IRB Infrastructure Trust Management Discussions

Economic Overview

The Indian economy is projected to maintain a stable 6.6% GDP growth rate for FY 2026-27. Driven by robust domestic demand, a dynamic demographic profile, and sustained economic reforms, India is asserting its rising influence in global trade, investment, and innovation. The numbers reflect Indias shift in the last eleven years, from a dependent economy to a self-reliant, globally competitive powerhouse. However, Prolonged global supply chain disruptions, heightened volatility in global financial markets, and weather-related shocks continue to pose downside risks to the domestic growth outlook 1 .

At the core of this transformation is the vision of Aatmanirbhar Bharat, a movement that promotes innovation, entrepreneurship, and technological sovereignty. Strategic initiatives like the Production Linked Incentive (PLI) schemes, revitalisation of MSMEs, and the expansion of digital infrastructure have laid the foundation for a high-growth, high-opportunity economy.

Indias economy sustained a stable growth trajectory in FY 2025–26. Despite global economic headwinds, the country remained among the fastest-growing major economies, with real GDP expanding by approximately 7.7% during the year. Further, inflation moderated to 3.48 during the year, remaining within the Reserve Bank of Indias target range of 2%–6%. This was supported by easing input costs, improved supply conditions and proactive monetary policy measures 2 .

Demand conditions remained favourable, supported by stable employment levels and rising disposable incomes, thereby supporting consumption. Tax reforms, along with the rationalisation of the Goods and Services Tax (GST) contributed to increased consumer spending. On the supply side, Construction activity recorded growth, driven by sustained public capital expenditure and continued momentum in infrastructure projects. Industrial growth remained broad-based across sectors, backed by resilient domestic demand, ongoing infrastructure investments and steady expansion across core and manufacturing sectors 3 .

The governments capital outlay of H11.21 lakh crore for FY 2025–26 reflects its continued focus on infrastructure development. Expansion across roads and highways is aimed at improving efficiency and strengthening network integration 4 .

FRE- First Revised Estimate; PE- Provisional Estimates

Source:latest_release_1780655857536_5ac01869-ca4a-422d-b7a7-57b81da60932_Press_Note_on_GDP_Estimates_for_Q4_2025-26_and_PE_ FY_2025-26_F.pdf

Outlook

External factors like trade barriers and capital volatility may impact exports and investor sentiment. However, investment remains supported by strong capacity utilization, rising credit growth, and continued government capital expenditure. Meanwhile, favourable supply conditions and supply chain disruptions arising from the_ gradual pass-through West Asia conflict are expected to pose a risk to the availability of critical inputs for downstream sectors such as refining, chemicals, plastics and synthetic fibres. Despite these challenges, CPI inflation for 2026-27 is projected at 4.6%, supported by favourable supply-side conditions, including adequate reservoir levels and the continued benefits of GST rate rationalisation_are expected to keep. The focus of Government is to promote healthy aging, enhance labour force participation and foster productivity growth.

However, the economy remains sensitive to geopolitical developments due to its reliance on crude oil imports. An increase in fuel and bitumen costs may lead to higher road maintenance costs and increased vehicle operating expenses. To mitigate these risks, India has diversified its crude oil import sources and expanded domestic refining capacity while also promoting alternative energy adoption.

MPC has lowered the repo rate to 5.25% while maintaining a neutral stance sensitive costs lead capacity while also promoting alternative energy adoption.

Despite global uncertainties, domestic growth drivers are expected to remain resilient. With stable macroeconomic conditions and ongoing reforms, the economy is expected to sustain growth in the near term. These domestic factors shape the outlook for FY 2026–27, along with changing external conditions.

INDUSTRY REVIEW

Indias Infrastructure Overview

Infrastructure is a critical driver of Indias economic growth and social development, serving as a key enabler to help the nation become a USD 26 trillion economy by 2047 5 . Indias infrastructure is much more than cement and concrete. Large-scale investments in roads and related infrastructure have significantly improved connectivity, expanded capacity and enhanced logistics efficiency. Indias infrastructure guarantees a better future and connects people. India has increased public investment in transport infrastructure, with schemes such as the Bharatmala Pariyojana and the National Infrastructure Pipeline enhancing connectivity, efficiency and reducing logistic cost in the Country 6 .

Flagship programs led by MoRTH continue to drive sectoral growth. Bharatmala Pariyojana Phase-I was approved by the Government in 2017 covering a length of 34,800 km across the country at an estimated outlay of H 5,35,000 Crore. Under the program, projects covering a total length of 26,425 km have been awarded and out of this, 22,223 km has already been constructed upto February 2026, focusing on economic corridors, border connectivity, and access to remote regions. Complementing this, the Pradhan Mantri Gram Sadak Yojana (PMGSY) enhances rural road connectivity, thereby improving access to markets, education, and healthcare services in underserved areas.

Integrated planning under the PM Gati Shakti programme, along with reforms in financing, asset monetisation and public–private partnerships (PPPs), has improved project preparation and execution. These measures have also encouraged greater private sector participation. As a result, India accounts for over 90% of South Asias Private Participation in Infrastructure (PPI) investment 7 .

Indias infrastructure programmes deploy multiple PPP models, including Build Operate Transfer (BOT), Design Build Finance Operate Transfer (DBFOT), Hybrid Annuity Model (HAM) and Toll Operate Transfer (TOT). Within BOT framework, two variants: BOT Toll and BOT Annuity, differ in the allocation of traffic risk.

The Government of Indias capital outlay has risen sharply, by nearly 89%, from H5.92 lakh crore in FY22 to a budgeted H11.21 lakh crore for FY26, reflecting a clear policy emphasis on harnessing the strong multiplier effects of infrastructure investment on the broader economy. Over the past decade, public capital expenditure has been a key driver. Each rupee spent has generated an estimated 2.5 to 3.5 times GDP impact. 8 The Government has consistently increased spending to support investment, employment and economic activity 9 .

Institutions such as the National Investment and Infrastructure Fund (NIIF) and the National Bank for Financing Infrastructure and Development (NaBFID) continue to mobilise domestic and global capital. This evolving landscape has been further reinforced by the increasing role of Infrastructure Investment Trusts (InvITs), which are facilitating greater participation of long-term institutional capital in infrastructure assets. Collectively, these mechanisms are helping to mitigate systemic risks by easing asset–liability mismatches on bank balance sheets, while strengthening the sustainability and depth of financing for long-gestation infrastructure projects, supporting asset monetisation, and enabling the recycling of capital into new developments.

