Capital Infra Trust has received a rating reaffirmation from CRISIL Ratings Limited, maintaining its strong credit profile in the infrastructure investment trust sector. The rating agency reaffirmed the 'CRISIL AAA/Stable' rating on the trust's non-convertible debentures and corporate credit rating on February 03, 2026, as communicated to stock exchanges under Regulation 23 of SEBI InvIT Regulations.

Rating Reaffirmation and Regulatory Compliance

Capital Infra Trust formally notified the National Stock Exchange of India Limited and BSE Limited on February 04, 2026, regarding the credit rating reaffirmation. The communication was made pursuant to Regulation 23 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

CRISIL has withdrawn its rating on NCDs aggregating ₹480.63 crore following confirmation of partial redemption from the debenture trustee. The outstanding external debt at trust level stands at ₹1919.37 crore, while combined debt at acquired SPVs totals ₹1641.45 crore.

Expanded Portfolio and Strategic Acquisitions

Capital Infra Trust completed the acquisition of 100% shareholding in three hybrid annuity model special purpose vehicles owned by sponsor Gawar Construction Ltd in December 2025. This expansion brings the InvIT's total portfolio to 12 HAM assets, all operational with track records of receiving at least two annuities from the National Highways Authority of India.

The portfolio comprises geographically diversified assets spanning nine states, with balance concession periods ranging from 10 to 13.5 years. Key portfolio highlights include:

Financial Management and Debt Optimization

The acquisition was strategically funded through multiple financing sources including a Qualified Institutional Placement of ₹1,250 crore, debt financing of approximately ₹1,150 crore, and a preferential issue of ₹345 crore to sponsor GCL in November 2025.

The trust utilized proceeds from the preferential issue, combined with internal accruals of ₹75 crore, to prepay external NCD debt of ₹420 crore. This strategic debt management reduced leverage to 45.6% as of November 14, 2025, from 55.0% in June 2025.

Strong Operational Foundation and Risk Management

The InvIT operates with robust structural protections including three-month debt service reserve account maintenance and cash trap provisions if DSCR falls below 1.15 times. The debt structure includes put and call options providing additional liquidity management flexibility.

Operational strengths include average payment delays of less than one month from NHAI, with seven out of nine projects receiving payments without material deductions. The trust benefits from fixed-price Project Management Agreement with GCL for the entire concession period, providing cost certainty and cash flow stability.

Rating Rationale and Future Outlook

CRISIL's rating reflects the healthy operational track record of assets with geographic diversification, strong counterparty in NHAI, and superior liquidity position supported by steady annuity receipts. The rating agency maintains a stable outlook, expecting continued benefit from steady and timely receipt of annuities backed by strong counterparty relationships.

The trust's rating strengths include fixed-price long-term maintenance agreements with experienced sponsor GCL and comfortable debt protection metrics following recent financial restructuring. However, the rating also considers susceptibility to volatility in operational costs and interest rates, along with potential refinancing risks from put and call option provisions.

Capital Infra Trust has announced its board's approval for additional borrowings of Rs 667.36 crores from Union Bank of India, specifically designated for the redemption of Non-Convertible Debentures Series II (NCD II). The decision represents a significant financial restructuring move by the infrastructure investment trust.

Board Approval and Regulatory Compliance

The Board of Directors of Gawar Investment Manager Private Limited, serving as the Investment Manager to Capital Infra Trust, approved the additional borrowings through a circular resolution passed on January 30, 2026. The approval was granted in compliance with Regulation 23(6)(b) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and other applicable SEBI InvIT Regulations.

The Trust has formally notified both the National Stock Exchange of India Limited and BSE Limited about this development, maintaining transparency with regulatory authorities and stakeholders.

Financial Structure and Borrowing Details

The proposed borrowing arrangement forms part of a comprehensive financial strategy by the Trust:

The Rs 667.36 crores borrowing, combined with the previously approved term loan of Rs 482.64 crores for refinancing ROFO Assets (approved on January 28, 2026), aggregates to the total sanctioned amount of Rs 1,150 crores from Union Bank of India.

Purpose and Utilization

The Trust has specified that the proposed borrowings will be utilized solely for refinancing existing borrowings. The primary objective is the redemption of Non-Convertible Debentures Series II, which forms part of the Trust's debt restructuring strategy.

The borrowing is subject to receipt of requisite approvals, if required, indicating that certain regulatory or internal approvals may still be pending for the complete execution of this financial arrangement.

Previous Communications

This announcement follows previous intimations dated October 08, 2025, and January 29, 2026, suggesting an ongoing process of financial restructuring and stakeholder communication by the Trust. The systematic approach to regulatory compliance demonstrates the Trust's commitment to maintaining transparency in its financial operations.

Regulatory Framework

The borrowing approval operates under the framework of SEBI InvIT Regulations, specifically Regulation 23(6)(b), read with Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. The Trust also complies with the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, ensuring adherence to all applicable regulatory requirements.