CAPITALINFRA — earnings call

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Prepared remarks

Unattributed

“Capital Infra Trust Q3 & 9M FY26 Earnings Conference Call”

February 06, 2026

Hare Krishna – Chief Executive Officer

Amit Kumar – Chief Financial Officer

Nilesh Khemka – Director (Finance)

Moderator

Capital Infra Trust

February 06, 2026

Ladies and gentlemen, good day and welcome to the Capital Infra Trust Q3 & 9M FY26

Earnings Conference Call.

As a reminder, all participant lines will be in listen-only mode, and there will be an

opportunity for you to ask questions after the presentation concludes.

Should you need

assistance during the conference call, please signal an operator by pressing “*” then “0”

on your touch-tone phone.

Please note that this conference is being recorded.

I now hand the conference over to Mr.

Aditya Sahu from HDFC Securities.

and over to you, sir.

On behalf of HDFC Securities, I welcome everybody to Q3 & 9M FY26

Earnings Conference Call for Capital Infra Trust.

We have from the Management: Mr.

Hare Krishna – Chief Executive Officer; Mr.

Kumar – Chief Financial Officer; and Mr.

Nilesh Khemka – Director of Finance.

I now hand over the call to Mr.

Hare and the Management Team for their opening

remarks, followed by the Q&A session.

Over to you, sir.

Hare Krishna

Thank you, Aditya.

Good afternoon, everyone, and thank you for joining us.

the Trust completed its first IPO anniversary, and we would like to thank all the

unitholders for their participation in IPO and subsequent fundraising.

Q3 FY26 has been a strong and value accretive quarter for Capital Infra Trust, driven

by solid operations, disciplined balance sheet management, and continued progress on

our acquisition-led strategy.

Five annuities pertaining to the quarter and aggregating to

Rs. 347 crores were received.

We completed 3 high quality HAM acquisitions for Rs.

2,350 crores and expanded our AUM to Rs. 6,733 crores with NAV rising to 72.31 per

These outcomes were supported by Rs. 345 crores preferential issue and the Rs. 1,250

crores QIP, and the prepayment of Rs. 420 crores of borrowings, collectively

strengthening our financial position and supporting long-term growth.

Before I move into the detailed updates, let me briefly summarize our performance on

Firstly, our yields have now fully normalized with distributions reflecting steady-state

annuity cash flow.

The DPU for Q3 stood at Rs. 2.34 per unit comprising 0.89 per unit

of interim distribution and Rs. 1.45 per unit for the quarter.

Cumulative distributions

since listing now total Rs. 33.09 per unit.

As we had guided earlier, the higher payouts

in FY25 were supported by IPO-related cash reserves, while the FY26 run rate now

reflects stable, normalized, annualized yields of 11% to 12%, fully backed by the

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February 06, 2026

recurring annuity-driven cash flows.

This positions the Trust comfortably in leading

position with regards to benchmarking with cash yields and reinforces the long-term

predictability of our distributions.

Secondly, our NAV saw healthy growth driven by accretive acquisitions and

continued deleveraging.

Our NAV increased to Rs. 72.31 per unit this quarter, a 7.2%

rise over Q2 FY26.

Notably, the reported NAV does not include the GST CIL indemnity

claim from NHAI of Rs. 60.6 crores, which is fully contractually protected and expected

to be realized between Q4 of this financial year and Q2 FY28 providing additional

upside in the periods ahead.

Thirdly, debt management remains our priority, and we have progressed

substantially on this front.

We have rationalized our debt in the last quarter by Rs. 420

crores through unit capital raise and internal accruals.

We have undertaken fresh

borrowing of Rs. 1,100 crores to finance ROFO asset acquisition.

borrowings were completed in January this year, had floating interest rate of 6.85%

PAPM linked to three-month T-bill repo rate.

Additionally, we have firmed up our plan

to refinance for Rs. 933 crores of debentures through a mix of debentures and rupee

term loan again at an interest rate of 6.85% PAPM.