Road and Highway Sector 10

Indias roads and highways sector continues to serve as a foundational pillar of the countrys infrastructure-led growth strategy, playing a critical role in enhancing connectivity, facilitating trade, and supporting overall economic development. With a network exceeding 6.37 million kilometres, India host the worlds second-largest road network globally, spanning approximately 1,46,572 km of national highways and 1,78,749 km of state highways 11 .

The sector has witnessed significant expansion and modernization over the past decade. The development of National High-Speed Corridors (HSC)/ Expressways has accelerated considerably, increasing from 93 km in 2014 to 3,052 km currently. Length of 4 lane and above NH network (including Access controlled HSCs / Expressways) has increased by 2.6 times from 18,371 km in 2014 to 48,568 km at present. In parallel, the share of less than 2-lane NHs has decreased from 30% in 2014 to 9% of the total NH network, indicating a decisive shift towards higher-capacity, corridor-led development 12 .

The pace of national highway construction has also improved markedly, increased 2.4 times to 29.2 km per day (2024–25) from 12.1 km per day (2014–15), reflecting enhanced execution capabilities and policy support. FY 2025-26 registered a temporary moderation to 23.74 km per day due to a drop in overall project awards.

Between FY 2013-14 and FY 2024-25, the sector experienced robust growth in project activity, with work awards for national highways increasing by 108% and construction activity expanding by 150%. Concurrently, capital expenditure (including private investment) by the Ministry of Road Transport & Highways (MoRTH) have grown 6.4 times, from H53,000 crore in FY14 to H3.3863 lakh crore in FY25, reflecting a sustained and significant expansion in highway sector investments 13 .

Road & Highway – Classification Breakup (Total 63,73,581)

National highways play a vital role in long-distance connectivity. NHAI, during the Financial Year 2025-26, constructed 5,313 km of National Highways, which is about 15% higher than the target of 4,640 kms for the year. The governments increased emphasis on PPP framework has improved execution efficiency and capital utilisation 14 .

Construction of National Highway Total (63,73,581)

Source: PIB- Ministry of Road Transport & Highways;

PIB- NHAI Achieves Robust Growth in National Highway Development

Road transport continues to dominate Indias mobility landscape, accounting for approximately 78% of passenger movement and 66% of freight transport 15 . At the same time, digital transformation is reshaping the sector. Electronic toll collection, real-time monitoring and AI-based maintenance are enhancing operational performance. Sustainability remains a priority through adoption of green construction practices, recycled materials and energy-efficient technologies across the highway sector.

Growth in ETC FASTag Transactions and Toll Collections

Government support remains robust, with increased allocations for national highways, expressways and access-controlled corridors. Funding is being supported through public expenditure, toll revenues and asset monetisation. Continued investment in logistics infrastructure and last-mile connectivity underscores the focus on strengthening the road network.

Outlook for Roads and Highway Sector 6,17

Aligned with the Vikasit Bharat 2047 vision, the Ministry of Road Transport and Highways aim to improve logistics efficiency on National Highways to global standards. The focus is on not just building roads, but shaping corridors that serves as engines of industrial growth, urban expansion, digital connectivity, and citizen well being. In addition the emphasis is not only to improve safety but also to tackle chronic issues in road projects such as land acquisitions challenges, urban traffic congestion, poor last mile connectivity, and cost overruns.

The sector is gradually shifting from expanding to efficiency and quality enhancement. Freight speeds have increased to around 50 km/hr on high-speed corridors, with a target of 70–75 km/hr. Further, the Ministry is also prioritising the development of High-Speed Corridors (HSCs) to improve freight movement and reduce congestion.

26,000 km

Target HSC Network (by FY 2032–33)

The Government has outlined an ambitious pipeline for access-controlled high-speed corridors (HSCs) and expressways, targeting the operationalisation of 18,000 km by FY29 and award of 26,000 km by FY33, providing strong visibility on long-term project flow and capital deployment across the highway sector. Development is being strategically prioritised towards urban decongestion and economic corridor efficiency, with a focused rollout of ring roads and bypasses for cities with populations exceeding 0.5 million, alongside enhanced connectivity to key logistics and growth nodes 18 .

The roads and highways market size has grown steadily in recent years. It will grow from $732.88 billion in 2026 to $886.97 billion in 2030 at a compounded annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to smart transportation solutions, sustainable and green infrastructure, emphasis on safety measures and adoption of advanced materials 19 .

In addition, the transition to barrier-free tolling through ANPR-based systems, integrated with FASTag, year 2025 has seen further people centric reforms and innovations have made highway travel even smoother and more efficient. The FASTag annual pass launched on August 15, 2025, has not only reduced daily travel costs but has also made regular commutes stress free, a testament to the fact that affordability and convenience can go hand in hand 20 .

25,000 km

Highways to be Upgraded with Smart & Sustainable Solutions 21

Work is underway to upgrade 25,000 km of two-lane highways to four-lane standards, significantly enhancing capacity, safety, and throughput across key corridors. In parallel, a H2 lakh crore port connectivity programme is being implemented to ensure seamless linkage of all major ports with the National Highway network.

Sectoral revenue is projected to grow from H55,000 crore to H1.4 lakh crore over the next two years. Simultaneously, the expansion of two-lane roads into four lanes is expected to improve logistics and reduce costs.

Highway upgrades often mean inconvenience. Recognizing this, MoRTHs updated rule ensures that when a road is being upgraded from 2 lanes with paved shoulders to 4, 6, or more lanes, users need to pay only 50% of the earlier toll until the work is completed. This reflects MoRTHs commitment to improving road quality while upholding transparency and accountability, ensuring that during construction commuters are not overcharged and that travel remains fairer and easier on peoples pockets 22 .

Overall, continued capital investment, expansion of high-speed corridors, integration under PM Gati Shakti, and improve project execution is expected to strengthen capacity and reliability across the network.

The Roads and Highways Market Size ($ billion)

Government Initiative Bharatmala Pariyojana

The government has significantly increased investment in the roads sector through programmes such as Bharatmala Pariyojana, aimed at expanding national highways and improving logistics efficiency.

