IRB InvIT Fund · NSE:IRBINVIT
IRB InvIT Fund — Q2 FY26 Earnings Presentation
36 slides from IRB InvIT Fund's earnings presentation, November 2025
Slide 1: Results Update Q2FY26 IRB InvIT Fund
Results Update Q2FY26 IRB InvIT Fund
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Investment Manager of IRB InvIT Fund (the “Trust”) solely for your information and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or pub
Slide 3: Contents
Contents Particulars Page No. Key Highlights and Top Unit Holders 4-5 Transaction Overview 6 Project wise Toll revenue 7-13 Toll /HAM Revenue break up 14-17 Financial Performance 18-21 Traffic Movement 22-24 NDCF and Distribution Composition 25-27 Appendix 28
Slide 4: Key Highlights
Key Highlights ▪ Acquired three road assets with a combined EV of ~INR8,400 crore and a weighted average life of Enterprise value 21 years. doubles to ▪ Enhanced the portfolio’s average residual life from ~14 years to ~17 years. ~INR16,000 Cr - ▪ Portfolio now comprises 9 operational assets (8 BOT,
Slide 5: Top Unit Holders – As on November 3, 2025
Top Unit Holders – As on November 3, 2025 Sr. No. Name of Unitholders % of holding 4% Sponsor 6% 1 IRB INFRASTRUCTURE DEVELOPERS LIMITED 16.57 18% Foreign Portfolio Investor 2 ANAHERA INVESTMENT PTE. LTD. (GIC Affiliate) 16.26 17% 3 LARSEN AND TOUBRO LIMITED 6.59 Individuals 4 CIM INVESTMENT FUND IC
Slide 6: Transaction overview
Transaction overview Key Highlights of the acquired assets Growing Annuity High Yield Long Maturity Efficient Capital Assets of Concessions Capital Structure Appreciation Cashflows Funding in form of Equity and Debt Project debt of the 3 assets taken over Utilised for asset acquisition Sale of 3 Tar
Slide 7: Project wise Toll Revenue
Project wise Toll Revenue 7
Slide 8: Toll revenue – Tumkur Chitradurga project
Toll revenue – Tumkur Chitradurga project INR Mn Daily toll collection 14.0 13.4 13.5 13.1 13.0 12.8 12.9 13.0 12.6 12.5 12.8 12.7 12.6 12.0 12.3 12.2 11.5 11.8 12.0 11.7 11.0 11.6 11.6 11.3 11.3 10.5 10.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 416 399 393 39
Slide 9: Toll revenue – Jaipur Deoli project
Toll revenue – Jaipur Deoli project INR Mn Daily toll collection 6.0 5.6 5.5 5.3 5.3 5.2 5.3 5.1 5.6 5.5 5.4 5.5 5.0 5.2 5.1 5.0 5.0 5.0 5.1 5.0 4.5 4.7 4.0 3.5 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 478 453 168 167 171 166 168 162 159 161 155 158 155 157 157
Slide 10: Toll revenue – Pathankot Amritsar project
Toll revenue – Pathankot Amritsar project INR Mn Daily toll collection 4.7 4.8 4.5 4.4 4.3 4.6 4.5 4.6 4.4 4.1 4.2 4.4 4.0 4.3 4.1 3.8 4.3 4.2 3.9 3.9 4.0 3.6 3.7 3.3 3.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 141 357 363 133 133 129 133 132 143 124 133 130 1
Slide 11: Toll revenue – Omalur Salem Namakkal project
Toll revenue – Omalur Salem Namakkal project INR Mn Daily toll collection 5.4 5.2 5.0 4.9 5.2 5.0 4.9 4.9 4.9 4.8 4.8 5.0 4.8 5.0 4.7 5.0 4.6 4.8 4.8 4.6 4.7 4.7 4.6 4.4 4.2 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 440 437 154 156 148 143 162 143 146 147 144 14
Slide 12: Toll revenue – Talegaon Amravati project
Toll revenue – Talegaon Amravati project INR Mn Daily toll collection 2.9 2.8 2.7 2.6 2.7 2.8 2.5 2.7 2.6 2.6 2.6 2.3 2.3 2.6 2.6 2.3 2.5 2.3 2.4 2.3 2.1 2.2 2.2 1.9 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 85 205 213 82 81 84 82 77 77 79 75 80 79 73 71 75