As such, during Q3, our net debt-

to-EV ratio improved to 43.34%, and by March end, our effective interest rate per annum

would reduce to 7.35% from 7.82% in September ’25 with an overall savings of 47 basis

points, reflecting our disciplined deleveraging.

With an average tenure of 11.2 years,

the Trust is well-positioned with long-term funding stability and adequate headroom for

future acquisitions.

Our objective is to maintain leverage in the 45% to 47% range in

the medium term, while realizing interest savings of around 47 basis points, thereby

strengthening the free cash flow and enhancing the predictability of future distributions.

Fourthly, our acquisition-led growth strategy remains in place, and we have

successfully acquired 3 assets within 12 months of our listing.

The acquisition of 3

ROFO assets, namely Jodhpur Ring Road in Rajasthan, Hasanpur-Bakhtiyarpur in

Bihar, and Champa-Korba in Chhattisgarh, which were approved in October 2025 were

acquired at 9.3% discount to the adjusted enterprise value assessed by independent

valuer as of August 2025.

These additions expanded our AUM by 57% from Rs. 4,282 crores in September '25 to

Rs. 6,733 crores in December’25.

These assets are fully operational and immediately

cash flow accretive.

With this, our portfolio now comprises 12 operational HAM assets

across 8 states covering 847 kilometers with a strengthened residual concession life of

We continue to see strong visibility for future acquisitions through a well-defined

pipeline. 7 ROFO assets are expected to be ready for acquisition by FY27 with another

7 likely to be available by H1 FY29 and diligence on two of these will begin in Q4 FY

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February 06, 2026

We are also evaluating third-party HAM-based road assets to further diversify the

portfolio and accelerate annuity inflows.

Together these opportunities position us well

to scale up to 17 assets by next financial year and move towards our medium-term AUM

target of around Rs. 9,000 crores to Rs. 10,000 crores.

Operationally, the portfolio performance remained stable and resilient.

independent engineer inspections across the portfolio have confirmed good road

conditions and smooth ride quality.

Traffic volumes increased by 16% following the

integration of new assets with the portfolio carrying around 28 lakh vehicles per month.

Our ESG efforts continued to progress well with an additional 1.15 lakh plants added

during the quarter, taking the total to over 4.1 lakh.

Briefly on the industry environment: It remains very supportive for annuity-based

platform like ours.

The Union Budget has increased road sector allocation to Rs. 3.09

lakh crores, reaffirming the government’s focus on national highways.

bid out 124 projects worth Rs. 3.45 lakh crores this year, with about 72% under the

HAM model, creating one of the strongest acquisition pipelines in recent years.

With continued momentum in InvIT trade monetization and over 150 HAM projects

expected to reach COD or PCOD in the next two years, the medium-term outlook for

annuity assets remains robust and well aligned with our growth strategy.

With that, I would now like to hand the call over to Amit who will walk us through the

financial performance.

Thank you, Hare.

Good afternoon, everyone.

I will take you through the key financial updates for the quarter:

On a standalone basis, the Trust reported a total income of Rs. 129 crores for Q3

FY26 compared to Rs. 102 crores in the previous quarter.

This increase was primarily

driven by higher dividend inflows from SPVs as well as an increased interest income on

fixed deposits.

Standalone EBITDA for the quarter stood at Rs. 128 crores and net profit (before

exceptional items) came in at about Rs. 85 crores, reflecting the direct flow through

incremental treasury and SPV income to the bottom line.

On a consolidated basis, the Trust recorded total income of Rs. 182 crores in Q3

FY26, broadly stable compared to previous quarter.

However, EBITDA declined to Rs.