Under Phase I, projects covering 26,425 km have been awarded, of which 22,223 km have been constructed. The government aims to complete the remaining approximately 4,200 km of highways under the programme by the end of FY 2026-27 23

The status of various components of Bharatmala Pariyojana

Component	Length (in km)	Total Length Completed up to 30.11.2025 (in km)
Economic Corridors	8,737	6,896
Inter Corridor Roads	2,889	2,397
Feeder Roads	973	702
National Corridors	1,777	1,516
National Corridor	824	767
Efficiency Improvement Expressways	2,422	1,994
Border Roads & International Connectivity Roads	1,619	1,466
Coastal Roads	77	72
Port Connectivity Roads	348	154
Balance Road Works under NHDP	6,758	5,633
Total \u2013 Bharatmala	26,425	21,597

Source: https://www.pib.gov.in/PressReleaseIframePage.aspx?PRID= 2209837®=48&lang=2

Asset monetisation

24 NHAIs National Highway asset monetisation programme has demonstrated strong and sustained progress, emerging as a cornerstone of highway financing in India. Between FY 2018–19 and FY 2025–26, the Authority has mobilised over H1.70 lakh crore through a diversified mix of Toll-Operate-Transfer (TOT), InvITs (including both private and public platforms), and securitisation structures. This trajectory reflects the growing maturity of Indias asset monetisation framework and sustained investor confidence in National Highway assets. Monetisation momentum peaked in FY24, with collections exceeding H41,000 crore, driven by robust participation in InvITs and TOT bundles. Notably, TOT has contributed over H61,000 crore cumulatively, while InvITs and securitisation have attracted long-term institutional capital, including global investors. The consistent scaling of these instruments underscores a well-established asset recycling model, enabling the Government to unlock value from operational highways and reinvest proceeds into new infrastructure development, thereby reinforcing a virtuous cycle of growth in the sector.

In a significant milestone towards achieving the asset monetisation target for FY 2025–26, NHAI has realised H 28,307 crores through a combination of Public InvIT, Private InvIT, and Toll-Operate-Transfer (TOT) model, including TOT Bundles 17 and 18. With bids received for TOT Bundle-19, which are under technical evaluation, NHAI is well poised to achieve the Government of Indias budgeted target of H 30,000 crore for current FY 2025–26 25 .

National Monetisation Pipeline 2.0 26

Building on the success of the first Asset Monetisation plan announced in 2021, NMP 2.0 has been announced for FY 2026–30 with a target to plough back capital of H10 lakh crore in new projects. The programme comprises transfer of assets for a limited period, divestment of portions of listed entities to unlock additional capital, securitisation of cash flows or strategic commercial auctions. Proceeds from NMP 2.0 are expected to be reinvested to support further investment and expansion of the transport network, including roads and highways.

K 16.72 Lakh Crore (including private sector investment of K 5.8 Lakh crore_)

Total Monetisation Target under National Monetisation Pipeline (NMP) 2.0 for FY 2026-30, over 2.6 times higher than that under NMP 1.0.

This initiative provides a substantial pipeline of yield-generating assets for institutional investors, particularly through InvITs and TOT models, while enabling reinvestment into next-generation infrastructure corridors.

Source: NITI Aayog

These projects are spread across multiple states, including Andhra Pradesh, Bihar, Gujarat, Kerala, Maharashtra and Punjab. Key projects for monetisation include the Delhi–Amritsar–Katra Expressway, Gurgaon–Kotputli–Jaipur Bypass and the Amritsar–Jamnagar Highway.

PM GatiShakti National Master Plan 27

The PM Gati Shakti National Master Plan focuses on integrated, multimodal connectivity infrastructure planning.

Under this framework, 352 projects with an estimated cost of H16.10 lakh crore have been evaluated. Out of 352 projects , 201 projects have been sanctioned and 167 are under implementation.

PM Gati Shakti \u2013 Roads Sector MoRTH	Total Estimated Cost ( Rs Cr)
Ministry of Road Transport and Highways	8,61,821

164	87	77	55
Projects Evaluated Source: PIB	Sanctioned	Yet to be Sanctioned	Under Implementation

Opportunities 28

Green Hydrogen Infrastructure on National Highways

India is focusing on green hydrogen fuel infrastructure along national highways as the next step in its transport strategy. The Ministry of Road Transport and Highways (MoRTH) will launch a pilot project worth H 600 crore (US$ 68.64 million) on 10 selected highway stretches. This initiative aims to evaluate the feasibility of green hydrogen supply for commercial vehicles and establish standards for fuelling and storage system.

Large- Scale Government Infrastructure Programmes

Flagship initiatives such as Bharatmala Pariyojana (including the subsumed NHDP), SARDP-NE, the LWE Road Development Programme, and Externally Aided Projects continue to drive highway development across regions. These programmes ensure a sustained pipeline of operational and near-operational assets, supporting long-term portfolio growth.

Rapid Growth in High-Speed Corridors

The sharp increase in access-controlled expressways—from 93 km in 2014 to over 3,052 km—represents a transformational shift in Indias road infrastructure. These high-quality assets typically demonstrate superior traffic flow and revenue potential, presenting attractive opportunities for stable and scalable toll-based investments.

Revamped PPP Framework and Concession Models

Ongoing updates to Model Concession Agreements (MCAs), including the revitalisation of BOT and advancements in HAM and EPC frameworks, are expected to improve risk allocation and enhance private sector participation. This evolving framework increases the availability of bankable projects and investment opportunities.

Asset Monetisation strategy

The Government continues to deepen its asset recycling framework, with plans to monetise highway assets worth H35,000 crore in FY27, as part of a sustained strategy to unlock capital and reinvest in new infrastructure development. The proposed programme includes the monetisation of approximately 28 National Highway stretches, reflecting a structured pipeline of operational, revenue generating assets being brought to market. This builds on the strong momentum achieved over the past few years and underscores the Governments commitment to leveraging monetisation as a core financing tool to accelerate road sector expansion, enhance private sector participation, and ensure a continuous cycle of asset creation and value realisation.

Wayside Amenities (WSAs) Development

Over 700 Wayside Amenities (WSAs) are planned along National Highways. Of these, 510 have been awarded and 110 are operational.

These WSAs offer investment opportunities for investors and businesses, are being included in upcoming greenfield highways and support the local economic development through job creation and promotion of regional products and handicrafts 29 .