Slide 13: Toll revenue – Portfolio of assets
Toll revenue – Portfolio of assets INR Mn Daily toll collection 32.0 31.0 30.7 31.0 30.1 30.0 29.3 28.8 28.8 30.6 30.4 29.0 29.7 29.3 29.4 29.2 28.0 28.7 28.2 28.5 27.0 27.9 27.2 26.0 26.9 25.0 24.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 930 890 951 948 920 2
Slide 14: Toll /HAM Revenue breakup
Toll /HAM _ Revenue ajpreakua, |
Slide 15: Toll Revenue Breakup – Gross v/s Net
Toll Revenue Breakup – Gross v/s Net INR Mn Q2FY26 Particular ITCTL IJDTL IPATRL * MITL ITATL Total Gross Toll collection 1,172 478 363 437 213 2,663 Less: Revenue share (3) (3) (7) (4) (2) (19) (non-FASTag users) Less: Revenue share (125) - - (97) - (222) Net Toll Collection 1,044 475 356 336 211 2
Slide 16: Project-wise Gross BOT Toll Revenues
Project-wise Gross BOT Toll Revenues INR Mn Sr. No. Name of the Project Q2FY26 Q2FY25 YoY (%) 1 Tumkur Chitradurga BOT Project (1) 1,172 1,059 11% 2 Jaipur Deoli BOT Project (1) 478 453 6% 3 Pathankot Amritsar BOT Project (1) 363 357 2% 4 Omalur - Salem - Namakkal BOT Project (2) 437 440 -1% 5 Taleg
Slide 17: Annuities received from VK1 HAM asset
Annuities received from VK1 HAM asset INR Mn Project Snapshot 1,200.0 Construction of greenfield eight lane Vadodara to Project Description Padra section of Vadodara Kim Expressway 850.4 956.1 967.2 960.7 961.2 941.5 Project Cost (INR Cr) 2,094 1,000.0 16.1 16.1 16.1 16.1 16.3 14.7 Project Road Leng
Slide 18: Financial Performance
Financial Performance 18
Slide 19: Consolidated Financial Results
Consolidated Financial Results INR Mn Particulars H1FY26 H1FY25 YoY (%) Gross Income (Net of revenue share) ^ 5,702 5,456 5% EBITDA 4,791 4,525 6% Finance Expenses ^^ 1,451 1,483 (2%) Depreciation & amortization 1,422 1,271 12% Profit before Tax 1,918 1,771 8% Total Tax Expenses 94 60 58% Profit aft
Slide 20: Project-wise EBITDA for Q2FY26 & H1FY26
Project-wise EBITDA for Q2FY26 & H1FY26 INR Mn Q2FY26^ H1FY26^ Sr. No. Name of the Project Total Income* EBITDA^^ Total Income* EBITDA^^ 1 Tumkur Chitradurga BOT Project 1,044 988 2,114 1,998 2 Jaipur Deoli BOT Project 478 352 968 713 Omalur - Salem – Namakkal BOT 3 341 319 689 643 Project 4 Talegao
Slide 21: Financial Highlights
Financial Highlights INR Mn Gross income1 EBITDA 83% 80% 82% 83% 14,003 10,386 10,859 11,102 11,584 8,279 8,861 9,162 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 EBITDA margin Net distributable cash flow Net debt2 0.2x 0.3x 0.3x 0.3x 5,465 22,898 21,464 21,004 4,937 4,961 11,602 4,811 FY22 FY23 FY24 FY2
Slide 22: Traffic Movement
WELCOMI RB JAIPUR Traffic =~ Movement
Slide 23: Traffic Movement (1/2) - Q2FY26
Traffic Movement (1/2) - Q2FY26 Figures Figures in ‘000 in ‘000 Tumkur Chitradurga BOT Project 10000 Particular FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 8000 6000 Car 5622 6955 7571 7944 1792 1995 4000 LCV 1168 1269 1285 1357 332 353 2000 Truck / Bus 1835 2368 2653 2870 704 774 0 MAV 3829 4195 4240 4341 10
Slide 24: Traffic Movement (2/2) - Q2FY26
Traffic Movement (2/2) - Q2FY26 Figures in ‘000 Omalur-Salem Namakkal BOT Project 7000 6000 Particular FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 5000 Car 4320 5399 5669 5841 1559 1481 4000 3000 LCV 766 808 767 759 195 177 2000 Truck / Bus 767 917 1004 1032 260 266 1000 0 MAV 1117 1258 1357 1314 336 312 Car
