Financial Results - REITs or InvITs



General information about REITs or InvITs

Scrip Code 540526
NSE Symbol IRBINVIT
MSEI Symbol NOTLISTED
ISIN INE183W23014
Name of Entity IRB INVIT FUND
Class of security - REITs or INVITs InvITs
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 15-05-2026
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 Fourth quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Single segment
Description of single segment Operating & Maintaining of Toll Roads
Start date and time of board meeting 15-05-2026   11:30:00
End date and time of board meeting 15-05-2026   14:45:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
NDCF applicability Trust
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
(a) Revenue from operations 0.00 0.00
(b) Other income
1 Interest on loan 43,305.20 1,07,045.00
2 Dividend income 1,451.10 6,184.60
3 Profit on sale of investments 105.60 2,123.80
4 Interest on Bank deposits 429.10 1,972.80
5 Fair value gain on investments 64.30 364.10
6 Other income * 2.00 2.00
7 Other non operating income 0.00 0.00
Total other income 45,357.30 1,17,692.30
Total income 45,357.30 1,17,692.30
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 16,634.00 43,945.70
(f) Depreciation, depletion and amortisation expense 0.00 0.00
(g) Other Expenses
1 Valuation expenses 12.20 28.60
2 Audit fees 6.40 39.80
3 Investment management fees 295.00 1,180.00
4 Annual Listing Fees 20.30 82.20
5 Trustee Fees 7.30 29.50
6 Legal and professional fees 648.20 731.00
7 Impairment of investment in subsidiaries (5,325.50) 1,152.90
8 Other expenses*** 3.50 13.60
Total other expenses (4,332.60) 3,257.60
Total expenses 12,301.40 47,203.30
3 Total profit/(loss) before exceptional items and tax 33,055.90 70,489.00
4 Exceptional items 0.00 0.00
5 Total profit/(loss) before tax 33,055.90 70,489.00
6 Tax expense
7 Current tax 0.00 (1.30)
8 Deferred tax 0.00 0.00
9 Total tax expenses 0.00 (1.30)
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 33,055.90 70,490.30
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 33,055.90 70,490.30
17 Other comprehensive income net of taxes 0.00 0.00
18 Total Comprehensive Income for the period 33,055.90 70,490.30
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of unit capital
Paid-up unit capital 10,17,481.00 5,92,110.00
22 Earnings per unit
i Earnings per unit capital for continuing operations
Basic earnings (loss) per unit from continuing operations 2.64 7.88
Diluted earnings (loss) per unit from continuing operations 2.64 7.88
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 2.64 7.88
Diluted earnings (loss) per unit from continuing and discontinued operations 2.64 7.88
23 Disclosure of notes on financial results Textual Information(1) Textual Information(2)