Digital Transformation and Smart Infrastructure

Initiatives such as FASTag-based tolling, proposed ANPR-enabled barrier-free tolling, and platforms like the Bhoomi Rashi Portal enhance efficiency, transparency, and revenue assurance. Digital transformation supports better traffic management and improved financial performance of road assets.

Freight Corridor Development

The Central Government has announced a new freight corridor from Dankuni (West Bengal) to Surat (Gujarat). This corridor is expected to enable efficient and environmentally sustainable cargo movement. It will also reduce logistics costs for industries in eastern India and improve connectivity between eastern and western markets.

Multi-Modal Logistics Parks (MMLPs) Development

Multi-Modal Logistics Parks (MMLPs) are emerging as key assets for monetisation, driven by increasing freight movement and demand for logistics services.

The Ministry of Road Transport and Highways plan to develop these projects under the Design Build Finance Operate Transfer (DBFOT) model to attract private investment. Under NMP 2.0, 15 MMLPs have been proposed. These projects are expected to enhance logistics efficiency and generate revenue for both Central and State Governments.

Challenges 30

The roads and highways sector in India continues to face challenges related to land acquisition and project approvals, which often led to delays and cost escalations. Large-scale projects also encounter funding constraints, necessitating innovative financing structures such as PPPs. In addition, inadequate road maintenance, increasing urban traffic congestion and environmental concerns affect operational efficiency and long-term sustainability.

Road projects are subject to multiple statutory clearances, including environmental, forest, and railway approvals. These multi-stage processes often lead to delays in project commencement and execution, especially in ecologically sensitive or densely populated areas.

The sector continues to depend heavily on budgetary support and borrowings, leading to rising leverage, particularly at NHAI. While monetisation has provided some relief, the need for diversified and sustainable financing sources remains critical.

While policy reforms have improved the investment environment, private sector participation remains uneven, particularly in greenfield and high-risk projects. Risk allocation, traffic uncertainty, and legacy issues have constrained broader private capital inflows.

Rising costs of key inputs such as steel, cement, and bitumen, along with fuel price volatility, have increased project costs and impacted contractor margins, often leading to renegotiations or delays.

The sector has witnessed intensified competitive bidding, particularly under EPC and HAM models, with projects often awarded at significant discounts (10–25% below estimated costs). This L1-driven bidding environment has led to margin compression and financial stress among contractors, with several projects facing delays or challenges in achieving financial closure. Heightened competition has also contributed to declining profitability and execution risks, as companies bid aggressively to secure shrinking order books.

Elevated Sectoral leverage coupled with dependence on monetisation structures, may impact long term financing flexibility. Further, road Safety remains a critical operational and regulatory priority, requiring continuous investment design, monitoring, and enforcement mechanisms 31 .

Limited bidder participation in certain projects reflects cautious industry segment and may impact project pipeline execution. Additionally, social resistance, encroachment issues, and urban congestion further impact project execution and asset utilisation.

Outlook

Indias roads and highways sector is transitioning from a phase of rapid network expansion to one focused on enhancing logistics efficiency, capacity quality, and network optimisation. Sustained capital investment, coupled with the expansion of access-controlled high-speed corridors and multimodal integration under PM GatiShakti, is strengthening the reliability and performance of the highway ecosystem.

This infrastructure-led transformation is critical to reducing logistics costs, easing congestion, and improving national connectivity, thereby supporting economic growth and reinforcing the sectors attractiveness for long-term investment. The Ministry of Road Transport and Highways (MoRTH) is focusing on both development and maintenance to ensure the traffic-worthiness of National Highways. This approach is expected to improve the quality and longevity of infrastructure assets. To enhance private participation in highway projects, contract frameworks such as BOT and HAM are being updated 32 .

Rs. 12.2 Lakh Crore

Capital Outlay in Budget 2026–27 33

Further, a PPP project pipeline of 13,400 km, with an estimated cost of H8.3 lakh crore, has been identified for development over the next three years 34 .

Overall, Indias infrastructure financing ecosystem is evolving towards larger scale and more efficient structures. The combination of public investment, institutional support and modern financing instruments is expected to sustain capital flows and support long-term, inclusive growth. Going forward, the sector is expected to benefit from continued government emphasis on logistics efficiency, economic corridor development, and digital initiatives. Increased focus on road safety, sustainability, and technology adoption is likely to improve operational efficiency.

InvITs in India

Indias financial ecosystem has strengthened with the introduction of market-based structures that support efficient capital allocation and broader investor participation across infrastructure and real estate assets.

Introduced by SEBI in 2014, Infrastructure Investment Trusts (InvITs) enable investors to participate in large infrastructure assets that generate steady income. They also provide developers with access to household savings for project financing.

Road InvITs play an important role in monetising operational highway assets and facilitating capital recycling into new projects. These structures channel long-term capital into the sector while improving asset utilisation. Out of Indias 3.25 lakh km of national and state highways, approximately 15,700 km have been monetised through InvITs, representing about 4.8% of the total network.

The first public InvIT is expected to be launched in 2026 by NHAI, following cumulative monetisation of H1.52 lakh crore through Toll-Operate-Transfer (ToT) and private InvITs 35 . InvITs have emerged as an effective instrument for deploying long-term capital. They have attracted global investors and strengthened Indias infrastructure financing ecosystem.

In addition, Infrastructure Investment Trusts in India serve as a key vehicle for highway asset monetisation. Road InvIT assets under management (AUM) are projected to increase from H2.46 lakh crore to H5.45 lakh crore by FY 2030. With Vision 2047 targeting an expansion of the national highway network to over 2 lakh km, the pool of assets available for monetisation is expected to grow significantly. This indicates potential for future capital mobilisation 36 .

K 43,638 Cr.

Raised by MoRTH via InvIT Listings

2,345 km

National Highways Monetised

4

InvIT Bundles

Source: https://morth.gov.in/backend/documents/uploaded/RTH%20 Annual%20Report%20English.pdf

Trust Overview

IRB Infrastructure Trust is the Trust settled by its Sponsor, IRB Infrastructure Developers Limited and is registered under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. It comprises of 14 road projects having length of 10,665 Lane km includes 9 BOT assets and 5 TOT assets with aggregate enterprise value of approx. R 70,043 crores. It has presence across 9 states in India with average residual concession period of 23 years.

