Financial Results - REITs or InvITs

General information about REITs or InvITs

Scrip Code	544338
NSE Symbol	CAPINVIT
MSEI Symbol	NOTLISTED
ISIN	INE0Z8Z23013
Name of Entity	Capital 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	05-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange	30-01-2026
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	Single segment
Start date and time of board meeting	05-02-2026 16:30:00
End date and time of board meeting	05-02-2026 17:15:00
Whether cash flow statement is applicable on company
Type of cash flow statement
NDCF applicability	SPVs & Trust
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion

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	17,771.90	54,519.70
(b)	Other income
1	Interest income from bank deposit	346.80	822.10
2	Gain on sale of investments	52.50	238.10
3	Miscellaneous Income	15.10	1,940.50
	Total other income	414.40	3,000.70
	Total income	18,186.30	57,520.40
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	10.10	29.50
(e)	Finance costs	4,667.50	13,720.10
(f)	Depreciation, depletion and amortisation expense	0.00	0.00
(g)	Other Expenses
1	Insurance expenses	145.40	486.60
2	Project management fees	2,108.30	6,139.30
3	Investment management fees	291.70	825.00
4	Operating expenses	5,187.40	17,567.60
5	Valuation fees	4.40	21.40
6	Audit fees (statutory auditor of the Trust)	43.10	118.30
7	Audit fees (auditor of the subsidiaries)	11.70	38.80
8	Trustee fees	3.50	10.60
9	Rating fees	11.80	35.40
10	Miscellaneous expenses	51.60	176.30
11	Loss / (reversal) on modification of financial assets	5,533.00	20,082.30
	Total other expenses	13,391.90	45,501.60
	Total expenses	18,069.50	59,251.20
3	Total profit/(loss) before exceptional items and tax	116.80	(1,730.80)
4	Exceptional items	0.00	0.00
5	Total profit/(loss) before tax	116.80	(1,730.80)
6	Tax expense
7	Current tax	919.90	3,304.40
8	Deferred tax	(1,878.90)	(6,582.00)
9	Total tax expenses	(959.00)	(3,277.60)
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	1,075.80	1,546.80
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	1,075.80	1,546.80
17	Other comprehensive income net of taxes	0.00	0.00
18	Total Comprehensive Income for the period	1,075.80	1,546.80
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	0.00	0.00
	Total profit or loss, attributable to non-controlling interests	0.00	0.00
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	0.00	0.00
	Total comprehensive income for the period attributable to owners of parent non-controlling interests	0.00	0.00
21	Details of unit capital
	Paid-up unit capital	4,26,369.30	4,26,369.30
22	Earnings per unit
i	Earnings per unit capital for continuing operations
	Basic earnings (loss) per unit from continuing operations	0.33	0.53
	Diluted earnings (loss) per unit from continuing operations	0.33	0.53
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	0.33	0.53
	Diluted earnings (loss) per unit from continuing and discontinued operations	0.33	0.53
23	Disclosure of notes on financial results	Textual Information(1)	Textual Information(2)

Disclosure of notes on financial results

Textual Information(1)	The paid up unit capital is net off unit issue expenses amounting to Rs. 577.73 million.

Disclosure of notes on financial results

Textual Information(2)	The paid up unit capital is net off unit issue expenses amounting to Rs. 577.73 million.

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	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)

