Financial Results - REITs or InvITs



General information about REITs or InvITs

Scrip Code 544137
NSE Symbol INDUSINVIT
MSEI Symbol NOTLISTED
ISIN INE0NHL23019
Name of Entity Indus Infra Trust
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 03-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 28-01-2026
Description of presentation currency INR
Level of rounding Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Consolidated
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 Infrastructure Investment
Start date and time of board meeting 03-02-2026   13:40:00
End date and time of board meeting 03-02-2026   14:30:00
Whether cash flow statement is applicable on company
Type of cash flow statement
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 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
(a) Revenue from operations 17,912.10 48,894.30
(b) Other income
1 Interest income on deposit with banks 819.40 1,965.30
2 Fair value (loss) / gain on financial assets measured at FVTPL (net) (493.60) 139.70
3 Gain on sale of investment in mutual fund (net) 1,582.20 3,029.60
4 Others 0.00 205.90
Total other income 1,908.00 5,340.50
Total income 19,820.10 54,234.80
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 12.60 39.40
(e) Finance costs 4,122.60 12,151.20
(f) Depreciation, depletion and amortisation expense 0.00 0.00
(g) Other Expenses
1 Sub-contractor Charges 3,455.50 7,719.90
2 Trustee Fees 1.40 4.40
3 Investment Management Fees 874.30 1,791.70
4 Project Management Fees 14.10 42.20
5 Other Expenses 1,401.50 4,075.80
Total other expenses 5,746.80 13,634.00
Total expenses 9,882.00 25,824.60
3 Total profit/(loss) before exceptional items and tax 9,938.10 28,410.20
4 Exceptional items 0.00 0.00
5 Total profit/(loss) before tax 9,938.10 28,410.20
6 Tax expense
7 Current tax 258.00 684.30
8 Deferred tax 36.90 89.70
9 Total tax expenses 294.90 774.00
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 9,643.20 27,636.20
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 9,643.20 27,636.20
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 9,643.20 27,636.20
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 9,643.20 27,636.20
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 4,30,528.20 4,30,528.20
22 Earnings per unit
i Earnings per unit capital for continuing operations
Basic earnings (loss) per unit from continuing operations 2.18 6.24
Diluted earnings (loss) per unit from continuing operations 2.18 6.24
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 2.18 6.24
Diluted earnings (loss) per unit from continuing and discontinued operations 2.18 6.24
23 Disclosure of notes on financial results Textual Information(1) Textual Information(2)


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 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
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 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
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
5 Total Other comprehensive income
Disclosure of notes on other comprehensive income Text Block(1) Text Block(2)


Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)

A Name of Project Indus Infra Trust
B Date of start of reporting period 01-10-2025
C Date of end of reporting period 31-12-2025
Sr. Particulars Amount
Cashflows from operating activities of the Trust (446.00)
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 which represent distributions of NDCF computed as per relevant framework 44,124.60
f Sum of other Cash flows not included above
Details of other Cash flows not included above
Cash flows received from SPV’s which represent distributions of NDCF computed as per relevant framework
Total (1) 44,124.60
2 Add: Treasury income / income from investing activities of the Trust
a Interest income received from FD 406.60
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) 406.60
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 3,984.40
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) 4,083.90
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 1,910.00
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 0.30
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 1,910.30
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 34,106.60
Notes:


Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr. Particulars Amount
A Borrowings [Refer Notes 1 & 2] 2,42,454.90
B Deferred Payments [Refer Notes 1 & 3] 1,090.40
C Cash and Cash Equivalents [Refer Notes 1 & 3] 77,352.20
D Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C) 1,66,193.10
E Value of REIT/InVIT assets [Refer Notes 3 & 4] 6,66,751.90
F Net Borrowings Ratio (D/E) 0.25
Disclosure of notes on net borrowings ratio


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 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Balance at the beginning of the current reporting period 4,37,615.20 4,37,615.20
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 (7,087.00) (7,087.00)
5 Balance at the end of the current reporting period 4,30,528.20 4,30,528.20
Disclosure of notes on changes in unit capital Textual Information(1) Textual Information(2)


Textual Information(1) Non Applicable for Quarter ended December 31, 2025. However the same is disclosed based on the Management's estimation.


Textual Information(2) Non Applicable for Quarter ended December 31, 2025. However the same is disclosed based on the Management's estimation.


Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025
Date of end of reporting period 31-12-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated

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 56,562.60 (3,461.80) 53,100.80
2 Changes in accounting policy or prior period errors 0.00 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00 0.00
4 Total Comprehensive Income for the current year 0.00 8,749.70 8,749.70
5 Dividends 0.00 0.00 0.00
6 Transfer to retained earnings 0.00 0.00 0.00
7 Any other change 0.00 (11,560.80) (11,560.80)
8 Balance at the end of the current reporting period 56,562.60 (6,272.90) 50,289.70
9 Details of any other change (If figures reported in No. 7) 0.00


Textual Information(1) Non Applicable for Quarter ended December 31, 2025. However the same is disclosed based on the Management's estimation.


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 31-12-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated

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 56,562.60 (3,461.80) 53,100.80
2 Changes in accounting policy or prior period errors 0.00 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00 0.00
4 Total Comprehensive Income for the current year 0.00 8,749.70 8,749.70
5 Dividends 0.00 0.00 0.00
6 Transfer to retained earnings 0.00 0.00 0.00
7 Any other change 0.00 (11,560.80) (11,560.80)
8 Balance at the end of the current reporting period 56,562.60 (6,272.90) 50,289.70
9 Details of any other change (If figures reported in No. 7) 0.00


Textual Information(2) Non Applicable for Quarter ended December 31, 2025. However the same is disclosed based on the Management's estimation.


