Financial Results - REITs or InvITs



General information about REITs or InvITs

Scrip Code 540526
NSE Symbol IRBINVIT
MSEI Symbol NOTLISTED
ISIN INE183W23014
Name of Entity IRB INVIT FUND
Class of security - REITs or INVITs InvITs
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 11-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange
Description of presentation currency INR
Level of rounding Lakhs
Reporting Type Quarterly
Reporting Quarter 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 Operating & Maintaining of Toll Roads
Start date and time of board meeting 11-02-2026   11:30:00
End date and time of board meeting 11-02-2026   14:35:00
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 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 41,162.60 96,940.00
(b) Other income
1 Interest income 1,446.60 1,829.80
2 Profit on sale of investments/ asset (net) 2,429.40 3,003.40
3 Fair value gain on investments 66.60 352.20
4 Other non operating income 3.10 4.80
Total other income 3,945.70 5,190.20
Total income 45,108.30 1,02,130.20
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 402.10 1,347.10
(e) Finance costs 18,998.60 33,510.80
(f) Depreciation, depletion and amortisation expense 9,999.40 24,221.20
(g) Other Expenses
1 Operation expenses 3,702.20 7,067.50
2 Project management fees 2,882.70 6,422.70
3 Valuation expenses 5.50 16.40
4 Annual Listing Fees 20.70 61.90
5 Trustee Fees 7.40 22.20
6 Audit fees 26.10 57.90
7 Insurance & security expenses 31.80 91.00
8 Legal and professional fees 197.00 641.20
9 Other expenses 271.60 345.00
10 Investment management fees 295.00 885.00
Total other expenses 7,440.00 15,610.80
Total expenses 36,840.10 74,689.90
3 Total profit/(loss) before exceptional items and tax 8,268.20 27,440.30
4 Exceptional items (248.20) (248.20)
5 Total profit/(loss) before tax 8,020.00 27,192.10
6 Tax expense
7 Current tax 361.90 1,071.30
8 Deferred tax 1,690.70 1,919.90
9 Total tax expenses 2,052.60 2,991.20
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 5,967.40 24,200.90
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 5,967.40 24,200.90
17 Other comprehensive income net of taxes 2.80 2.80
18 Total Comprehensive Income for the period 5,970.20 24,203.70
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 5,967.40 24,200.90
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 5,970.20 24,203.70
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 10,17,481.00 10,17,481.00
22 Earnings per unit
i Earnings per unit capital for continuing operations
Basic earnings (loss) per unit from continuing operations 0.52 3.15
Diluted earnings (loss) per unit from continuing operations 0.52 3.15
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 0.52 3.15
Diluted earnings (loss) per unit from continuing and discontinued operations 0.52 3.15
23 Disclosure of notes on financial results Textual Information(1) Textual Information(2)


Disclosure of notes on financial results

Textual Information(1) * Project management fees do not include major maintenance of Rs. 322.11 million, Rs. 85.90 million, Rs. 172.13 million, Rs. 486.06 million, Rs. 516.38 million, and Rs. 688.50 million, incurred during the quarter ended December 31, 2025, quarter ended September 30, 2025, quarter ended December 31, 2024, nine months ended December 31, 2025, nine months ended December 31, 2024 and year ended March 31, 2025 respectively, for which the provision for major maintenance was made in earlier years. ** Other expenses include printing and stationery, Corporate Social Responsibilities, Rent, Rates and taxes, Membership and subscription and Other miscellaneous expenses.


Disclosure of notes on financial results

Textual Information(2) * Project management fees do not include major maintenance of Rs. 322.11 million, Rs. 85.90 million, Rs. 172.13 million, Rs. 486.06 million, Rs. 516.38 million, and Rs. 688.50 million, incurred during the quarter ended December 31, 2025, quarter ended September 30, 2025, quarter ended December 31, 2024, nine months ended December 31, 2025, nine months ended December 31, 2024 and year ended March 31, 2025 respectively, for which the provision for major maintenance was made in earlier years. ** Other expenses include printing and stationery, Corporate Social Responsibilities, Rent, Rates and taxes, Membership and subscription and Other miscellaneous expenses.