Slide 25: Net Distributable Cash flows
Net Traffic Distributable Movement Cash flows 25
Slide 26: NDCF Working – H1FY26
NDCF Working – H1FY26 INR Mn Sr. No. Particulars H1FY26 H1FY25 Cash flow from operating activities as per Cash Flow Statement of Trust 1 (Post Working capital adjustments) (67) (115) 2 (+) Cash Flows received from SPV’s which represent distributions of NDCF computed as per relevant framework 3,908 3
Slide 27: Distribution Composition and Build-up
Distribution Composition and Build-up Distribution till date Interest Capital Reduction Dividend 14.00 10.55 12.25 10.00 8.50 9.00 8.05 8.00 8.00 2.00 1.50 12.00 3.40 10.00 2.90 3.00 0.60 1.02 8.00 2.00 4.20 2.15 0.60 6.00 2.00 8.85 4.00 7.65 7.00 6.50 6.80 5.90 0.28 4.80 4.98 0.12 2.00 0.15 1.57 0.
Slide 28: Appendix
Traffic Appendix Movement 28
Slide 29: Unit Price Performance vs 10 years G sec
Unit Price Performance for last four years v/s. 10 years G sec Price (rebased to 100) Distribution per unit (DPU) 300.0 INR FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 DPU 10.6 12.3 10.0 8.5 9.0 8.0 8.0 6.0 Yield1 11.5% 16.4% 17.6% 20.8% 16.1% 13.4% 11.4% 12.9% 200.0 83% 100.0 7% - IRB InvIT 10 Y G-sec
Slide 30: Standalone Financial Results
Standalone Financial Results INR Mn Particulars H1FY26 H1FY25 Gross Income * 3,527 3,313 Earnings before interest, tax and depreciation ** 2,844 2,138 Financial Expenses # 987 1,030 Profit Before Tax 1,857 1,108 Total Tax Expenses - - Profit after Tax 1,857 1,108 Cash Profit 2,685 2,463 * Includes d
Slide 31: InvIT Assets Portfolio
InvIT Assets Portfolio ▪ Listed in May-2017 with initial portfolio of six operational assets; seventh asset was transferred in Sep-2017. One HAM asset forming part of prestigious Delhi-Mumbai Expressway acquired in October 2022 situated in the State of Gujarat.3 BOT assets acquired in November 2025.
Slide 32: Sector leading ESG standards
Sector leading ESG standards Environmental Social Governance o Using LED lights on the roads to reduce o Well defined workplace health & safety o The Trust is managed by the Investment energy consumption guidelines manager having an experienced board of directors with 50% independent directors o Tim
Slide 33: Structure of Public InvIT
Structure of Public InvIT InvIT will in turn distribute at least 90% of its net Investors In Units Of Trust distributable cash flows to its unit holders, semi-annually, comprising of: ◼ Dividend received from the SPV ◼ Interest received from the SPV (net of withholding tax) ◼ Cash flows from repayme
Slide 34: Brief Overview of the Investment Manager
Brief Overview of the Investment Manager Experienced IM & Management team • The IM has ~25 years experience in operating / managing road projects, in the infrastructure sector with a net worth of ~INR 642 mn as on 30th Sept, 2025 Background & • The Management of the IM is governed by an experienced
Slide 35: Debt Overview and Leverage Ratio
Debt Overview and Leverage Ratio Debt Overview Net Debt to Value of assets ratio ^ – 30th September 2025* INR Mn Outstanding as on Gross Debt: INR ~58.5 Bn 30th Sept 2025 Net Debt: INR ~21.5 Bn Net Debt Value of assets Lenders SBI & Canara Bank 1,20,000 1,00,000 80,000 Credit Rating AAA by India Rat
Slide 36: Thank You
Thank You For further information, kindly contact: Investor relations: ir@irbinvit.co.in