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Citius Transnet InvIT
CITIUSINVT·₹99 – ₹100·Opens 2026-04-17
★★★☆☆3/5
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Overall
Price Band: ₹99 – ₹100
Min. Investment: 15000
Lot Size: 150 shares
Issue Size: 1105
About the Company
What does this company do?
Citius TransNet Investment Trust is an Infrastructure Investment Trust (InvIT) registered under SEBI (Infrastructure Investment Trusts) Regulations, 2014. The Trust was set up on July 21, 2025, under the Indian Trusts Act, 1882, and registered on August 1, 2025. The Trust holds a portfolio of road infrastructure assets…
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)
75%
Not more than 75% of the Issue available for Institutional Investors on proportionate basis; up to 60% of institutional portion may be allocated to Anchor Investors
NII / HNI (Non-Institutional Investors)
25%
Not less than 25% of the Issue available for Non-Institutional Investors on proportionate basis
Products & Brands
Key offerings and brand portfolio of the company.
Toll Road SPVs: Operational toll road projects held through Special Purpose Vehicles (SPVs) including SRPL, TEL, JSEL, Dhola, and Dibang, generating toll revenue under government concession agreements.
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 | 1142.932 | 2834.951 | 2257.007 | 2083.594 |
| EBITDA Margin | 76.4% | 142.7% | 120.5% | 117.5% |
| Depreciation & Amortisation | 525.675 | 699.842 | 692.215 | 709.490 |
| EBIT | 617.257 | 2135.109 | 1564.792 | 1374.104 |
| 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 | — | — | — | — | — |
| IndInfravit Trust | BSE/NSE | — | — | — | — | — |
| National Highways Infra Trust | 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.
⚠
{"amount":"","object":"Partial or full acquisition of securities of SRPL (a Project SPV)"}
1
{"amount":"","object":"Acquisition of securities of identified Project SPVs — TEL, JSEL, Dhola, and Dibang"}
2
{"amount":"","object":"General purposes"}
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Portfolio of operational road infrastructure assets with long-tenure concessions
Stable toll and annuity revenue streams from government-backed concession agreements
Strong ROFO pipeline of 11 additional assets from the Sponsor
Experienced management and professional trustee structure
⚠️Weaknesses
Consistently negative net worth and recurring losses at the combined SPV level
High financial leverage with total debt exceeding ₹6,700 Cr
Heavy amortization of intangible assets (concession rights) depresses reported profitability
Newly registered Trust with no operating history at the Trust level
🚀Opportunities
India's large and growing road infrastructure sector with significant government investment
ROFO pipeline provides a clear inorganic growth path post-listing
Growing investor appetite for yield-generating InvIT instruments
Potential for traffic growth and toll rate revisions to boost revenue
🔥Threats
Regulatory changes to toll rates, concession terms, or InvIT regulations
Traffic volumes sensitive to economic slowdown or competing alternative routes
Refinancing risk given high debt levels and interest rate sensitivity
Finite concession periods after which assets revert to road authorities
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Diversified portfolio of operational road infrastructure assets including toll and annuity SPVs across India
✓
Sponsor (Epic Transnet Infrastructure Private Limited) has a strong pipeline of 11 ROFO (Right of First Offer) assets providing growth visibility
✓
Experienced Investment Manager (EAAA TransInfra Managers Limited) and professional trustee (Axis Trustee Services Limited)
✓
Stable and predictable cash flows from road concession agreements with government authorities
✓
Regulated InvIT structure with mandatory distribution of at least 90% of Net Distributable Cash Flows to unitholders
✓
Listed on both BSE and NSE providing liquidity to investors
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.
⚠
Portfolio SPVs have reported consistent losses; combined net loss was ₹417.75 Cr in FY2025 and ₹774.12 Cr in FY2024
⚠
Highly leveraged balance sheet with total debt (non-current + current borrowings) of ~₹6,699.99 Cr as at March 31, 2025, and negative total equity
⚠
Revenue dependent on traffic volumes, which are subject to economic cycles, competition from alternative routes, and regulatory changes
⚠
Concession agreements have finite tenures, after which assets revert to road authorities without compensation
⚠
This is the first public offer of units by the Trust with no prior trading history or market price discovery
⚠
Complex InvIT structure involving multiple SPVs, HoldCos, and regulatory compliance requirements
◆ Neutral
Should You Apply?
Citius TransNet Investment Trust is a newly registered InvIT sponsored by Epic Transnet Infrastructure Private Limited, holding a portfolio of operational toll and annuity road SPVs across India, with proceeds to be used to acquire securities in key Project SPVs. Financially, the combined portfolio has reported consistent net losses (₹417.75 Cr in FY2025; ₹774.12 Cr in FY2024) and deeply negative equity (₹-3,692.65 Cr as at March 31, 2025), primarily due to high leverage (total debt ~₹6,700 Cr) and heavy amortization of concession intangibles, though operating cash flows remain positive at ~₹1,044.95 Cr in FY2025. The InvIT offers yield through mandatory distribution of at least 90% of Net Distributable Cash Flows and a ROFO pipeline of 11 additional assets, but investors should be aware of the highly leveraged structure, finite concession lifespans, and loss-making reported financials. A Neutral rating is assigned, with the investment case hinging on yield generation and traffic growth rather than capital appreciation.
⚠️ 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