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Capital Infra Trust (CAPINVIT)

📊 NSE: CAPINVIT 🏢 Construction 📢 Latest filing: 16 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, Capital Infra's revenue was ₹283 Cr (+78.0% year on year, +59.0% on the previous quarter), and net profit ₹195 Cr (against a loss a year earlier); the operating margin was 77.7%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹283	+78.0%	+59.0%
Operating profit	₹220	from loss	+400.0%
Net profit	₹195	from loss	—
EPS (₹)	3.97	from loss	—
Operating margin	77.7%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Capital Infra Trust raises ₹1,115 Cr via Institutional Placement of 14.82 Cr units at ₹75.25

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 16 Oct 2026, 08:50 PM

Capital Infra Trust has approved the allotment of 14,81,72,756 units to eligible institutional investors via an Institutional Placement at ₹75.25 per unit, raising ₹1,115.00 crore. The issue price reflects a 2.36% discount to the floor price of ₹77.07 per unit. Post-allotment, the Trust's total unitholding base expands to 65,63,35,689 units. The fundraise is significant in scale, representing ~31.9% of the Trust's latest net worth of ₹3,497 crore and exceeding its TTM revenue of ₹829 crore.

Allotted 14,81,72,756 units aggregating to ₹11,150 million (₹1,115.00 crore)
Issue price set at ₹75.25 per unit, a 2.36% discount to the floor price of ₹77.07
Post-issue total capital stands increased to 65,63,35,689 units
Key allottees include Kotak Mutual Funds (14.80% of issue) and ICICI Prudential Mutual Funds (11.66% of issue)

💡 Track the deployment of the proceeds towards planned HAM asset acquisitions (such as the pipeline target of ₹2,590 Cr by FY26) and monitor the listing approval for the new units on the exchanges.

Capital Infra Trust Closes Institutional Placement to Raise ₹1,115 Cr at ₹75.25/Unit

🟢 POSITIVE ⭐ 9/10

FUNDRAISE 📅 16 Oct 2026, 07:52 PM

Capital Infra Trust has approved the closure of its institutional placement on October 16, 2026. The InvIT allocated 14,81,72,756 units at an issue price of ₹75.25 per unit, representing a gross fundraise of approximately ₹1,115.00 crore. The issue price reflects a 2.36% discount to the regulatory floor price of ₹77.07 per unit. This substantial capital raise amounts to ~134.5% of its TTM revenue (₹829 crore) and ~31.9% of its net worth (₹3,497 crore), providing significant balance sheet support for planned pipeline asset acquisitions.

Approved allocation of 14,81,72,756 units to eligible institutional investors
Final issue price set at ₹75.25 per unit, raising ~₹1,115 crore in gross proceeds
Pricing set at a 2.36% discount to the SEBI floor price of ₹77.07 per unit
Gross issue size represents ~134.5% of FY26 TTM revenue (₹829 crore) and ~31.9% of net worth (₹3,497 crore)

💡 Track the formal crediting and listing of the newly allocated units, and monitor updates regarding the deployment of proceeds toward the planned acquisition of 3 HAM road assets.

Capital Infra Trust Reports Nil Pending Investor Complaints for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 05:07 PM

Capital Infra Trust has released its quarterly statement of investor grievances for the quarter ended September 30, 2026 (Q2 FY27). The Trust received 0 complaints during the quarter and had 0 complaints pending at both the beginning and end of the period. For the financial year 2026-27 to date, 4 total complaints (including 2 SCORES complaints) were handled with an average redressal time of 15 days, leaving zero complaints pending.

0 complaints received during the quarter ended September 30, 2026
0 investor complaints pending at the end of the quarter
4 total complaints handled for FY 2026-27 with all resolved
Average time taken for redressal of complaints was 15 days

💡 This is a routine administrative compliance report requiring no direct action; monitor upcoming Q2 FY27 financial performance and distribution announcements.

Capital Infra Trust Opens Institutional Placement at Floor Price of ₹77.07 Per Unit

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 13 Oct 2026, 07:43 PM

Capital Infra Trust's Investment Manager has approved opening an Institutional Placement of units on October 13, 2026. The floor price for the issue has been set at ₹77.07 per unit, with the trust authorized to offer a discount of up to 5.00% based on unitholder approval from September 09, 2026. The preliminary placement document and application forms have been finalized to invite bids from eligible institutional investors. Total fundraise size was not disclosed in this specific filing, but proceeds typically support portfolio pipeline acquisitions.