48 crores and net profit stood at Rs. 11 crores, primarily due to modification loss

recorded in Q3 and reversal of modification gain recorded in Q2 FY26.

earlier, Q2 benefited from a modification gain, whereas in current quarter a modification

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February 06, 2026

loss has been recognized leading to higher operating expenses and a sequential dip in

Moving to the distribution update:

The Board has approved a total distribution of Rs. 2.34 per unit for Q3 FY26, comprising

a quarterly DPU of Rs. 1.45 per unit and interim DPU of Rs. 0.89 per unit.

payout for amounts to Rs. 71 crores.

With this, cumulative distribution since listing

aggregates to Rs. 33.09 per unit.

In total, Rs. 976 crores is returned to unitholders.

During the quarter, all 5 annuities due across the portfolio were received in line with the

contractual timelines and the Trust continued to benefit from the stable cash flows from

At the standalone level, tax outflow remained minimal since distribution from

SPVs to the Trust are tax free and tax payable only on the treasury income.

Overall, Q3 FY26 reflects the continued financial strength of Capital Infra Trust

supported by operational stability, consistent annuity inflows, active balance sheet

optimization, and successful integration of recently acquired assets.

The Trust remains

well-positioned for sustainable growth driven by disciplined growth and capital

allocation, accretive acquisitions, and ongoing refinancing initiative.

Thank you all for your attention.

All additional details are available in our investor

We can now open the floor for any questions.

Questions and answers

Moderator

Thank you very much.

We will now begin the question-and-answer session.

question comes from the line of Nisha Shah, an individual investor.

Please go ahead.

Nisha Shah

Congratulations on completing the acquisition.

So, my first question is, what level of

acquisition pipeline residue do you have from FY27 to FY29?

Hare Krishna

Thanks for that.

See, going forward, we are looking for acquisitions in essentially three

One, ROFO assets from the sponsor.

There are 14 HAM assets which are

currently being developed by the sponsor on which we have ROFO, of which seven

would be ready in FY27, and the residual seven by the second half of FY29.

seven, two would be ready for acquisition by the end of this financial year itself, and we

intend to initiate our due diligence on them.

Additionally, we are currently exploring the acquisition of third-party HAM assets.

now, we are on the screening stage, and we are evaluating them.

We are in discussion

with multiple parties, and they are in the early stage right now.

So, overall, for the next 12 months, we intend to add in our AUM up to Rs. 9,000 crores

to Rs. 10,000 crores, which currently stands at around Rs. 6,733 crores.

add at least 4 to 7 assets in the next financial year.

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February 06, 2026

Nisha Shah

So, my next question is, what IRR thresholds are guiding the future acquisitions?

Hare Krishna

See, the IRRs are pretty much linked to the market.

Right now, our strategy continues

to acquire HAM assets.

With HAM assets, the future cash flows are pretty much linked

to the RBI bank rates.

And as we stand right now, we have pretty much gone through

the substantial part of the rate cut cycle.

From here on, we can expect a nominal rate

cut or in a year or two again, there will be a rate up cycle.

So, having said that, pretty

much we anticipate to get 11.5% to 12% IRR on the third-party acquisitions which we

Nisha Shah

So, sir, will you be raising further equity for these acquisitions?

Hare Krishna

Yes, we are required to raise additional capital.

As of now, in the medium term, we are

targeting our leverage ratio of 45% to 47%.

Post June’26 when we would have made 6

distributions, we can enhance our leverage up to 70 and at that point in time, we will

relook our leverage ratio and then look at how much additional equity and debt we

require for new acquisitions.

Nisha Shah

That is all from my side.

I will join back the queue.

Moderator

The next question comes from the line of Satish Poddar, an individual investor.

Satish Poddar

I have couple of questions.

Firstly, earlier guidance was provided that in H2, a DPU of

Rs. 7.75 will be provided.

So, just wanted to check that are we still maintaining that

That is number one.

And number two, in the investor presentation, a cash yield of 11% to 12% is mentioned

in terms of DPU.

So, just wanted to check, what is the base value?

So, is it the Rs. 99

per unit, which is the issue price of the unit?

