Citius Transnet Investment Trust, a SEBI-registered infrastructure investment trust focused on transport assets, opens for subscription today.
Citius Transnet Investment Trust is sponsored by Epic TransNet Infrastructure Private Limited, which is wholly owned by schemes of Infrastructure Yield Trust managed by EAAA India Alternatives Limited. As of March 2025, EAAA ranks third among infrastructure investment managers in India by total assets under management and manages three of the 16 infrastructure-focused funds in the country.
Unlike a regular IPO, this is an InvIT — a structure designed to hold income-generating infrastructure assets and distribute the majority of cash flows to unitholders. Individual retail investors are not eligible to apply as a separate category.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | April 17, 2026 |
| Issue Closes | April 21, 2026 |
| Price Band | Rs 99 – Rs 100 per unit |
| Issue Size | Rs 1,105 crore |
| Total Units | ~11,05,00,000 units at upper cap |
| Minimum Application | 150 units and multiples thereof |
| Minimum Investment | Rs 14,850 – Rs 15,000 |
| Post-Issue Equity Value | Rs 6,100 crore |
| NAV per Unit (Dec 31, 2025) | Rs 104.98 |
| Listing | BSE and NSE |
| Investment Manager | EAAA TransInfra Managers Ltd |
| Sponsor | Epic Transnet Infrastructure Pvt. Ltd. |
| Trustee | Axis Trustee Services Ltd. |
| BRLMs | Axis Capital Ltd., Ambit Pvt. Ltd., ICICI Securities Ltd. |
| Registrar | KFin Technologies Ltd. |
Up to 75% of the issue is reserved for institutional investors and at least 25% for non-institutional investors.
Objects of the Issue
| Particulars | Amount (Rs crore) |
|---|---|
| Partial or full acquisition of SRPL, TEL, JSEL, Dhola and Dibang SPVs | 1,000.00 |
| General Corporate Purposes | Balance |
| Total | 1,105.00 |
What the Trust Holds
The initial portfolio comprises 10 road projects — seven toll assets and three annuity assets — spanning a total of 3,406.71 lane-kilometres across nine Indian states. These are held through their respective SPVs along with two HoldCos, Epic Concesiones 3 Private Limited and SRPL Roads Private Limited. One SPV, Thrissur Expressway Limited, is held directly by the Trust.
| PV | Type | Location |
|---|---|---|
| Samakhiali Bhachau Gandhidham Tollway Pvt Ltd (SBGTPL) | Toll | Gujarat |
| Rajkot-Vadinar Tollway Pvt Ltd (RVTPL) | Toll | Gujarat |
| Ahmedabad Maliya Tollway Pvt Ltd (AMTPL) | Toll | Gujarat |
| Sambalpur Rourkela Tollways Pvt Ltd (SRTPL) | Toll | Odisha |
| Deccan Tollways Pvt Ltd (DTPL) | Toll | Karnataka/Telangana |
| Thrissur Expressway Ltd (TEL) | Toll | Kerala |
| Panipat Elevated Corridor Pvt Ltd (PECPL) | Toll | Haryana |
| Dhola Infra Projects Pvt Ltd | Annuity | Assam |
| Dibang Infra Projects Pvt Ltd | Annuity | Arunachal Pradesh |
| Jorabat Shillong Expressway Ltd (JSEL) | Annuity | Assam & Meghalaya |
Four toll assets have been collecting toll for over 12 years and two others for over five years, giving the portfolio a strong and proven operational track record. The Trust has also entered into a Right of First Offer agreement for 11 additional HAM assets held by the EAAA platform, providing a meaningful pipeline for future portfolio growth.
Financial Performance
The trust reports losses at the net level for all periods, primarily on account of large amortisation adjustments on the underlying road assets. This is a structural feature of InvIT accounting and does not reflect operating performance.
| Particulars | FY23 | FY24 | FY25 | 9M FY26 |
|---|---|---|---|---|
| Loss Before Tax (Rs crore) | (633.83) | (738.14) | (415.53) | (214.42) |
| EBITDA Margin (before tax) | 57.51% | 61.78% | 66.26% | 72.78% |
The more relevant metric for InvIT investors is cash flow from operations, not net profit. Toll collections in FY25 stood at Rs 1,563 crore and annuity receipts at Rs 336 crore, contributing 82.3% and 17.7% respectively to total cash revenue. Net debt as of December 31, 2025 stood at Rs 4,247 crore. Projected average cash flows from operations are estimated at approximately Rs 1,418 crore per annum from FY27 to FY30.
Valuation and Peer Comparison
The issue is priced at Rs 99–100 per unit against a NAV of Rs 104.98 as of December 31, 2025, meaning investors subscribe at roughly a 4–5% discount to NAV. Among listed road InvIT peers:
| Particulars | NAV per Unit (Rs) | Premium / (Discount) to NAV |
|---|---|---|
| Cube Highways Trust | 142.70 | (1.0)% |
| Vertis Infrastructure Trust | 103.35 | 2.6% |
| Interise Trust | 107.00 | 2.6% |
| Maple Infrastructure Trust | 146.31 | (0.5)% |
| Roadstar Infra Investment Trust | 96.45 | (32.6)% |
| Nxt-Infra Trust | 106.79 | (6.4)% |
| Citius Transnet InvIT | 104.98 | (4–5)% at issue price |
Citius enters at a modest discount to NAV, which compares favourably to most peers trading near or at par.
Distribution Policy
As mandated by SEBI’s InvIT regulations, the Trust will distribute up to 90% of its net distributable income to unitholders. Distributions are paid at least once every six months. No dividends have been paid in prior periods as the Trust has only recently been established.
Risks to Consider
Net losses have been reported across all periods due to large amortisation provisions, resulting in negative networth and earnings per share — metrics that are structurally common in InvITs but can be disorienting for investors accustomed to equity financials. A significant portion of revenue is concentrated in a few SPVs that are dependent on consistent annuity income from NHAI and MoRTH. Several annuity SPVs — Dhola, Dibang, and JSEL — have residual concession lives of under six years, meaning their cash flows will wind down in the near term and growth depends on successfully executing on the 11-asset ROFO pipeline. The trust carries net debt of Rs 4,247 crore, which adds financial risk to what is otherwise a cash-generative portfolio.