Financial Results - REITs or InvITs



General information about REITs or InvITs

Scrip Code 540526
NSE Symbol IRBINVIT
MSEI Symbol NOTLISTED
ISIN INE183W23014
Name of Entity IRB INVIT FUND
Class of security - REITs or INVITs InvITs
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 13-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange
Description of presentation currency INR
Level of rounding Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Operating & Maintaining of Toll Roads
Start date and time of board meeting 13-11-2025   11:15:00
End date and time of board meeting 13-11-2025   14:30:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
NDCF applicability Trust
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
(a) Revenue from operations 0.00 0.00
(b) Other income
1 Interest income 16,116.50 31,686.80
2 Profit on sale of investments/ asset (net) 34.40 122.30
3 Fair value gain on investments 123.70 242.70
4 Dividend income 1,644.60 3,213.20
Total other income 17,919.20 35,265.00
Total income 17,919.20 35,265.00
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 0.00 0.00
(e) Finance costs 5,131.30 9,868.00
(f) Depreciation, depletion and amortisation expense 0.00 0.00
(g) Other Expenses
1 Valuation expenses 5.40 10.90
2 Audit fees 13.40 20.20
3 Investment management fees 295.00 590.00
4 Annual Listing Fees 20.70 41.20
5 Trustee Fees 7.40 14.80
6 Legal and professional fees 23.90 39.20
7 Impairment of investment in subsidiaries 6,715.40 6,098.30
8 Other expenses*** 4.20 7.60
Total other expenses 7,085.40 6,822.20
Total expenses 12,216.70 16,690.20
3 Total profit/(loss) before exceptional items and tax 5,702.50 18,574.80
4 Exceptional items 0.00 0.00
5 Total profit/(loss) before tax 5,702.50 18,574.80
6 Tax expense
7 Current tax 0.00 0.00
8 Deferred tax 0.00 0.00
9 Total tax expenses 0.00 0.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 5,702.50 18,574.80
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 5,702.50 18,574.80
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 5,702.50 18,574.80
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of unit capital
Paid-up unit capital 5,92,110.00 5,92,110.00
22 Earnings per unit
i Earnings per unit capital for continuing operations
Basic earnings (loss) per unit from continuing operations 0.98 3.2
Diluted earnings (loss) per unit from continuing operations 0.98 3.2
ii Earnings per unit capital for discontinued operations
Basic earnings (loss) per unit from discontinued operations 0 0
Diluted earnings (loss) per unit from discontinued operations 0 0
iii Earnings per unit capital (for continuing and discontinued operations)
Basic earnings (loss) per unit from continuing and discontinued operations 0.98 3.2
Diluted earnings (loss) per unit from continuing and discontinued operations 0.98 3.2
23 Disclosure of notes on financial results Textual Information(1) Textual Information(2)


Disclosure of notes on financial results

Textual Information(1) ** Finance costs includes Amortisation of Transaction cost, Interest unwinding on loan and other finance cost. *** Other expenses include bank charges, rates and taxes and miscellaneous expenses.


Disclosure of notes on financial results

Textual Information(2) ** Finance costs includes Amortisation of Transaction cost, Interest unwinding on loan and other finance cost. *** Other expenses include bank charges, rates and taxes and miscellaneous expenses.


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 0.00
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 1,73,305.30
Trade receivables, non-current 0.00
Loans, non-current 5,24,911.70
Other non-current financial assets 0.00
Total non-current financial assets 6,98,217.00
Deferred tax assets (net) 0.00
Other non-current assets 0.00
Total non-current assets 6,98,217.00
2 Current assets
Inventories 0.00
Current financial asset
Current investments 3,48,857.10
Trade receivables, current 0.00
Cash and cash equivalents 2,878.90
Bank balance other than cash and cash equivalents 6,442.00
Loans, current 30,953.90
Other current financial assets 43,336.60
Total current financial assets 4,32,468.50
Current tax assets (net) 57.70
Other current assets 259.00
Total current assets 4,32,785.20
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 11,31,002.20
Unit Capital and liabilities
1 Unit Capital
Unit Capital attributable to owners of parent
Unit capital 4,73,688.10
Other equity 6,676.60
Total equity attributable to owners of parent 4,80,364.70
Non controlling interest
Total Unit Capital 4,80,364.70
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 5,78,659.60
Lease liabilities, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 0.00
Total non-current financial liabilities 5,78,659.60
Provisions, non-current 0.00
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 5,78,659.60
Current liabilities
Current financial liabilities
Borrowings, current 71,446.30
Lease liabilities, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 2.10
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 451.90
Total Trade payable 454.00
Other current financial liabilities 35.60
Total current financial liabilities 71,935.90
Other current liabilities 42.00
Provisions, current 0.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 71,977.90
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 6,50,637.50
Total equity and Liabilities 11,31,002.20
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets
Net Segment Asset
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities
Net Segment Liabilities
Disclosure of notes on segments Textual Information(1) Textual Information(2)


Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Re-measurement gains/ (losses) on defined benefit plans (net of tax) 0 0
Total Amount of items that will not be reclassified to profit and loss 0.00 0.00
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 0.00 0.00
Disclosure of notes on other comprehensive income Text Block(1) Text Block(2)


Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Standalone
Part I
1 Statement of cash flows
Cash flows from used in operating activities
Profit before tax 18,574.80
2 Adjustments for reconcile profit (loss)
Adjustments for finance costs 7,692.90
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (255.20)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 315.70
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 0.60
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 0.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 6,098.30
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (4.80)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 3,213.20
Adjustments for interest income 31,686.80
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) (242.70)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (122.30)
Other adjustments to reconcile profit (loss) 18.20
Other adjustments for non-cash items 2,175.10
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (19,224.20)
Net cash flows from (used in) operations (649.40)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 19.20
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (668.60)
3 Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 3,213.20
Interest received 25,395.80
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (4,13,119.40)
Net cash flows from (used in) investing activities (3,84,510.40)
4 Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing unit 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares/units 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 4,20,763.20
Repayments of borrowings 1,342.10
Payments of lease liabilities 0.00
Dividends paid 22,059.00
Interest paid 7,498.60
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (2,107.20)
Net cash flows from (used in) financing activities 3,87,756.30
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 2,577.30
5 Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 2,577.30
Cash and cash equivalents cash flow statement at beginning of period 301.60
Cash and cash equivalents cash flow statement at end of period 2,878.90



Other inflows (outflows) of cash(operating activities)


Other inflows (outflows) of cash(Investing Activities) Purchase of units of mutual funds (37,527.72) Proceeds on sales of units of mutual funds 4,078.59 Repayment of sub debt of subsidiaries 312.20 Long term loan given to subsidiaries (8,704.43) Short term loan given to subsidiaries (291.87) Repayment of long term loan given to subsidiaries 818.31 Repayment of short loan given to subsidiaries 2.50 Bank earmarked balance 0.48


Other inflows (outflows) of cash (Financing Activities) Repayment of unit capital to the unit holders (116.10) Transaction cost on long term borrowings (94.62)


Disclosure of notes on cash flow statement, indirect Notes: 1. All figures in bracket are outflow. 2. Taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities. 3. The above Standalone Unaudited Statement of Cash Flows has been prepared under Indirect Method as per Ind AS 7 Statement of Cash Flows.


Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)

A Name of Project IRB InvIT Fund
B Date of start of reporting period 01-07-2025
C Date of end of reporting period 30-09-2025
Sr. Particulars Amount
Cashflows from operating activities of the Trust (213.50)
1 Add: Cash Flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework
1 Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework 22,755.20
f Sum of other Cash flows not included above
Details of other Cash flows not included above
Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework
Total (1) 22,755.20
2 Add: Treasury income / income from investing activities of the Trust
a Interest income received from FD 137.80
b Tax refund 0.00
c Any other income in the nature of interest 0.00
d Profit on sale of Mutual funds 0.00
e Profit on sale of Investments 0.00
f Profit on sale of Assets 0.00
g Dividend Income 0.00
h Sum of other income not included above 0.00
Details of other income not included above
Total (2) 137.80
3 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or shares of SPVs or Investment Entity adjusted for the following:
a Applicable capital gains and other taxes 0.00
b Related debts settled or due to be settled from sale proceeds 0.00
c Directly attributable transaction costs 0.00
d Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/ InvIT Regulations 0.00
e Sum of other sale proceeds not included above 0.00
Details of other sale proceeds not included above
Total (3) 0.00
4 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to reinvest as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/InvIT Regulations, if such proceeds are not intended to be invested subsequently 0.00
5 Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss Account and any shareholder debt / loan from Trust 3,866.40
6 Less: Debt repayment (to include principal repayments as per scheduled EMI's except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt / loan from Trust) 669.10
7 Less: Any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with:
a Loan agreement entered with banks/ financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt (4.80)
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) (4.80)
8 Less: any capital expenditure on existing assets owned / leased by the SPV or Holdco, to the extent not funded by debt / equity or from reserves created in the earlier years 0.00
Net Distributable Cash Flow at Trust level 18,148.80
Notes:
** Any reserve funded by debt is not considered in the computation of NDCF. Notes: 1. The Trust has considered distribution of Rs. 1,069.87 million received from SPV after September 30, 2025 but before finalization and adoption of accounts of the IRB InvIT Fund. 2. As per the Master Circular SEBI/HO/DDHS-PoD 2/P/CIR/2025/102 dated July 11, 2025, the details of NDCF distributable is as below – (Rs. in Million) Particulars Quarter ended September 30, 2025 NDCF of Trust (A) 1,814.88 (+) NDCF of SPV’s (B) 2,298.72 (-) Amount distributed by SPV’s (C) (2,275.52) Amount of NDCF Distributable D=(A+B-C) 1,838.08 Trust has ensured that minimum 90% of the above amount will be distributed as NDCF.