Or is it something else?

Hare Krishna

So, with regards to the guidance given earlier in the beginning of the year, since we

have witnessed rate cut by RBI which impacts our revenue potential, and thereafter we

had capital raise and addition of assets as well.

So, we are looking to modifying the

guidance which was given earlier.

And therefore, right now, as we speak, we are looking

at 11% to 12% cash yields for this financial year.

And this 11% to 12% guidance for this

financial year is based on IPO price of Rs. 99 per unit.

Satish Poddar

And in future, the guidance will be based on the?

Hare Krishna

In future, we will give fresh guidance in the March’26 quarter.

Moderator

The next question comes from the line of Rohan Shah with RS Investment.

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February 06, 2026

Rohan Shah

Sir, my question is regarding NAV.

So, the NAV has increased to 72.3 per unit.

you help us understand how much of this improvement was driven by recent acquisition

versus the impact of deleveraging?

Hare Krishna

See, the way we have given on Slide #11 of the investor presentation, our current NAV

stands at 72.3, of which the acquired assets NAV as of 31st December would be

approximately around 85.1 per unit, whereas the portfolio NAV would be around 65.4

We have raised capital through preferential issue of Rs. 345 crores, which was

used to repay the debt itself.

So that has nominally increased the NAV, and that

combined effect shows to around 65.4 per unit as of December for the existing portfolio

Rohan Shah

That is helpful.

Sir, my other question is regarding residual life.

So, the average residual

life is now around 13 years compared to earlier 11 years.

So, is there any maintenance

Capex plan for FY27?

Hare Krishna

So, see, we need to plan two major maintenance cycle for each project across the

duration of the concession.

And from beginning to end, the concession for each of these

projects is 15 years, and we have already planned for each project.

In the next financial year, for Bangalore, one of our SPV, we would be incurring the

major maintenance and for the others we will start partially budgeting from the next

financial year.

We have catered over the next 3 years the first major maintenance cycle

for the entire 12 assets.

Rohan Shah

Sir, one more question.

Like, how do you see NAV trending in FY27?

figures as 2 ROFO assets will be ready for acquisition by end of this year?

Hare Krishna

As mentioned earlier, we are planning to acquire around 5 to 7 assets by FY27, of which

4 to 5 would be the ROFO assets and 2 to 3 from third-party acquisitions.

It is a little bit

difficult to forecast the NAV or the impact of the future acquisitions on the NAV as we

speak, because it is a function of how we are able to negotiate with the sellers, and also

at what price we are doing the equity raise because for all the future fundraise for the

Trust, we would require to raise equity and debt capital, both of them.

would be difficult to comment on the NAV post-acquisition in future.

Rohan Shah

That is from my side.

Moderator

The next question comes from the line of Priyam Shah with Value Equity.

Priyam Shah

I just wanted to ask, as our asset base is expanding, so would our DPU be aligned to

that rate that we are normally giving out?

Would the run rate be sustainable?

question number one.

Capital Infra Trust

February 06, 2026

Hare Krishna

With regards to the run rate, that is what we have mentioned in the investor presentation

as well, I mentioned earlier that we are looking at a cash yield of 11%-12% going

And the way we look at is that based on the current portfolio and the cash

generation capability of the assets, we are quite confident of maintaining this going

Priyam Shah

And my next question would be for the cash yield for the coming year FY27.

are you planning to benchmark?

Would the same be benchmarked to the IPO price?

Hare Krishna

For FY27, we are yet to come up with our forecast, and we would be publishing that in

the March quarter results.

Over there we will look at the weighted average cost because

our initial IPO was at Rs. 99 per unit and subsequently we have raised fresh capital at

around Rs. 79.50 per unit and QIP was at Rs. 72.3 per unit.

So, we would be looking at

weighted average price going forward from FY27.

Priyam Shah

And my last question.

