Indus Infra Trust · NSE:INDUSINVIT
Indus Infra Trust — Investor Presentation (May 2026)
33 slides from Indus Infra Trust's investor presentation, May 19, 2026
Slide 1: Corporate Presentation May 2026
GR Highways Investment Manager Private Limited Corporate Presentation May 2026
Slide 2: Disclaimer
Disclaimer • By attending any meeting where this Presentation is made available, or by reading the slides ("Presentation") or accompanying materials, the recipient agrees to be bound by the limitations and restrictions set out herein and to maintain strict confidentiality in respect of the informati
Slide 3: Disclaimer
Disclaimer • This presentation is not intended for distribution or publication in the United States (including its territories and possessions, any state of the United States and the District of Columbia). Neither this document nor any part or copy of it may be distributed, directly or indirectly, i
Slide 4: Table of Content
Table of Content: 1 Executive Summary 05 2 Overview Of Indus Infra Trust 07 3 Financial Strength 12 4 Future Growth Pipeline 17 5 Governance Framework 20 6 Annexure 22 4
Slide 5: Executive Summary
-4 INDUS INFRA TRUST Executive Summary
Slide 6: Key Highlights
Key Highlights: Strong structural tailwinds in India’s roads sector driven by rising government capex & policy support 01 • Well positioned to benefit from India’s sustained infrastructure push, with capital expenditure rising to INR 12.2 Trillion in the FY27 Budget • Initiatives such as the Nationa
Slide 7: Overview Of Indus Infra Trust
Overview Of Indus Infra Trust 7
Slide 8: Portfolio Snapshot
Portfolio Snapshot Portfolio Overview & Geographical Spread Residual Bid Project Length Project State Location Concessi- Cost Pavement Details (km) -on (Yrs) (in ₹ Mn.) • 114.75 Km- Rigid 1 Porbandar Dwarka Gujarat 117.75 NH-8E 9.05 16,000.00 11.34 Years • 3 Km- Flexible INR 94,484 Mn. INR 55,168 Mn
Slide 9: Evolution of Portfolio
Evolution of Portfolio FY24 FY25 FY26 ~14.8% ~34.3% AUM1 INR 61,266 Mn INR 70,362 Mn INR 94,484 Mn AUM (Lane Km) 2,134 Km ~22.5% 2,614 Km ~39.5% 3,646 Km No. Of Assets 7 9 13 No. of States 5 6 8 Wtd. Avg. Residual Concession Period2 ~11.83 years ~11.38 years ~11.34 years Net Debt to AUM3 4.47% 21.79
Slide 10: Diversified Quarterly Annuity Schedule
Diversified Quarterly Annuity Schedule Annuity Receipt Calendar FY26 Annuity Receipts Total Annuities Total Annuities No. of Receivable as Project (SPV) Name Receivable Annuities Receipt Receipt on Mar 31, 2026 (INR Mn) Received Q1 Q2 Q3 Q4 Due Date 1(1) Date 1 Due Date 2(1) Date 2 (INR Mn) MM in FY
Slide 11: Ownership Structure
Ownership Structure Diversified Investor Base Aadharshila Infratech G R Highways Investment G R Infraprojects Limited Private Limited Manager Private Limited (The Transferor) 1.34% (Sponsor & Project Manager) (Investment Manager) 15.00% 1.41% 15.42% 43.56% 15.00% 3.15% 20.12% 43.56% IDBI Trusteeship
Slide 12: Financial Strength
-4 INDUS INFRA TRUST Financial Strength 12
Slide 13: Delivered Consistent Distributions Since Listing
Delivered Consistent Distributions Since Listing Cumulative DPU of INR 27.7 since listing All figures in INR/unit FY25 FY26 11.2 13.5 4.00 3.35 3.50 3.25 3.40 3.00 2.75 0.43 0.74 0.04 2.20 0.24 0.10 3.04 2.25 1.96 0.05 2.49 0.19 0.24 2.5 0.30 1.05 2.78 2.51 2.51 1.66 1.44 0.96 0.96 1.01 0.5 Q4FY24 Q
Slide 14: Q4FY26 NDCF Waterfall
Q4FY26 NDCF Waterfall All figures in INR Mn 1,839.62 6,625.81 (302.00) 25.57 (1,048.48) (332.50) 81.84 4,868.69 (82.50) (3,436.89) 1,613.35 1,550.29 SPV: CFO + Finance Cost Release of SPV - NDCF InvIT: CFO Other Income Debt Obligation Reserve Surplus Cash at Cash Utilised InvIT NDCF Total Other Inco
Slide 15: Track Record of Consistent Asset Additions
Track Record of Consistent Asset Additions Q2 Q4 Q3 Q4 FY25 FY25 FY26 FY26 1. Bilaspur Urga Highway (EV: INR 9,430 Mn) Aligarh Kanpur Galgalia Bahadurganj Bahadurganj Araria 2. Ena Kim Expressway (EV: INR 11,806 Mn) (EV: INR 6,433 Mn) (EV: INR 6,351 Mn) (EV: INR 13,455 Mn) 3. Ujjain Badnawar (EV: IN
Slide 16: Prudent Debt Profile
Prudent Debt Profile Credit Ratings Debt Profile As on 31st March 2026 Rs in Million AAA/Stable Particulars Standalone Consolidated External Debt 36,882.26 46,028.78 AAA/Stable 100% Floating 3.13x 43.46% Repo-linked DSCR1 Net Debt to AUM Borrowings AAA/Stable Lending Relationships CARE Ratings has r
Slide 17: Future Growth Pipeline
-4 INDUS INFRA TRUST Future Growth Pipeline 17