Statement of Net Assets at Fair Value (NAV)

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone
Sr. Particulars Book Value Fair Value
A Total Assets 11,31,002.20 12,11,337.50
B Total Liabilities 6,50,637.50 6,50,637.50
C Net Assets (A - B) 4,80,364.70 5,60,700.00
D Less: Non-Controlling Interest 0.00 0.00
E Net Assets attributable to unitholders (C-D) 4,80,364.70 5,60,700.00
F No. of Units 581 581
G NAV per unit (E/F) 82.68 96.51
Disclosure of notes on net assets at fair value Text Block(1) Text Block(2)


Text Block(1) As at September 30, 2025 Particulars Book value Fair value A. Assets 1,13,100.22 1,21,133.75 B. Liabilities (at book value) 65,063.75 65,063.75 C. Net Assets (A-B) 48,036.47 56,070.00 D. Number of units (in million) 580.50 580.50 E. NAV (C/D) (Amount in Rs.) 82.75 96.60


Text Block(2) As at September 30, 2025 Particulars Book value Fair value A. Assets 1,13,100.22 1,21,133.75 B. Liabilities (at book value) 65,063.75 65,063.75 C. Net Assets (A-B) 48,036.47 56,070.00 D. Number of units (in million) 580.50 580.50 E. NAV (C/D) (Amount in Rs.) 82.75 96.60




Statement of Total Returns at Fair Value

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone
Particulars Amount
1 Total Comprehensive Income (As per the Statement of Profit and loss) 18,574.80
Add/Less: Other Changes in Fair Value not recognized in Total Comprehensive Income
1 Add/(less): Other Changes in Fair Value not recognised in total comprehensive income 80,335.30
Total Other Changes in Fair Value not recognized in Total Comprehensive Income 80,335.30
Total Return 98,910.10
Disclosure of notes on total returns at fair value


Disclosure of notes on total returns at fair value Notes: i. The fair value of investments in Project SPV’s are computed on the basis of the fair value of the underlying Toll Collection Rights/ Financial asset as at September 30, 2025 along with the book values of other assets and liabilities accounted in respective Project SPV’s financial statements as at September 30, 2025. ii. Fair value of assets as at September 30, 2025 and other changes in fair value for the period/ year then ended as disclosed in the above tables are derived based on the fair valuation reports issued by the independent valuer appointed under the InvIT Regulations. iii. The fair value of assets has been derived basis a) the net assets as computed by the Independent valuer and b) the book value of liabilities has been considered as fair value of liabilities.


Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr. Particulars Amount
A Borrowings [Refer Notes 1 & 2] 5,85,037.80
B Deferred Payments [Refer Notes 1 & 3] 0.00
C Cash and Cash Equivalents [Refer Notes 1 & 3] 3,69,997.60
D Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C) 2,15,040.20
E Value of REIT/InVIT assets [Refer Notes 3 & 4] 7,84,500.00
F Net Borrowings Ratio (D/E) 0.27
Disclosure of notes on net borrowings ratio


Disclosure of notes on net borrowings ratio 1. The above statement is prepared on the basis of consolidated financial information of the InvIT. 2. The breakup of borrowings is as under: (Rs. in Million) Name of the entity Nature of debt As at September 30, 2025* IRB InvIT Fund Term loan from Bank 58,503.78 VK1 Expressway Limited Term loan from Bank - Total 58,503.78 The above debt has been availed from State Bank of India and Canara bank * gross of unamortised transaction costs 3. Breakup of Cash and Cash Equivalents is as under: (Rs. in Million) Name of the entity As at September 30, 2025 IRB InvIT Fund 35,173.58 ISDTL 25.07 IJDTL 48.57 IDAATL 0.11 IPATL 3.87 ITATL 13.49 ITCTL 468.54 MITL 507.63 VK1 758.90 Total 36,999.76 4. The Value of InvIT assets is determined based on the latest available valuation report for September 30, 2025 by the valuer appointed under the InvIT Regulations. Breakup of the Value of InvIT assets is as under: (Rs. in Million) Name of the SPV As at September 30, 2025 ITATL 7,390.00 IJDTL 20,450.00 ITCTL 23,010.00 MITL 1,480.00 IPATL 15,200.00 VK1 10,920.00 Value of InvIT assets 78,450.00