So, we have raised funds via QIP and Pref.

to know how much of these funds remain unutilized as of now, and how are we planning

for the unutilized fund to be allocated for future acquisitions or anything like debt

Hare Krishna

The fundraise undertaken by us in last quarter, these were for specific purposes.

preferential issue capital was used for repayment of existing debt of the Trust, which

was completed in December '25 itself.

The QIP amount of Rs. 1,250 crores was raised

And again, that was only for acquisitions of the 3 ROFO assets.

that amount, about Rs. 660 crores was unutilized as of 31st December.

today, that has been fully utilized, all the funds raised in last quarter.

Priyam Shah

So, any fundraise or such kind of event in the next financial year that we look up for?

Or I think that whatever the last would be sufficient?

Hare Krishna

I think for fresh acquisitions, we would require additional equity capital, and that is linked

to the acquisitions as well.

So, next financial year, we do plan to acquire assets, and

we will raise capital.

Right now, we won’t be able to give you specific guidance, once

the binding term sheets or some form of term sheet for third-party assets or ROFO

assets are being executed, then we would be able to provide you with better guidance

on those timeline.

Priyam Shah

So, that is all from my side.

Moderator

The next question comes from the line of Anant Mundra with MyTemple Capital.

Anant Mundra

Congratulations on the fantastic acquisition.

So, just wanted to understand, we have

some leverage to reduce our borrowing costs like you have guided.

mention for each instrument what the current cost is and what is the benchmark that it

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February 06, 2026

So, we have like two NCDs and two rupee term loans.

So, if you could just

give the breakup of what their borrowing cost is and what benchmark are they linked

That was question number one.

The second question was on the acquisition that we completed in the previous quarter

has been done at clearly attractive valuations to the unitholder.

Can this be taken as

benchmark for future acquisitions as well?

Like, are these the IRRs that we would be

And the third was, you mentioned that we are also looking at some third-party assets.

So, when it comes to third-party assets, how do we think about IRRs, risks?

these would be assets which are constructed by a third-party entity.

also be undertaken by the third party itself or would we take over the O&M?

would we manage those risks?

These were the three questions.

Hare Krishna

Starting with your first question, with regards to the debt profile, see, as of September,

we had two series of debentures.

The one series will continue for next 2 years from

today which is approximately Rs. 963 crores of debentures.

That is at a fixed interest

The second series of debentures, we have pretty much firmed up how to refinance this.

Of that, Rs. 250 crores will continue at an interest rate of 6.85% PAPM.

In addition, by

March end, we would have rupee term loan 1 of around Rs. 1,150 crores, which is a

floating interest rate, again at 6.85% PAPM linked to 3 months t-bill and rupee term loan

2, which is for Rs. 617 crores, again at 6.85% PAPM linked to repo rate.

overall debt profile of ours which is going to be as of March end totaling to Rs. 2,980

crores approximately.

Moving on to your second question with regard to future acquisitions, we cannot assure

that going forward we would be able to transact at 9% or 10% discount to the enterprise

There would be some discount for sure we will try to negotiate, but again, these

are linked to market conditions and we cannot assure on that one.

One endeavor would

be to target accretive acquisitions or those acquisitions wherein some value addition

potential is there, we can turn them round and increase the future return.

For third-party acquisitions, the IRR target would be somewhere around 11.5%-12%,

and what you mentioned is correct that for third-party assets we need to be really

cautious about the quality of construction because these assets which we inherit, we

will have to maintain for another 13 to 15 years.

Therefore, we need to focus on the due diligence of the asset quality, of the compliance

with the concession term and we need to reassess and look deeper into the potential

operations and maintenance cost which needs to be incurred on such projects going

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February 06, 2026

Our strategy right now would be to engage our sponsor as project manager even for

third-party acquisitions so that we have consistency across the platform, and that is our

strategy right now.

Anant Mundra

Sir, you also mentioned in the presentation that our target to keep net debt to AUM is

around 45% to 47% for the medium term.

