CAPINVIT
Capital Infra share price & financials
- Price
- ₹73.41
- Market cap
- ₹2.8k Cr
- Sector
- Construction
- Calls analysed
- 3
Capital Infra Q4 FY26
What went well
- Strong performance in Q4 FY26 with DPU of INR 2.4 per unit.
- Net debt ratio improved to 40.9% and NAV increased to INR 74.7 per unit from INR 72.3.
- Refinanced INR 2,000 crores of external borrowings at a lower cost of 6.85%, reducing effective annualized interest rate to 7.24%.
What to watch
- Past DPU volatility acknowledged by management, though they claim stability going forward.
- Potential for NAV dilution if future fundraising occurs at a lower valuation, though management aims to minimize this.
What Capital Infra does
Capital Infra Trust (formerly National Infrastructure Trust) is an Infrastructure Investment Trust sponsored by Gawar Construction Limited and managed by Gawar Investment Manager Private Limited. It owns and operates a portfolio of national highway projects built under NHAI's Hybrid Annuity Model (HAM), earning fixed annuity, interest and O&M payments from NHAI rather than toll revenue. Each highway is held through a dedicated special purpose vehicle (SPV) responsible for road operations and maintenance under a long-term NHAI concession, and the Trust grows its portfolio through right-of-first-offer (ROFO) acquisitions from its sponsor and select third-party HAM assets.
Segments
- Road Infrastructure (HAM Annuity Assets)
- Portfolio size
- 12 HAM road assets held via SPVs
- States covered
- Rajasthan, Haryana, Bihar, Chhattisgarh, Karnataka, Madhya Pradesh, Uttarakhand and Himachal Pradesh/Punjab corridors
- Residual concession life
- 13.4 years (as of Dec 2025)
- Highway length added via FY26 acquisitions
- 163.7 km across 3 ROFO assets (Jodhpur Ring Road, Hasanpur–Bakhtiyarpur, Champa–Korba)
- ROFO acquisition pipeline
- 17 sponsor road assets under right-of-first-offer, 8 at an advanced stage
- Roadside plantation maintained
- ~4.1 lakh plants across the portfolio right-of-way
Guidance record · Q4 FY26
what the last two calls moved 14 tracked 7 delivered 0 missed 7 open- Leverage Ratio delivered said Q2 FY26 Promised: keeping the leverage in the range of 45% to 47% in the short term Q4 FY26: Net debt ratio further improved to 40.9%, remaining well below the stated short-term ceiling.
- Long-term AUM Target on track said Q2 FY26 Promised: targets an AUM of at least INR 10,000 crores by FY27 Q4 FY26: Reiterated trajectory towards INR 10,000 crores AUM in FY27, with a strong ROFO pipeline of 8 assets (INR 7,100 crores BPC) at advanced stages.
All 14 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 37.0%, net profit up 270.3% against the same quarter last year.
| Line item | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 159 | 189 | 179 | 178 | 283 +78% | 259 +37% |
| EBITDA | -3 | -81 | 127 | 44 | 220 +7433% | 145 +279% |
| Net profit | -37 | -74 | 78 | 11 | 195 +627% | 126 +270% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −2.9% 1Y
1Y: ₹79.3 on 10 Sept 2025 → ₹76.97. High ₹79.3 (10 Sept 2025), low ₹67.27 (27 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +2.4%
- 20 May
- Q3 FY26
- −0.1%
- 6 Feb
- Q2 FY26
- +0.2%
- 18 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹829 Cr |
| Operating profit | ₹310 Cr |
| Operating margin | 37.4% |
| Interest | ₹204 Cr |
| Depreciation | ₹0 Cr |
| Net profit | ₹210 Cr |
| Net margin | 25.3% |
| Cash from operations | ₹1.0k Cr |
| Free cash flow | ₹1.0k Cr |
| ROCE | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹2.7k Cr | ₹4.3k Cr |
| Reserves | ₹-790 Cr | ₹-803 Cr |
| Borrowings | ₹2.3k Cr | ₹3.0k Cr |
| Other liabilities | ₹239 Cr | ₹188 Cr |
| Total liabilities | ₹4.5k Cr | ₹6.6k Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr |
| Investments | ₹70 Cr | ₹33 Cr |
| Other assets | ₹4.4k Cr | ₹6.6k Cr |
| Total assets | ₹4.5k Cr | ₹6.6k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Capital Infra
Guides on how to read this kind of business and the numbers that matter.