Capital Infra Trust reports NAV of ₹74.72 for FY26
Capital Infra Trust has released its valuation report and NAV disclosure for the financial year ended March 31, 2026, reporting a NAV of ₹74.72 per unit. The trust's net assets stood at ₹36,729.59 million, with a fair enterprise value of ₹62,235 million for its 12 SPVs, which increased from 9 to 12 following acquisitions in December 2025.
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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%.
| Particulars | Amount (Rs. millions) |
|---|---|
| Total Assets | 66,634.16 |
| Total Liabilities | 29,904.57 |
| Net Assets | 36,729.59 |
| No. of Outstanding Units | 491,551,733 |
| NAV per Unit (Rs.) | 74.72 |
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.
| Sr. No. | SPV Name | Fair Enterprise Value (INR Mn) | Adjusted Enterprise Value (INR Mn) |
|---|---|---|---|
| 1 | GNHPL | 3,413 | 3,964 |
| 2 | GKBHPL | 2,322 | 2,636 |
| 3 | HHHPL | 5,286 | 5,286 |
| 4 | GRJHPL | 2,396 | 2,502 |
| 5 | GKNHPL | 10,745 | 10,784 |
| 6 | GRSHPL | 3,773 | 4,119 |
| 7 | DUHPL | 3,248 | 3,391 |
| 8 | GBHPL | 4,695 | 5,404 |
| 9 | GNHPL II | 2,414 | 2,633 |
| 10 | JRRHPL | 6,816 | 6,958 |
| 11 | HBHPL | 13,091 | 13,717 |
| 12 | KHPL | 4,037 | 4,719 |
| Total | 62,235 | 66,114 |
Will Capital Infra Trust continue expanding its SPV portfolio beyond 12 assets in FY2027, and which states or highway corridors are likely targets for future acquisitions?
How might a potential revision in NHAI's Hybrid Annuity Model payment terms or policy changes affect the DCF-based valuations of Capital Infra Trust's SPVs going forward?
Given the relatively low WACC range of 6.78%–7.04%, how sensitive is the trust's NAV to interest rate movements, and what impact could RBI's monetary policy trajectory have on future valuations?
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