Statement of Changes in Unitholders Equity

Amount in (Lakhs)

Particulars 3 months/ 6 months ended(dd-mm-yyyy) Year to date figures for current period ended(dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Balance at the beginning of the current reporting period 5,92,110.00 5,92,110.00
2 Changes in Unit Capital due to prior period errors 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00
4 Changes in Unit Capital due to prior period errors 0.00 0.00
5 Balance at the end of the current reporting period 5,92,110.00 5,92,110.00
Disclosure of notes on changes in unit capital Textual Information(1) Textual Information(2)


Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone

B(i). Other Equity

Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Total
Capital Total Reserve Securities Premium Other Reserves (specify nature) Retained Earnings
1 Balance at the beginning of the current reporting period 11,713.40 11,713.40
2 Changes in accounting policy or prior period errors 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00
4 Total Comprehensive Income for the current year 5,702.50 5,702.50
5 Dividends (1,625.40) (1,625.40)
6 Transfer to retained earnings 0.00 0.00
7 Any other change (9,113.90) (9,113.90)
8 Balance at the end of the current reporting period 6,676.60 6,676.60
9 Details of any other change (If figures reported in No. 7) Distribution in the form of interest to unitholders


Textual Information(1) i. For September 30, 2025, pertains to the distributions made during the half year along with the distribution related to the last quarter of FY 2024-25 and does not include the distribution relating to the quarter of September, 2025 which will be paid after September 30, 2025. ii. Further, as per InvIT Regulation, the distribution to Unitholders which is in the nature of repayment of capital shall be shown as negative amount on the face of the Balance sheet under the sub-heading ‘Equity’ and other distribution shall be presented in Statement of Changes in Unitholders’ Equity when the distributions are approved by the Board of Directors of Investment Manager.


Amount in (Lakhs)

Particulars "Year to date figures for current period ended (dd-mm-yyyy)"
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Standalone

B(ii). Other Equity

Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Total
Capital Total Reserve Securities Premium Other Reserves (specify nature) Retained Earnings
1 Balance at the beginning of the current reporting period 10,160.80 10,160.80
2 Changes in accounting policy or prior period errors 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00
4 Total Comprehensive Income for the current year 18,574.80 18,574.80
5 Dividends (3,134.70) (3,134.70)
6 Transfer to retained earnings 0.00 0.00
7 Any other change (18,924.30) (18,924.30)
8 Balance at the end of the current reporting period 6,676.60 6,676.60
9 Details of any other change (If figures reported in No. 7) Distribution in the form of interest to unitholders


Details of Funds raised through Debt - Consolidated basis

Amount in (Lakhs)

Sr no. Types of Borrowings Opening Outstanding Raised During the period Repaid during the period Closing Outstanding
1 Borrowings from Domestic - Banks/ Financial Institutions (including term loans) 1,64,945.60 4,20,761.30 669.10 5,85,037.80
2 Non-Convertible Debentures (NCDs) 0.00 0.00 0.00 0.00
3 Non-Convertible Preference Shares (NCRPs) 0.00 0.00 0.00 0.00
4 ECBs 0.00 0.00 0.00 0.00
Whether fund raised through debt consolidated other than above? No


Details of Borrowing / Debt (Raised during the period)

Debt securities (NCDs) Loans / ECB Preference Capital (NCRPS)
Sr no. InvIT / HoldCo / SPVs ISIN Amount raised Coupon Rate Interest payment frequency Secured/unsecured Tenure (in months) Assets on which charge is created, if any Name of the lender Amount Assets on which charge is created, if any Tenure (in months) Name of the lender Amount Assets on which charge is created, if any Tenure (in months)
1 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 Canara Bank 3,39,151.00 NA P186M 0 0.00 0 P0M
2 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 State Bank of India 81,610.30 NA P150M 0 0.00 0 P0M


Disclosures of Ratios

Amount in (Lakhs)

