Citius TransNet Investment Trust

What Citius TransNet Investment Trust does

Citius TransNet Investment Trust is a SEBI-registered Infrastructure Investment Trust (InvIT) that owns and operates a portfolio of 10 operational road assets across 9 Indian states, totaling 3,406.71 lane-kilometres. The trust was settled by Sponsor Epic TransNet Infrastructure Private Limited (formerly Watrak Infrastructure Private Limited) and registered with SEBI on August 1, 2025. It completed a Rs 1,105 crore public IPO in April 2026 and listed on BSE and NSE on April 29, 2026, at a 4.5% premium to issue price. Investment management is delivered by EAAA TransInfra Managers Limited, part of the EAAA India Alternatives platform that manages Rs 629.70 billion in AUM as of June 30, 2025.

The portfolio comprises 7 toll-based highway assets (82.30% of FY25 cash revenue receipts) generating usage-based toll revenue from end users, and 3 annuity-based highway assets (17.70%) receiving fixed semi-annual payments from NHAI/MoRTH. Toll assets include Ahmedabad-Maliya, Deccan, Panipat Elevated, Rajkot-Vadinar, Samkhiali-Bhachau-Gandhidham, Sambalpur-Rourkela and Thrissur Expressway; annuity assets are Dhola-Sadia, Dibang river bridges and Jorabat-Shillong. Operations are managed in-house by a 340+ person team supported by technology-enabled O&M systems. FY25 reported revenue from operations was Rs 1,987.04 crore against a net loss of Rs 417.75 crore; EBITDA margins expanded from 57.5% in FY23 to 72.8% in 9M FY26.

The trust serves yield-focused institutional and retail investors seeking stable, annuity-like income (targeted 13-15% returns) from Indian transport infrastructure. Anchor investors in the IPO included HDFC Pension, SBI Pension, ICICI Prudential Pension, DSP Pension, L&T Provident Fund, WhiteOak, DSP, Quant, Axis MF, Bajaj Life, Axis Max Life, Bharti AXA and IndusInd General. A Right of First Offer agreement covers 11 additional NHAI Hybrid Annuity Model road assets totaling 2,380 lane-kilometres, which would expand the portfolio to 21 road assets across 12 states.

Name

Citius TransNet Investment Trust

Legal name

Citius TransNet Investment Trust

Website

https://citiustransnet.in

Company type

Public

Founded year

2025

Operating status

Ipo

Short description

Citius TransNet Investment Trust is a SEBI-registered InvIT listed on BSE and NSE, operating 10 road assets across 9 Indian states totaling 3,406.71 lane-kilometres. It provides yield-focused institutional and retail investors with diversified exposure to Indian transport infrastructure toll and annuity cash flows.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Trust (Transport / Highways)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

akta.pro secondary industry

Real Assets & Infrastructure ETFs (REITs, Infrastructure, Natural Resources) (FSAAAFAH)

Keywords

• Transport infrastructure investment
• Highway toll operations
• Infrastructure investment trust
• Annuity road assets
• InvIT yield distributions

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Toll Collection: Users pay toll to the Project SPV for use of the highway. Toll assets contribute 82.30% of total cash revenue receipts for FY25. Seven toll-based highway assets spanning over 3,043.22 lane-kilometres.
2. Annuity Receipts: The Concessioning Authority (NHAI/MoRTH) pays the Project SPV a fixed annuity semi-annually in lieu of construction and maintenance investments. Annuity assets contribute 17.70% of total cash revenue receipts for FY25. Three annuity-based highway assets spanning over 363.49 lane-kilometres.
3. InvIT Yield Distributions: The trust distributes yields to unit holders from cash flows generated by toll and annuity road assets. Typical investor returns in the 13-15% range, providing stable, annuity-like income from operational assets.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Citius TransNet Investment Trust is an SEBI-registered Infrastructure Investment Trust (InvIT) that owns and operates a portfolio of 10 road assets across 9 Indian states, totaling 3,406.71 lane-kilometers. The portfolio comprises 7 toll-based highway assets that generate revenue from user toll payments, and 3 annuity-based highway assets that receive fixed semi-annual payments from NHAI/MoRTH. The trust offers yield-seeking investors access to stable, annuity-like income from operating transport infrastructure through publicly listed units on BSE and NSE.

Product overview

Citius TransNet Investment Trust is a transport infrastructure-focused Infrastructure Investment Trust (InvIT) that operates a portfolio of 10 road assets across 9 Indian states, totaling 3,406.71 lane-kilometres. The portfolio comprises 7 toll-based highway assets (contributing 82.30% of FY25 cash revenue receipts) and 3 annuity-based highway assets (contributing 17.70%). The toll assets generate revenue from user toll payments, while annuity assets receive fixed semi-annual payments from NHAI/MoRTH. The initial portfolio assets include Ahmedabad Maliya Tollway, Deccan Tollways, Panipat Elevated Corridor, Rajkot-Vadinar Tollway, Samkhiali Bhachau Gandhidham Tollway, Sambalpur-Rourkela Tollway, Thrissur Expressway (toll), and Dhola Infra, Dibang Infra, Jorabat Shillong Expressway (annuity). The trust is sponsored by Epic TransNet Infrastructure Private Limited and managed by EAAA TransInfra Managers Limited, with Axis Trustee Services as the trustee.

Differentiator

Problem solved

Functional benefit

Products and services

• Citius TransNet InvIT Units Publicly listed trust units on BSE and NSE that provide investors with exposure to the cash flows of 10 operating road assets across India, targeting typical yields in the 13-15% range.
• Toll-Based Highway Operations Operations and maintenance of 7 toll-based highway assets spanning over 3,043.22 lane-kilometers, generating usage-based revenue from highway users.
• Annuity-Based Highway Operations Operations and maintenance of 3 annuity-based highway assets spanning over 363.49 lane-kilometers, generating fixed semi-annual annuity payments from NHAI/MoRTH.

