IRB InvIT Fund · NSE:IRBINVIT
IRB InvIT Fund — Q3 FY26 Earnings Presentation
40 slides from IRB InvIT Fund's earnings presentation, February 2026
Slide 1: Results Update Q3FY26 IRB InvIT Fund
Results Update Q3FY26 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. Highlights for the quarter 4 Project wise Toll revenue 5-16 HAM Revenue break up 17-19 Financial Performance 20-22 Traffic Movement 23-26 NDCF and Distribution Composition 27-29 Appendix 30
Slide 4: Key Highlights for the quarter
Key Highlights for the quarter Successfully acquired three road assets with a combined EV of ~INR 8,400 crores and a weighted average life of 21 years. Strong operating performance, with average toll revenue growth of ~14% during the quarter Acquisition – across the acquired assets. 3 BOT Assets
Slide 5: Project wise Toll Revenue
Project wise Toll Revenue 5
Slide 6: Project-wise Gross BOT Toll Revenues
Project-wise Gross BOT Toll Revenues INR Mn Sr. No. Name of the Project Q3FY26 Q3FY25 YoY (%) 1 Tumkur Chitradurga BOT Project (1) 1,249 1,140 10% 2 Jaipur Deoli BOT Project (1) 521 506 3% 3 Pathankot Amritsar BOT Project (1) 442 289 53% 4 Omalur - Salem - Namakkal BOT Project (2) 464 450 3% 5 Taleg
Slide 7: Toll Revenue Breakup – Gross v/s Net
Toll Revenue Breakup – Gross v/s Net INR Mn Q3FY26 Particular ITCTL IJDTL IPATRL MITL ITATL KTL KGTL IHMTL Total Gross Toll collection 1,249 521 442 464 251 389 713 982 5,011 Less: Revenue share (4) (2) (7) (4) (2) (5) (1) (7) (32) (non-FASTag users) Less: Revenue share (134) - - (104) - - (509) (86
Slide 8: Toll revenue – Tumkur Chitradurga project (ITCTL)
Toll revenue – Tumkur Chitradurga project (ITCTL) INR Mn Daily toll collection 16.0 14.1 13.1 13.4 13.0 13.6 14.0 12.8 12.9 12.6 13.0 12.0 12.3 12.8 12.2 12.7 12.6 10.0 11.8 11.6 11.6 11.7 12.0 11.3 11.3 8.0 6.0 4.0 2.0 0.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collect
Slide 9: Toll revenue – Jaipur Deoli project (IJDTL)
Toll revenue – Jaipur Deoli project (IJDTL) INR Mn Daily toll collection 6.5 6.1 6.0 5.8 5.6 5.3 5.3 5.3 5.4 5.5 5.2 5.1 5.6 5.5 5.5 5.0 5.1 5.1 5.2 5.1 5.0 5.0 5.0 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 189 506 521 168 166 167 173 171 155
Slide 10: Toll revenue – Pathankot Amritsar project (IPATRL)
Toll revenue – Pathankot Amritsar project (IPATRL) INR Mn Daily toll collection 4.8 4.9 4.7 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 149 147 146 442 141 143 133
Slide 11: Toll revenue – Omalur Salem Namakkal project (MITL)
Toll revenue – Omalur Salem Namakkal project (MITL) INR Mn Daily toll collection 5.6 5.4 5.4 5.2 5.0 4.9 4.9 5.0 4.9 4.9 5.2 4.8 4.9 4.8 4.8 5.0 4.7 5.0 5.0 4.6 4.8 4.8 4.8 4.6 4.7 4.7 4.4 4.6 4.2 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 148 167 450 464 154 156
Slide 12: Toll revenue – Talegaon Amravati project (ITATL)
Toll revenue – Talegaon Amravati project (ITATL) INR Mn Daily toll collection 3.1 2.8 2.9 2.9 2.7 2.8 2.6 2.7 2.8 2.5 2.5 2.3 2.3 2.7 2.6 2.6 2.6 2.6 2.6 2.3 2.5 2.3 2.4 2.1 2.3 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 89 251 82 85 85 84 234 77