Approved opening of Institutional Placement on October 13, 2026
Floor price fixed at ₹77.07 per unit in accordance with SEBI InvIT regulations
Trust authorized to offer up to a 5.00% discount on the floor price
Unitholder resolution for the placement was approved via postal ballot on September 09, 2026

💡 Watch for subsequent filings declaring the final issue price, total number of units allotted, and aggregate gross proceeds raised from institutional investors.

Capital Infra Trust signs SPAs to acquire 100% stake in 6 ROFO road assets from Gawar Construction

🟢 POSITIVE ⭐ 8/10

M&A 📅 12 Oct 2026, 09:23 PM

Capital Infra Trust has executed Share Purchase Agreements (SPAs) on October 12, 2026, to acquire a 100% stake in six target SPVs from its sponsor, Gawar Construction Limited. The target SPVs include Gawar Bhiwani Highway, Gawar Kangra Highways, Gawar Pathankot Mandi Highway, Gawar Udaipur Highway, Gawar Waranga Highways, and Gawar Rudrapur Highway. This follows unitholder approval via postal ballot dated September 09, 2026. While the specific transaction value was not disclosed in the filing, this aligns with the InvIT's pipeline strategy of acquiring ROFO assets to scale portfolio size and annuity cash flows.

Executed SPAs on October 12, 2026, to acquire 100% shareholding in 6 target SPVs from sponsor Gawar Construction Limited
Acquisition covers Gawar Bhiwani, Gawar Kangra, Gawar Pathankot Mandi, Gawar Udaipur, Gawar Waranga, and Gawar Rudrapur Highway SPVs
Transaction moves forward following unitholder approval received via postal ballot on September 09, 2026
Along with SPAs, the Trust has executed ancillary agreements to complete the transfer

💡 Track the financial closing and regulatory transfer timelines, along with disclosures detailing enterprise value and funding structure for the six SPVs.

Capital Infra Trust Reports June 30, 2026 NAV at Rs 74.17/Unit for Proposed QIP

🟡 NEUTRAL ⭐ 6/10

FUNDRAISE 📅 12 Oct 2026, 07:58 PM

Capital Infra Trust has disclosed its independent quarterly valuation report as of June 30, 2026, prepared by registered valuer S. Sundararaman. The Trust reported total assets of Rs 66,214.17 million (Rs 6,621.42 Cr) and total liabilities of Rs 29,757.18 million, resulting in net assets of Rs 36,456.98 million (Rs 3,645.70 Cr). Across 49,15,51,733 outstanding units, the Net Asset Value (NAV) stands at Rs 74.17 per unit. The valuation was specifically conducted to facilitate a proposed Qualified Institutional Placement (QIP) and to comply with SEBI InvIT regulations.

Net Asset Value (NAV) determined at Rs 74.17 per unit as of June 30, 2026
Total Trust assets stood at Rs 66,214.17 million against liabilities of Rs 29,757.18 million
Net assets calculated at Rs 36,456.98 million across 49,15,51,733 outstanding units
Fair enterprise valuation covers 12 road SPVs in connection with a proposed Qualified Institutional Placement (QIP)
Net Debt to AUM reported at 40.9% as of March 31, 2026

💡 Monitor upcoming regulatory filings for specific terms, issue size, and pricing of the proposed Qualified Institutional Placement (QIP), along with asset addition updates.

Capital Infra Trust Reports Q2 FY27 Unitholding: Sponsor Holds 34.64%, Public at 65.36%

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Oct 2026, 11:51 AM

Capital Infra Trust disclosed its unitholding pattern for the quarter ended September 30, 2026. The trust has a total of 50,81,62,933 outstanding units, with the Sponsor and Sponsor Group holding 17,60,46,090 units (34.64%). Public unitholders account for 65.36% (33,21,16,843 units), within which institutional investors hold 39.85% and non-institutional holders represent 25.51%. Among institutions, Mutual Funds and Insurance Companies hold 16.65% and 10.96% stakes, respectively.

Total outstanding units stood at 50,81,62,933 as of September 30, 2026
Sponsor & Sponsor Group hold 17,60,46,090 units or a 34.64% stake
Institutional unitholders command 39.85%, led by Mutual Funds (16.65%) and Insurance Companies (10.96%)
Non-institutional unitholders represent 25.51%, including individual investors holding 14.90%

💡 Track institutional holding shifts and upcoming quarterly distribution announcements to evaluate cash payout sustainability across its HAM assets.