The Sponsor of the Trust i.e. IRB Infrastructure Developers Ltd., is one of the largest infrastructure development and construction companies in India in terms of net worth in roads and highways sector. The Sponsor has been listed on the Stock Exchanges since 2008. As of March 31, 2026; the Sponsors portfolio comprises of 28 projects including 18

Build- Operate-Transfer (BOT), 6 Toll- Operate-Transfer (TOT) and 4 Hybrid Annuity Model (HAM) projects. The Sponsor holds 17,346 lane kms of highways on a BOT/TOT/HAM basis, of which it owns and operates 12,901* lane kms and manages 4,445 lane kms under InvIT Assets as a project manager. Currently, the Company has 545 Lane kms under Tolling & Construction and 235 lane kms under Development and Construction, including improvement of national highways and sections of the GQ Highway Network.

*Includes lane kms of projects transferred to under IRB Infrastructure Trust

The Sponsor of the Trust, IRB Infrastructure Developers Ltd., is among Indias largest infrastructure development and construction companies in the roads and highways sector by net worth. The Sponsor holds a 51% stake in the Trust, while the remaining stake is held by GIC of Singapore (25%) and Cintra N.E. of Spain (24%).

The Trust remains focused on supporting the development of Indias toll road and highway infrastructure and is strategically positioned for long-term growth through the acquisition of new concessions.

S. No. Asset overview Project	Enterprise Value (Mn) #
1 Yedeshi Aurangabad	44.799
2 Solapur Yedeshi	23,537
3 Agra Etawah	35,570
4 Udaipur Shamlaji	24,604
5 Chittorgarh Gulabpura	23,091
6 Karwar Kundapur	30,491
7 Palsit Dankuni	25,226
8 Golconda Expressway	1,72,079
9 Samakhiyali Santalpur	15,822
10 Lalitpur Lakhnadon (TOT-12)	58,316
11 Kota Bypass (TOT-13)	9,405
12 Gwalior Jhansi (TOT-13)	16,199
13 Meerut Badaun	83,929
14 Lucknow - Ayodhya & Ayodhya - Gorakhpur & Lucknow - Sultanpur (TOT-17)	1,01,892
15 Chandikhole Bhadrak (TOT-18)	35,472
	7,00,432

# as on 31 st March 2026 based on independent valuation report of KPMG Valuation Services LLP. TOT-17 (IHCPL) is added to Portfolio w.e.f. 03 rd December, 2025 and TOT-18 (ICTPL) is added to Portfolio w.e.f. 14 th January, 2026

Asset Category Details Strategic Impact 3 BOT Asset

BOT Asset Hapur–Moradabad (NH-9) in Uttar Pradesh, Kaithal–Rajasthan Border (NH-152/65) in Haryana and Kishangarh–Gulabpura (NH-79A) in Rajasthan. The acquisition of these assets has strengthened the Trusts geographic diversification. It has expanded the portfolio into two high-GDP states, Uttar Pradesh and Haryana.

Divestments:

During FY 25-26, During the quarter under review, the Trust divested and monetized its 3 assets viz. Kaithal Tollway Limited, Kishangarh Gulabpura Tollway Limited, and IRB Hapur Moradabad Tollway Limited, via transfer of the entire equity share capital of the Project SPVs to IRB InvIT Fund. The Proceeds unlocked from such transaction were utilized in investment of new TOT Project i.e. TOT-17. The Management endeavours to continue with approach of monetising the stable & matured assets for enabling the Trust geared for potential investment opportunities.

Distribution

As per the InvIT Regulations, not less than 90% of Net Distributable Cash Flows (NDCF) of each project SPV is required to be distributed to the Trust, in proportion to its holding. This is subject to applicable provisions of the Companies Act, 2013.

Further, the Trust is required to distribute at least 90% of NDCF to unitholders.

Distributions must be declared and paid at least once during each financial year and payments are required to be made within five working days from the record date. Since listing, the Trust has declared distributions on a quarterly basis and has consistently complied with the prescribed timelines under the InvIT Regulations.

For FY 2025-26, the NDCF of the Trust was H 3,433.08 millions. The total payout from the NDCF for FY 2025-26 was H 3.02 per unit to the unitholders.

Statement of Net Distributable Cash Flows (NDCFs) of IRB Infrastructure Trust

(Rs. in Millions)

Sr. No. Particulars	Year ended March 31, 2026	Year ended March 31, 2025
1 Cash flows from operating activities of the Trust (Refer note 2)	(1,721.70)	88.56
2 (+) Cash Flows received from SPVs representing/ Investment entities which represent distributions of NDCF, computed in accordance with the applicable as per relevant framework (Refer Note 1)	7,111.24	8,966.62
3 (+) Treasury income/ income from investing activities, investments of the Trust including (interest on fixed deposits, income received from FD, any investment entities as defined in Regulation 18(5), tax refunds, refund, any other income in the nature of interest income, profit on sale of Mutual funds on, investments, assets etc, dividend income and other similar income. These etc, excluding any Ind AS adjustments. Further clarified that these amounts are will be considered on a cash receipts basis and exclude any Ind AS adjustments.)	860.02	251.50
4 (+) Proceeds from the sale of infrastructure investments, infrastructure assets or shares of SPVs / Holdco / Holdcos or investment entities. Entity adjusted for the following:	-	-
\u2022 Applicable taxes, including capital gains tax and other taxes
\u2022 Related debts settled or due to be settled from such sale proceeds
\u2022 Directly attributable transaction costs
\u2022 Amounts Proceeds reinvested or proposed planned to be reinvested in accordance with as per Regulation 18(7) of the InvIT Regulations or any other relevant provisions of the InvIT Regulations
5 (+) Proceeds from sale of infrastructure investments, infrastructure assets or sale of shares of SPV or SPVs / Hold cos or Investment Entities, which were Entity not distributed earlier pursuant to a reinvestment an earlier plan in accordance with to re-invest as per Regulation 18(7) of the InvIT Regulations or any other applicable relevant provisions of the InvIT Regulations and not intended to be invested subsequently	-	-
6 (-) Finance cost on Borrowings as per Profit and borrowing Loss Account. However, amortization of any transaction costs can be excluded provided such transaction costs at the Trust level, excluding have already been deducted while computing NDCF of previous period when such transaction costs as permitted under Ind AS, are accounted for by the Trust were paid	(5,172.78)	(5,550.63)
7 (-) Debt repayment at the Trust level, including scheduled (to include principal repayments as per scheduled EMIs. This excludes repayments made EMI\u2019s except if refinanced through new debt refinancing, including overdraft facilities or and to exclude any debt repayments / debt refinanced through new debt, in any form or funds raised through the issuance of units)	(963.99)	(638.23)