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
1 Re-measurement gains/ (losses) on defined benefit plans (net of tax) 2.80 2.80
Total Amount of items that will not be reclassified to profit and loss 2.80 2.80
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 2.80 2.80
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 IRB Talegaon Amravati Tollway 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 1,942.80
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 9.80
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) 9.80
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 0.00
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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 1,952.60
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project M.V.R Infrastructure and Tollways 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 2,453.10
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 257.80
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) 257.80
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 0.00
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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 2,710.90
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Jaipur Deoli Tollway 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 4,231.60
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 26.30
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) 26.30
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 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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 4,257.90
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Pathankot Amritsar Toll Road 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 1,824.40
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 41.50
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) 41.50
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 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) 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 (1,582.10)
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) (1,582.10)
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 3,448.00
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Tumkur Chitradurga Tollway 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 10,241.50
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 0.00
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) 0.00
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 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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 6,949.50
Net Distributable Cash Flow for HoldCo/SPV ' s 3,292.00
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project VK1 Expressway 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 11,363.10
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 180.60
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) 180.60
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 0.00
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) 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 3,041.00
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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 3,041.00
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 8,502.70
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IDAA Infrastructure 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 (3.00)
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 0.00
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) 0.00
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 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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 (3.00)
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Surat Dahisar Tollway 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 (1.80)
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 2.60
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) 2.60
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 0.00
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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 0.80
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Kaithal Tollway 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 999.30
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 7.30
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) 7.30
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 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) 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 (835.80)
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) (835.80)
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 1,842.40
Notes:
KTL was acquired with effect from 1st November, 2025. Accordingly, NDCF has been considered for the period 1st November, 2025 to 31st December, 2025. * Since KTL was acquired with effect from 1st November, 2025, previous periods numbers are not considered in the above working. # MMRA released pursuant to terms of facility agreement.


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Kishangarh Gulabpura Tollway 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 338.50
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 252.80
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) 252.80
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 0.00
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) 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 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 0.00
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 591.30
Notes:
KGTL was acquired with effect from 1st November, 2025. Accordingly, NDCF has been considered for the period 1st November, 2025 to 31st December, 2025. * Since KGTL was acquired with effect from 1st November, 2025, previous periods numbers are not considered in the above working.


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Hapur Moradabad Tollway 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 3,300.70
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 8.70
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) 8.70
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 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) 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 (1,565.60)
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) (1,565.60)
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 4,875.00
Notes:
IHMTL was acquired with effect from 1st November, 2025. Accordingly, NDCF has been considered for the period 1st November, 2025 to 31st December, 2025. * Since IHMTL was acquired with effect from 1st November, 2025, previous periods numbers are not considered in the above working. # MMRA released pursuant to terms of facility agreement


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project VM7 Expressway 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 7,217.40
1 Add: Cash Flows received from SPV's which represent distributions of NDCF computed as per relevant framework
f Sum of other Cash flows not included above
Details of other Cash flows not included above
721.74
Total (1)
2 Add: Treasury income / income from investing activities
a Interest income received from FD 1.70
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) 1.70
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 591.30
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) 12.70
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 6,615.10
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 6,615.10
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 0.00
Notes:
# This amount represents reserve created for debt servicing and DSRA. Accordingly, NDCF as computed above is not available for distribution. * Since VM7 was acquired with effect from 1st December, 2025, previous periods numbers are not considered in the above working.


Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)