Capital Infra Trust Discloses Post-Preferential Unitholding; Total Units Reach 50.82 Cr

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 06 Oct 2026, 11:50 AM

Capital Infra Trust has disclosed its unitholding pattern following an allotment of units on a preferential basis as of September 25, 2026. Total outstanding units increased from 49,15,51,733 (as of September 18, 2026) to 50,81,62,933, reflecting an expansion of 1,66,11,200 units (~3.38% dilution). Sponsor and Sponsor Group unitholding increased from 15,94,34,890 units (32.44%) to 17,60,46,090 units (34.64%), with all sponsor units held under mandatory lock-in and zero encumbrance. Public institutional unitholding stands at 39.85%, while non-institutional unitholding is at 25.51%.

Total outstanding units increased by 1,66,11,200 from 49,15,51,733 to 50,81,62,933 post preferential allotment
Sponsor & Sponsor Group holding rose from 32.44% (15,94,34,890 units) to 34.64% (17,60,46,090 units)
Entire sponsor holding of 17,60,46,090 units is mandatorily held with 0.00% encumbrance or pledge
Public holding shifted to 65.36% (33,21,16,843 units), with institutions holding 39.85% and non-institutions holding 25.51%

💡 Track the deployment of funds from this preferential allotment toward the planned HAM asset acquisitions and check the upcoming quarterly distribution disclosures.

Capital Infra Trust Files Post-Allotment Unitholding Pattern Following Preferential Issue

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 01 Oct 2026, 11:24 AM

Capital Infra Trust has submitted its pre- and post-allotment unitholding pattern following the allotment of units under a preferential issue, pursuant to Regulation 23 of SEBI InvIT Regulations. This filing follows a prior intimation made on September 25, 2026. Specific unit counts, pricing, and allottee names were not detailed in the cover letter text. Investors should review the detailed enclosure for any equity dilution or sponsor holding changes.

Disclosure submitted on October 01, 2026, under Regulation 23 of SEBI InvIT Regulations
Updates unitholding pattern post-allotment of units via preferential issue
Follows earlier corporate intimation dated September 25, 2026
Specific issue size and unit allotment numbers are not disclosed in the transmittal letter

💡 Review the full unitholding schedule on the exchange website to evaluate the extent of equity dilution and identify new institutional or sponsor unitholders.

Capital Infra Trust Closes Trading Window from October 1, 2026 Ahead of Q2 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 30 Sep 2026, 11:57 AM

Capital Infra Trust has announced the closure of its trading window starting Thursday, October 01, 2026, pursuant to SEBI Insider Trading Regulations. The closure applies to designated persons and will continue until 48 hours after the declaration of financial results for the quarter and half-year ended September 30, 2026. This is a standard compliance procedure and contains no business updates.

Trading window closes effective Thursday, October 01, 2026
Closure covers the quarter and half-year ended September 30, 2026
Window to reopen 48 hours after the declaration of financial results

💡 Track the upcoming board meeting announcement where the Trust will declare the date for reviewing Q2 FY27 financial results.

Capital Infra Trust Submits SEBI PIT Insider Trading Disclosure for Sponsor GCL

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Sep 2026, 07:04 PM

Capital Infra Trust has filed a continual disclosure under Regulation 7(2) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The disclosure pertains to transaction details received from its sponsor and project manager, Gawar Construction Limited. The cover letter does not detail the exact quantity or value of the units traded. This represents a standard regulatory compliance filing.

Disclosure submitted pursuant to Regulation 7(2) of SEBI PIT Regulations on September 25, 2026
Transaction report received from Sponsor and Project Manager Gawar Construction Limited
Specific traded quantity and trade value were not disclosed in the filing cover letter

💡 Investors can review the detailed annexure on exchange websites to check the volume and value of units traded by the sponsor.

Capital Infra Trust Allots Rs 125 Cr Units to Sponsor Gawar Construction via Preferential Issue

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 25 Sep 2026, 12:59 PM

Capital Infra Trust's InvIT Committee approved the allotment of 1,66,11,200 units on a preferential basis to its sponsor, Gawar Construction Limited. The units were issued at a price of Rs 75.25 per unit, aggregating to a total consideration of Rs 124.999 Cr (~Rs 125 Cr). The equity infusion represents approximately 15.1% of the Trust's TTM revenue (Rs 829 Cr) and 3.6% of its net worth (Rs 3,497 Cr). Allotted units rank pari-passu with existing units and are subject to regulatory lock-in requirements.

Allotment of 1,66,11,200 units on a preferential basis to sponsor Gawar Construction Limited
Issue price set at Rs 75.25 per unit
Total capital raised stands at Rs 1,24,99,92,800 (~Rs 125 Cr)
Raised funds represent ~15.1% of TTM revenue of Rs 829 Cr and ~3.6% of Net Worth
Meeting of the InvIT Committee was held on September 24, 2026

💡 Track the deployment of the Rs 125 Cr equity capital toward pipeline HAM asset acquisitions or debt reduction, as well as subsequent quarterly distribution yields.