Slide 18: ROFO Agreement With GRIL
ROFO Agreement With GRIL Proposed 19 ROFO assets to be acquired from GR Infra Bid project Sr. No. Name of the SPVs Length (km) cost (in INR million) 1 GR Bandikui Jaipur Expressway Private Limited 66.916 13,680.00 2 GR Shirsad Masvan Expressway Private Limited 27.118 27,470.00 3 GR Madanapalli Piler
Slide 19: Target SPVs via Third-Party Acquisitions
Target SPVs via Third-Party Acquisitions KNR Guruvayur Infra Private KNR Ramagiri Infra Private Limited (HAM) Limited (HAM) PCOD: 17 July 2025 PCOD: 16 Dec 2024 Balance Life: 14.31 years Balance Life: 13.72 years Length: ~37.4 Kms (100% Flexible) Length: ~34.66 Kms (100% Flexible) ✓ SPA Signed ✓ SPA
Slide 20: Governance Framework
-4 INDUS INFRA TRUST Governance Framework 20
Slide 21: Management Team Overview
Management Team Overview Board of Directors Ajendra Kumar Agarwal Raghav Chandra Deepak Maheshwari Chairman & Non-executive Director Independent Director Independent Director • Managing director on the board of directors • 35+ years of experience in areas including public • 40+ years of experience i
Slide 22: Annexure
-4 INDUS INFRA TRUST 22
Slide 23: Industry Overview – (1/2)
Industry Overview – (1/2) Sustained Government Focus on Infrastructure Spending and Asset Monetisation Supporting India’s Infrastructure Buildout Public Investments in Infrastructure National Monetisation Pipeline creating large-scale opportunities for institutional and private participation in infr
Slide 24: Industry Overview – (2/2)
Industry Overview – (2/2) InvITs Ecosystem In India Funds Raised by InvITs Net AUM1 SEBI Registered InvITs2 No. of Road InvITs2 Since FY20 ~INR 7 Trillion 28 16 ~INR 1.59 Trillion Funds Raised By InvITs Over the Years 450 404 400 331 350 152 300 267 INR Bliion 250 206 210 200 52 331 150 108 252 267
Slide 25: Target SPVs – (1/2)
Target SPVs – (1/2) KNR Guruvayur Infra Private Limited: Six Laning of Valanchery to Kappirikkad section of NH-66 (old NH- 17) of 37.35 kms (Design Ch. Km 298+500 to Km. 335+850) State Operation Period PCOD Annuities recd. Balance Life* Kerala 15 years July 17, 2025 1 14.31 years KNR Ramanattukara I
Slide 26: Target SPVs – (2/2)
Target SPVs – (2/2) KNR Palani Infra Private Limited: Four Laning of Oddanchatram – Madathukulam section of NH-209 (New NH-83) of 45.38 kms (Design Ch. Km 29.000 to Km. 74.380) State Operation Period PCOD Annuities recd. Balance Life* Tamil Nadu 15 years Sep 02, 2022 7 11.43 years KNR Ramagiri Infra
Slide 27: Competitive Strengths
Competitive Strengths ROFO with GRIL Right of first offer to acquire certain assets of GRIL Steady nature of income Hedge against Pre-determined annuity payments with Long term adverse interest zero traffic risk concession rate movements agreement NHAI HAM projects provide a natural Weighted average
Slide 28: Key Milestones
Key Milestones June August March September November March December March 2022 2022 2024 2024 2024 2025 2025 2026 Setting up of Receipt Listing of Acquisition Name Acquisition SPA Acquisition the Bharat of SEBI Units of GAKHPL, changed to of GGBHPL, execution of GEKEPL, Highways Registration the 1st
Slide 29: Standalone Financial Highlights
Standalone Financial Highlights Rs. in Million QY ended FY ended Particulars 31.03.2026 31.12.2025 31.03.2026 31.03.2025 Total Income 2,001.23 2,024.27 7,974.04 14,508.74 Total Expenses1 795.45 719.56 3,352.58 7,842.34 EBITDA 1,205.78* 1,304.71* 4,621.46^ 6,666.40^ Finance Cost 424.66 398.68 1,581.8
Slide 30: Consolidated Financial Highlights
Consolidated Financial Highlights Rs. in Million QY ended FY ended Particulars 31.03.2026 31.12.2025 31.03.2026 31.03.2025 Total Income 2,081.16 2,031.37 7,490.67 8,555.97 Total Expenses1 585.64 625.30 1,939.01 2,236.44 EBITDA 1,495.52 1,406.07 5,551.66 6,319.53 Finance Cost 464.63 412.26 1,679.75 1
Slide 31: Valuation Summary
Valuation Summary Rs. in Million Particulars (FY ended 31.03.2026) Value A. Total Assets 89,301.00 B. Total Liabilities 37,562.72 C. Net Assets (A-B) 51,738.28 Outstanding Units (No. of Units) 44,29,38,605 NAV at Fair Value (INR per Unit) 116.81 31
Slide 32: Abbreviations
Abbreviations Name Abbreviation Porbandar Dwarka Expressway Private Limited PDEPL GR Dwarka Devariya Highway Private Limited GDDHPL GR Akkalkot Solapur Highway Private Limited GASHPL GR Sangli Solapur Highway Private Limited GSSHPL GR Phagwara Expressway Private Limited GPEL Varanasi Sangam Expressw
Slide 33: Thank You
-4 INDUS INFRA TRUST THANKYOU 33