Key Metrics of Capital Infra Trust
About Capital Infra Trust
Company details
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 03 Nov 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹2,500 Cr | View |
| 26 Aug 2026 | CARE | Reaffirmed | AAA | — | Stable | — | View |
| 11 Aug 2026 | ICRA | Reaffirmed | AAA | — | Stable | ₹1,750 Cr | View |
| 12 Feb 2026 | CARE | Reaffirmed | AAA | — | Stable | — | View |
| 14 Nov 2025 | CARE | Reaffirmed | AAA | — | Stable | — | View |
| 04 Apr 2025 | CARE | Other | AAA | — | Stable | — | View |
| 06 Jan 2025 | CARE | Assigned | AAA | — | Stable | — | View |
Credit strengths (ICRA, Nov 2026)
+ Diversified operational road asset portfolio, with healthy growth visibility from the sponsor’s ROFO pipeline
The InvIT has a diversified profile with 18 operational road assets, all awarded by a strong counterparty (NHAI) under the HAM.
+ Strong financial profile with robust coverage metrics
The InvIT has a robust cash flow cover, with a projected cumulative DSCR of more than 1.6 times in ICRA’s base case assumptions.
+ Cash pooling benefit of InvIT and regulatory cap on consolidated leverage
The InvIT benefits from the cash flow pooling for the SPVs and the Trust, which ensures that the pooled cash flows are available for meeting the regular and periodic maintenance expenses and debt servicing of the InvIT.
Credit challenges
− Project cash flows and returns exposed to interest rate and refinancing risks
CIT’s cash flows and returns are sensitive to the spread between the interest to be paid by the NHAI on the outstanding annuities linked to the RBI’s bank rate and the interest rate/coupon payable on the term loans/NCDs, which are subject to reset/put-call option after stipulated intervals.
Could lead to a downgrade
Pressure on the rating could arise if major debt-funded acquisitions lead to an increase in leverage (LTV, measured as net debt to asset value at the consolidated level), resulting in a material moderation in coverage metrics. Any non-adherence/moderation to/in the debt structure or material decline in cash inflows in SPVs resulting in cumulative DSCR falling below 1.5 times for the combined portfolio of the InvIT could trigger a downgrade.
Agency-reported financials (ICRA, 03 Nov 2026)
| Metric | FY2025 | FY2026 | Q1 FY2027 |
|---|---|---|---|
| Operating income | ₹162 Cr | ₹828 Cr | ₹267 Cr |
| PAT | ₹-37.30 Cr | ₹211 Cr | ₹126 Cr |
| OPBDIT/OI | 39.1% | 54.1% | 57.2% |
| PAT/OI | -23.0% | 25.4% | 47.1% |
| Total outside liabilities/Tangible net worth (times) | 1.10× | 0.90× | 0.90× |
| Total debt/OPBDIT (times) | 37.30× | 6.60× | 4.80× |
| Interest coverage (times) | 1.10× | 2.20× | 2.90× |
| Revenue growth (YoY) | — | 410.9% | — |
| EBITDA (margin × income) | ₹63.38 Cr | ₹448 Cr | ₹153 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹2,364 Cr | ₹2,957 Cr | ₹732 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹57.62 Cr | ₹204 Cr | ₹52.59 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term loan the | Term loans | ₹1,750 Cr | ₹2,500 Cr | 42.9% | AAA (Stable) | Reaffirmed | ICRA |
CARE ratings on record (checked 29 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Issuer Ratings | — | CARE AAA; Stable |
| Rating in the absence of the pending steps/documents | — | Withdrawn |
Credit assessment · Infrastructure investment trusts (InvITs)
ICRA Rating Methodology – Infrastructure Investment Trusts (Aug 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 75% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 2.9×
Rated limits by facility
Timeline
From the report
November 03, 2026 Capital Infra Trust: Rating reaffirmed and assigned for enhanced amount for bank facilities Summary of rating action Previous rated Current rated Financial sector Instrument* amount amount Rating action # regulator (Rs. crore) (Rs. crore) Long-term – Fund-based – Term [ICRA]AAA (Stable); reaffirmed and 1,750.00 2,500.00 RBI loan assigned for the enhanced amount Issuer rating - - [ICRA]AAA (Stable); reaffirmed -$ Total 1,750.00 2,500.00 *Instrument details are provided in AnnexureI #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as S
From the report
CIT had cash and cash equivalents (including fixed deposits) of ~Rs. 511.8 crore as on September 30, 2026, of which around Rs. 106.4 crore were kept towards DSR (equivalent to three months of principal + interest obligations of outstanding debt), and the balance as unencumbered cash balances.
From the report
These assets have a combined adjusted enterprise value (EV), including cash and cash equivalents, of ₹2,921 crore and, for the acquisition, the board has sought to raise up to ₹2,675 crore through a combination of institutional placement of units and/or debt instruments, including term loans and non -convertible debt securities.
From the report
The Trust also proposes a preferential issue of units to the sponsor, GCL, aggregating up to ₹125 crore.
From the report
In FY26, GCL reported total operating income of ₹6,795 crore and gross cash accruals (GCA) of ₹997 crore.
From the report
CIT had cash and cash equivalents (including fixed deposits) of ₹410.14 crore as on June 30, 2026, of which ~₹106.15 crore was kept towards DSRA (equivalent to three months of principal + interest obligations of outstanding debt), and the balance as unencumbered cash balances.
From the report
CIT had cash and cash equivalents (including fixed deposits) of ~Rs. 410 crore as on June 30, 2026, of which around Rs. 106 crore were kept towards DSR (equivalent to three months of principal + interest obligations of outstanding debt), and the balance as unencumbered cash balances.
From the report
CIT had also issued units amounting to ₹345 crore on a preferential basis to sponsor, GCL in November 2025.
From the report
In FY25, GCL reported total operating income of ₹7,354 crore and gross cash accruals (GCA) of ₹1,981 crore.
From the report
In FY25, GCL reported total operating income of ₹7,354 crore and gross cash accruals (GCA) of ₹1,981 crore.
From the report
CIT has raised fresh equity of ~₹1,077 crore through public offering and debt of ₹2,363 crore, which has been utilised to retire the external debt at special purpose vehicle (SPV) level .
From the report
In FY24, GCL reported total operating income (TOI) of ₹7,287 crore and gross cash accruals (GCA) of ₹832 crore.
From the report
In FY24, GCL reported total operating income of ₹7,287 crore and gross cash accruals (GCA) of ₹832 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.