Any current/future new fundraising through debt or equity?

Equity Fundraising: - The Trust raised Rs. 1,250 crores via QIP in December for acquisition of 3 ROFO assets, fully utilized as of now. - Additional equity capital will be required for fresh acquisitions planned for next financial year (FY27). - Specific guidance on timing and quantum of future equity raises will be provided once binding term sheets for new acquisitions are executed. Debt Fundraising: - Fresh borrowings of Rs. 1,100 crores were completed in January for ROFO asset acquisition at 6.85% PAPM floating rate. - Rs. 933 crores of debentures are planned to be refinanced by

Any current/future capex/capital investment/strategic investment?

Major maintenance capex is planned starting FY27, with a major maintenance cycle budgeted over the next 3 years for the 12 assets. The Bangalore SPV will incur major maintenance in FY27; other projects will begin partial budgeting for maintenance from FY27 onwards. Capital Infra Trust plans acquisitions of 4 to 7 assets in FY27, including 4-5 ROFO assets from sponsors and 2-3 third-party HAM assets. Future acquisitions will require additional equity and debt capital; fresh fundraises are planned depending on acquisition timelines. The Trust targets a net debt-to-AUM ratio of 45%-47% in the med

Future growth expectations in sales/revenue/volumes?

Capital Infra Trust plans to add 4 to 7 assets in FY27, increasing AUM from Rs. 6,733 crores to around Rs. 9,000-10,000 crores. The pipeline includes 14 ROFO HAM assets from sponsors, with 7 expected by FY27 and another 7 by H1 FY29. Third-party HAM asset acquisitions are in early evaluation stages, expected to further diversify and accelerate annuity inflows. NHAI's increased road sector allocation (Rs. 3.09 lakh crores) and 124 new project bids, about 72% under HAM model, create a strong acquisition pipeline. Traffic volumes rose 16% post-portfolio expansion, carrying approximately 28 lakh v

Future growth expectations in earnings/operating earnings/profits/EPS?

Capital Infra Trust expects a structurally stronger growth phase driven by optimized leverage, lower borrowing costs, and immediate contributions from newly acquired assets (Page 16). Acquisition-led growth remains a key strategy with plans to add 4 to 7 assets next financial year, expanding AUM from Rs. 6,733 crores to Rs. 9,000-10,000 crores by FY27 (Page 5). Stable and predictable cash flows from HAM assets underpin optimistic earnings visibility (Page 4). Operational stability is maintained with all annuities received on time and road quality confirmed by NHAI inspections, supporting stead

Current/ Expected Orderbook/ Pending Orders?

Capital Infra Trust currently has a strong acquisition pipeline spanning FY27 to FY29. There are 14 HAM assets under development by the sponsor with Right of First Offer (ROFO), of which: - 7 assets will be ready in FY27. - The remaining 7 assets are expected by the second half of FY29. - 2 of these ROFO assets will be ready for acquisition by the end of FY26, with due diligence to begin soon. The Trust is also actively evaluating third-party HAM asset acquisitions and is in early-stage discussions with multiple parties. For the next 12 months, Capital Infra Trust plans to increase its A

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Capital Infra TrustQ4 FY27Construction

Capital Infra Trust Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹74Market Cap: ₹2.5K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Capital Infra Trust plans to add 4 to 7 assets in FY27, increasing AUM from Rs. 6,733 crores to around Rs. 9,000-10,000 crores.
→The pipeline includes 14 ROFO HAM assets from sponsors, with 7 expected by FY27 and another 7 by H1 FY29.
→Third-party HAM asset acquisitions are in early evaluation stages, expected to further diversify and accelerate annuity inflows.
→NHAI's increased road sector allocation (Rs. 3.09 lakh crores) and 124 new project bids, about 72% under HAM model, create a strong acquisition pipeline.
→Traffic volumes rose 16% post-portfolio expansion, carrying approximately 28 lakh vehicles monthly.
→The Trust targets sustainable cash yields of 11%-12% DPU, supported by predictable HAM asset cash flows.
→Optimized leverage and lower borrowing costs strengthen the base for structurally stronger growth ahead.

Margin guidance

Category 3

→Capital Infra Trust expects a structurally stronger growth phase driven by optimized leverage, lower borrowing costs, and immediate contributions from newly acquired assets (Page 16).
→Acquisition-led growth remains a key strategy with plans to add 4 to 7 assets next financial year, expanding AUM from Rs. 6,733 crores to Rs. 9,000-10,000 crores by FY27 (Page 5).
→Stable and predictable cash flows from HAM assets underpin optimistic earnings visibility (Page 4).
→Operational stability is maintained with all annuities received on time and road quality confirmed by NHAI inspections, supporting steady income (Page 13).
→Debt rationalization and refinancing have reduced interest costs, improving net debt-to-EV ratio and strengthening free cash flow (Page 4).
→EBITDA and net profit stable with a slight dip due to one-off items; underlying operations remain strong (Page 6).
→FY27 earnings guidance to be shared in March 2026, with expected cash yield guidance of 11%-12% for current financial year (Pages 9, 14).

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Fundraise plans

Yes

→Equity Fundraising:
→ - The Trust raised Rs. 1,250 crores via QIP in December for acquisition of 3 ROFO assets, fully utilized as of now.
→ - Additional equity capital will be required for fresh acquisitions planned for next financial year (FY27).
→ - Specific guidance on timing and quantum of future equity raises will be provided once binding term sheets for new acquisitions are executed.
→Debt Fundraising:
→ - Fresh borrowings of Rs. 1,100 crores were completed in January for ROFO asset acquisition at 6.85% PAPM floating rate.
→ - Rs. 933 crores of debentures are planned to be refinanced by March end via a mix of debentures and rupee term loans at 6.85% PAPM.
→ - The objective is to maintain debt leverage in the 45%-47% range medium term, with potential to increase up to 70% post-June 2026 after six distributions.
→ - Future acquisitions may involve reassessment of debt levels within regulatory limits (below 49%).

Order book

→Capital Infra Trust currently has a strong acquisition pipeline spanning FY27 to FY29.
→There are 14 HAM assets under development by the sponsor with Right of First Offer (ROFO), of which:
→ - 7 assets will be ready in FY27.
→ - The remaining 7 assets are expected by the second half of FY29.
→ - 2 of these ROFO assets will be ready for acquisition by the end of FY26, with due diligence to begin soon.
→The Trust is also actively evaluating third-party HAM asset acquisitions and is in early-stage discussions with multiple parties.
→For the next 12 months, Capital Infra Trust plans to increase its Asset Under Management (AUM) by Rs. 9,000 to Rs. 10,000 crores from the current Rs. 6,733 crores.
→The plan includes acquiring 4 to 7 new assets in the next financial year.

Capex plans

Yes

→Major maintenance capex is planned starting FY27, with a major maintenance cycle budgeted over the next 3 years for the 12 assets.
→The Bangalore SPV will incur major maintenance in FY27; other projects will begin partial budgeting for maintenance from FY27 onwards.
→Capital Infra Trust plans acquisitions of 4 to 7 assets in FY27, including 4-5 ROFO assets from sponsors and 2-3 third-party HAM assets.
→Future acquisitions will require additional equity and debt capital; fresh fundraises are planned depending on acquisition timelines.
→The Trust targets a net debt-to-AUM ratio of 45%-47% in the medium term, considering enhanced leverage capacity up to 70% post-June 2026 for acquisitions.
→Focus on accretive acquisitions to increase NAV and stable annuity inflows supports capital deployment strategy.
→No specific strategic non-infrastructure investments mentioned; focus remains on HAM road assets and operational improvements.

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