Capital Infra Trust

- 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.

- 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.

- 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.

- 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 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.