Disclosure of notes on financial results

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


Disclosure of notes on financial results

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


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Assets
1 Non-current assets
Property, plant and equipment 0.00
Capital work-in-progress 0.00
Investment property 0.00
Goodwill 0.00
Other intangible assets 0.00
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 3,44,971.60
Trade receivables, non-current 0.00
Loans, non-current 13,20,301.90
Other non-current financial assets
Total of Other non-current financial assets
Total non-current financial assets 16,65,273.50
Deferred tax assets (net) 0.00
Other non-current assets
Total of Other non-current assets
Total non-current assets 16,65,273.50
2 Current assets
Inventories 0.00
Current financial asset
Current investments 20,334.50
Trade receivables, current 0.00
Cash and cash equivalents 17,922.70
Bank balance other than cash and cash equivalents 27,641.60
Loans, current 50,116.80
Other current financial assets
1 Other financial assets 62,131.40
Total of Other current financial assets 62,131.40
Total current financial assets 1,78,147.00
Current tax assets (net) 197.00
Other current assets
1 Other current assets 3.90
Total of Other current assets 3.90
Total current assets 1,78,347.90
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 18,43,621.40
Unit Capital and liabilities
1 Unit Capital
Unit Capital attributable to owners of parent
Unit capital 8,87,268.40
Other equity 27,347.20
Total equity attributable to owners of parent 9,14,615.60
Non controlling interest
Total Unit Capital 9,14,615.60
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 8,54,168.00
Lease liabilities, non-current 0.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities
Total of Other non-current financial liabilities
Total non-current financial liabilities 8,54,168.00
Provisions, non-current 0.00
Deferred tax liabilities (net) 0.00
Deferred government grants, Non-current 0.00
Other non-current liabilities
Total of Other non-current liabilities
Total non-current liabilities 8,54,168.00
Current liabilities
Current financial liabilities
Borrowings, current 74,724.20
Lease liabilities, current 0.00
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 16.90
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 53.30
Total Trade payable 70.20
Other current financial liabilities
1 Other financial liabilities 35.10
Total of Other current financial liabilities 35.10
Total current financial liabilities 74,829.50
Other current liabilities
1 Other current liabilities 8.30
Total of Other current liabilities 8.30
Provisions, current 0.00
Current tax liabilities (Net) 0.00
Deferred government grants, Current 0.00
Total current liabilities 74,837.80
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 9,29,005.80
Total equity and Liabilities 18,43,621.40
Disclosure of notes on assets and liabilities



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

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-01-2026 01-04-2025
Date of end of reporting period 31-03-2026 31-03-2026
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets
Net Segment Asset
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities
Net Segment Liabilities
Disclosure of notes on segments Textual Information(1) Textual Information(2)


Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-01-2026 01-04-2025
B Date of end of reporting period 31-03-2026 31-03-2026
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss 0.00 0.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 0.00 0.00
Disclosure of notes on other comprehensive income Text Block(1) Text Block(2)


Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 31-03-2026
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Standalone
Part I
1 Statement of cash flows
Cash flows from used in operating activities
Profit before tax 70,489.00
2 Adjustments for reconcile profit (loss)
Adjustments for finance costs 39,607.40
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current 0.00
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (0.10)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current (5.60)
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current (68.20)
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities (32.80)
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 0.00
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 1,152.90
Adjustments for provisions, current 0.00
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current (5.30)
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains 0.00
Adjustments for dividend income 6,184.60
Adjustments for interest income 1,09,017.70
Adjustments for share-based payments 0.00
Adjustments for fair value losses (gains) (364.10)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (2,123.80)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 4,338.30
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (72,703.60)
Net cash flows from (used in) operations (2,214.60)
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 159.60
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities (2,374.20)
3 Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 1,55,418.70
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 0.00
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 9,75,354.30
Cash receipts from repayment of advances and loans made to other parties 55,605.90
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 6,184.60
Interest received 84,125.10
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (9,965.60)
Net cash flows from (used in) investing activities (9,94,823.00)
4 Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing unit 4,25,371.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares/units 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 1,15,000.00
Proceeds from borrowings 6,39,746.90
Repayments of borrowings 55,041.50
Payments of lease liabilities 0.00
Dividends paid 48,716.30
Interest paid 36,446.50
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (25,095.30)
Net cash flows from (used in) financing activities 10,14,818.30
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 17,621.10
5 Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents 17,621.10
Cash and cash equivalents cash flow statement at beginning of period 301.60
Cash and cash equivalents cash flow statement at end of period 17,922.70



Other inflows (outflows) of cash(operating activities)


Other inflows (outflows) of cash(Investing Activities) Bank earmarked balance : (0.52) Investment in bank deposits (having original maturity of more than three months) (net) : (2120) Purchase of current investments ( Mutual Fund) : (44,713.46) Sale of current investments ( Mutual Fund) : 44,328.86 Repayment of sub debt of subsidiaries : 1507.52


Other inflows (outflows) of cash (Financing Activities) Repayment of unit capital to the unit holders : (1295.17) Transaction cost on long term borrowings : (755.6) Payment towards share issue expenses : (458.76)


Disclosure of notes on cash flow statement, indirect 1. The above Consolidated Statement of Cash Flows has been prepared under Indirect Method as per Ind AS 7 Statement of Cash Flows. 2. All figures in bracket are outflow.