Capital Infra Trust Approves ₹125.00 Cr Preferential Issue Proceeds for SPV Debt Repayment

🟢 POSITIVE ⭐ 7/10

FUNDRAISE 📅 18 Sep 2026, 01:15 PM

Capital Infra Trust has approved the utilization of proceeds from its proposed preferential issue of units amounting to ₹124,99,92,800 (~₹125.00 Cr) following unitholder approval via postal ballot on September 09, 2026. The entire amount will be directed toward providing shareholder loans or financial assistance to Target SPVs to repay external senior debt and/or sponsor unsecured loans. The fundraise proceeds equal approximately 15.1% of TTM revenue (₹829 Cr) and will deleverage underlying project assets. Additionally, the Investment Manager approved amendments to restrict the Project Manager's right to terminate the Project Management Agreement after the initial 5-year period.

Board approved utilization of ₹1,24,99,92,800 (~₹125 Cr) from proposed preferential unit issue
100% of proceeds earmarked for repayment/prepayment of senior and sponsor debt at Target SPVs
Proceeds represent ~15.1% of TTM revenue (₹829 Cr) and ~4.2% of current total debt (₹2,961 Cr)
Amended Clause 10.2 of Project Management Agreement to restrict termination rights after initial 5-year validity period
Follows earlier unitholder approval granted via Postal Ballot on September 09, 2026

💡 Track the completion and allotment timeline of the preferential issue, along with the subsequent reduction in finance costs in quarterly results.

Capital Infra Trust Unitholders Approve Acquisition of 6 SPVs and ₹125 Cr Preferential Issue

🟢 POSITIVE ⭐ 9/10

M&A 📅 10 Sep 2026, 04:24 PM

Capital Infra Trust's unitholders have approved the acquisition of 100% equity in 6 target SPVs from sponsor Gawar Construction Limited with 99.999% votes in favor among non-related unitholders. Additionally, unitholders approved raising funds via institutional placement or debt, borrowing authority (78.32% approval by total unit value), and a preferential issuance of units worth up to ₹124.99 Cr to the sponsor. With related parties excluded under SEBI InvIT regulations for conflict resolutions, institutional investors voted overwhelmingly in favor (over 98% on each item).

Acquisition of 100% equity in 6 SPVs approved with 99.9994% votes in favor by non-related voting unitholders
Preferential issuance of units worth up to ₹1,24,99,92,800 to sponsor Gawar Construction Limited approved (99.9992% in favour)
Borrowing authority and charge creation passed with 78.32% of total unitholder value in favor
Fund raising via institutional placement and/or debt approved with 98.42% votes in favor
Remote e-voting ended on September 09, 2026; Scrutinizer confirmed all resolutions passed with required majorities

💡 Track subsequent filings for the final deal valuations, execution timelines, and debt-equity financing structure for the 6 target highway SPVs.

Crisil Reaffirms 'CRISIL AAA/Stable' Rating for Capital Infra Trust's ₹1,212.71 Cr NCDs

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Aug 2026, 04:08 PM

Crisil Ratings has reaffirmed its highest credit rating of 'CRISIL AAA/Stable' for Capital Infra Trust's Non-Convertible Debentures (NCDs) and Corporate Credit Rating. The surveillance covers two NCD tranches totaling ₹1,212.71 crore (₹250.00 crore and ₹962.71 crore). The reaffirmation confirms the highest degree of safety for debt servicing, backed by predictable annuity inflows from the National Highways Authority of India (NHAI).

Crisil AAA/Stable rating reaffirmed for ₹250.00 crore Non-Convertible Debentures
Crisil AAA/Stable rating reaffirmed for ₹962.71 crore Non-Convertible Debentures
Total rated NCD instruments under review amount to ₹1,212.71 crore
Corporate Credit Rating reaffirmed at 'Crisil AAA' with a Stable outlook

💡 Track the trust's upcoming acquisitions from its 17-asset sponsor pipeline and observe debt servicing efficiency during quarterly distributions.

View All CAPINVIT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Annuity receipts for the HAM road segment stood at INR 523 Cr in Q2 FY26, which was in line with management estimates. The trust targets a 60% growth in Asset Under Management (AUM) from INR 4,282 Cr to approximately INR 6,800 Cr by FY26.

Geographic Revenue Split

The portfolio is diversified across 7 states, with no single HAM asset contributing more than 25% to the total income of the InvIT, ensuring highly fungible and stable cash flows.

