46 slides from Irb Infrastructure Developers's earnings presentation, September 2025
Slide 1: Investor Presentation | Q2FY26
Investor Presentation | Q2FY26 India’s First Multi-National Infrastructure Company in the Highways Sector
Slide 2: Table of Contents
Table of Contents Financial Highlights - Q2FY26 Page 2 Result Highlights Page 3 Group Synopsis Page 9 Business Verticals Page 13 Dollar Bond Details Page 19 Governance and ESG Page 22 Attractive Industry Fundamentals and Opportunities Page 25 Appendix Page 31
Slide 3: Financial Highlights for Q2FY26
Financial Highlights for Q2FY26 • For Q2FY26 on YoY basis, Toll • PAT of Rs. 1.41 bn for Q2FY26 • Rated among the top Infra Companies in achieved as compared to Rs. 0.99 India for ESG: Revenue growth of ~11% across Rating Criteria LR PR Private InvIT Projects, Mumbai bn for Q2FY25, registering growt
Slide 4: Result Highlights
Result Highlights Private & Confidential
Slide 5: Consolidated Financial Summary for Q2FY26 & H1FY26
Consolidated Financial Summary for Q2FY26 & H1FY26 INR in millions Particulars Q2FY26 Q2FY25 Q1FY26 H1FY26 H1FY25 Total Income 18,003 17,516 21,646 39,649 37,233 EBITDA 9,739 9,325 10,176 19,915 19,083 Finance Costs 4,510 4,342 4,620 9,130 8,729 Depreciation & Amortization 2,621 2,312 2,692 5,313 4,
Slide 6: Consolidated Financial Summary (Quarterly YoY) Segment-wise
Consolidated Financial Summary (Quarterly YoY) Segment-wise INR in million InvITs & Related Total all BOT / TOT Construction Assets Segments Segment Segment Particulars Segment Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Revenue 17,510 17,148 6,275 5,811 3,034 1,289 8,201 10,047 EBITDA*
Slide 7: Consolidated Financial Summary (Quarterly QoQ) Segment-wise
Consolidated Financial Summary (Quarterly QoQ) Segment-wise INR in million InvITs & Related Total all BOT / TOT Construction Assets Segments Segment Segment Particulars Segment Q2FY26 Q1FY26 Q2FY26 Q1FY26 Q2FY26 Q1FY26 Q2FY26 Q1FY26 Revenue 17,510 20,990 6,275 6,460 3,034 2,331 8,201 12,199 EBITDA*
Slide 8: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record Revenue (INR Bn) EBITDA & Margin (INR Bn) 50% 50% 82 80 53% 53% 64 67 41 40 33 35 53% 54% 17.5 18.0 9.3 9.7 FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 FY22 FY23 FY24 FY25 Q2FY25 Q2FY26 N ET D EB T (IN R B N ) & N ET D EB T TO EQ UIT Y Networth (INR Bn) 140 120 120
Slide 9: Consolidated Financial Summary – Net cash H1FY26
Consolidated Financial Summary – Net cash H1FY26 INR in million Increase Decrease Total INR in Million 19,915 (3,111) (597) (5,678) 18,595 2,567 (16,446)* (3,797) 3,895 (7,109) (22) (423) EBITDA Tax Investments Net borrowings Lease Payment Closing Cash & CE Opening Cash & CE Working Capital Other Op
Slide 10: Group Synopsis
Group Synopsis Private & Confidential
Slide 11: IRB Group Overview
IRB Group Overview One of the largest private roads and highways listed integrated infrastructure developer in India Pan India presence 12 States in INR 800 bn+ c. 21 years c. 10% India where Highway asset Weighted 15,444 lane KM Market share of assets are base, one of the average residual Road port
Slide 12: Largest and well Diversified Portfolio of Roads in India
Largest and well Diversified Portfolio of Roads in India Owns and Manages c. 15,500 Lane KM of Roads across 12 States in India Under construction 15,444 Operational 1,558 13,886 8,819 8,300 8,819 7,300 8,300 7,300 5,351 4,003 3,398 3,398 1,212 1348 1,212 IRB Cube Vertis Infrastructure Interise Trust
Slide 13: Diversified Asset Portfolio with presence in high growth markets
Diversified Asset Portfolio with presence in high growth markets BOT/HAM/TOT portfolio – Cumulative Lane Km Kms Up to 2012 2016 2019 2022 2025 Cum Lane Km 987 6,376 7,244 13,754 15,444 Majority of TOT/BOT/HAM projects in high growth states (in Lane KMs) 2,678 2,532 2,432 1,942 1,594 1,442 1,264 665
Slide 14: Business Verticals
Verticals Business Private & Confidential
Slide 15: Summary of Business Verticals
Summary of Business Verticals List Co Engineering, Procurement and 1 InvIT Investments 2 Wholly Owned Concessions (100%) 3 Construction (100%) A. Private InvIT (51%) B. Public InvIT (16%) Project Type Project Type Project Type • IRB has executed c. 19,000 Goa Kundapur BOT Talegaon - Amravati BOT Mum
Slide 16: Business Vertical – 1A : IRB Private InvIT
Business Vertical – 1A : IRB Private InvIT Asset overview Key Highlights Project cost Concession 14 projects are currently revenue generating (incl. 1 Sr. No. Project State Lane KM Status (INR bn) End Date * 1 under construction and tolling) & 1 is under construction 1 Goa Kundapur Karnataka 37 758
Slide 17: Business Vertical - 1B : IRB Public InvIT
Business Vertical - 1B : IRB Public InvIT Asset overview Project cost Sr. No. Project State Lane KM Status Concession End Date* (INR bn) 1 Talegaon - Amravati Maharashtra 8.9 267 Tolling Jun-2037 2 Amritsar Pathankot Punjab 14.5 410 Tolling Jan-2038 3 Jaipur Deoli Rajasthan 17.4 595 Tolling Oct- 204
Slide 18: Business Vertical – 2: Wholly Owned Concessions
Business Vertical – 2: Wholly Owned Concessions Asset overview Project cost Sr. No. Project State Lane KM Status Concession End Date* (INR bn) 1 Mumbai Pune Maharashtra 89 1,014 Tolling April 2030 2 Ahmedabad Vadodara Gujarat 49 987 Tolling Mar 2043 3 Vadodara Mumbai Expressway (Pkg -7) Gujarat 17 2
Slide 19: Business Vertical - 3: Engineering, Procurement and Construction Business
Business Vertical - 3 : Engineering, Procurement and Construction Business Under its EPC arm, IRB has executed c. 19,000 lane kms of projects across 39 projects with professionally managed EPC team with avg track record of more than 25 years Key Highlights Latest techniques to facilitate project pla
Slide 20: US$ Bond Details
Details US$ Bond Private & Confidential
Slide 21: Offshore Bond Issue – Covenant Structure
Offshore Bond Issue – Covenant Structure Business Segment I Business Segment II Surplus Toll & HAM Investments Distribution IRBIDL Standalone 51% MRMPL Mumbai Pune TOT Private InvIT Distribution from Mumbai Pune 16% and InvIT’s Ahd Vadodara BOT Public InvIT Non-road assets Pathankot Mandi (PM) HAM F
Slide 22: Leverage Summary – USD Bond Covenants
Leverage Summary – USD Bond Covenants INR in Bn As on As on Business Segment I Sept 30, 2025 March 31, 2025 Present value of Cash Flow Available for Debt Servicing of the PLCR Group^ 617 581 Gross Debt 213 214 Project Life Coverage Ratio 2.9 2.7 Minimum Project Life Coverage Ratio (As required under
Slide 23: Governance & ESG
& ESG Governance Private & Confidential
Slide 24: Board Driven Robust Governance Policies
Board Driven Robust Governance Policies Board Composition IRB Infrastructure Developers Limited * IRB Private InvIT Category Number of Directors Category Number of Directors Promoter 2 IRB Infrastructure Developers Ltd. 2 Other Non-Independent Other Non-Independent (from Cintra) 2 2 (one each from G
Slide 25: Strong Focus on Protecting the Environment & Community
Strong Focus on Protecting the Environment & Community; Sustainability Reporting to Bring About Reporting Transparency IRB has a strong focus on environment, Business responsibility and sustainability reporting (BRSR) is intended towards having quantitative and sustainability and community standardi
Slide 26: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential
Slide 27: Revamped Bankable Concession Terms
Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector Typical terms Details ▪ NHAI is an agency appointed by the federal government for development of roads and highways in India NHAI as counterparty ▪ NHAI is a quasi-sovereign entity with a ‘AAA’ rating from domestic rat
Slide 28: Revamped Bankable Concession Terms
Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector Typical terms Details ▪ India has a long track record of toll rate escalation ▪ Toll rate escalation is pre-defined in concession agreement to take place on 1st of April every year ▪ Escalation is not entirely WPI depe
Slide 29: Opportunities under PPP
Opportunities under PPP Private Capex picking Momentum • Total completed National Highway stands at ~146,000 kms, of which ~45,947 kms is 4 lane and above in configuration. • Projects totaling 996 Kms, valued at Rs. 621 bn, will likely be available for bidding on BOT basis, including opportunities f
Slide 30: New Opportunities – TOT Projects
New Opportunities – TOT Projects Sr. No. Project State Length (kms) 1 Chandikhole - Bhadrak Odisha 75 2 Muzzafarpur- Darbanga- Asanpur Bihar 144 Bihar & West 3 Purnea-Dalkhola-Raiganj section of NH-27 & 12 91 Bengal 4 Chennai Outer Ring Road (CORR) Tamil Nadu 60 5 Thanjavur -Trichy Tamil Nadu 185 6
Slide 31: New Opportunities – TOT Projects
New Opportunities – TOT Projects Sr. No. Project State Length (kms) 14 Gabbur - Devgiri Karnataka 64 15 Kalamassery-lCTT Vallarpadam (Kerala) Kerala 17 16 4l of Chikhli - Tarsod section of NH-6 from km 360.00 - km 422.700 Maharashtra 65 17 Aurangabad - Karodi km 290.00 - km 320.104 of NH 211(New NH
Slide 32: Appendix
Appendix Private & Confidential
Slide 33: Key Milestones
Key Milestones Constantly Evolving EPC Capabilities: Moving Up the Project Complexity Value Chain, Successfully Raising Funds at Crucial Junctures 2008 2016 2017 2018 2020 2021 2023 2024 2026 1998 2004 Length: Length: Length: 1,234 LKM 1,396 LKM 1,168 Cost: INR Cost: INR LKM 11bn 108bn Raised INR Co
Slide 34: Share Price Performance
Share Price Performance IRB share price (rebased to 100) IRB Sensex Mar 2024: Jan 25 : Ganga Nov 25 : Hapur Achieved Expressway Moradabad BOT, DEC 2021: Cintra & GIC OCT 2022: Sale of VK1 FEB 2023: AUG 2023: Appointed date project transferred Kaithal BOTand close IRB transaction HAM asset and achiev
Slide 35: Approach adopted by analysts for valuation of Integrated Developer Model
Approach adopted by analysts for valuation of Integrated Developer Model Particulars Methodology Value of concession Business DCF of FCFE over concession life Value of Construction Business PE Multiple or EV/EBIDTA Value of Non core assets (Land bank and airport) Multiple on Investment Total Value o
Slide 36: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 35
Slide 37: Gross Toll Revenue – Wholly Owned Concessions
Gross Toll Revenue – Wholly Owned Concessions ** Amount in INR mn MUMBAI - PUNE AHMEDABAD VADODARA Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 2,373 3,606 4,238 4,382 4,577 4.4% Jun 1,086 1,572 1,725 1,844 1,969 6.8% Sept
Slide 38: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Gulabpura Chittorgarh Hapur Moradabad Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 329 822 931 922 991 7.4% Jun 310 388 767 791 899 13.6% Sept 526 842 906 898 1,019 13.
Slide 39: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Kishangarh Gulabpura Yedeshi Aurangabad Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Quarter 2021-22* 2022-23 2023-24^ 2024-25^ 2025-26^ % Variance Jun 209 303 615 581 644 10.8% Jun 346 574 713 539 636 17.9% Sept 261 517 588 562 68
Slide 40: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Kaithal Rj Border Solapur Yedeshi Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Quarter 2021-22 2022-23 2023-24^ 2024-25^ 2025-26^ % Variance Jun - 394 362 335 349 4.2% Jun 167 308 367 285 348 22.2% Sept - 367 350 329 339 3.2% Sept
Slide 41: Gross Toll Revenue– IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Hyderabad ORR Lalitpur - Lakhnadon - (TOT -12) Jhansi -Gwalior - kota (TOT 13) Quarter 2023-24 2024-25 2025-26 % Variance Quarter 2024-25 2025-26 % Variance Quarter 2024-25 2025-26 % Variance Jun - 1,860 2,116 13.8% Jun 1,015 1,074 5.7% Jun 459
Slide 42: Current Ratings for Long Term Credit Facilities
Current Ratings for Long Term Credit Facilities Chittoor Thachur Modern Road Makers Highway Pvt. Limited Private Limited IRB Infrastructure Developers Limited IND A CARE AA- IND AA- Crisil AA- Pathankot Mandi IRB MP Expressway Highway Pvt Limited Private Limited IND AA IRB Infrastructure Trust CARE
Slide 43: Recognition
Recognition “Continued to be Water Positive : A Commitment to Sustainable Water Management“ • Earned Water Positive Certification Received “Sustainability Leader • With 2.28 water credit-to-debit ratio of the Year” award at achieved. the UBS Forum 2025! 42
Slide 44: Disclaimer
Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as ‘will’, ‘aim’, ‘will likely result’, ‘would’, ‘believe’, ‘may’, ‘expect’, ‘will continue’, ‘anticipate’, estimate’, ‘intend’, ‘pla
Slide 45: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 44
Slide 46: Notes
Notes INFRASTRUCTURE DEVELOPERS LTD HIGHWAY TO GROWTH