Whether the REITS/INVITS have any outstanding borrowings? Yes
Sr. No Particulars Ratio Remarks
1 Debt equity ratio 1.56 Ratio is given in times. Calculation is made at consolidated level.
2 Debt service coverage ratio 3.89 Ratio is given in times. Calculation is made at consolidated level.
3 Interest service coverage ratio 3.40 Ratio is given in times. Calculation is made at consolidated level.
4 Asset cover available ratio 2.58 Ratio is given in times. Calculation is made at consolidated level.
5 Total debts to total assets 0.38 Ratio is given in times. Calculation is made at consolidated level.
6 Current ratio 8.07
7 EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin) 85.44 Calculation is made at consolidated level.
8 Net profit margin percent 3035.00 Calculation is made at consolidated level.
9 Net operating income margin 98.08 Calculation is made at consolidated level.
10 Distribution per unit (In Rs.) 200.00
11 Net worth i.e.: Unitholders funds 37570130000 Calculation is made at consolidated level.


Details of Capital raised during the period

Amount in (Lakhs)

Sr no. Nature of issue (Right Issue/ Preferential Issue/ Institutional Placement) Date of Board Approval Date of Unitholders Approval Date of Issue Issue Size (Number of Units) Issue Size Issue Price per Unit Date of Allotment of Securities Details of Listing of Securites



Text Block
Details Of Capital Raised During The Period Explanatory



Details of Assets acquired during the reporting period

Amount in (Lakhs)

Sr.No. Nature of the Asset Date of Meeting of Board of the Manager / IM / Unitholders Approval Type of transaction (Outright purchase / Joint Venture / Joint Development / Area Share / Others) Date on which the Asset was acquired Total consideration Name of the Parties from whom the Asset was acquired Whether it is a Related Party Transaction Valuation of the Asset Acquired Remarks



Text Block
Details Of Assets Acquired During The Reporting Period Explanatory



Details of Assets disposed off during the reporting period

Amount in (Lakhs)

Sr.No. Nature of the Asset Date of Meeting of Board of the Manager / IM / Unitholders Approval Type of transaction (Outright sale / Joint Venture / Joint Development / Area Share / Others) Date on which the Asset was disposed off Total consideration Name of the Parties to whom the Asset was disposed off Whether it is a Related Party Transaction Valuation of the Asset Acquired Remark Note



Text Block
Details Of Assets DisposedOff During The Reporting Period Explanatory






Details of Distributions made during each quarter of the Financial Year

A Date of start of reporting period 01-07-2025
B Date of end of reporting period 30-09-2025
B Details of Distribution made during the period, if applicable: (Yes/No) Yes
Sr. Particulars
1 Record Date 18-11-2025
2 Date of Board Meeting in which the distribution declared 13-11-2025
3 Total amount of distribution declared Total amount (in Rs. Lakhs) Total Amount Per Unit (in Rs.)
4 Out of the total amount of distribution declared, the amount in the form of interest, less taxes, if any 11,534.40 0.9
5 Out of the total amount of distribution declared, the amount in the form of dividend 1,537.90 0.12
6 Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt 6,151.70 0.48
7 Out of the total amount of distribution declared, the amount in form of other income 0.00 0
8 Due date of the payment of distribution 25-11-2025
9 Date by which payment of distribution is completed 25-11-2025



Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IDAA Infrastructure Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 19,812.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 19,812.00
2 Other Equity (2,300.10)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 17,511.90
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 17,511.90
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Surat Dahisar Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 51,084.20
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 51,084.20
2 Other Equity (997.20)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 50,087.00
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 50,087.00
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Pathankot Amritsar Toll Road Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 9,860.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 9,860.00
2 Other Equity (95,912.80)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (86,052.80)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (86,052.80)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Talegaon Amravati Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 4,925.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 4,925.00
2 Other Equity (20,061.40)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (15,136.40)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (15,136.40)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Jaipur Deoli Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 13,175.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 13,175.00
2 Other Equity (57,327.60)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (44,152.60)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (44,152.60)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Tumkur Chitradurga Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 15,550.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 15,550.00
2 Other Equity (14,909.80)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 640.20
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 640.20
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs M.V.R. Infrastructure and Tollways Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 6,910.20
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 6,910.20
2 Other Equity 1,600.50
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 8,510.70
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 8,510.70
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs VK1 Expressway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 12,250.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 12,250.00
2 Other Equity 17,995.20
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 30,245.20
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 30,245.20
Disclosure of notes for HoldCos and Directly held SPVs Notes :




(B)For SVPs held through HoldCos

Amount in (Lakhs)

1 Date of start of reporting period 01-07-2025
2 Date of end of reporting period 30-09-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos 0
Name of SVPs 0
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 0.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 0.00
2 Other Equity 0.00
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 0.00
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 0.00
Disclosure of notes for SVPs held through HoldCos Notes :