So, just want to understand, because like you

mentioned, after June, we can take the leverage up to 70%.

So, by medium term, is the

timeline just six months or in spite of having the leverage to go up to 70%, do you still

continue to maintain at 45% to 47%?

Just want to understand this point better.

Hare Krishna

So, just to clarify, as of now, without any asset acquisition, if we have to continue the

portfolio with the existing 12 assets, we will stick to 45% to 47% debt leverage ratio.

Going forward, whenever we have to acquire additional assets, for example, for ROFO

asset acquisition, we would be seeking unitholders’ consent and then only we would be

acquiring the ROFO asset.

So, at that point of time, we will reassess another long-term

strategy for a debt ratio.

Secondly, as of today, as per the SEBI guidelines, we need to maintain a debt ratio

below 49% mark.

So, that is why we are in 49% mark, our preference would be to

maintain it in the range of 45% to 47% range.

Anant Mundra

And sir, just a follow-up on the 11.5%-12% IRR that you mentioned for third-party

So, just want to understand this better.

So, 11.5%-12%, because we have

the benefit of having a unit structure and there can be tax savings, ultimately.

does this boil down to as potential return for unitholders of the Trust?

understand there will be some tax savings and then there will also be some unit level

So, this 11.5%-12% could potentially be 13% or 14% or something to the

Just wanted to understand this better.

Hare Krishna

See, when I am mentioning 11.5% to 12%, that essentially refers to all the distributions

which would be made by Trust to the unitholder.

From the 12% IRR, any tax which is

applicable to the unitholder which is in the hands of the recipients, those would be

deducted from this 12% IRR is based on distributions which would be made by the Trust

to the unitholder.

Anant Mundra

And this assumes the financing at 70-30 ratio, like it is done in the valuation report, or

it is a 50-50 financing that you are assuming?

Hare Krishna

No, so, as of now our financing which is the current portfolio is anyway based on the

The fresh acquisitions we will review.

Our preference would be to keep it

somewhere between 55% to 60% so that we are more efficient in managing our capital.

Anant Mundra

That is it from my end.

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February 06, 2026

Moderator

The next question comes from the line of Tarun Sisodia with Chanakya Niti.

Tarun Sisodia

Could you throw some more light on the interim distribution from which bucket is this

being distributed?

Because I would understand that the distribution of 1.45 is being

done from the NDCF.

So, what is the source for this interim distribution?

Hare Krishna

See, one of the annuity which was due prior to December but was received in January.

Therefore, we are budgeting interim distribution out of that received and we are using

that to pay right now.

Because this annuity received was not there in December, there

was a delay of few days.

It was due towards the end of December but was received in

Therefore, we are distributing the residual part from that project as interim

distribution because this could not be accounted for as of 31st December.

Tarun Sisodia

So, this is just an accounting entry.

My second question is pertaining to your strategy that you said that you would ideally

be targeting yield or IRR of 10% and excess, depending on market condition.

back one quarter, when we didn't have this acquisition done, there was no additional

In the first half, you had already distributed about 6.9 as the DPU.

you had a guidance of about slightly upwards of 7 for the second half, which would

mean that the full year you were looking at 13 to 14 kind of distribution.

If that was the

yield that you were actually looking forward to give to the investors who had invested at

Rs. 99, are you trying to say that this acquisition is resulting in dilution of yields to

Hare Krishna

Just to give you another perspective, see, NAV is a benchmark, which shows what is

the value of my future cash flows at any point of time.

So, currently, these 3 acquisitions,

which we are seeing, our NAV has improved by around 7.2% to 72.31, which

demonstrates that they are accretive in nature.

With regards to distribution, we had given around 13.5% to 14% guidance in the

beginning of this financial year.

However, due to the rate cut, even the distributions on

that part have decreased.

Therefore, going forward, we are going to maintain a cash

yield distribution of 11% to 12%, which is sustainable, which is supported by annuity

received in our portfolio, and this would be a stable, long-term nature.