Profitability Margins

The trust maintains healthy debt protection metrics with an average Debt Service Coverage Ratio (DSCR) of 1.75x (ranging between 1.6x and 1.8x) for the existing portfolio over the debt tenor.

EBITDA Margin

Net Distributable Cash Flow (NDCF) for Q2 FY26 was INR 103.6 Cr. The trust declared a Distribution Per Unit (DPU) of INR 3.25 for the quarter, contributing to a cumulative DPU of INR 30.8 since inception.

Capital Expenditure

Planned acquisition of three additional HAM SPVs from GCL (Jodhpur Ring Road, Hasanpur-Bakhtiyarpur, and Champa-Korba) has an adjusted enterprise value of ~INR 2,590 Cr. These acquisitions are being executed at a 9% discount to enterprise value.

Credit Rating & Borrowing

Retained a credit rating of CRISIL AAA/Stable and CARE AAA/Stable. Borrowing costs are approximately 7.68% on a floating rate basis, with a total gross borrowing of INR 2,339 Cr as of November 2025.

⚙️ Operational Drivers

Raw Materials

Operations and Maintenance (O&M) and Major Maintenance (MM) services represent the primary operational costs, managed through fixed-price contracts to mitigate cost escalation risks.

Import Sources

Not applicable as the trust operates infrastructure assets; however, O&M services are sourced domestically within the 7 states of operation including Rajasthan, Bihar, and Chhattisgarh.

Key Suppliers

Gawar Construction Limited (GCL) serves as the primary Sponsor and Project Manager, providing O&M and MM services under a unique structure with no exit option for the first 5 years.

Capacity Expansion

Current operational capacity is ~683 kms across 9 HAM assets; planned acquisitions will add 164 kms of operational highways, increasing total capacity to 847 kms by FY26.

Raw Material Costs

O&M and MM costs are fixed-price, mitigating the risk of inflation. If annual DSCR falls below 1.2x due to cost increases, it triggers a key rating monitorable.

Manufacturing Efficiency

Operational stability was maintained across all 9 HAM assets in Q2 FY26 with consistent riding quality and no reported NHAI litigations or penalties.

📈 Strategic Growth

Expected Growth Rate

60%

Growth Strategy

Growth will be achieved by leveraging ROFO rights to acquire 17 pipeline assets from the sponsor and third-party developers, targeting an AUM of INR 10,000 Cr by FY27 and USD 5 Billion by 2030.

Products & Services

Operational Hybrid Annuity Model (HAM) road infrastructure assets providing long-term predictable annuity inflows.

Brand Portfolio

Capital Infra Trust (formerly National Infrastructure Trust).

New Products/Services

Acquisition of 3 new HAM assets adding 164 kms of operational highways expected to be highly accretive for unitholders by end-FY26.

Market Expansion

Expanding geographic presence into Bihar, Rajasthan, and Chhattisgarh through the acquisition of Jodhpur Ring Road, Hasanpur-Bakhtiyarpur, and Champa-Korba projects.

Strategic Alliances

Strategic partnership with Gawar Construction Limited (GCL) as the Sponsor and Project Manager, and Gawar Investment Manager Private Limited (GIMPL) as the Investment Manager.

🌍 External Factors

Industry Trends

The road sector shows strong momentum with HAM remaining the preferred model; government initiatives and sustained budgetary allocations create a solid pipeline for InvITs.

Competitive Landscape

Focuses on HAM assets from third-party developers and the sponsor's pipeline, avoiding the higher-risk toll asset segment.

Competitive Moat

Durable moat through 100% NHAI-backed contracts, eliminating traffic risk and ensuring sovereign-grade payment security for concession periods of 10-14 years.

Macro Economic Sensitivity

Highly sensitive to interest rate movements and government budgetary allocations for the road sector, which currently favor the HAM model for project awards.

Consumer Behavior

Not applicable as revenue is derived from government annuities rather than direct consumer tolls.

Geopolitical Risks

Minimal impact as assets are domestic road infrastructure projects backed by the Government of India through NHAI.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by NHAI concession agreements and fixed-price O&M standards; the trust maintains compliance with all maintenance standards to avoid annuity deductions.

Legal Contingencies

No outstanding litigations, penalties, or show-cause notices reported with NHAI as of Q2 FY26.

⚠️ Risk Analysis

Key Uncertainties

Refinancing risk due to put/call options in debt instruments; interest rate mismatch between bank-rate linked inflows and repo-linked debt outflows (impact ~5-10% on cash flow).