Capital Infra Trust has received the highest credit rating of ICRA AAA with a stable outlook for its ₹1750.00 crore term loan facility. The Infrastructure Investment Trust (InvIT) communicated this significant development to the National Stock Exchange and BSE Limited on February 14, 2026, in compliance with Regulation 23 of SEBI InvIT Regulations.

Credit Rating Details

ICRA Limited assigned the ratings on February 13, 2026, covering both the term loan facility and an issuer rating for the trust. The rating action demonstrates the strong creditworthiness and financial stability of the infrastructure investment trust.

Lender-wise Facility Breakdown

The ₹1750.00 crore term loan facility is distributed between two major banking institutions, both receiving the same high credit rating.

Rating Significance

The ICRA AAA rating represents the highest degree of safety regarding timely servicing of financial obligations. This rating carries the lowest credit risk and indicates that the trust has an extremely strong capacity to meet its financial commitments. The stable outlook suggests that the rating is likely to remain unchanged over the medium term.

Regulatory Compliance

The trust's communication to stock exchanges fulfills the mandatory disclosure requirements under SEBI InvIT Regulations. Capital Infra Trust, formerly known as National Infrastructure Trust, operates with registration number IN/InvIT/23-24/0029 and is headquartered in Gurugram, Haryana.

Key Stakeholders

The trust operates with Axis Trustee Services Limited as the trustee and IDBI Trusteeship Services Limited as the debt security trustee. The rating communication was signed by Shubham Jain, Company Secretary and Compliance Officer, ensuring proper corporate governance and regulatory compliance.

Capital Infra Trust has submitted its quarterly Statement of deviation/variation for the quarter ended December 31, 2025, in compliance with SEBI InvIT Regulations 2014. The infrastructure investment trust reported no deviations in the utilization of funds raised through two separate fundraising initiatives totaling ₹15,950.06 million.

Fund Raising Activities Overview

The trust conducted two major fundraising exercises during the reporting period. The first was a Qualified Institutional Placement (QIP) completed on December 19, 2025, raising ₹12,500.00 million. The second was a preferential issue completed on November 13, 2025, raising ₹3,450.06 million.

QIP Proceeds Utilization

The QIP proceeds were allocated across three primary objectives. The trust successfully utilized ₹5,877.92 million of the total ₹12,500.00 million raised, with significant portions deployed for strategic acquisitions and debt repayment.

The ROFO assets acquired include Hasanpur Bakhtiyarpur Highway Private Limited, JRR Highways Private Limited, and Korba Highway Private Limited. As of December 31, 2025, ₹6,622.08 million remains unutilized, specifically earmarked for providing shareholder loans to target SPVs for repayment of outstanding senior debt from external lenders.

Preferential Issue Deployment

The preferential issue proceeds were fully deployed according to the stated objectives. The entire amount of ₹3,450.06 million was utilized for partial prepayment of existing Non-Convertible Debentures (NCDs) across both series.

Earnings Conference Call Audio Transcript

Capital Infra Trust has made available the audio transcript of its earnings conference call for Q3 FY26 results. The call was held on February 06, 2026, at 03:00 PM (IST) and the audio transcript can be accessed through the company's investor website.

The notification was communicated to both National Stock Exchange of India Limited and BSE Limited on February 07, 2026, ensuring compliance with regulatory disclosure requirements.

Regulatory Compliance and Audit Certification

Independent auditors AASM & Co. provided certification for both fundraising activities. The auditors confirmed that the QIP issue proceeds were applied in accordance with the objects stated in the Placement Document, with no deviations identified. Similarly, the preferential issue proceeds were verified to have been utilized as per the objects stated in the Unitholder's Notice.

The trust operates through its Investment Manager, Gawar Investment Manager Private Limited, with Axis Trustee Services Limited serving as the trustee. The statements were signed by key officials including Company Secretary Shubham Jain and Chief Financial Officer Amit Kumar, ensuring proper corporate governance and regulatory compliance.