Moderator

The next question comes from the line of Rohan Shah with RS Investments.

Rohan Shah

Sir, could you outline the extent of new term loans that are being planned and what will

be their borrowing cost compared with the existing two series of NCDs which we have?

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February 06, 2026

Hare Krishna

The second series of NCDs was a call put or put call option at the end of the first year,

and its anniversary is coming on 4th March.

Of that, around Rs. 933 crores would be

outstanding as of 4th March.

Of that, we are retaining Rs. 250 crores as NCDs, and the

residual would be replaced by term loan, again, from two banks.

And even the term loan

is at 6.85% PAPM, resulting in effective interest rate on an annualized basis for the

entire debt of the Trust to around 7.35% per annum.

Rohan Shah

That is helpful, sir.

Moderator

The next question comes from the line of Anjali Singh with Bansal Family Office.

Anjali Singh

So, my first question is, were there any operational challenges at the asset level that

impacted performance during Q3?

Hare Krishna

So, our operations continue to remain stable.

The 12 projects which we have, these are

having concession agreement with NHAI.

And even NHAI has a very detailed process

to monitor the road assets.

Pretty much independent engineers appointed by NHAI,

they conduct inspections and they frequently visit the site plus different officials from

So, as per all inspections and everything, our road quality remains robust,

and the riding quality is smooth.

That is on the operations part.

And similarly, the annuities which were due, we have pretty much received 100% of the

amount which was due on the 5 assets, keeping apart the annuities which were due at

the end of December, 2 annuities, they were received in January.

But in terms of the

quantum, we were in line with our estimates, and there were no deviation or penalties

by NHAI on these 12 assets.

Anjali Singh

Sir, one more question.

Considering the expanded portfolio, how sustainable is the

current DPU and should we expect an improvement in distributions next year?

broad range would help.

Hare Krishna

See, our portfolio is backed by HAM assets, which are quite predictable cash flow.

going forward, for next financial year, we would be providing fresh guidance in the

month of March.

As of now, for this financial year, we are targeting somewhere between

11%-12% cash yield, we are confident of achieving that mark for this financial year.

Anjali Singh

So, how do you see bidding activity for HAM assets?

Could you please throw some light

Also, how do you assess opportunities in this HAM landscape?

Hare Krishna

So, with regards to the bidding for HAM projects, clearly, in the last 6 to 9 months, new

project bid out by NHAI on HAM model have been substantially there compared to

However, the way we see the current budget proposed by the Union

Government, the allocation to the road sector has increased.

understanding NHAI would be bidding out more projects in the coming quarters.

Capital Infra Trust

February 06, 2026

Having said that, these new bid outs would impact our future, As of now, there are

enough number of projects, about 100 plus HAM projects, which are nearing completion

over the next 2 years, which we can acquire right now, of which the 14 projects are with

our sponsors itself plus there are some much more projects with third-party developers

which we intend to acquire.

Therefore, in the medium term from one to three years, we have enough opportunity to

acquire from the projects which have been already rewarded in the past, and there is a

robust pipeline for multiple InvIT players to acquire from.

And we are also well-placed

in that regard given our access to achieve 14 projects which are being managed by our

Anjali Singh

That is all from my side.

Moderator

The next question comes from the line of Rahul with Alt Capital.

Please go ahead.

I had two questions.

First question was, does the NAV include the dividend which is

being distributed, the dividend of Rs. 2.34?

And the second question was, taxability of

the dividend out of Rs. 1.45 which is being distributed.

What portion will be taxable?

What portion will not be taxable?

Hare Krishna

See, the DPU of Rs. 2.34 is included in the NAV.

The NAV, which we have shown, is

as of 31st December, 2025.

Distribution is happening now.

So, the NAV amount does

include the distribution.