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Hardiya Hasanpur Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	3,944.70
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	15.00
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)	15.00
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	2.60
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	2.60
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 for HoldCo/SPV ' s	3,957.10
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Khajuwala BAP Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	284.80
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	58.00
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)	58.00
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	537.40
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	537.40
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 for HoldCo/SPV ' s	(194.60)
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Narnaul Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	609.90
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	15.20
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)	15.20
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	(0.10)
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	(0.10)
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 for HoldCo/SPV ' s	625.20
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Rohna Jhajjar Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	406.30
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	49.10
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)	49.10
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	1.80
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	1.80
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 for HoldCo/SPV ' s	453.60
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Rohna Sonepat Highways Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	615.90
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	66.30
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)	66.30
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	131.00
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	131.00
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 for HoldCo/SPV ' s	551.20
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Dewas Ujjain Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	(8.80)
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	26.20
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)	26.20
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	(437.70)
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	(437.70)
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 for HoldCo/SPV ' s	455.10
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Bangalore Highways Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	53.80
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	65.10
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)	65.10
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	626.30
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	626.30
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 for HoldCo/SPV ' s	(507.40)
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Kiratpur Nerchowk Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	7,372.80
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	84.90
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)	84.90
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	(2,443.70)
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	(2,443.70)
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 for HoldCo/SPV ' s	9,901.40
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Gawar Nainital Highways Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	2,942.00
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	0.00
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	0.00
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	17.40
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)	17.40
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	0.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.00
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	0.00
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	(2,818.00)
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	(2,818.00)
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 for HoldCo/SPV ' s	5,777.40
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	JRR Highways Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	(1.10)
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	3,749.60
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	3,749.60
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	4.90
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)	4.90
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	83.60
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	0.10
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	0.00
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	3,669.70
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	3,669.70
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 for HoldCo/SPV ' s	0.00
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Korba Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	35.60
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	1,447.70
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	1,447.70
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	1.80
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)	1.80
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	47.30
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	2.00
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	0.00
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	1,435.80
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	1,435.80
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 for HoldCo/SPV ' s	0.00
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A	Name of Project	Hasanpur Bakhtiyarpur Highway Private Limited
B	Date of start of reporting period	01-10-2025
C	Date of end of reporting period	31-12-2025
Sr.	Particulars	Amount
	Cash flow from operating activities as per Cash Flow Statement of HoldCo/ SPV	(0.10)
1	Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
1	Opening Cash and Bank Balance	491.60
f	Sum of other Cash flows not included above	0.00
	Details of other Cash flows not included above

	Total (1)	491.60
2	Add: Treasury income / income from investing activities
a	Interest income received from FD	0.60
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)	0.60
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	167.00
6	Less: Debt repayment (to include principal repayments as per scheduled EMIï¿½s 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)	15.80
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	0.00
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	309.30
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	309.30
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 for HoldCo/SPV ' s	0.00
	Notes:

Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)


A	Name of Project	Consolidated NDCF
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	2,142.60
1	Add: Cash Flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework
1	Hardiya Hasanpur Highway Private Limited	3,957.10
2	Gawar Khajuwala Bap Highway Private Limited	(194.60)
3	Gawar Narnaul Highway Private Limited	625.20
4	Gawar Rohna Jhajjar Highway Private Limited	453.60
5	Gawar Rohna Sonepat Highways Private Limited	551.20
f	Sum of other Cash flows not included above	15,626.50
	Details of other Cash flows not included above
Dewas Ujjain Highway Private Limited - 45.51 Gawar Bangalore Highways Private Limited - (50.74) Gawar Kiratpur Nerchowk Highway Private Limited - 990.14 Gawar Nainital Highways Private Limited - 577.74 JRR Highways Private Limited - 0 Korba Highway Private Limited - 0 Hasanpur Bakhtiyarpur Highway Private Limited - 0

	Total (1)	21,019.00
2	Add: Treasury income / income from investing activities of the Trust
a	Interest income received from FD	148.20
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)	148.20
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	4,243.10
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)	7,500.00
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	0.00
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	4,449.60
f	Agreement entered for PPP projects	0.00
g	Agreement entered for non-PPP projects	0.00
	Total (7)	4,449.60
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	7,117.10
	Notes:

Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr.	Particulars	Amount
A	Borrowings [Refer Notes 1 & 2]	3,73,762.30
B	Deferred Payments [Refer Notes 1 & 3]	0.00
C	Cash and Cash Equivalents [Refer Notes 1 & 3]	93,873.00
D	Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C)	2,79,889.30
E	Value of REIT/InVIT assets [Refer Notes 3 & 4]	6,45,836.30
F	Net Borrowings Ratio (D/E)	0.43
	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	2,69,087.10	2,69,087.10
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	2,69,087.10	2,69,087.10
4	Changes in Unit Capital due to prior period errors	1,57,282.10	1,57,282.10
5	Balance at the end of the current reporting period	4,26,369.20	4,26,369.20
	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

01-10-2025

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

Balance at the beginning of the current reporting period

Changes in accounting policy or prior period errors

Restated balance at the beginning of the current reporting period

Total Comprehensive Income for the current year

Dividends

Transfer to retained earnings

Any other change

Balance at the end of the current reporting period

Details of any other change (If figures reported in No. 7)

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

Balance at the beginning of the current reporting period

Changes in accounting policy or prior period errors

Restated balance at the beginning of the current reporting period

Total Comprehensive Income for the current year

Dividends

Transfer to retained earnings

Any other change

Balance at the end of the current reporting period

Details of any other change (If figures reported in No. 7)

