Crisil Reaffirms AAA/Stable Rating for Capital Infra Trust Debt Instruments Amid Strong Asset Portfolio

Crisil Reaffirms AAA/Stable Rating for Capital Infra Trust Debt Instruments Amid Strong Asset Portfolio​

Crisil Ratings Limited has reaffirmed the ratings assigned to the Non-Convertible Debentures (NCDs) and Corporate Credit Rating of Capital Infra Trust (CIT). The agency maintained its assessment, citing the Trust’s strong and diversified portfolio of infrastructure assets.

The rating reaffirmation covers two distinct NCD issuances and the overall corporate credit profile of CIT, a major Infrastructure Investment Trust (InvIT).

A summary of the reaffirmed ratings across all instruments is presented below:

Financial Health and Stability Factors​

Crisil Ratings noted that the rating reflects CIT’s substantial portfolio, which comprises 12 hybrid annuity model (HAM) road assets. These projects are operational across eight states and have an established track record of receiving at least three annuities.

Key factors contributing to the strong debt protection metrics include:

• Counterparty Risk Mitigation: The National Highways Authority of India (NHAI) serves as the counterparty for all assets, which significantly reduces external risk.
• Cash Flow Predictability: Cash flows are predictable due to fixed-price project management agreements (PMA) between Gawar Construction Ltd (GCL), the sponsor, and the respective Special Purpose Vehicles (SPVs). This stability is supported by a balance concession life estimated at approximately 13 years.
• Debt Cushioning: The financing documents mandate the maintenance of a three-month debt service reserve account (DSRA) and establish a cash trap provision to be invoked if the Debt Service Coverage Ratio (DSCR) falls below 1.15 times.

Despite these strengths, the rating rationale also highlighted potential risks related to operational costs and interest rates. The Trust is susceptible to volatility in operating expenses and interest rate movements. Any acquisitions of underconstruction or weak assets could become a sensitivity factor impacting the DSCR on a sustained basis.

Corporate Financial Indicators​

As part of the rating review, Crisil Ratings provided an analysis of key financial indicators for CIT, showing projected revenue growth against profitability metrics:


The review also confirmed that the Trust's financial risk profile remains supported by comfortable average DSCR throughout the tenure of debt, with CIT having a strong DSCR of 2.0 to 2.2 times over the balance tenure of the debt. Net debt stood at 40.9% of asset value as on March 31, 2026, which is below the InvIT guideline limit of 49%.

CIT holds a diverse portfolio that includes projects in states such as Haryana, Rajasthan, Bihar, and Karnataka, with assets ranging from Gawar Rohna Jhajjar Highway Pvt Ltd (GRJHPL) to Gawar Bangalore Highways Pvt Ltd (GBHPL).

CAPINVIT Stock Price Movement​

Shares of Capital Infra Trust are edging higher to ₹74 as of 2:27 PM today, gaining 1.37% in live trading. The equity has shown intraday resilience, with trading occurring within a range that extended down to ₹73.1 and pushed near highs nearing ₹74.78.