Financial Results - REITs or InvITs



General information about REITs or InvITs

Scrip Code 078873
NSE Symbol IRBIT
MSEI Symbol IRBIT
ISIN INEOC8K20042
Name of Entity IRB Infrastructure 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 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   15:25:00
End date and time of board meeting 11-02-2026   16:30:00
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 4,04,187.60 7,12,375.70
(b) Other income
1 Interest on bank deposits 5,117.60 8,722.70
2 Profit on sale of investments 416.60 1,348.30
3 Fair value gain on measurement of other payable 0.00 4,141.60
4 Others 0.00 10.50
5 Fair value gain on investments 138.80 4.70
6 Other non operating income 4.10 141.20
Total other income 5,677.10 14,369.00
Total income 4,09,864.70 7,26,744.70
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 0.00 0.00
(e) Finance costs 61,407.70 1,93,000.00
(f) Depreciation, depletion and amortisation expense 14,500.40 40,689.60
(g) Other Expenses
1 Audit fees 49.50 151.70
2 Investment manager fees 468.80 1,141.20
3 Custodian fees 3.20 22.40
4 Trustee fees 3.30 9.70
5 Legal and professional expenses 5,586.20 6,788.10
6 Fair vlaue loss on measurement of other payable 4,871.70 5,865.00
7 Other Expenses 140.10 6,306.10
8 Insurance Expenses 873.00 1,965.50
9 Project management fees 13,089.50 41,203.90
10 Operating Expenses 53,671.80 1,85,533.70
11 Valuation expenses 16.40 52.60
Total other expenses 78,773.50 2,49,039.90
Total expenses 1,54,681.60 4,82,729.50
3 Total profit/(loss) before exceptional items and tax 2,55,183.10 2,44,015.20
4 Exceptional items 0.00 0.00
5 Total profit/(loss) before tax 2,55,183.10 2,44,015.20
6 Tax expense
7 Current tax 10,599.50 10,988.70
8 Deferred tax (1,352.30) 42.40
9 Total tax expenses 9,247.20 11,031.10
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 2,45,935.90 2,32,984.10
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 2,45,935.90 2,32,984.10
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 2,45,935.90 2,32,984.10
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 2,45,856.80 2,32,593.80
Total profit or loss, attributable to non-controlling interests 79.10 390.30
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 2,45,856.80 2,32,593.80
Total comprehensive income for the period attributable to owners of parent non-controlling interests 79.10 390.30
21 Details of unit capital
Paid-up unit capital 15,02,553.30 15,02,553.30
22 Earnings per unit
i Earnings per unit capital for continuing operations
Basic earnings (loss) per unit from continuing operations 20.98 19.88
Diluted earnings (loss) per unit from continuing operations 20.98 19.88
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 20.98 19.88
Diluted earnings (loss) per unit from continuing and discontinued operations 20.98 19.88
23 Disclosure of notes on financial results Textual Information(1) Textual Information(2)


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

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets
Net Segment Asset
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities
Net Segment Liabilities
Disclosure of notes on segments Textual Information(1) Textual Information(2)


Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss
5 Total Other comprehensive income
Disclosure of notes on other comprehensive income Text Block(1) Text Block(2)


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Westcoast 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 394.30
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
2.12
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 3.60
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) 3.60
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 0.40
6 Less: Debt repayment (to include principal repayments as per scheduled EMI�s except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt / loan from Trust) 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 (4,096.50)
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) (4,096.50)
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 4,494.00
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Yedeshi Aurangabad 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 6,025.70
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
2.12
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 69.00
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) 69.00
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 3,327.40
6 Less: Debt repayment (to include principal repayments as per scheduled EMI�s except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt / loan from Trust) 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 (763.80)
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) (763.80)
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 3,531.10
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Solapur Yedeshi 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 2,990.60
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
2.12
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 39.90
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) 39.90
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 1,297.70
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 (483.70)
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) (483.70)
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 2,216.50
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 (3,514.40)
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
2.12
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 35.50
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) 35.50
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 (4,523.00)
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) (4,523.00)
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 1,044.10
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project AE 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 (2,107.70)
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
2.12
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 160.80
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) 160.80
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 (3,909.00)
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) (3,909.00)
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 1,962.10
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Udaipur 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 (7,126.60)
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
2.12
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 79.40
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) 79.40
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 3,649.10
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) 898.30
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 (11,594.60)
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project CG 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 (1,946.10)
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
2.12
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 137.40
d Profit on sale of Mutual funds 0.00
e Profit on sale of Investments 0.00
f Profit on sale of Assets 0.00
g Dividend Income 0.00
h Sum of other income not included above 0.00
Details of other income not included above
Total (2) 137.40
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 3,685.90
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) 1,565.80
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 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 (7,060.40)
Notes:


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 466.70
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
2.12
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 (54.60)
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) (54.60)
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 (74.80)
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 486.90
Notes:


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 2,119.50
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
2.12
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 4.80
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) 4.80
3 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or shares of SPVs or Investment Entity adjusted for the following:
a Applicable capital gains and other taxes 0.00
b Related debts settled or due to be settled from sale proceeds 0.00
c Directly attributable transaction costs 0.00
d Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/ InvIT Regulations 0.00
e Sum of other sale proceeds not included above 0.00
Details of other sale proceeds not included above
Total (3) 0.00
4 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to reinvest as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/InvIT Regulations, if such proceeds are not intended to be invested subsequently 0.00
5 Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss Account and any shareholder debt / loan from Trust (3.00)
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 (438.00)
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) (438.00)
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 2,565.30
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Palsit Dankuni Tollway 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 3,446.30
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
2.12
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 34.80
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) 34.80
3 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or shares of SPVs or Investment Entity adjusted for the following:
a Applicable capital gains and other taxes 0.00
b Related debts settled or due to be settled from sale proceeds 0.00
c Directly attributable transaction costs 0.00
d Proceeds reinvested or planned to be reinvested as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/ InvIT Regulations 0.00
e Sum of other sale proceeds not included above 0.00
Details of other sale proceeds not included above
Total (3) 0.00
4 Add: Proceeds from sale of real estate/ infrastructure investments, real estate/ infrastructure assets or sale of shares of SPVs or Investment Entity not distributed pursuant to an earlier plan to reinvest as per Regulation 18(16)(d) of REIT Regulations/ Regulation 18(7) of InvIT Regulations or any other relevant provisions of the REIT/InvIT Regulations, if such proceeds are not intended to be invested subsequently 0.00
5 Less: Finance cost on Borrowings, excluding amortisation of any transaction costs as per Profit and Loss Account and any shareholder debt / loan from Trust 3,798.30
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) 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 (317.20)
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Golconda 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 18,387.30
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
2.12
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 265.00
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) 265.00
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 12,343.30
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) 621.50
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 5,687.50
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Samakhiyali Tollway 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 3,424.50
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
2.12
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 6.50
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) 6.50
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 1,687.40
6 Less: Debt repayment (to include principal repayments as per scheduled EMI�s except if refinanced through new debt including overdraft facilities and to exclude any debt repayments / debt refinanced through new debt, in any form or equity raise as well as repayment of any shareholder debt / loan from Trust) 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 1,993.20
Net Distributable Cash Flow for HoldCo/SPV ' s (249.60)
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Lalitpur Tollway 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 9,606.90
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
2.12
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 359.50
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) 359.50
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 7,748.70
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) 189.60
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 2,028.10
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Kota Tollway 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 1,286.30
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
2.12
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 41.90
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) 41.90
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 1,008.50
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) 123.00
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 196.70
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Gwalior Tollway 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 2,918.20
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
2.12
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 80.90
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) 80.90
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 1,950.90
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) 133.20
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 915.00
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project Meerut Budaun 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 14,148.70
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
2.12
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 1.00
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) 1.00
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 12,300.00
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 1,849.70
Notes:


Statement of Net Distributable Cash Flows (NDCF) - SPVs

Amount in (Lakhs)

A Name of Project IRB Harihara Corridors 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 21.20
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
2.12
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 0.60
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 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 21.80
Notes:


Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)

A Name of Project IRB Infrastructure Trust
B Date of start of reporting period 01-10-2025
C Date of end of reporting period 31-12-2025
Sr. Particulars Amount
Cashflows from operating activities of the Trust (589.90)
1 Add: Cash Flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework
1 Distribution 9,013.20
f Sum of other Cash flows not included above
Details of other Cash flows not included above
Distribution
Total (1) 9,013.20
2 Add: Treasury income / income from investing activities of the Trust
a Interest income received from FD 0.00
b Tax refund 0.00
c Any other income in the nature of interest 1,050.90
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) 1,050.90
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 (7,090.90)
b Related debts settled or due to be settled from sale proceeds (3,77,000.00)
c Directly attributable transaction costs (4,794.10)
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 (4,19,564.10)
e Sum of other sale proceeds not included above 8,08,446.70
Details of other sale proceeds not included above
Total (3) (2.40)
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 8,448.20
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) 1,726.90
7 Less: Any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with:
a Loan agreement entered with banks/ financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt (10,049.30)
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) (10,049.30)
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 10,700.00
Net Distributable Cash Flow at Trust level (1,354.00)
Notes:


Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr. Particulars Amount
A Borrowings [Refer Notes 1 & 2] 22,84,490.30
B Deferred Payments [Refer Notes 1 & 3] 0.00
C Cash and Cash Equivalents [Refer Notes 1 & 3] 4,31,356.80
D Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C) 18,53,133.50
E Value of REIT/InVIT assets [Refer Notes 3 & 4] 56,38,035.80
F Net Borrowings Ratio (D/E) 0.33
Disclosure of notes on net borrowings ratio


Disclosure of notes on net borrowings ratio A] The breakup of borrowings is as under:- 1. IRBIT - (a) Banks - 13,033.33 & (b) Finanicial Institutions - 10,834.69 2. SYTL - Non Convertible Debentures - 5,910.00 3. YATL - Non Convertible Debentures- 15,150.00 4. UTL - (a) Banks - 8073.55 & (b) Non Convertible Debentures - 6,780.47 5. CGTL - (a) Banks- 6,245.91 & (b) Non Convertible Debentures - 6,972.26 6. PDTPL - (a) Bank - 2,936.95 & (b) Financial Institutions - 13,228.88 7. IGEPL - (a) Banks - 54,728.70 8. STPL - (a) Banks - 7,322.48 9. ILTPL - (a) Bank - 24,908.86 & (b) Financial Institutions - 9,968.68 10. IKTPL - (a) Bank - 4,502.66 11. IGTPL - (a) Bank - 8,729.60 12. MBEL - (a) Bank - 17,982.30 & (b) Financial Institutions - 8,004.11 & (c) Non Convertible Debentures - 3,135.60 B] Breakup of Cash and Cash Equivalents is as under:- 1] IRBIT - 39,571.54 2] IRBWC - 91.63 3] YATL - 24.56 4] SYTL - 15.39 5] AETL - 201.69 6] UTL - 297.12 7] CGTL - 215.67 8] PDTPL - 858.98 9] IGEPL - 790.80 10] STPL - 10.36 11] ILTPL - 479.47 12] IKTL - 48.92 13] IGTL - 152.51 14] MBEL - 27.10 15] IHCPL - 349.95 C] Value of InvIT Assets as at 31st December 2025 1] IRBWC - 30,017.85 2] YATL - 53,617.38 3] SYTL - 29,404.75 4] AETL - 34,891.88 5] UTL - 27,883.52 6] CGTL - 27,883.63 7] PDTPL - 26,303.60 8] IGEPL - 1,75,765.05 9] STPL - 14,016.21 10] ILTPL - 57,955.73 11] IKTL - 9,384.67 12] IGTL - 16,610.26 13] MBEL - 60,069.04 14] IHCPL - -


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) 22,56,089.90 1,11,954.40 3,93,289.00 19,74,755.30
2 Non-Convertible Debentures (NCDs) 2,79,717.20 0.00 1,338.40 2,78,378.80
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)

Whether the REITS/INVITS have any outstanding borrowings? Yes
Sr. No Particulars Ratio Remarks
1 Debt equity ratio 1.37
2 Debt service coverage ratio 2.43
3 Interest service coverage ratio 2.67
4 Asset cover available ratio 1.91
5 Total debts to total assets 0.51
6 Current ratio 4.47
7 EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin) 67.06
8 Net profit margin percent 3300.00
9 Net operating income margin 68.63
10 Distribution per unit (In Rs.) 132.00
11 Net worth i.e.: Unitholders funds 16,71,815.00


Details of Capital raised during the period

Amount in (Lakhs)

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



Text Block
Details Of Capital Raised During The Period Explanatory



Details of Assets acquired during the reporting period

Amount in (Lakhs)

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



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
1 Transfer of 100% of Equity Share Capital of IRB Hapur Moradabad Tollway Limited (IHMTL), Kaithal Tollway Limited (KTL) and Kishangarh Gulabpura ollway Limited (KGTL) 30-05-2025 Outright Sale 31-10-2025 4,90,500.00 IRB INVIT Fund Yes 8,43,600.00 Transfer of 100% of Equity Share Capital of IRB Hapur Moradabad Tollway Limited (IHMTL), Kaithal Tollway Limited (KTL) and Kishangarh Gulabpura ollway Limited (KGTL)



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 4,80,23,61,920.00 0.43
5 Out of the total amount of distribution declared, the amount in the form of dividend 0.00 0
6 Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt 0.00 0
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 20-02-2026



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 IRB Westcoast Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 17,419.40
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 17,419.40
2 Other Equity (1,20,584.00)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 66,430.90
Total Shareholders Funds (36,733.70)
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 35,121.80
7 Loans from REITs / InvITs or any other inter SPV Borrowings 3,01,410.00
Total Net Debt 3,36,531.80
C Total Capitalisation 2,99,798.10
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 Yedeshi Aurangabad Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 21,575.70
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 21,575.70
2 Other Equity (60,225.40)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (38,649.70)
B Borrowings
1 Long Term Borrowings 1,51,500.00
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 35,579.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,89,244.70
Total Net Debt 3,76,323.70
C Total Capitalisation 3,37,674.00
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 Solapur Yedeshi Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 9,825.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 9,825.00
2 Other Equity (43,953.30)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (34,128.30)
B Borrowings
1 Long Term Borrowings 59,100.00
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 32,377.70
7 Loans from REITs / InvITs or any other inter SPV Borrowings 70,734.00
Total Net Debt 1,62,211.70
C Total Capitalisation 1,28,083.40
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
2 Date of end of reporting period 31-12-2025
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs AE Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 43,650.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 43,650.00
2 Other Equity (1,58,029.50)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (1,14,379.50)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 32,251.10
7 Loans from REITs / InvITs or any other inter SPV Borrowings 3,68,406.20
Total Net Debt 4,00,657.30
C Total Capitalisation 2,86,277.80
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 Udaipur Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 11,680.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 11,680.00
2 Other Equity (69,869.40)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 1,17,275.20
Total Shareholders Funds 59,085.80
B Borrowings
1 Long Term Borrowings 1,42,289.90
2 Current Maturities of Long Term Borrowings 6,250.30
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 26.60
7 Loans from REITs / InvITs or any other inter SPV Borrowings 46,341.50
Total Net Debt 1,94,908.30
C Total Capitalisation 2,53,994.10
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 CG Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 20,350.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 20,350.00
2 Other Equity (32,252.30)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 53,058.50
Total Shareholders Funds 41,156.20
B Borrowings
1 Long Term Borrowings 1,24,857.90
2 Current Maturities of Long Term Borrowings 7,323.80
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 20.20
7 Loans from REITs / InvITs or any other inter SPV Borrowings 33,274.10
Total Net Debt 1,65,476.00
C Total Capitalisation 2,06,632.20
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 Palsit Dankuni Tollway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 12,120.00
(2) held by Other shareholders 5.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 12,125.00
2 Other Equity 12,058.70
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 24,183.70
B Borrowings
1 Long Term Borrowings 1,56,914.50
2 Current Maturities of Long Term Borrowings 4,743.80
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 2,543.80
7 Loans from REITs / InvITs or any other inter SPV Borrowings 40,375.00
Total Net Debt 2,04,577.10
C Total Capitalisation 2,28,760.80
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 Golconda Expressway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 71,545.00
(2) held by Other shareholders 5.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 71,550.00
2 Other Equity (52,412.40)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 19,137.60
B Borrowings
1 Long Term Borrowings 5,44,605.70
2 Current Maturities of Long Term Borrowings 2,681.30
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 38,031.90
7 Loans from REITs / InvITs or any other inter SPV Borrowings 2,15,049.50
Total Net Debt 8,00,368.40
C Total Capitalisation 8,19,506.00
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 Samakhiyali Tollway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 11,620.00
(2) held by Other shareholders 5.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 11,625.00
2 Other Equity 18,462.40
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 12,680.00
Total Shareholders Funds 42,767.40
B Borrowings
1 Long Term Borrowings 73,224.80
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 73,224.80
C Total Capitalisation 1,15,992.20
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 Lalitpur Tollway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 42,058.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 42,058.00
2 Other Equity (37,348.50)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 4,709.50
B Borrowings
1 Long Term Borrowings 3,45,319.10
2 Current Maturities of Long Term Borrowings 3,456.30
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 25,371.40
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,26,174.00
Total Net Debt 5,00,320.80
C Total Capitalisation 5,05,030.30
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 IRB Kota Tollway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 3,934.80
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 3,934.80
2 Other Equity (2,333.90)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 1,600.90
B Borrowings
1 Long Term Borrowings 44,534.60
2 Current Maturities of Long Term Borrowings 492.00
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 1,036.50
7 Loans from REITs / InvITs or any other inter SPV Borrowings 11,804.30
Total Net Debt 57,867.40
C Total Capitalisation 59,468.30
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 IRB Gwalior Tollway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 10,328.50
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 10,328.50
2 Other Equity (6,542.50)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 3,786.00
B Borrowings
1 Long Term Borrowings 86,768.00
2 Current Maturities of Long Term Borrowings 528.00
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 3,180.70
7 Loans from REITs / InvITs or any other inter SPV Borrowings 30,985.50
Total Net Debt 1,21,462.20
C Total Capitalisation 1,25,248.20
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 Meerut Budaun Expressway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 42,873.30
(2) held by Other shareholders 10,451.70
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 53,325.00
2 Other Equity 14,363.40
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 67,688.40
B Borrowings
1 Long Term Borrowings 2,59,864.10
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 44.30
7 Loans from REITs / InvITs or any other inter SPV Borrowings 1,66,865.00
Total Net Debt 4,26,773.40
C Total Capitalisation 4,94,461.80
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 Harihara Corridors Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 3,500.00
(2) held by Other shareholders 0.00
Name of other shareholder % of Holiding
1 IRB Infrastructure Developers Limited 0.04
Total Capital 3,500.00
2 Other Equity (29.80)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 3,470.20
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 3,470.20
Disclosure of notes for HoldCos and Directly held SPVs Notes :




(B)For SVPs held through HoldCos

Amount in (Lakhs)

1 Date of start of reporting period 01-10-2025
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 :