Statement of Net Distributable Cash Flows (NDCF) - Trust

Amount in (Lakhs)

A Name of Project IRB InvIT Fund
B Date of start of reporting period 01-01-2026
C Date of end of reporting period 31-03-2026
Sr. Particulars Amount
Cashflows from operating activities of the Trust 2,223.20
1 Add: Cash Flows received from SPV's / Investment entities which represent distributions of NDCF computed as per relevant framework
1 Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework 34,635.60
f Sum of other Cash flows not included above
Details of other Cash flows not included above
Cash flows received from SPV’s / Investment entities which represent distributions of NDCF computed as per relevant framework
Total (1) 34,635.60
2 Add: Treasury income / income from investing activities of the Trust
a Interest income received from FD 539.40
b Tax refund 0.00
c Any other income in the nature of interest 0.00
d Profit on sale of Mutual funds 0.00
e Profit on sale of Investments 0.00
f Profit on sale of Assets 0.00
g Dividend Income 0.00
h Sum of other income not included above 0.00
Details of other income not included above
Total (2) 539.40
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 15,445.70
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) 808.10
7 Less: Any reserve required to be created under the terms of, or pursuant to the obligations arising in accordance with:
a Loan agreement entered with banks/ financial institution from whom the Trust or any of its SPVs/ HoldCos have availed debt 0.00
b Terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs/ HoldCos 0.00
c Terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs/ HoldCos 0.00
d Agreement pursuant to which the he SPV/ HoldCo/ Trust operates or owns the real estate/ infrastructure asset, or generates revenue or cashflows from such asset 0.00
e Statutory, judicial, regulatory, or governmental stipulations 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 at Trust level 21,144.40
Notes:
* Excludes transaction related costs amounting to Rs. 351.08 million funded out of proceeds from Institutional Placement. For the year ended March 31,2026, the Trust has considered distribution of Rs. 270.92 million received from SPV after March 31, 2026 but before finalization and adoption of accounts of the IRB InvIT Fund. 2. As per the Master Circular SEBI/HO/DDHS-PoD 2/P/CIR/2025/102 dated July 11, 2025, the details of NDCF distributable is as below – (Rs. in Million) Particulars Quarter ended March 31, 2026 NDCF of Trust (A) 2,114.44 (+) NDCF of SPV’s (B) 3,465.10 (-) Amount distributed by SPV’s (C) (3,463.56) Amount of NDCF Distributable D=(A+B-C) 2,115.98 Trust has ensured that minimum 90% of the above amount will be distributed as NDCF.


Statement of Net Assets at Fair Value (NAV)

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Sr. Particulars Book Value Fair Value
A Total Assets 18,43,621.40 19,28,115.70
B Total Liabilities 9,29,005.80 8,86,685.70
C Net Assets (A - B) 9,14,615.60 10,41,430.00
D Less: Non-Controlling Interest 0.00 0.00
E Net Assets attributable to unitholders (C-D) 9,14,615.60 10,41,430.00
F No. of Units 1281600000 1281600000
G NAV per unit (E/F) 71.37 81.26
Disclosure of notes on net assets at fair value Text Block(1) Text Block(2)


Text Block(2) Fair values of subsidiaries/SPVs are calculated based on their independent fair value done by experts appointed by the Trust. The fair value of all these revenue-generating assets is determined using this method. The Trust holds 100% equity/beneficial interest in all SPVs.




Statement of Total Returns at Fair Value

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
Particulars Amount
1 Total Comprehensive Income (As per the Statement of Profit and loss) 70,490.30
Add/Less: Other Changes in Fair Value not recognized in Total Comprehensive Income
1 Add/Less: other changes in fair value (e.g., in investment property, property, plant & equipment (if cost model is followed)) not recognized in total comprehensive income 1,26,814.40
Total Other Changes in Fair Value not recognized in Total Comprehensive Income 1,26,814.40
Total Return 1,97,304.70
Disclosure of notes on total returns at fair value


Disclosure of notes on total returns at fair value i) Fair value of assets as at March 31, 2026 and March 31, 2025 and other changes in fair value for the year then ended as disclosed in the above tables are derived based on the fair valuation reports issued by the independent valuer appointed under the InvIT Regulations. ii) Fair value of assets has been derived by adjusting the cash and cash equivalents, investments and capital creditor, which is based solely on the fair valuation carried out by independent valuer appointed by Investment Manager under the SEBI InvIT Regulations. iii) Book value of liability has been adjusted for working capital adjustments to derive the fair value of liability to align with the fair value of assets carried out by independent valuer appointed by Investment Manager under the SEBI InvIT Regulations. iv) Previous year’s figures of the fair value of assets and liabilities has been recomputed to align with current year disclosure.


Statement of Net Borrowings Ratio

Amount in (Lakhs)

Sr. Particulars Amount
A Borrowings [Refer Notes 1 & 2] 8,65,325.30
B Deferred Payments [Refer Notes 1 & 3] 0.00
C Cash and Cash Equivalents [Refer Notes 1 & 3] 77,749.20
D Aggregate Borrowings and Deferred Payments net of Cash and Cash Equivalents (A+B-C) 7,87,576.10
E Value of REIT/InVIT assets [Refer Notes 3 & 4] 18,25,425.40
F Net Borrowings Ratio (D/E) 0.43
Disclosure of notes on net borrowings ratio


Disclosure of notes on net borrowings ratio Note: 1. The above statement is prepared on the basis of consolidated financial information of the InvIT. 2. The breakup of borrowings is as under: (Rs. In million) Name of the entity Nature of debt As at March 31, 2026 IRB InvIT Fund Term loan from Bank 75,032.53 VK1 Expressway Limited Term loan from Bank - IRB InvIT Fund Non Convertible Debenrures 11,500.00 Total 86,532.53 The above debt has been availed from State Bank of India and Canara Bank * gross of unamortised transaction costs 3. Breakup of Cash and Cash Equivalents is as under: Name of the entity As at March 31, 2026 IRB InvIT Fund 3,243.36 IRBSD 25.02 IRBJD 182.38 IDAA 0.27 IRBPA 16.11 IRBTA 36.09 IRBTC 420.77 MVR 670.27 VK1 294.94 KGTL 2,427.44 KTL 13.01 VM7 415.22 HM 30.04 Total 7,774.92 4. The Value of InvIT assets is determined based on the latest available valuation report for March 31, 2026 by the valuer appointed under the InvIT Regulations. Breakup of the Value of InvIT assets is as under: (Rs. In million) Name of the entity As at March 31, 2026 IRBTA 7,718.24 IRBJD 20,427.64 IRBTC 25,869.68 MVR 324.12 IRBPA 16,077.33 VK1 10,529.04 KTL 27,230.82 KGTL 14,358.60 HMTL 47,629.72 VM7 12,377.34 Total 1,82,542.54


Statement of Changes in Unitholders Equity

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone
1 Balance at the beginning of the current reporting period 5,92,110.00
2 Changes in Unit Capital due to prior period errors 0.00
3 Restated balance at the beginning of the current reporting period 0.00
4 Changes in Unit Capital due to prior period errors 4,25,371.00
5 Balance at the end of the current reporting period 10,17,481.00
Disclosure of notes on changes in unit capital Textual Information(1)


Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 31-03-2026
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Standalone