A Name of Project IRB InvIT Fund
B Date of start of reporting period 01-10-2025
C Date of end of reporting period 31-12-2025
Sr. Particulars Amount
Cashflows from operating activities of the Trust (418.00)
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 / Investment entities which represent distributions of NDCF computed as per relevant framework 31,301.90
f Sum of other Cash flows not included above
Details of other Cash flows not included above
Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework
Total (1) 31,301.90
2 Add: Treasury income / income from investing activities of the Trust
a Interest income received from FD 2,983.30
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) 2,983.30
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 13,502.20
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) 813.10
7 Less: Any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with:
a Loan agreement entered with banks/ financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt 4.80
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 0.00
f Agreement entered for PPP projects 0.00
g Agreement entered for non-PPP projects 0.00
Total (7) 4.80
8 Less: any capital expenditure on existing assets owned / leased by the SPV or Holdco, to the extent not funded by debt / equity or from reserves created in the earlier years 0.00
Net Distributable Cash Flow at Trust level 19,547.10
Notes:
* NDCF for the quarter ended September 30, 2025 and year ended March 31, 2025 have been reproduced from the published/ Audited Consolidated Financial Information for the period/ year then ended except for quarter / nine months ended December 31, 2024, which was not published in any of the previous periods. **Any reserve funded by debt is not considered in the computation of NDCF. Notes: 1. For the quarter and nine months ended December 31, 2025, the Trust has considered distribution of Rs. 1,002.19 million received from SPV after December 31, 2025 but before finalization and adoption of accounts of the IRB InvIT Fund. For the quarter ended September 30, 2025, the Trust has considered distribution of Rs. 1,069.87 million received from SPV after September 30, 2025 but before finalization and adoption of accounts of the IRB InvIT Fund. For the year ended March 31, 2025, the Trust has considered distribution of Rs. 298.92 million received from SPV after March 31, 2025 but before finalization and adoption of accounts of the IRB InvIT Fund. 2. As per the Master Circular SEBI/HO/DDHS-PoD 2/P/CIR/2025/102 dated July 11, 2025, the details of NDCF distributable is as below – (Rs. in Million) Particulars Quarter ended December 31, 2025 Quarter ended September 30, 2025 Nine months ended December 31, 2025 Year ended March 31, 2025 NDCF of Trust (A) 1,954.71 1,814.88 4,946.17 4,810.98 (+) NDCF of SPV’s (B) 3,147.07 2,298.72 7,138.74 6,922.88 (-) Amount distributed by SPV’s (C) (3,130.19) (2,275.52) (7,038.19) (6,707.00) Amount of NDCF Distributable D=(A+B-C) 1,971.59 1,838.08 5,046.72 5,026.86 Trust has ensured that minimum 90% of the above amount will be distributed as NDCF.


Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr. Particulars Amount
A Borrowings [Refer Notes 1 & 2] 7,93,034.30
B Deferred Payments [Refer Notes 1 & 3] 51,300.00
C Cash and Cash Equivalents [Refer Notes 1 & 3] 58,250.20
D Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C) 7,86,084.10
E Value of REIT/InVIT assets [Refer Notes 3 & 4] 17,95,038.00
F Net Borrowings Ratio (D/E) 0.44
Disclosure of notes on net borrowings ratio


Disclosure of notes on net borrowings ratio Deferred Payments* - Pertains to consideration payable to Sponsor towards acquisition of VM7 project Note: i. The above statement is prepared on the basis of consolidated financial information of the InvIT. ii. The breakup of borrowings is as under: Entity name Nature of debt As at December 31, 2025* As at December 31, 2024 As at March 31, 2025* (Unaudited) (Unaudited) (Audited) InvIT Term loan from Bank 60,762.84 24,766.95 16,561.46 InvIT Non-convertible debentures 11,500.00 - - VK1 Term loan from Bank - - 8,450.29 VM7 Term loan from Bank/ financial insitutions 7,040.59 - - Total 79,303.43 24,766.95 25,011.75 * gross of unamortised transaction costs Details of term loan and non-convertible debentures availed from banks/ financial institutions/ Other lenders: Banks: Bank of India Canara Bank ICICI Bank Indusind Bank State Bank of India UCO Bank Union Bank of India Financial Institutions: India Infrastructure Finance Company Limited National Bank for Financing Infrastructure and Development iii. Breakup of Cash and Cash Equivalents * is as under: (Rs. in Million) Name of the entity As at December 31, 2025 As at December 31, 2024 As at March 31, 2025 (Unaudited) (Unaudited) (Audited) IRB InvIT Fund 958.54 572.97 884.03 ISDTL 25.01 12.64 0.55 IJDTL 88.69 6.07 6.12 IDAATL 0.12 0.08 0.27 IPATL 3.18 5.53 7.35 ITATL 36.86 4.48 15.21 ITCTL 511.33 215.96 242.98 MITL 420.15 335.57 388.14 VK1 1,052.13 964.50 9.81 KTL 4.92 - - KGTL 2,427.03 - - IHMTL 291.41 - - VM7 5.65 - - Total 5,825.02 2,117.81 1,554.46 * Cash and Cash equivalents includes investment in overnight mutual funds as per explanation I to Clause 20(2) of SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended from time to time iv. The Value of InvIT assets is determined based on the latest available valuation report for November 30, 2025 by the valuer appointed under the InvIT Regulations. Breakup of the Value of InvIT assets is as under: (Rs. in Million) Name of the SPV As at December 31, 2025 As at December 31, 2024 As at March 31, 2025 (Unaudited) (Unaudited) (Audited) ITATL 7,400.00 7,880.00 7,980.00 IJDTL 20,470.00 20,580.00 20,150.00 ITCTL 23,180.00 21,940.00 21,660.00 MITL 1,350.00 2,370.00 1,960.00 IPATL 15,260.00 15,180.00 15,070.00 VK1 9,820.00 11,830.00 11,450.00 KGTL 14,930.00 - - KTL 27,330.00 - - IHMTL 47,230.00 - - VM7 12,533.80 - - Value of InvIT assets 1,79,503.80 79,780.00 78,270.00