Slide 13: Toll revenue – Kaithal Rajasthan (KTL)
Toll revenue – Kaithal Rajasthan (KTL) INR Mn Daily toll collection 4.7 4.4 4.3 4.2 4.0 4.0 3.7 3.8 3.7 3.8 3.7 3.5 3.7 3.9 3.7 3.8 3.7 3.7 3.8 3.8 3.2 3.6 3.7 3.5 3.5 2.7 2.2 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 133 133 389 119 123 112 116 116 112 115
Slide 14: Toll revenue – Kishangarh Gulabpura (KGTL)
Toll revenue – Kishangarh Gulabpura (KGTL) INR Mn Daily toll collection 8.7 7.9 7.9 7.5 7.6 7.5 7.7 7.1 7.1 7.1 7.1 6.7 7.2 6.8 6.9 6.8 6.4 6.9 5.7 6.2 6.4 6.3 6.6 6.1 5.9 4.7 3.7 2.7 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 246 713 233 229 231 236 212 219
Slide 15: Toll revenue – Hapur Moradabad (IHMTL)
Toll revenue – Hapur Moradabad (IHMTL) INR Mn Daily toll collection 11.7 10.9 11.0 10.0 10.0 10.2 9.6 9.7 9.6 9.7 7.4 9.7 9.4 9.2 9.2 7.7 8.6 9.1 9.1 8.4 8.4 8.3 7.2 7.2 5.7 3.7 1.7 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 337 982 330 316 301 297 301 301 289 29
Slide 16: Toll revenue – Portfolio of assets
Toll revenue – Portfolio of assets INR Mn Daily toll collection 60.0 55.3 55.6 50.0 40.0 31.0 30.7 30.1 28.8 28.8 29.3 30.2 30.0 28.2 28.7 28.5 29.2 29.4 30.6 29.2 30.4 29.7 20.0 27.2 26.9 27.9 10.0 0.0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY25 FY26 Total toll collection 1,660 1,725 4,321
Slide 17: HAM Revenue breakup
HAM Revenue breakup 17
Slide 18: Annuities received from VK1 HAM asset
Annuities received from VK1 HAM asset INR Mn Project Snapshot 850.4 967.2 961.2 908.1 1,200.0 Construction of greenfield eight lane Vadodara to Project Description Padra section of Vadodara Kim Expressway 956.1 960.7 941.5 Project Cost (INR Cr) 2,094 1,000.0 16.1 16.1 16.1 16.1 16.3 14.7 Project Roa
Slide 19: Recently added VM7 HAM Asset
Recently added VM7 HAM Asset INR Mn Project Snapshot 866.4 Construction of greenfield eight lane Gandeva to 1,200.0 Project Description Ena section of Vadodara Mumbai Expressway in the state of Gujarat Appraised Project Cost 1,702 crores 1,000.0 (INR Cr) 45.9 Project Road Length 27.5 Km Toll/Annuity
Slide 20: Financial Performance
Financial Performance 20
Slide 21: Consolidated Financial Results
Consolidated Financial Results INR Mn Particulars 9MFY26 9MFY25 YoY (%) Gross Income (Net of revenue share) ^ 10,213 8,278 23% EBITDA 8,492 6,831 24% Finance Expenses ^^ 3,351 2,237 50% Depreciation & amortization 2,422 1,882 29% Profit before Tax 2,719 2,712 0% Total Tax Expenses 299 91 229% Profit
Slide 22: Project-wise EBITDA for Q3FY26 & 9MFY26
Project-wise EBITDA for Q3FY26 & 9MFY26 INR Mn Q3FY26^ 9MFY26^ Sr. Name of the Project No. Total Income* EBITDA^^ Total Income* EBITDA^^ 1 Tumkur Chitradurga BOT Project 1,120 1,053 3,234 3,051 2 Jaipur Deoli BOT Project 522 392 1,490 1,105 Omalur - Salem – Namakkal BOT 3 373 342 1,062 985 Project 4
Slide 23: Traffic Movement
Traffic Movement 23
Slide 24: Traffic Movement (1/3) - Q3FY26
Traffic Movement (1/3) - Q3FY26 Figures Figures in ‘000 in ‘000 Tumkur Chitradurga BOT Project 10000 Particular FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 8000 6000 Car 5622 6955 7571 7944 2277 2581 4000 LCV 1168 1269 1285 1357 342 359 2000 Truck / Bus 1835 2368 2653 2870 732 793 0 MAV 3829 4195 4240 4341 10
Slide 25: Traffic Movement (2/3) - Q3FY26
Traffic Movement (2/3) - Q3FY26 Figures in ‘000 Omalur-Salem Namakkal BOT Project 7000 6000 Particular FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 5000 Car 4320 5399 5669 5841 1454 1158 4000 3000 LCV 766 808 767 759 191 173 2000 Truck / Bus 767 917 1004 1032 258 267 1000 0 MAV 1117 1258 1357 1314 325 304 Car
Slide 26: Traffic Movement (3/3) - Q3FY26
Traffic Movement (3/3) - Q3FY26 Figures in ‘000 Kaithal Rajasthan BOT Project * 2000 Particular Q3FY25 Q3FY26 Car 1119 1351 1000 LCV 53 59 Truck / Bus 193 197 0 MAV 419 433 Car LCV Truck / Bus MAV Total 1785 2041 Q3FY25 Q3FY26 Hapur Moradabad BOT Project * 6000 Particular Q3FY25 Q3FY26 Car 4669 5324
Slide 27: Net Distributable Cash flows
Net Traffic Distributable Movement Cash flows 27
Slide 28: NDCF Working – 9MFY26
NDCF Working – 9MFY26 INR Mn Sr. No. Particulars 9MFY26 9MFY25 Cash flow from operating activities as per Cash Flow Statement of Trust 1 (Post Working capital adjustments) (108) (137) 2 (+) Cash Flows received from SPV’s which represent distributions of NDCF computed as per relevant framework 7,038
Slide 29: 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 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 0.11 4.80 4.98 0.12 2.00 0.
Slide 30: Appendix
Traffic Appendix Movement 30
Slide 31: Top Unit Holders – As on December 31, 2025
Top Unit Holders – As on December 31, 2025 2% Sr. No. Name of Unitholders % of holding Sponsor 5% 1 IRB INFRASTRUCTURE DEVELOPERS LIMITED 16.57 18% Foreign Portfolio Investor 2 ANAHERA INVESTMENT PTE. LTD. 16.26 17% Individuals 3 LARSEN AND TOUBRO LIMITED 6.60 4 CIM INVESTMENT FUND ICAV 5.54 Bodies
Slide 32: Unit Price Performance for last four years v/s. 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 82% 100.0 11% - IRB InvIT 10 Y G-sec
Slide 33: 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 34: Standalone Financial Results
Standalone Financial Results INR Mn Particulars 9MFY26 9MFY25 Gross Income * 7,234 5,271 Earnings before interest, tax and depreciation ** 6,474 2,729 Financial Expenses # 2,731 1,314 Profit Before Tax 3,743 1,415 Total Tax Expenses - - Profit after Tax 3,743 1,415 Cash Profit 4,718 3,300 * Includes
Slide 35: 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 36: 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 37: 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 38: 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 639 mn as on 31st Dec, 2025 Background & • The Management of the IM is governed by an experienced B
Slide 39: Debt Overview and Leverage Ratio
Debt Overview and Leverage Ratio Debt Overview Net Debt to Value of assets ratio ^ – 31st December 2025 INR Mn Outstanding as on Gross Debt: INR ~79.3 Bn 31st Dec 2025 Net Debt: INR ~78.6 Bn SBI, Canara Bank, ICICI Bank, IndusInd Lenders Bank, IIFCL, NaBFID Credit Rating AAA by India Ratings and CAR
Slide 40: Thank You
Thank You For further information, kindly contact: Investor relations: ir@irbinvit.co.in