B(i). Other Equity

Share application money pending allotment Equity component of compound financial instruments Reserves and Surplus Debt instruments through Other Comprehensive Income Equity Instruments through Other Comprehensive Income Effective portion of Cash Flow Hedges Revaluation Surplus Exchange differences on translating the financial statements of a foreign operation Other items of Other Comprehensive Income (specify nature) Money received against share warrants Total
Capital Total Reserve Securities Premium Other Reserves (specify nature) Retained Earnings
1 Balance at the beginning of the current reporting period 10,160.80 10,160.80
2 Changes in accounting policy or prior period errors 0.00 0.00
3 Restated balance at the beginning of the current reporting period 0.00 0.00
4 Total Comprehensive Income for the current year 70,490.30 70,490.30
5 Dividends (6,082.40) (6,082.40)
6 Transfer to retained earnings 0.00 0.00
7 Any other change (47,221.50) (47,221.50)
8 Balance at the end of the current reporting period 27,347.20 27,347.20
9 Details of any other change (If figures reported in No. 7) Unit Issue expenses : (458.76); Interest distribution : (4263.39)


Textual Information(1) i) The distributions that will be made to unitholders will be based on the Net Distributable Cash Flows (NDCF) of InvIT under the SEBI InvIT Regulations. ii) The Board of directors of Investment manager in their meeting on May 15, 2026 have approved distribution of Rs. 1.60 per unit to the unitholders, which comprises of Rs. 1.60 per unit in the form of interest for the year, which is payable within 5 working days from the record date. The above distribution has been declared and paid after March 31, 2026 and hence not included the same in the year ended March 31, 2026. iii) For March 31, 2026, pertains to the distributions made during the financial year along with the distribution related to the last quarter of FY 2024-25 and does not include the distribution relating to the last quarter of FY 2025-26 which has been paid after March 31, 2026. iv) For March 31, 2025,  Pertains to the distributions made during the financial year along with the distribution related to the last quarter of FY 2023-24 and does not include the distribution relating to the last quarter of FY 2024-25 which has been paid after March 31, 2025. (v) The opening balance of unit capital has been regrouped to comply with the requirements of Chapter 4 of SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, to disclose distribution in the nature of repayment of unit capital as a separate line item on the face of the standalone balance sheet.


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) 6,07,628.40 1,43,505.00 808.10 7,50,325.30
2 Non-Convertible Debentures (NCDs) 1,15,000.00 0.00 0.00 1,15,000.00
3 Non-Convertible Preference Shares (NCRPs) 0.00 0.00 0.00 0.00
4 ECBs 0.00 0.00 0.00 0.00
Whether fund raised through debt consolidated other than above? No


Details of Borrowing / Debt (Raised during the period)

Debt securities (NCDs) Loans / ECB Preference Capital (NCRPS)
Sr no. InvIT / HoldCo / SPVs ISIN Amount raised Coupon Rate Interest payment frequency Secured/unsecured Tenure (in months) Assets on which charge is created, if any Name of the lender Amount Assets on which charge is created, if any Tenure (in months) Name of the lender Amount Assets on which charge is created, if any Tenure (in months)
1 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 State Bank of India 1,27,000.00 NA P52M 0 0.00 0 P0M
2 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 Canara Bank 5,012.00 NA P60M 0 0.00 0 P0M
3 InviT ZZZ999Z99999 0.00 0.00 0 Secured P0M 0 State Bank of India 11,493.00 NA P46M 0 0.00 0 P0M


Disclosures of Ratios

Amount in (Lakhs)

Whether the REITS/INVITS have any outstanding borrowings? Yes
Sr. No Particulars Ratio Remarks
1 Debt equity ratio 1.02 Ratio is given in times.
2 Debt service coverage ratio 2.85 Ratio is given in times.
3 Interest service coverage ratio 3.14 Ratio is given in times.
4 Asset cover available ratio 1.98 Ratio is given in times.
5 Total debts to total assets 0.50 Ratio is given in times.
6 Current ratio 2.38
7 EBITDA margin (i.e.: Earnings before interest tax depreciation and amortisation margin) 1.01 Ratio is given in times. .
8 Net profit margin percent 0.62 Ratio is given in times.
9 Net operating income margin 0.97
10 Distribution per unit (In Rs.) 7
11 Net worth i.e.: Unitholders funds 9,14,615.60


Details of Capital raised during the period

Amount in (Lakhs)

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



Text Block
Details Of Capital Raised During The Period Explanatory



Details of Assets acquired during the reporting period

Amount in (Lakhs)

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



Text Block
Details Of Assets Acquired During The Reporting Period Explanatory



Details of Assets disposed off during the reporting period

Amount in (Lakhs)

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



Text Block
Details Of Assets DisposedOff During The Reporting Period Explanatory






Details of Distributions made during each quarter of the Financial Year

A Date of start of reporting period 01-01-2026
B Date of end of reporting period 31-03-2026
B Details of Distribution made during the period, if applicable: (Yes/No) Yes
Sr. Particulars
1 Record Date 20-05-2026
2 Date of Board Meeting in which the distribution declared 15-05-2026
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 18,455.00 1.44
5 Out of the total amount of distribution declared, the amount in the form of dividend 512.60 0.04
6 Out of the total amount of distribution declared, including amount in the form of amortization of SPV level debt 1,537.90 0.12
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 27-05-2026
9 Date by which payment of distribution is completed 27-05-2026



Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IDAA Infrastructure Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 19,812.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 19,812.00
2 Other Equity (2,304.60)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 17,507.40
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 17,507.40
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 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Surat Dahisar Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 51,084.20
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 51,084.20
2 Other Equity 1,167.60
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 52,251.80
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 52,251.80
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 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Pathankot Amritsar Toll Road Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 9,860.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 9,860.00
2 Other Equity (92,269.70)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (82,409.70)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (82,409.70)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Talegaon Amravati Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 4,925.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 4,925.00
2 Other Equity (5,960.10)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (1,035.10)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (1,035.10)
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 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Jaipur Deoli Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 13,175.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 13,175.00
2 Other Equity (31,850.60)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (18,675.60)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (18,675.60)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Tumkur Chitradurga Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 15,550.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 15,550.00
2 Other Equity 2,282.30
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 17,832.30
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 17,832.30
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 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs M.V.R. Infrastructure and Tollways Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 6,910.20
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 6,910.20
2 Other Equity 591.80
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 7,502.00
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 7,502.00
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 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs VK1 Expressway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 12,250.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 12,250.00
2 Other Equity 17,568.30
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 29,818.30
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation 29,818.30
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 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Kaithal Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 32,800.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 32,800.00
2 Other Equity (1,04,507.60)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (71,707.60)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (71,707.60)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs Kishangarh Gulabpura Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 15,550.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 15,550.00
2 Other Equity (37,216.60)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (21,666.60)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (21,666.60)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs IRB Hapur Moradabad Tollway Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 37,150.00
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 37,150.00
2 Other Equity (49,277.70)
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds (12,127.70)
B Borrowings
1 Long Term Borrowings 0.00
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 0.00
C Total Capitalisation (12,127.70)
Disclosure of notes for HoldCos and Directly held SPVs Notes :


Capital Structure including Borrowing and Deferred Payments - SPVs/Holdcos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
A For HoldCos and Directly held SPVs Amount
Name of Holdcos/SVPs VM7 Expressway Private Limited
Category SPVs
A Shareholders Funds
1 Capital
(1) held by InvITs / REITs directly or indirectly 6,451.50
(2) held by Other shareholders
Name of other shareholder % of Holiding
Total Capital 6,451.50
2 Other Equity 3,421.00
3 Reserve & Surplus 0.00
4 Instruments entirely equity in nature 0.00
Total Shareholders Funds 9,872.50
B Borrowings
1 Long Term Borrowings 70,405.90
2 Current Maturities of Long Term Borrowings 0.00
3 Short term borrowings 0.00
4 Deferred Payment Liability 0.00
5 Interest Accrued and due 0.00
6 Interest Accrued but not due 0.00
7 Loans from REITs / InvITs or any other inter SPV Borrowings 0.00
Total Net Debt 70,405.90
C Total Capitalisation 80,278.40
Disclosure of notes for HoldCos and Directly held SPVs Notes :




(B)For SVPs held through HoldCos

Amount in (Lakhs)

1 Date of start of reporting period 01-01-2026
2 Date of end of reporting period 31-03-2026
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 :