Statement of Changes in Unitholders Equity

Amount in (Lakhs)

Particulars 3 months/ 6 months ended(dd-mm-yyyy) Year to date figures for current period ended(dd-mm-yyyy)
Date of start of reporting period 01-10-2025 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 0.00 0.00
2 Changes in Unit Capital due to prior period errors 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00
4 Changes in Unit Capital due to prior period errors 0.00 0.00
5 Balance at the end of the current reporting period 0.00 0.00
Disclosure of notes on changes in unit capital Textual Information(1) Textual Information(2)


Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025
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
2 Changes in accounting policy or prior period errors
3 Restated balance at the beginning of the current reporting period
4 Total Comprehensive Income for the current year
5 Dividends
6 Transfer to retained earnings
7 Any other change
8 Balance at the end of the current reporting period
9 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
1 Balance at the beginning of the current reporting period
2 Changes in accounting policy or prior period errors
3 Restated balance at the beginning of the current reporting period
4 Total Comprehensive Income for the current year
5 Dividends
6 Transfer to retained earnings
7 Any other change
8 Balance at the end of the current reporting period
9 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) 1,65,614.60 4,44,165.00 2,151.20 6,07,628.40
2 Non-Convertible Debentures (NCDs) 0.00 1,15,000.00 0.00 1,15,000.00
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 57,500.00 7.35 Quarterly Secured P58M The obligations of the Issuer w.r.t. Debt Securities, Rupee Term Loans, Existing Debt Facility from all lenders (including Debt Security Holders), all interest/ coupon and other monies in respect thereof shall be secured by a first ranking pari-passu security interest including, but not limited to following: nni.tFirst pari passu charge on all moveable assets and the receivables of the Issuer, present and future, including but not limited tonn-tReceivable of the Issuer limited to Project SPVs. n-tLoans and advances made by the Issuer to Project SPVs including rights of the Substitution Agreement as permissible under the Concession Agreement of the respective project SPVs by way of agreement for Assignment and Power of Attorney. n-tThe interest and principal repayment of loans advanced by Issuer to Project SPVs. n-tDividends and any other amounts to be paid / payable by Project SPVs to Issuer. nnii.tAny other current assets of the Issuer to be shared with all lenders (including the Debt Security Holders). nniii.tFirst pari passu charge by way of mortgage on all immoveable assets of the Issuer (if any). nniv.tFirst pari passu charge on the Escrow Account of the Issuer in which the free cash flows of the Project SPVs owned by the Issuer will be deposited/ credited or any other account opened / maintained by Issuer in relation to such Project SPVs. nnv.tAgreement to assign the Loans advanced by Issuer to Project SPVs and securities created by Issuer (including right of substitution & termination and invocation of the provisions of Escrow Agreement of Project SPVs). nnvi.tPledge of bonds, NCDs or any other securities issued by the Project SPVs to Issuer. nnvii.tPledge of 100% equity shares of all Project SPVs held by Issuer. nnviii.tNegative lien on the immovable and movable assets (including current assets and cash flows) of the Project SPVs, subject to the rights of NHAI under the concession agreements. nnix.tFirst pari passu charge on DSRA. 0 0.00 0 P0M 0 0.00 0 P0M
2 InviT ZZZ999Z99999 30,000.00 7.40 Quarterly Secured P118M The obligations of the Issuer w.r.t. Debt Securities, Rupee Term Loans, Existing Debt Facility from all lenders (including Debt Security Holders), all interest/ coupon and other monies in respect thereof shall be secured by a first ranking pari-passu security interest including, but not limited to following: nni.tFirst pari passu charge on all moveable assets and the receivables of the Issuer, present and future, including but not limited tonn-tReceivable of the Issuer limited to Project SPVs. n-tLoans and advances made by the Issuer to Project SPVs including rights of the Substitution Agreement as permissible under the Concession Agreement of the respective project SPVs by way of agreement for Assignment and Power of Attorney. n-tThe interest and principal repayment of loans advanced by Issuer to Project SPVs. n-tDividends and any other amounts to be paid / payable by Project SPVs to Issuer. nnii.tAny other current assets of the Issuer to be shared with all lenders (including the Debt Security Holders). nniii.tFirst pari passu charge by way of mortgage on all immoveable assets of the Issuer (if any). nniv.tFirst pari passu charge on the Escrow Account of the Issuer in which the free cash flows of the Project SPVs owned by the Issuer will be deposited/ credited or any other account opened / maintained by Issuer in relation to such Project SPVs. nnv.tAgreement to assign the Loans advanced by Issuer to Project SPVs and securities created by Issuer (including right of substitution & termination and invocation of the provisions of Escrow Agreement of Project SPVs). nnvi.tPledge of bonds, NCDs or any other securities issued by the Project SPVs to Issuer. nnvii.tPledge of 100% equity shares of all Project SPVs held by Issuer. nnviii.tNegative lien on the immovable and movable assets (including current assets and cash flows) of the Project SPVs, subject to the rights of NHAI under the concession agreements. nnix.tFirst pari passu charge on DSRA. 0 0.00 0 P0M 0 0.00 0 P0M
3 InviT ZZZ999Z99999 27,500.00 7.40 Quarterly Secured P178M The obligations of the Issuer w.r.t. Debt Securities, Rupee Term Loans, Existing Debt Facility from all lenders (including Debt Security Holders), all interest/ coupon and other monies in respect thereof shall be secured by a first ranking pari-passu security interest including, but not limited to following: nni.tFirst pari passu charge on all moveable assets and the receivables of the Issuer, present and future, including but not limited tonn-tReceivable of the Issuer limited to Project SPVs. n-tLoans and advances made by the Issuer to Project SPVs including rights of the Substitution Agreement as permissible under the Concession Agreement of the respective project SPVs by way of agreement for Assignment and Power of Attorney. n-tThe interest and principal repayment of loans advanced by Issuer to Project SPVs. n-tDividends and any other amounts to be paid / payable by Project SPVs to Issuer. nnii.tAny other current assets of the Issuer to be shared with all lenders (including the Debt Security Holders). nniii.tFirst pari passu charge by way of mortgage on all immoveable assets of the Issuer (if any). nniv.tFirst pari passu charge on the Escrow Account of the Issuer in which the free cash flows of the Project SPVs owned by the Issuer will be deposited/ credited or any other account opened / maintained by Issuer in relation to such Project SPVs. nnv.tAgreement to assign the Loans advanced by Issuer to Project SPVs and securities created by Issuer (including right of substitution & termination and invocation of the provisions of Escrow Agreement of Project SPVs). nnvi.tPledge of bonds, NCDs or any other securities issued by the Project SPVs to Issuer. nnvii.tPledge of 100% equity shares of all Project SPVs held by Issuer. nnviii.tNegative lien on the immovable and movable assets (including current assets and cash flows) of the Project SPVs, subject to the rights of NHAI under the concession agreements. nnix.tFirst pari passu charge on DSRA. 0 0.00 0 P0M 0 0.00 0 P0M
4 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 State Bank of India 81,609.30 0 P140M 0 0.00 0 P0M
5 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 Canara Bank 3,62,555.80 0 P183M 0 0.00 0 P0M
6 SPVs ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 Bank of India 22,808.60 0 P156M 0 0.00 0 P0M
7 SPVs ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 Union Bank of India 26,394.60 0 P156M 0 0.00 0 P0M
8 SPVs ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 UCO Bank 7,062.20 0 P156M 0 0.00 0 P0M
9 SPVs ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 IIFCL 14,140.50 0 P156M 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 0.92
2 Debt service coverage ratio 2.86
3 Interest service coverage ratio 2.93
4 Asset cover available ratio 2.79
5 Total debts to total assets 0.35
6 Current ratio 0.87
7 EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin) 87.60
8 Net profit margin percent 2496.00
9 Net operating income margin 94.92
10 Distribution per unit (In Rs.) 150.00
11 Net worth i.e.: Unitholders funds 8,60,418.50


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 Institutional Placement 30-05-2025 03-07-2025 14-10-2025 541405000 3,24,843.00 60 15-10-2025 The units alloted of IRB InvIT Fund are listed on BSE Ltd and National Stock Exchange of India Limited
2 Preferential Issue 08-10-2025 01-11-2025 03-11-2025 159695000 1,00,528.00 62.95 03-11-2025 The units alloted of IRB InvIT Fund are listed on BSE Ltd and National Stock Exchange of India Limited



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 Acquired 100% of the equity share capital of IRB Hapur Moradabad Tollway Limited (IHMTL), Kaithal Tollway Limited (KTL) and Kishangarh Gulabpura ollway Limited (KGTL) 03-07-2025 Outright Purchase 01-11-2025 4,90,500.00 IRB Infrastructure Trust Yes 8,43,600.00 Acquired 100% of the equity share capital of IRB Hapur Moradabad Tollway Limited (IHMTL), Kaithal Tollway Limited (KTL) and Kishangarh Gulabpura ollway Limited (KGTL)
2 Acquisition of 100% of the equity share capital of VM7 Expressway Private Limited (VM7) 24-12-2025 Outright Purchase 01-12-2025 51,300.00 IRB Infrastructure Developers Limited Yes 1,21,706.00 Acquisition of 100% of the equity share capital of VM7 Expressway Private Limited (VM7)



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 16-02-2026
2 Date of Board Meeting in which the distribution declared 11-02-2026
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 12,175.20 0.95
5 Out of the total amount of distribution declared, the amount in the form of dividend 1,409.80 0.11
6 Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt 5,639.00 0.44
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 23-02-2026
9 Date by which payment of distribution is completed 23-02-2026



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 IDAA Infrastructure Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 19,812.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 19,812.00
2 Other Equity (2,303.10)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 17,508.90
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 17,508.90
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 IRB Surat Dahisar Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 51,084.20
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 51,084.20
2 Other Equity 96.60
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 51,180.80
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 51,180.80
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 IRB Pathankot Amritsar Toll Road Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 9,860.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 9,860.00
2 Other Equity (88,907.20)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (79,047.20)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (79,047.20)
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 IRB Talegaon Amravati Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 4,925.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 4,925.00
2 Other Equity (5,671.10)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (746.10)
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 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 (746.10)
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 IRB Jaipur Deoli Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 13,175.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 13,175.00
2 Other Equity (18,856.00)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (5,681.00)
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 (5,681.00)
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 IRB Tumkur Chitradurga Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 15,550.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 15,550.00
2 Other Equity 915.70
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 16,465.70
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 16,465.70
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 M.V.R. Infrastructure and Tollways Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 6,910.20
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 6,910.20
2 Other Equity 1,938.70
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 8,848.90
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 8,848.90
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 VK1 Expressway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 12,250.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 12,250.00
2 Other Equity 17,854.10
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 30,104.10
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 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 30,104.10
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 Kaithal Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 32,800.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 32,800.00
2 Other Equity (98,320.70)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (65,520.70)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (65,520.70)
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 Kishangarh Gulabpura Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 15,550.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 15,550.00
2 Other Equity (31,358.80)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (15,808.80)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (15,808.80)
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 IRB Hapur Moradabad Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 37,150.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 37,150.00
2 Other Equity (48,664.80)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (11,514.80)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (11,514.80)
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 VM7 Expressway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 6,451.50
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 6,451.50
2 Other Equity 36,389.10
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 42,840.60
B Borrowings
1 Long Term Borrowings 70,405.90
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 70,405.90
C Total Capitalisation 1,13,246.50
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 :