustainable cash yield distribution between 10% to 12%.
- →Debt reduction plans and refinancing at competitive rates (around 7.1% to 7.2%) aim to lower financial costs, supporting profitability.
- →Long-term goal: AUM of INR 10,000 crores by FY27 with a diversified, high-quality HAM asset portfolio expected to enhance stable earnings and consistent distributions.
🏗️ Capital Expenditure Plans
- →Capital Infra Trust is focused on portfolio expansion through value-accretive acquisitions, notably acquiring three operational ROFO (Right of First Offer) HAM assets: Jodhpur Ring Road (Rajasthan), Hasanpur-Bakhtiyarpur (Bihar), and Champa-Korba (Chhattisgarh).
- →These acquisitions add 164 kms of highways and increase AUM by over 60% from INR 4,282 crores to approximately INR 6,800 crores by FY26.
- →Further, about 4 to 5 additional ROFO assets are expected to be ready for acquisition by June-July FY27, with 2-3 more towards the end of FY27.
- →The strategy also includes acquiring 1-3 third-party HAM assets in the next financial year.
- →Total acquisition cost for the three assets is around INR 2,400 crores, funded through INR 1,250 crores equity (QIP or preferential allotment) and INR 1,150 crores debt.
- →The focus remains on HAM assets; no immediate diversification into toll assets.
- →No specific mention of other capex or strategic investments beyond these acquisitions.
💰 Fundraising & Capital Structure
- →Capital Infra Trust plans to raise around INR 2,400 crores for acquiring three ROFO assets.
- →Debt portion targeted is approximately INR 1,150 crores.
- →Equity portion targeted is around INR 1,250 crores, expected through QIP (Qualified Institutional Placement) or preferential allotment.
- →Additional borrowings will focus on repo-linked term loans to reduce cost and create a natural hedge, moving away from fixed-cost NCDs.
- →Current leverage target is between 45% to 47% in the short term; may increase to 55%-60% after six distributions.
- →The Trust plans to refinance some NCDs maturing in March 2026 to lower borrowing costs (~7.1%-7.2%).
- →No prepayment penalty expected on planned INR 420 crores debenture repayments by December 2025.
📋 Order Book & Pipeline
- →Capital Infra Trust has a pipeline of 17 ROFO (Right of First Offer) assets from the sponsor.
- →Currently acquiring 3 operational HAM assets with a combined enterprise value of INR 2,590 crores.
- →An additional 14 ROFO assets expected to be ready for acquisition over the next 1 to 3 years.
- →Around 4 to 5 ROFO assets anticipated to be ready for acquisition by June to July next year (FY26).
- →An additional 2 to 3 assets expected towards the end of FY27.
- →Targeting acquisition of 1 to 3 third-party assets in the next financial year.
- →Overall, the pipeline aims to increase AUM from INR 4,282 crores to approximately INR 10,000 crores by FY27, including both sponsor and third-party assets.
Key Metrics
Frequently Asked Questions
What were Capital Infra Trust Q2 FY26 results?
Capital Infra Trust aims to significantly grow its Asset Under Management (AUM) to at least INR 10,000 crores by FY27. Capital Infra Trust is entering a new growth phase driven by balance sheet deleveraging, value-accretive acquisitions, and disciplined capital allocation.
What is Capital Infra Trust share price analysis?
Capital Infra Trust currently shows a neutral. The stock trades at a P/E of 6.7 with a market cap of ₹2,757 Cr. Investors should review the full earnings analysis for detailed insights.
Is Capital Infra Trust planning capital expenditure?
Capital Infra Trust is focused on portfolio expansion through value-accretive acquisitions, notably acquiring three operational ROFO (Right of First Offer) HAM assets: Jodhpur Ring Road (Rajasthan), Hasanpur-Bakhtiyarpur (Bihar), and Champa-Korba (Chhattisgarh).
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.