With regards to the taxability around Rs. 0.06 of dividend is non-taxable.

dividend which we have declared, that would be taxable, which is Rs. 0.59.

So, it is fairly minimal in that context.

Of the 12 assets in our portfolio, only 2 are in old tax regime.

Residual are in new

tax regime, and that is how we have inherited in our portfolio.

So, therefore, this

component is less.

That is it from my side.

Moderator

The next question comes from the line of Tarun Sisodia with Chanakya Niti.

Tarun Sisodia

Thanks for the second round of questions.

I had a question related to the claims that

you keep raising with NHAI.

As per the IPO document, you had around Rs. 600 crores

worth of claims.

Can you give us an update on status?

Have you received all of it?

are there still some pending claims with the NHAI?

Hare Krishna

See, with regards to the claims which are with NHAI, most of them largely pertain to

GST-related claims.

And the way we have negotiated with the sponsor come together

Capital Infra Trust

February 06, 2026

because right now the 12 assets in our portfolio, they have all been acquired from the

sponsor, is that they have indemnified the Trust if the claims were not to be approved

As of today, in our portfolio of the 7 older SPVs, we have received approval

of the initial claims.

There are still some residual amounts, which was indemnified by the CERA but has not

been approved by NHAI.

For that we would be raising indemnity to the sponsors.

amounts to around Rs. 60.6 crores and is due over the next 12 months from today, for

which we are seeking final opinion from a legal counsel and tax advisor so that the final

amount would be raised as claim from these sponsors because they have not been

approved by NHAI as of today.

Tarun Sisodia

Just a coronary to that, your estimate of 11% to 12% yield, does it include all these

receivables that you are likely or the thing is likely to be over and above the 11% to

Hare Krishna

This specific amount, we have budgeted in the GST CIL amounts which have been

approved by NHAI in the SPVs as of today.

Those which have not been approved, but

we can claim from the sponsor, these amounts are not budgeted in the cash yields yet,

and there is a timeline when these would be due to us.

So, as and when they are due,

then we will modify our estimate and include them in our projection.

Tarun Sisodia

But in a sense, there is a potential upside to whatever you are guiding as of now.

Hare Krishna

That is correct, yes.

Moderator

The next question comes from the line of Mayank Sharma with Punjab National Bank.

Please go ahead.

Mayank Sharma

Sir, I have invested in the InvIT since IPO.

And my concern is that when everything is

going well then why is the price going down?

Hare Krishna

After the IPO, we have distributed and including the current distributions of around

Rs. 33 per unit.

Now, for overall return perspective, what we can suggest is that one

need to look at the total return.

Total return includes not only the return on the unit price,

but include the distributions as well.

If you add these two together, then the total return

is positive as of today and is more than the IPO price of Rs. 99.

Mayank Sharma

Second question was, now in December we have acquired three projects, so they are

in working meaning it is hybrid annuity model, the money which comes from that, has

that started coming or that will take time, the two projects which are acquired now?

Hare Krishna

The three projects which we have acquired, all three are operational.

have already received three annuities.

So, they are pretty much operational in nature.

And there is no time lag.

It is just that the acquisition happened in December.

Capital Infra Trust

February 06, 2026

one of the project’s annuity has been received.

These annuities are semi-annual in

So, therefore, the other two, the annuities are due in subsequent months and

we are yet to receive.

But to answer your question, these all are operational assets and

we are receiving annuities for them as well.

Moderator

As there are no further questions from the participants, I now hand the

conference over to the management for closing comments.

Hare Krishna

Thank you all for joining this conference call.

Just to summarize, looking ahead, with

optimized leverage, lower borrowing cost, and immediate contribution from our new

assets, which gives us a solid base to scale further, we see a structurally stronger

growth phase for Capital Infra Trust in days to come.

And on that note, I would like to

thank everyone for joining this call.

Thank you very much.

Moderator

On behalf of HDFC Securities, that concludes this conference.

for joining us and you may now disconnect your lines.