capital infra trust has released the audio transcript for its earnings conference call regarding the financial results for the fourth quarter of the fiscal year 2025-26. The call was held on May 20, 2026, at 12:00 PM (IST). The transcript provides a detailed record of the management's discussion on the quarterly performance.

Accessing the Transcript

The audio transcript is now available for public access on the official website of the Trust. Investors and interested parties can view the document by navigating to the Investors section and following the specific path for quarterly results.

Key Details

The intimation regarding the transcript was sent to the National Stock Exchange of India Limited and BSE Limited. The document covers the financial results for the period ending Q4 FY26. Gawar Investment Manager Private Limited, acting as the Investment Manager to the Trust, facilitated the disclosure.

The transcript can be found on the Trust's website under the path: Investors >>> Financial Result >>> Quarterly Results >>> FY 2025-26 >>> Q4 >>> Call Transcript (Audio).

Capital Infra Trust has released its valuation report and Net Asset Value (NAV) disclosure for the financial year ended March 31, 2026. The trust reported a NAV of ₹74.72 per unit, based on net assets of ₹36,729.59 million and 491,551,733 outstanding units. The fair enterprise value of its 12 Special Purpose Vehicles (SPVs) was assessed at ₹62,235 million, while the adjusted enterprise value stood at ₹66,114 million.

Valuation Overview

The valuation was conducted by independent valuer S. Sundararaman, registered with the Insolvency and Bankruptcy Board of India (IBBI), using the Discounted Cash Flow (DCF) method under the income approach. This method was deemed appropriate given the finite concession periods of the SPVs, which operate under Hybrid Annuity Model (HAM) agreements with the National Highways Authority of India (NHAI). The valuation date was March 31, 2026, and the report was submitted on May 19, 2026.

Asset Portfolio

Capital Infra Trust currently owns a portfolio of 12 road assets. During the year ended March 31, 2026, the trust expanded its portfolio by acquiring three additional SPVs in December 2025, increasing the total number of SPVs from 9 to 12. The assets are located across various states including Haryana, Chhattisgarh, Rajasthan, Uttarakhand, Himachal Pradesh, Madhya Pradesh, Bihar, and Karnataka.

Financial Metrics

The valuation report detailed the financial metrics for the trust as of March 31, 2026. The net assets were calculated after deducting total liabilities of ₹29,904.57 million from total assets of ₹66,634.16 million. The unit holding pattern showed that the sponsor and sponsor group held 32.40% of the units, while mutual funds held 17.86%.

Enterprise Value of SPVs

The fair enterprise value of the 12 SPVs was derived based on projected cash flows over their respective balance concession periods. The Weighted Average Cost of Capital (WACC) used for the valuation ranged from 6.78% to 7.04% across the different SPVs. The total fair enterprise value was ₹62,235 million, and the adjusted enterprise value, which includes cash and cash equivalents, was ₹66,114 million.