Capital Infra Trust Receives AAA Rating Reaffirmation from CRISIL Under Regulation 23
Capital Infra Trust received formal rating reaffirmation from CRISIL maintaining AAA/Stable rating on non-convertible debentures and corporate credit rating, as communicated to stock exchanges under Regulation 23. The InvIT expanded its portfolio to 12 operational HAM assets through strategic acquisitions funded by ₹1,250 crore QIP and debt financing, while optimizing leverage to 45.6% through debt prepayment of ₹420 crore.
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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.
| Instrument Type | Amount (₹ Crore) | Rating | Outlook | Action |
|---|---|---|---|---|
| Non-Convertible Debentures | 974.71 (reduced from 1200) | CRISIL AAA | Stable | Reaffirmed |
| Non-Convertible Debentures | 944.66 (reduced from 1200) | CRISIL AAA | Stable | Reaffirmed |
| Corporate Credit Rating | - | CRISIL AAA | Stable | Reaffirmed |
CRISIL has withdrawn its rating on NCDs aggregating ₹480.63 crore following confirmation of partial redemption from the debenture trustee.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:
| Portfolio Parameter | Details |
|---|---|
| Total HAM Assets | 12 operational projects |
| Geographic Coverage | Nine states across India |
| Counterparty | NHAI for all assets |
| Maximum Asset Contribution | Less than 25% to total income |
| Balance Concession Period | 10 to 13.5 years |
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.
| Financial Metric | Current Value |
|---|---|
| Leverage (November 2025) | 45.6% |
| Average DSCR | 1.9-2.1 times |
| Net Debt-to-EV | 43-45% |
| External Debt at Trust Level | ₹1919.37 crore |
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.
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