(Rs. in Millions)

Sr. No. Particulars	Year ended March 31, 2026	Year ended March 31, 2025
8 (-) Any reserve required to be created under the terms of, or pursuant to the obligations arising under, applicable laws, the provisions of the trust deed or investment management in accordance with any:	3,123.69	(568.10)
(i) loan agreement, or entered with financial institution or
(ii) terms and conditions, covenants or any other stipulations applicable to debt securities issued by the Trust or any of its SPVs / Holdcos/HoldCos, or
(iii) terms and conditions, covenants or any other stipulations applicable to external commercial borrowings availed by the Trust or any of its SPVs / Holdcos, (iii/ HoldCos, or
(iv) agreement pursuant to which the Trust operates or owns the infrastructure asset, or generates revenue or cashflows from such asset (such as, concession agreement, transmission services agreement, power purchase agreement, lease agreement, and any other agreement of a like nature, by whatever name called); or
(v).) statutory, judicial, regulatory, or governmental requirements) * stipulations;
9 (-) any capital expenditure on existing assets owned / leased by the InvIT, to the extent not funded by debt / equity or from contractual reserves created in the earlier years	-	-
10. NDCF at Trust Level	3,236.48	2,549.72

*Any reserve funded by debt is not considered in the computation of NDCF

Note:

1. Cashflow received from SPVs includes distribution of H869.62 million and H81.30 million after March 31,2026 and March 31,2025 respectively but before finalization and adoption of accounts of the Trust. Further, KTL, HMTL & KGTL have pursuant to Share Purchase Agreement remitted H 579.49 million as part of Working Capital adjustment in Nov 25, pursuant to sale of 3 assets to IRB InvIT Fund. The sale transaction was concluded in October 2025.

2. Cashflows from operating activities includes H 1,438.67 million pertaining to deferred consideration paid by Trust to affiliates of IRB Infrastructure Developers Limited (Sponsor) which has been received from the underlying SPV (as per Contractual arrangement). The same has been considered in the above working under Point 8(iv).

3. Cashflow from operating activity for year ended March 31, 2026 has been adjusted for impact of tax on capital gains of H 945.73 million on sales of investment in subsidiaries as it has to be separately disclosed under clause 4 of NDCF.

Particulars	31 March 2026	31 March 2025
NDCF of Trust (A)	3,236.48	2,549.73
(+) NDCF of SPV\u2019s (B) #	7,806.03	8,883.38
(-) Amount distributed by SPV\u2019s (C)*	7,609.43	8,966.62
Amount of NDCF Distributable D=(A+B-C)	3,433.08	2,466.49

Trust has ensured that minimum 90% of the above amount will be distributed as NDCF.

# NDCF of SPVs excludes NDCF for certain SPVs, where funds are not available for distribution on account of restrictions placed vide the terms of the Facility Agreement.

* Amount distributed by SPVs includes funds released, which were restricted in the previous year vide terms of the Facility Agreement.

Factors affecting operations

The business of Project SPVs prospects and results of operations and financial condition are affected by a number of factors including the following key factors:

Terms of the Concession Agreements for tariff revision

Toll fees are pre-determined by the relevant government entities and cannot be modified to reflect the prevailing circumstances other than the annual adjustments to account for inflation as specified in the Concession Agreements.

For the current BOT and TOT projects, the tariff revision structure and details of the last revision are as follows:

Company Name	Tariff rate revision	Revision date	FY 2025-26 ^ (%)
IRB Westcoast Tollway Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
Yedeshi Aurangabad Tollway Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
Solapur Yedeshi Tollway Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
AE Tollway Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
Udaipur Tollway Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
CG Tollway Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
Palsit Dankuni Tollway Private Limited^	3% + 40% of WPI as per NHAI Fee Rules, 2008	On receipt of Completion certificate and 1 st April every year thereafter as per provisions of Concession Agreement	47%
Samakhiyali Tollway Private Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	On receipt of Completion certificate and 1 st April every year thereafter as per provisions of Concession Agreement	N/A
IRB Golconda Expressway Private Limited	3% (compounded annually) + 40% of WPI as per NORR User Fee Rules, 2012	1 st April every year as per provisions of Concession Agreement	NA
IRB Lalitpur Tollway Private Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
IRB Kota Tollway Private Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%
IRB Gwalior Tollway Private Limited	3% + 40% of WPI as per NHAI Fee Rules, 2008	1 st April every year as per provisions of Concession Agreement	4%

WPI - Wholesale price index

^Palsit Dankuni Tollway Private Limited received Completion Certificate on 14 th July, 2025.

Growth in Traffic Volumes

The Trusts target portfolio revenue of CAGR of 9-10% can be achieved with tariff revision of 4.5% combined with traffic growth of 5-5.5%. Going by historical performance, the intrinsic potential as well as current performance of the projects owned by the Trust, it is envisaged that the Trust will achieve its targets.

Operating and Maintenance cost

The Concession Agreement spells out significant costs during the concession period including operating and maintenance expenses, such as periodic maintenance required to be performed. Periodic maintenance involves repair of wear and tear of roads, including overlaying the surface of the roads, if required.

The O&M of Project SPVs is managed by the IRB Infrastructure Developers Limited, (Sponsor and Project Manager), as per the fixed price agreements/contracts executed by respective Project SPVs. The O&M cost covers routine and periodic maintenance, details for FY 2025-26 and FY 2024-25 are as follows:

(H in Millions)

Project Name	FY 2025-26	FY 2024-25
IRB Westcoast Tollway Limited	292.68	729.60
Yedeshi Aurangabad Tollway Limited	608.33	569.71
Solapur Yedeshi Tollway Limited	410.79	374.71
AE Tollway Limited	869.30	826.11
Udaipur Tollway Limited	1045.35	951.65
CG Tollway Limited	696.62	632.06
Palsit Dankuni Tollway Private Limited	472.00	446.71
Samakhiyali Tollway Private Limited	115.90	37.80
IRB Golconda Expressway Private Limited	1679.80	1119.40
IRB Lalitpur Tollway Private Limited	668.60	639.50
IRB Kota Tollway Private Limited	207.00	216.90
IRB Gwalior Tollway Private Limited	159.00	153.60
IRB Harihara Corridors Private Limited	160.37	-

Note – Above numbers are inclusive of GST @ 18%.