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)	0.00	0.00	0.00	0.00
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)

Disclosures of Ratios

Amount in (Lakhs)

Sr. No	Particulars	Ratio
Whether the REITS/INVITS have any outstanding borrowings?		Yes
1	Debt equity ratio	1.09
2	Debt service coverage ratio	0.23
3	Interest service coverage ratio	1.03
4	Asset cover available ratio	1.87
5	Total debts to total assets	0.50
6	Current ratio	6.18
7	EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin)	26.92
8	Net profit margin percent	605.00
9	Net operating income margin	0.00
10	Distribution per unit (In Rs.)	234.00
11	Net worth i.e.: Unitholders funds	3,38,094.70

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
1	Preferential Issue	08-10-2025	31-10-2025	13-11-2025	43261000	34,500.60	79.75	13-11-2025	14-11-2025
2	Institutional Placement	08-10-2025	31-10-2025	17-12-2025	172890733	1,25,000.00	72.3	19-12-2025	22-12-2025

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	Hasanpur Bakhtiyarpur Highway Private Limited	31-10-2025	Outright Purchase	23-12-2025	21,477.10	Gawar Construction Limited	Yes	13,697.00	Valuation of the Acquired Assets was conisdered at August 31, 2025, as mentioned in postal ballot notice
2	JRR Highways Private Limitedn n	31-10-2025	Outright Purchase	23-12-2025	15,280.00	Gawar Construction Limited	Yes	6,901.00	Valuation of the Acquired Assets was conisdered at August 31, 2025, as mentioned in postal ballot notice
3	Korba Highway Private Limited	31-10-2025	Outright Purchase	23-12-2025	7,081.10	Gawar Construction Limited	Yes	4,740.00	Valuation of the Acquired Assets was conisdered at August 31, 2025, as mentioned in postal ballot notice

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	01-10-2025
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	10-02-2026
2	Date of Board Meeting in which the distribution declared	05-02-2026
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	2,039.80	0.41
5	Out of the total amount of distribution declared, the amount in the form of dividend	3,185.70	0.65
6	Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt	1,851.10	0.38
7	Out of the total amount of distribution declared, the amount in form of other income	40.50	0.01
8	Due date of the payment of distribution	17-02-2026
9	Date by which payment of distribution is completed	17-02-2026