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) 2,24,036.50 22,500.00 4,081.60 2,42,454.90
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 Punjab National Bank 22,500.00 1. First pari passu charge on all moveable assets and the receivables of the InvIT present and future including but not limited to: a. Receivable of the InvIT limited to Project SPVs & the interest and principal repayment of loans advanced by InvIT to Project SPVs b. charge over rights of the InvIT under the loans advanced by InvIT to Project SPV(s) and securities created in favour of the InvIT to secure the loans advanced by the InvIT to the SPV(s). Dividends and any other amounts to be paid / payable by the Project SPVs to InvIT. 2. First pari passu charge on all immoveable assets of the Borrower (if any and if permitted under law). 3. First pari passu charge on Escrow account and all other bank accounts of InvIT, in which the free cash flows of the Project SPVs owned by the InvIT will be deposited or any other account opened / maintained by InvIT in relation to such SPVs. 4. First Pari-passu charge over DSRA 5. Charge over rights of the loans advanced by InvIT to Project SPVs and securities created by InvIT 6. Pledge of 51% equity shares of all Project SPVs, subject to permitted regulations. P162M 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 0.51
2 Debt service coverage ratio 1.69
3 Interest service coverage ratio 3.49
4 Asset cover available ratio 3.02
5 Total debts to total assets 0.33
6 Current ratio 5.60
7 EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin) 67.85
8 Net profit margin percent 5384.00
9 Net operating income margin 67.85
10 Distribution per unit (In Rs.) 340.00 Distribution for Quarter ended December 31, 2025 is Rs. 3.40 per unit.
11 Net worth i.e.: Unitholders funds 4,79,330.00


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
1 Hybrid Annuity Mode (“HAM”) 29-12-2025 Outright Purchase 30-12-2025 18,831.40 G R Infraprojects Limited Yes 63,630.00 0



Text Block
Details Of Assets Acquired During The Reporting Period Explanatory Valuation of the asset is disclosed based on the valuation done by the Valuer of the Trust as on December 28 2025.



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 01-10-2025
B Date of end of reporting period 31-12-2025
B Details of Distribution made during the period, if applicable: (Yes/No) Yes
Sr. Particulars
1 Record Date 12-11-2025
2 Date of Board Meeting in which the distribution declared 07-11-2025
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 11,117.80 2.51
5 Out of the total amount of distribution declared, the amount in the form of dividend 44.30 0.01
6 Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt 3,277.70 0.74
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 19-11-2025
9 Date by which payment of distribution is completed 19-11-2025



Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR Akkalkot Solapur Highway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 1,260.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 1,260.00
2 Other Equity 0.00
3 Reserve & Surplus 5,568.30
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 6,828.30
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 147.80
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 31,632.50
Total Net Debt 31,780.30
C Total Capitalisation 38,608.60
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR BAHADURGANJ ARARIA HIGHWAY PRIVATE LIMITED
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 900.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 900.00
2 Other Equity 0.00
3 Reserve & Surplus 2,648.60
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 3,548.60
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 411.70
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 54,807.30
Total Net Debt 55,219.00
C Total Capitalisation 58,767.60
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR Phagwara Expressway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 2,030.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 2,030.00
2 Other Equity 0.00
3 Reserve & Surplus 542.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 2,572.00
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 2,267.70
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 44,763.50
Total Net Debt 47,031.20
C Total Capitalisation 49,603.20
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR Gundugolanu Devarapalli Highway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 4,950.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 4,950.00
2 Other Equity 0.00
3 Reserve & Surplus 4,704.80
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 9,654.80
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 935.90
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 73,846.60
Total Net Debt 74,782.50
C Total Capitalisation 84,437.30
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Varanasi Sangam Expressway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 3,889.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 3,889.00
2 Other Equity 5,623.10
3 Reserve & Surplus 10,337.50
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 19,849.60
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 522.90
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 90,787.30
Total Net Debt 91,310.20
C Total Capitalisation 1,11,159.80
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR Sangli Solapur Highway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 1,500.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 1,500.00
2 Other Equity 0.00
3 Reserve & Surplus 7,150.10
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 8,650.10
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 441.30
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 38,472.20
Total Net Debt 38,913.50
C Total Capitalisation 47,563.60
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Porbandar Dwarka Expressway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 4,200.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 4,200.00
2 Other Equity 0.00
3 Reserve & Surplus 8,857.60
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 13,057.60
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 271.00
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 56,936.10
Total Net Debt 57,207.10
C Total Capitalisation 70,264.70
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR Dwarka Devariya Highway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 950.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 950.00
2 Other Equity 0.00
3 Reserve & Surplus (438.50)
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 511.50
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 1,950.70
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 46,915.70
Total Net Debt 48,866.40
C Total Capitalisation 49,377.90
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR Aligarh Kanpur Highway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 6,300.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 6,300.00
2 Other Equity 0.00
3 Reserve & Surplus (1,305.10)
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 4,994.90
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 1,685.80
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 89,369.60
Total Net Debt 91,055.40
C Total Capitalisation 96,050.30
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs GR GALGALIA BAHADURGANJ HIGHWAY PRIVATE LIMITED
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 900.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 900.00
2 Other Equity 0.00
3 Reserve & Surplus 1,424.90
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 2,324.90
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 908.40
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 52,434.10
Total Net Debt 53,342.50
C Total Capitalisation 55,667.40
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 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos 0
Name of SVPs NA
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 :