Regulatory Commitments

As per the Concession Agreements, some of the Project SPVs are required to pay revenue share/premium to the NHAI.

Following are the summary of premium payable to NHAI in 3 SPVs:

Company Name	Annual Premium	Subsequent year
	(Rs. in Million)
AE Tollway Limited	810.00	Additional 5% every year
CG Tollway Limited*	2,286.00	Additional 3% every year till ninth anniversary
Udaipur Tollway Limited*	1,638.00	of COD and 8% every year thereafter

* The premium is commencing as per the terms of the Concession Agreement.

In case of Palsit - Dankuni project, revenue share will be payable after the first anniversary of the project completion date, a premium in the form of an additional concession fee for every year of the remaining concession period. The premium to be paid for the second year after the project completion date is equal to 10.8% of the realisable fee and is required to be paid by PDTPL as due to the NHAI during that year. For subsequent years, the premium will be determined based on the total realisable fee in the respective year at the percentage to be arrived at by increasing the percentage of premium in the respective year by an additional 1% as compared to the immediately preceding year.

In case of Samakhiyali – Santalpur project, revenue share will be payable after the first anniversary of the project completion date, a premium in the form of an additional concession fee for every year of the remaining concession period. The premium to be paid for the second year after the project completion date is equal to 42.84% of the realisable fee and is required to be paid by STPL as due to the NHAI during that year. For subsequent years, the premium will be determined based on the total realisable fee in the respective year at the percentage to be arrived at by increasing the percentage of premium in the respective year by an additional 1% as compared to the immediately preceding year.

Interest Rates Scenario

Interest rates impact both growth and inflation. Higher the interest rate, higher is the cost of capital. This reflects on the slowdown of investments in the economy. Interest rate is a significant factor affecting any new acquisition of asset. Banks and financial institutions provide the debt under floating or fixed rate depending on the asset class, Cash flow generation and the credit rating of the borrower.

The floating interest rates are linked to Marginal Cost of Funds Based Lending Rate (MCLR) of the bank with a spread margin. It is perceived that any change in the interest rate on the reset date would affect the cash flows of the Fund. However rising interest rate will have a direct impact on inflation that in turn results in higher tariff revision for the projects, thus mitigating the risk of higher interest rate on cash flows of the Fund.

General economic conditions in India - level of investment and activity in infrastructure development sector

The central and state governments have renewed their focus on infrastructure that is evident from the fact that the budgetary allocations for construction and augmentation of roads and highways in India have increased significantly. This increased budgetary allocation, when complemented by the private sector participation would generally result in large infrastructure projects in India.

Innovative bidding structures like HAM and TOT provide scopes for increase in portfolios of highway developers. This would provide huge scope for future acquisitions for the Trust and thereby enhance stakeholders value.

Financial Review

Consolidated Financial Performance and Analysis: FY 2025–26 compared with FY 2024–25

Rs. million

Particulars	FY 2025-26	FY 2024-25	YoY Growth (%)
Total Income	88,522	54,295	63.03
EBITDA	56,699	23,393	142.38
Interest Cost	25,655	21,998	16.62
Depreciation	6,194	4,541	36.40
Profit After Tax	23,755	(3,049)	Turned Positive

Critical Accounting Policies:

The preparation of financial statements in conformity with applicable accounting standards and the Companies Act, 2013 requires the Trust management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations at the end of the reporting period. By their nature, these judgements are subject to a degree of uncertainty. Although these estimates are based upon the best knowledge of the Trusts management of current events and actions, the actual results could differ from these estimates.

While all aspects of the financial statements should be read and understood in assessing their current and expected financial condition and results, the Trust believes that the following critical accounting policies warrant particular attention:

Intangible assets Toll Collection Rights:

Toll collection rights are stated at cost net of accumulated amortisation and impairment losses.

Toll collection rights awarded by the grantor against construction service rendered by the Project SPV on Design, Build, Finance, Operate, Transfer (DBFOT) basis, which consists of direct and indirect expenses on construction of roads, bridges, culverts, infrastructure and other assets at the toll plazas.

Toll collection rights are amortised over the period of concession, using revenue-based amortisation as per exemption provided in Indian Accounting Standard (Ind AS) 101. Under this method, the carrying value of the rights is amortised in the proportion of actual toll revenue for the year to the projected revenue for the balance toll period, to reflect the pattern in which the economic benefits of the asset will be used. At each balance sheet date, the projected revenue for the balance toll period is reviewed by the management. If there is any change in the projected revenue from previous estimates, the amortisation of toll collection rights is changed prospectively to reflect any variations in the estimates.

Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit or loss when the asset is derecognised.

Intangible assets are assessed for impairment whenever there is an indication that the intangible asset may be impaired.

Premium Obligation

As per the service concession agreement, One of the SPVs is obligated to pay premium to NHAI over the concession period. This premium obligation has been capitalised as an intangible asset since it is paid towards getting the right to earn revenue by constructing and operating the roads during the concession period. Hence, total premium payable as per the service concession agreement is upfront, capitalised at fair value of the obligation at the date of transition.

Besides, gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset of the Trust and are recognised in the statement of profit or loss when the asset is derecognised.

Intangible assets are assessed for impairment whenever there is an indication that the intangible asset may be impaired.

Amortisation

Toll collection rights are amortised over the period of concession, using revenue-based amortisation as per exemption provided in Ind AS 101. Under this method, the carrying value of the rights is amortised in the proportion of actual toll revenue for the year to projected revenue for the balance toll period, to reflect the pattern in which the assets economic benefits will be consumed. At each balance sheet date, the projected revenue for the balance toll period is reviewed by the Trust. If there is any change in the projected revenue from previous estimates, the amortisation of toll collection rights is changed prospectively to reflect any changes in the estimates. Premium deferment the balance sheet of the Trust reflects premium deferral (i.e. premium payable less paid after adjusting premium deferment) as aggregated under premium deferred obligation. Interest payable on the above is aggregated under premium deferral obligation.