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		Gawar Rohna Jhajjar Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		3,900.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		3,900.00
2	Other Equity		(223.90)
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		3,676.10
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		340.60
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		242.20
7	Loans from REITs / InvITs or any other inter SPV Borrowings		20,366.10
	Total Net Debt		20,948.90
C	Total Capitalisation		24,625.00
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	01-10-2025
2	Date of end of reporting period	31-12-2025
A	For HoldCos and Directly held SPVs		Amount
	Name of Holdcos/SVPs		Gawar Rohna Sonepat Highways Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		6,000.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		6,000.00
2	Other Equity		921.30
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		6,921.30
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		1,415.80
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		497.80
7	Loans from REITs / InvITs or any other inter SPV Borrowings		32,526.40
	Total Net Debt		34,440.00
C	Total Capitalisation		41,361.30
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		Gawar Nainital Highways Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		980.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		980.00
2	Other Equity		1,480.30
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		2,460.30
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		0.00
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		8.60
7	Loans from REITs / InvITs or any other inter SPV Borrowings		19,559.10
	Total Net Debt		19,567.70
C	Total Capitalisation		22,028.00
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	01-10-2025
2	Date of end of reporting period	31-12-2025
A	For HoldCos and Directly held SPVs		Amount
	Name of Holdcos/SVPs		Gawar Narnaul Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		6,100.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		6,100.00
2	Other Equity		220.80
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		6,320.80
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		1,406.30
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		1,206.50
7	Loans from REITs / InvITs or any other inter SPV Borrowings		31,063.70
	Total Net Debt		33,676.50
C	Total Capitalisation		39,997.30
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		Gawar Khajuwala Bap Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		5,300.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		5,300.00
2	Other Equity		(312.80)
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		4,987.20
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		1,415.30
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		636.90
7	Loans from REITs / InvITs or any other inter SPV Borrowings		17,659.30
	Total Net Debt		19,711.50
C	Total Capitalisation		24,698.70
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		Dewas Ujjain Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		1,900.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		1,900.00
2	Other Equity		(406.70)
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		1,493.30
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		348.80
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		491.70
7	Loans from REITs / InvITs or any other inter SPV Borrowings		28,098.40
	Total Net Debt		28,938.90
C	Total Capitalisation		30,432.20
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		Gawar Bangalore Highways Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		2,391.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		2,391.00
2	Other Equity		(2,470.00)
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		(79.00)
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		873.30
7	Loans from REITs / InvITs or any other inter SPV Borrowings		52,463.90
	Total Net Debt		53,337.20
C	Total Capitalisation		53,258.20
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		Gawar Kiratpur Nerchowk Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		5,700.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		5,700.00
2	Other Equity		21,525.40
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		27,225.40
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		1,475.60
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		4,869.00
7	Loans from REITs / InvITs or any other inter SPV Borrowings		71,054.60
	Total Net Debt		77,399.20
C	Total Capitalisation		1,04,624.60
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		Hardiya Hasanpur Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		2,410.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		2,410.00
2	Other Equity		(2,338.80)
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		71.20
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		521.00
7	Loans from REITs / InvITs or any other inter SPV Borrowings		43,809.80
	Total Net Debt		44,330.80
C	Total Capitalisation		44,402.00
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	01-10-2025
2	Date of end of reporting period	31-12-2025
A	For HoldCos and Directly held SPVs		Amount
	Name of Holdcos/SVPs		JRR Highways Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		2,500.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		2,500.00
2	Other Equity		5,441.60
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		7,941.60
B	Borrowings
1	Long Term Borrowings		47,080.60
2	Current Maturities of Long Term Borrowings		3,218.60
3	Short term borrowings		0.00
4	Deferred Payment Liability		87.00
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		27.00
7	Loans from REITs / InvITs or any other inter SPV Borrowings		1,259.00
	Total Net Debt		51,672.20
C	Total Capitalisation		59,613.80
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		Hasanpur Bhaktiyarpur Highway Private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		6,000.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		6,000.00
2	Other Equity		10,079.10
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		16,079.10
B	Borrowings
1	Long Term Borrowings		92,361.00
2	Current Maturities of Long Term Borrowings		6,089.40
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		71.80
7	Loans from REITs / InvITs or any other inter SPV Borrowings		3,909.90
	Total Net Debt		1,02,432.10
C	Total Capitalisation		1,18,511.20
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		Korba Highway private Limited
	Category		SPVs
A	Shareholders Funds
1	Capital
(1)	held by InvITs / REITs directly or indirectly		1,610.00
(2)	held by Other shareholders		0.00
	Name of other shareholder	% of Holiding
1	Gawar Rohna Jhajjar Highway Private Limited	0.00
	Total Capital		1,610.00
2	Other Equity		1,024.90
3	Reserve & Surplus		0.00
4	Instruments entirely equity in nature		0.00
	Total Shareholders Funds		2,634.90
B	Borrowings
1	Long Term Borrowings		24,702.90
2	Current Maturities of Long Term Borrowings		1,898.20
3	Short term borrowings		0.00
4	Deferred Payment Liability		1,161.40
5	Interest Accrued and due		0.00
6	Interest Accrued but not due		292.30
7	Loans from REITs / InvITs or any other inter SPV Borrowings		10,372.10
	Total Net Debt		38,426.90
C	Total Capitalisation		41,061.80
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		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 :

Details of Impact of Audit Qualification

Whether results are audited or unaudited	Unaudited
Declaration of unmodified opinion or statement on impact of audit qualification	Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results	Yes

Sr No.	Audit firm's name	Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI	Certificate valid upto
1	Walker Chandiok & Co LLP	Yes	31-05-2028

Financial Results - REITs or InvITs

General information about REITs or InvITs

Financial Results Ind-AS

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Disclosure of notes on financial results

Disclosure of notes on financial results

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

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Other Comprehensive Income

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - SPVs

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Statement of Net Distributable Cash Flows (NDCF) - Trust

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Statement of Net Borrowings Ratio

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Statement of Changes in Unitholders Equity

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B(i). Other Equity

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B(ii). Other Equity

Details of Funds raised through Debt - Consolidated basis

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Details of Borrowing / Debt (Raised during the period)

Disclosures of Ratios

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Details of Capital raised during the period

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Text Block

Details of Assets acquired during the reporting period

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Details of Assets disposed off during the reporting period

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Details of Distributions made during each quarter of the Financial Year

Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

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Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos