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Citius Transnet Investment Trust
CITIUSINVT·99-100·Opens 2026-04-17
★★★☆☆3/5
🔗 Official WebsitePrice Band: 99-100
Min. Investment: 15000
Issue Size: 1105
About the Company
What does this company do?
Citius TransNet Investment Trust is an Infrastructure Investment Trust (InvIT) registered under SEBI InvIT Regulations, 2014. It holds a portfolio of road infrastructure assets (toll and annuity SPVs) in India. The Trust is sponsored by Epic Transnet Infrastructure Private Limited and managed by EAAA TransInfra Manager…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
1105
Fresh Issue
1105
Proceeds go to company
Reservation Structure
QIB (Qualified Institutional Buyers)
Up to 75%
Up to 75% of Issue available for Institutional Investors; up to 60% of Institutional Investor Portion may be allocated to Anchor Investors
NII / HNI (Non-Institutional Investors)
At least 25%
Not less than 25% of Issue available for Non-Institutional Investors
Products & Brands
Key offerings and brand portfolio of the company.
Toll Road Assets: Highway toll SPVs generating revenue through toll collection on national/state highways under concession agreements with NHAI/state road authorities
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | 9M FY2026 (Apr-Dec 2025) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue from Operations | 1496.364 | 1987.046 | 1873.173 | 1773.516 |
| Other Income | 74.025 | 178.571 | 165.357 | 111.779 |
| EBITDA | 1142.832 | 1434.951 | 1259.407 | 1084.585 |
| EBITDA Margin | 76.4% | 72.2% | 67.2% | 61.2% |
| Depreciation & Amortisation | 525.675 | 699.842 | 692.215 | 709.490 |
| EBIT | 617.157 | 735.109 | 567.192 | 375.095 |
| Finance Costs (Interest) | 831.674 | 1150.641 | 1305.333 | 1008.506 |
| PBT (Profit Before Tax) | -214.417 | -415.532 | -738.141 | -633.831 |
| Tax | 4.631 | 2.219 | 35.977 | 20.177 |
| PAT (Net Profit) | -219.048 | -417.751 | -774.118 | -654.008 |
| PAT Margin | -14.6% | -21.0% | -41.3% | -36.9% |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
—
9M FY2026 (Apr-Dec 2025)
EPS — Diluted (₹)
—
9M FY2026 (Apr-Dec 2025)
P/E Ratio
—
At upper band
RoNW (%)
—
9M FY2026 (Apr-Dec 2025)
NAV per Share (₹)
—
Pre-issue
Peer Comparison
Listed peers in the same industry — compare valuation and scale.
| Company | Exchange | Market Cap | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROE |
|---|---|---|---|---|---|---|
| IRB InvIT Fund | BSE/NSE | — | — | — | — | — |
| India Grid Trust (IndiGrid) | BSE/NSE | — | — | — | — | — |
| Highways Infrastructure Trust | BSE/NSE | — | — | — | — | — |
| National Highways Infra Trust (NHAI InvIT) | BSE/NSE | — | — | — | — | — |
* Peer data extracted from DRHP. All figures in ₹ Crores unless stated. P/E based on latest available earnings.
Objectives of the Issue
How the company intends to use the IPO proceeds.
⚠
Partial or full acquisition of securities of SRPL (Project SPV)
1
Acquisition of securities of TEL (Project SPV)
2
Acquisition of securities of JSEL (Project SPV)
3
Acquisition of securities of Dhola (Project SPV)
4
Acquisition of securities of Dibang (Project SPV)
5
General purposes
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Operational road infrastructure portfolio with both toll and annuity assets providing revenue diversification
Strong operating cash flows consistently above ₹900 crore annually
ROFO pipeline of 11 additional assets from EAAA platform for future growth
Mandatory distribution of 90%+ of NDCF provides regular income to unitholders
⚠️Weaknesses
Persistent net losses due to high finance costs and large D&A on concession intangibles
Deeply negative consolidated equity indicating heavily leveraged structure
No established trading history as this is a first-time public issue
High debt levels with total debt exceeding ₹6,700 crore as at March 2025
🚀Opportunities
Growing road infrastructure sector in India with increasing government capex
Potential acquisition of ROFO assets to grow portfolio and distributions
Refinancing of high-cost debt at lower rates to improve profitability
Toll rate revisions linked to WPI/CPI providing inflation protection
🔥Threats
Traffic volume risk due to economic slowdown or alternative route development
Regulatory changes in toll rate structures or concession terms
Interest rate risk on floating rate debt
Concession expiry risk as assets revert to road authorities at end of term
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Diversified portfolio of operational road infrastructure assets comprising both toll and annuity SPVs providing revenue visibility
✓
Strong sponsor backing from Epic Transnet Infrastructure Private Limited with established EAAA platform having 11 ROFO assets
✓
Stable and growing revenue from operations increasing from ₹17,735 million in FY2023 to ₹19,870 million in FY2025
✓
Robust operating cash flows consistently above ₹9,000 million annually across FY2023-FY2025
✓
Access to a pipeline of ROFO assets providing future growth opportunities for unitholders
✓
Structure as an InvIT mandates regular distribution of at least 90% of Net Distributable Cash Flows to unitholders
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Consistent net losses at the combined entity level due to high finance costs and depreciation/amortisation on concession intangibles
⚠
Negative total equity at the combined special purpose level indicating heavily leveraged balance sheet
⚠
Significant debt obligations (both current and non-current borrowings) totalling over ₹59,000 million as at March 31, 2025
⚠
Revenue is dependent on traffic volumes and toll rates which are subject to regulatory and economic risks
⚠
This being the first public issue of Units, there is no established market price or trading history for the Units
⚠
Concession agreements have finite terms and revenue rights revert to road authorities at end of concession period
◆ Neutral
Should You Apply?
Citius TransNet Investment Trust is a SEBI-registered Infrastructure Investment Trust owning a portfolio of operational toll and annuity road assets in India, sponsored by Epic Transnet Infrastructure Private Limited under the EAAA platform. The Trust demonstrates solid operating cash flows (₹1,045 crore in FY2025) and revenue growth (5.9% CAGR FY23-25), but reports persistent net losses due to high finance costs and large amortisation of concession intangibles, with a deeply negative combined net worth. As an InvIT, the primary investment thesis rests on regular cash distributions (minimum 90% of NDCF) rather than capital appreciation, and the ROFO pipeline of 11 assets provides growth optionality; however, elevated leverage, first-time listing risks, and finite concession periods warrant a cautious approach, making this suitable for income-seeking institutional investors comfortable with infrastructure-asset risk.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
Issue open date
2026-04-17
🔒
Issue close date
2026-04-21
⏰
UPI mandate deadline
2026-04-21
🎯
Allotment finalization
2026-04-24
💰
Refund initiation
2026-04-27
📦
Share credit
2026-04-27
🏛️
Listing date
2026-04-29
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (3)
Axis Capital
Ambit
ICICI Securities
Registrar to the Issue
📋
KFin Technologies Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Citius TransNet Investment Trust
CIN
IN/InvIT/25-26/0032
Registered Office
Plot 294/3, Edelweiss House, Off CST Road, Kalina, Santacruz East, Mumbai 400 098, Maharashtra, India
Contact Person
Pravin Karambelkar
Phone
+91 22 4019 4700
Website
www.citiustransnet.in