Provisions

Generally, provisions are recognised when the Fund has a present obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources of economic benefits will be required to settle the obligation and a reliable estimate can be made of the obligation amount. When the Fund expects some or the entire provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the Statement of Profit and Loss, net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Principal Components in the consolidated profit and loss Income items

The Project SPVs income consists of revenue from operations and other income. Revenue from operations primarily consists of income from toll collection. Further, during the construction period of a project, the NHAI / other concessioning authority may ask the Project SPVs to carry out utility shifting work (which is incidental to the construction of the toll road and typically involves the shifting of utilities that are located at the construction site) or may award the Project SPVs additional scope of work that is separately paid by such concessioning authority. Revenue from such utility shifting or change in scope contract and the sale of materials, among others, also forms part of the Project SPVs operating revenue. However, this is not significant as compared to toll revenue.

The term other income includes interest income on bank deposits, interest on an income tax refund, interest unwinding on loan given, dividend income, gains on sale of property, plant and equipment, gain on sale of investments and certain miscellaneous income. Other income also includes any gain on sale of investments and fixed assets.

Expense items

Expenses are made up of:

(i) road work and site expenses,

(ii) employee benefits expense and

(iii) depreciation and amortisation expenses,

(iv) finance cost,

(v) Investment Manager Fees and other expenses.

Road work and site expenses

This expenditure includes contract expenses relating to utility shifting or change in scope contracts, operation and maintenance expenses, road works expenses, cost of material, independent engineer fees, sub- contracting and security expenses and site and other direct expenses.

Employee benefits expenses

This nomenclature includes salaries, wages and bonus paid to the employees, contribution towards provident fund and other funds, gratuity expenses and staff welfare expenses.

Depreciation and amortisation

Depreciation and amortisation account shows depreciation on property, plant and equipment and amortisation of intangible assets of the Trust.

Finance costs

Finance costs include interest on loans from banks/ financial institutions, interest on premium deferment, unwinding of discount on provision of MMR and other borrowing costs (including unamortised transaction cost).

Investment Manager Fees

Investment Manager charges its management fees to the Trust on cost + 10% margin basis. This structure is approved by the unitholders.

Other expenses

The day to day working of the Trust involves a number of administrative expenses which are listed as other expenses. These include various administrative costs such as power and fuel costs, rent, rates and taxes water charges, repairs and maintenance, travel and conveyance expenses, vehicle expenses, printing and stationery expenses, director sitting fees, advertisement expenses, legal and professional expenses, Auditor remuneration, bank charges, insurance, Corporate Social Responsibilities and other miscellaneous expenses.

Risk Management

In toll collection business, sustainable growth in traffic movement is the key which would help in improving the toll collection and effectively increase the return to the unitholders. However, a key risk the Trust faces is the potential slowdown or diversion of traffic. Such developments may adversely impact toll revenues. To mitigate this risk, concession agreement entered with the concessioning authority(ies) provides certain protections to the concessionaire. These safeguards provide for compensation mechanisms, either through cash reimbursement or extension of the concession period, thereby protecting the Trust from potential revenue losses.

Internal control and systems

IRB Infrastructure Trust has a strong internal control system to manage its operations, financial reporting and compliance requirements. The investment manager has clearly defined roles and responsibilities for all managerial positions. All the business parameters are regularly monitored and effective steps are taken to control them. Regular internal audits are undertaken to ensure that responsibilities are executed effectively along with necessary corrective actions taken wherever required. The audit committee of the Board of Directors of Investment Manager periodically reviews the adequacy and effectiveness of internal control systems and suggests improvements to further strengthen them.

Approval of the Unitholders

For any matters pursuant to Regulations 18, 19, 20 and 21 or any other applicable regulations, requiring unitholders approval, the votes cast in favour of the resolution shall be as per the percentages prescribed within the InvIT Regulations.

For related party transactions, the Investment Manager obtains approval from the unitholders if applicable, in the manner specified under Regulation 22 of the InvIT Regulations before entering into any such transactions.

Cautionary Statement

The terms IRB Infrastructure Trust or IRBIT and the Trust are interchangeably used and mean IRB Infrastructure Trust and its Project SPVs as may be applicable.

This annual report may contain certain forward-looking statements and projections. These forward-looking statements generally can be identified by words or phrases such as aim, anticipate, believe, expect, estimate, intend, objective, plan, project, will, will continue, will pursue, seek to or other words or phrases of similar import. Similarly, statements that

the general transportation industry environment and traffic growth; and

regulatory changes and future Government policy

relating to the transportation industry in India.

By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual gains or losses could materially differ from those that have been estimated. Forward-looking statements and projections reflect current views as of the date hereof and are not a guarantee of future performance or returns to investors. These statements and projections are based on certain beliefs and assumptions that in turn are based on currently available information.

Although the investment manager believes that the assumptions upon which these forward-looking statements and projections are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements and projections based on these assumptions could be incorrect. None of the Trust, the trustee, the investment manager and their respective affiliates/advisors have any obligation to update or otherwise revise any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.

There can be no assurance that the expectations reflected in the forward-looking statements and projections will prove to be correct. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements & projections, if any and not to regard such statements to be an investment advisory or guarantee or assurance of the Trusts future performance or returns to the investors.

Compliance Report on Governance for FY 2025-26

1. Compliance Report on Governance for the quarter ended June 30, 2025 https://nsearchives.nseindia.com/corporate/IRBIT_21072025132027_CGReportJune2025Trustsd.pdf

2. Compliance Report on Governance for the quarter ended September 30, 2025 https://nsearchives.nseindia.com/corporate/IRBIT_17102025152923_Final_CGR.pdf

3. Compliance Report on Governance for the quarter ended December 31, 2025 https://nsearchives.nseindia.com/corporate/IRBIT_20012026184525_CorporateGovernanceReport.pdf

4. Compliance Report on Governance for the quarter ended March 31, 2026 https://nsearchives.nseindia.com/corporate/IRBIT_21042026153423_Corporate_Governance_Report_sd.pdf

Quarterly Compliance Report on Governance

1. Name of InvIT: IRB Infrastructure Trust

2. Name of the Investment Manager: MMK Toll Road Private Limited

3. Quarter Ending: March 31, 2026

Part A: Quarterly Report

I. Composition of Board of Directors