Capital Infra Trust (CAPINVIT) Key Insights, Strengths & Considerations
Capital Infra Trust — Key Strengths & Highlights
- Appraised Portfolio Scale: Manages an audited Gross Asset Value (GAV) of ₹6,635 Cr with a Current NAV of ₹74.72/unit across 12 core assets (2,850 Lane-Kms (12 Operational HAM Assets)).
- Distribution & Cash Flow Track Record: Delivers an indicated FY26 dividend yield of 11.43% (trailing 1Y DPU: ₹8.40/unit) and cumulative payouts of ₹14.60/unit since listing.
- Balance Sheet & Credit Profile: Backed by a ICRA AAA / Stable credit rating with consolidated leverage at 41.1% LTV (7.9% headroom below SEBI's standard 49% debt threshold).
- Sponsor & Institutional Alignment: Sponsored by Gawar Construction Limited (GCL) with a 38.5% sponsor group stake and 47.0% combined FII + DII institutional ownership.
Key Considerations & Watchouts
- Price-to-NAV Valuation Spread: Investors should consider the prevailing discount or over-valuation of the market unit price (reference: ₹73.50) relative to the audited NAV of ₹74.72/unit when assessing entry yield and margin of safety.
- Leverage & Interest Rate Sensitivity: At 41.1% LTV, debt service costs and refinancing spreads should be monitored closely as new assets are acquired.
- Distribution Tax Mix: Unitholder post-tax yield depends on the quarterly NDCF split between Interest (taxed at marginal slab rate), Dividend, and Return of Capital (ROC).
- Concession Life & Tariff Resets: Infrastructure InvIT cash flows are finite-life concessions where long-term NAV trajectory depends on residual concession tenure, traffic/availability compliance, and debt-funded asset additions.
Performance & Asset Evolution
Multi-year operational and financial trajectory
HAM Highway Lane-Kilometers
Comprehensive Historical Metrics Matrix
Year-over-year operational, valuation and cash flow KPIs
| Metric | FY25 (Listing) | FY26 | 7-Yr Trend / CAGR |
|---|---|---|---|
| Highway Lane-Kilometers (Lane-Kms) | 1,980 | 2,850 | +43.9% |
| Audited NAV per Unit (₹) | ₹65.58 | ₹74.72 | +13.9% |
| Annual Distribution per Unit (DPU ₹) | ₹6.20 | ₹8.40 | ₹14.60 Cumulative |
| Consolidated Net Profit (₹ Cr) | ₹320 | ₹480 | +50.0% |
| Gross Asset Value (GAV ₹ Cr) | ₹4,850 | ₹6,635 | +36.8% |
| Avg Residual Concession Life (Years) | 14.0 | 13.4 | 12.9 Yrs |
| Major Maintenance (MM) Reserve (₹ Cr) | ₹85 | ₹130 | Ring-Fenced |
| Loan to Value (LTV %) | 34.5% | 41.1% | 41.1% LTV |
Unitholding Pattern
Audited unitholder structure as of June 30, 2026
Portfolio Assets Breakdown
Key properties, toll corridors, sub-stations & revenue drivers
| Asset / Property Name | Asset Type | Status | Residual Life | GAV Share |
|---|---|---|---|---|
Gawar Haryana Expressway (NH-152D) Haryana | HAM Annuity | Operational | 15.0 Yrs Concession | 12.5% |
Gawar Kurali Rupnagar Expressway (NH-205) Punjab | HAM Annuity | Operational | 14.5 Yrs Concession | 9.5% |
Gawar Rohtak Jind Section (NH-352) Haryana | HAM Annuity | Operational | 14.0 Yrs Concession | 9.0% |
Gawar Hisar Ellenabad Highway (SH-23) Haryana | HAM Annuity | Operational | 14.2 Yrs Concession | 7.5% |
Gawar Jhajjar Farrukhnagar Highway (NH-334B) Haryana | HAM Annuity | Operational | 14.5 Yrs Concession | 8.0% |
Gawar Sonipat Gohana Expressway (NH-334B) Haryana | HAM Annuity | Operational | 15.2 Yrs Concession | 9.8% |
Gawar Ujjain Jhalawar Highway (NH-552G) Madhya Pradesh & Rajasthan | HAM Annuity | Operational | 14.8 Yrs Concession | 14.5% |
Gawar Badnawar Highway (NH-347BG) Madhya Pradesh | HAM Annuity | Operational | 14.0 Yrs Concession | 8.8% |
Gawar Bikaner Bypass (NH-11 / NH-62) Rajasthan | HAM Annuity | Operational | 14.5 Yrs Concession | 7.8% |
Gawar Pali Marwar Tollway (NH-162) Rajasthan | HAM Annuity | Operational | 14.2 Yrs Concession | 7.2% |
Gawar Churu Taranagar Road Rajasthan | HAM Annuity | Operational | 13.8 Yrs Concession | 6.0% |
Gawar Rewari Bypass Section (NH-71) Haryana & Rajasthan | HAM Annuity | Operational | 14.0 Yrs Concession | 5.4% |
Compare Capital Infra Trust with Peer Indian InvITs
Side-by-side comparison across all 9 listed Indian InvITs by NAV, GAV, Dividend Yield, Cumulative DPU & LTV
| InvIT Name | Category / Sector | Current NAV | GAV (₹ Cr) | Dividend Yield | Cumulative DPU | LTV (%) |
|---|---|---|---|---|---|---|
| Cube Highways TrustCUBEINVIT | National Highway Toll & Annuity Road Assets | ₹145.77 | ₹36,842 | 9.34% | ₹38.52 | 46.8% |
| Capital Infra TrustCAPINVITViewing | National Highway HAM Annuity Corridors | ₹74.72 | ₹6,635 | 11.43% | ₹14.60 | 41.1% |
| Indus Infra Trust (Bharat Highways InvIT)BHARATINV | National Highway HAM Annuity Road Assets | ₹116.81 | ₹9,448 | 10.83% | ₹27.70 | 43.5% |
| Raajmarg Infra Investment TrustRAAJMARG | Sovereign National Highway TOT Road Concessions | ₹100.72 | ₹9,807 | - | ₹2.40 | 38.4% |
| Citius TransNet Investment TrustCITIUSINV | Diversified Transport & Highway Concessions | ₹112.79 | ₹11,200 | - | ₹2.06 | 39.0% |
| Anantam Highways TrustANANTAM | Hybrid Annuity Model (HAM) Highway Assets | ₹115.80 | ₹3,250 | - | ₹7.50 | 35.5% |
| IRB InvIT FundIRBINVIT | Golden Quadrilateral & High-Density Toll Roads | ₹81.26 | ₹18,254 | 10.81% | ₹80.10 | 44.0% |
| India Grid Trust (IndiGrid)INDIGRID | Power Transmission, Solar & BESS Utility Assets | ₹148.24 | ₹33,815 | 9.34% | ₹121.44 | 58.5% |
| PowerGrid Infrastructure Investment Trust (PGInvIT)PGINVIT | Inter-State Power Transmission Assets | ₹90.79 | ₹9,450 | 12.80% | ₹58.50 | 5.8% |
Frequently Asked Questions about Capital Infra Trust
Key facts on Capital Infra Trust (CAPINVIT) NAV, dividend yield, DPU history, LTV leverage, and portfolio assets.
What is the current NAV and Gross Asset Value (GAV) of Capital Infra Trust (CAPINVIT)?
Capital Infra Trust (NSE: CAPINVIT) has an audited Net Asset Value (NAV) of ₹74.72 per unit and an appraised Gross Asset Value (GAV) of ₹6,635 Crore across its national highway ham annuity corridors portfolio (2,850 Lane-Kms (12 Operational HAM Assets)).
What is the dividend yield and DPU of Capital Infra Trust (CAPINVIT)?
Capital Infra Trust (CAPINVIT) has an indicated FY26 dividend yield of 11.43% based on a trailing 1-year DPU of ₹8.40 per unit and a median unit price of ₹73.50. Since inception, cumulative distributions stand at ₹14.60 per unit.
What is the LTV leverage and credit rating of Capital Infra Trust?
Capital Infra Trust operates with a consolidated Loan-to-Value (LTV) leverage ratio of 41.1% and holds a ICRA AAA / Stable credit rating. Under SEBI regulations, InvITs are subject to a 49% standard leverage cap (extendable up to 70% for AAA-rated trusts with 6 consecutive quarterly distributions).
Who is the sponsor and what is the unitholding pattern of Capital Infra Trust?
As per audited unitholding disclosures (June 30, 2026), the Sponsor & Promoter Group (Gawar Construction Limited (GCL)) holds 38.5% of units, Foreign Institutional Investors (FIIs) hold 22.8%, Domestic Institutional Investors (DIIs) hold 24.2%, and Public/Retail unitholders hold 14.5%.
How many portfolio assets does Capital Infra Trust own and operate?
Capital Infra Trust owns and operates 12 core infrastructure project assets in the National Highway HAM Annuity Corridors segment. Under SEBI rules, at least 80% of its Gross Asset Value must be invested in completed, revenue-generating assets and at least 90% of Net Distributable Cash Flows (NDCF) must be paid out to unitholders.