Quantifiable outcome

• 13-15% typical investor returns
• +5 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Seven partnerships are on record, tiered core.

• SRPL Roads Private LimitedcoreStrategic or Co-development Partner · 17 April 2026SRPL Roads Private Limited is a key acquisition target for the InvIT. Proceeds of approximately Rs 1,000 crore from the IPO are earmarked for acquiring securities of SRPL Roads Pvt Ltd and several project SPVs. SRPL's sponsor has extensive experience in highway development with CLP India (Apraava Energy).
• Thrissur Expressway Limited (TEL)coreStrategic or Co-development Partner · 17 April 2026Thrissur Expressway Limited is one of 10 project SPVs being acquired by the InvIT. TEL operates the 6-laning Vadakancherry-Thrissur section of NH-47 (28.355 km, 170.13 lane-kms) on DBFO basis with NHAI, with a 20-year concession period.
• Jorabat Shillong Expressway Limited (JSEL)coreStrategic or Co-development Partner · 17 April 2026Jorabat Shillong Expressway Limited is one of 10 project SPVs being acquired by the InvIT. JSEL operates the four-laning Jorabat-Shillong section of NH-40 in Assam and Meghalaya (61.80 km, 247.20 lane-kms) with a 20-year concession period including 17 years operations period.
• Dhola Infra Projects Private Limited (Dhola)coreStrategic or Co-development Partner · 17 April 2026Dhola Infra Projects Private Limited is one of 10 project SPVs being acquired by the InvIT. Dhola operates a bridge project connecting Dhola and Sadia ghats along with 2-lane connecting roads in Assam on BOT Annuity basis (57.02 lane-kms).
• Dibang Infra Projects Private Limited (Dibang)coreStrategic or Co-development Partner · 17 April 2026Dibang Infra Projects Private Limited is one of 10 project SPVs being acquired by the InvIT. Dibang operates construction of bridges across the Dibang river system and connecting roads in Arunachal Pradesh on BOT Annuity basis (59.27 lane-kms).
• National Highways Authority of India (NHAI)coreOthers · 17 April 2026NHAI is the Concessioning Authority for most of the InvIT's road assets and counterparty for the ROFO pipeline of 11 HAM assets. NHAI pays fixed annuity semi-annually to annuity-based SPVs and grants toll/concession rights for toll assets. It is the key government counterparty enabling the InvIT's revenue model.
• Axis Trustee Services LimitedcoreOthers · 1 August 2025Axis Trustee Services Limited is the Trustee of the Investment Trust, registered with SEBI under the Debenture Trustee Regulations (Registration No. IND000000494) and a wholly owned subsidiary of Axis Bank Limited. The Trustee oversees governance and investor protection on behalf of the unit holders.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• IndiGrid Trust: India's first power-sector InvIT listed on Indian exchanges, operating power transmission assets. Comparable as an infrastructure pooled-fund vehicle using the same InvIT structure, distribution mechanics, and yield-driven investor base, though focused on power transmission rather than roads.
• Oriental Infra Trust: SEBI-registered Infrastructure Investment Trust focused on highway and road assets in India, with a portfolio of toll and annuity SPVs. Directly comparable to Citius TransNet in asset class (highways), structure (InvIT), and revenue model (toll + annuity), and competes for the same institutional yield-seeking investor base.
• National Highways Infra Trust (NHIT): NHAI-sponsored InvIT focused on operating highway assets acquired from the public sector. Direct peer because the same counterparty (NHAI) is the Concessioning Authority for both NHIT and Citius's annuity assets, and the underlying assets are Indian toll/annuity roads under similar regulatory framework.
• IRB InvIT Fund: India's first publicly listed highway InvIT sponsored by IRB Infrastructure Developers, operating toll road assets across multiple states. Most direct peer given overlapping asset class (toll roads), InvIT structure, listed status, and yield-focused investor targeting.
• Powergrid Infrastructure Investment Trust: InvIT sponsored by Power Grid Corporation of India, holding power transmission infrastructure assets. Comparable InvIT vehicle competing for the same institutional yield-focused capital pool that anchors Citius's allocations.

Broad incumbents

• Sadbhav Engineering: Indian infrastructure EPC and BOT road developer with operating highway assets. Comparable as a broad incumbent in road infrastructure development and operation, providing competitive context for asset-level economics.
• IRB Infrastructure Developers: Established Indian highway developer and the sponsor of IRB InvIT Fund, with a portfolio of toll road assets under both EPC and BOT frameworks. Comparable as a broad incumbent in the same road infrastructure sector with operational depth, asset base, and concession track record substantially larger than Citius's sponsor.
• GMR Group: Large Indian infrastructure conglomerate with interests in highways, airports, and energy. Comparable as a broad incumbent in road development and operation, with deeper operational experience and broader asset diversification than Citius's sponsor.

Others

• Axis Trustee Services Limited: SEBI-registered debenture trustee and the trustee to the Citius InvIT. Included as an ecosystem participant directly tied to Citius's governance and unitholder protection framework.

Emerging players

• Brookfield India Infrastructure Trust: Listed infrastructure investment trust operating commercial infrastructure assets (office parks) under a similar pooled-fund structure. Comparable as an emerging infrastructure yield vehicle in the Indian listed market, though focused on commercial real estate rather than transport.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Citius TransNet Investment Trust