Slide 1: Investor Presentation | Q4FY26
Vadodara – Mumbai Expressway (Package -7) Investor Presentation | Q4FY26 India’s First Multi-National Infrastructure Company in the Highways Sector
Slide 2: Table of Contents
Table of Contents Strategic Transition Page 2 Financial Highlights - Q4FY26 & FY26 Page 6 Result Highlights Page 7 Group Synopsis Page 13 Business Verticals Page 17 Dollar Bond Details Page 23 Governance and ESG Page 26 Attractive Industry Fundamentals and Opportunities Page 29 Appendix Page 34
Slide 3: Strategic Transition
Strategic Transition Private & Confidential Solapur Yedeshi section on NH-211
Slide 4: Strategic Transition: Strategic Shift
Strategic Transition ▪ Transition from hybrid developer to Sponsor + O&M platform Strategic ▪ Focus on cash ROE expansion and Capital efficiency Shift ▪ All new assets to be housed in Private InvIT ▪ Sponsor to Private & Public InvITs Sponsor + O&M ▪ Project Manager Model ▪ Exclusive O&M contractor
Slide 5: Uniquely poised to capitalize on the opportunities
Uniquely poised to capitalize on the opportunities ▪ Govt monetization pipeline: ~₹3 tn Opportunity ▪ Annual opportunity: ₹400–500 bn ▪ TOTs remain primary growth driver ▪ Bid at disciplined IRR (15–16%) B.E.S.T. ▪ Execute in time Strategy ▪ Stabilize project for 3 – 4 years ▪ Transfer at 12–12.5% I
Slide 6: Financial Transformation
Financial Transformation ▪ Road AUM: ₹800 bn → ~₹1,400 bn (3 years) Business Objective ▪ Recycle One unit of equity multiple times resulting in superior returns for the Sponsor. Financial ▪ NET DEBT : 0.6x → 0.0x Objective (Next 5 years- ▪ CASH ROE : 8% → 14%+ FY30) ▪ PAT CAGR : 25% ▪ BOT Developers
Slide 7: Financial Highlights for Q4FY26 & FY26
Financial Highlights for Q4FY26 & FY26 • For Q4FY26 on YoY basis, Toll • PAT of INR 2.96 bn for Q4FY26 achieved • Rated among the top Infra Companies in as compared to INR 2.15 bn for Q4FY25, India for ESG: Revenue growth of ~21% for IRB registering growth of 38%. and Private InvIT Projects. Rating
Slide 8: Result Highlights
Result Highlights Private & Confidential Cable-styed Bridge over river Chambal near Kota (TOT-13)
Slide 9: Consolidated Financial Summary for Q4FY26 & FY26
Consolidated Financial Summary for Q4FY26 & FY26 INR in millions Particulars Q4FY26 Q4FY25 Q3FY26 FY26 FY25 Total Income 19,769 22,179 19,122 78,540 80,315 EBITDA 11,327 10,665 10,635 41,877 40,239 Finance Costs 4,058 4,577 4,364 17,551 17,919 Depreciation & Amortization 3,213 2,863 2,894 11,420 10,
Slide 10: 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 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Revenue 19,270 21,492 7,118 6,411 4,006 3,066 8,146 12,015 EBITDA*
Slide 11: 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 Q4FY26 Q3FY26 Q4FY26 Q3FY26 Q4FY26 Q3FY26 Q4FY26 Q3FY26 Revenue 19,270 18,712 7,118 7,066 4,006 3,813 8,146 7,833 EBITDA* 1
Slide 12: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record Revenue (INR Bn) EBITDA & Margin (INR Bn) 53% 50% 50% 82 80 79 53% 67 53% 64 41 40 42 33 35 FY22 FY23 FY24 FY25 FY 26 FY22 FY23 FY24 FY25 FY26 N ET D EB T (IN R B N ) & N ET D EB T TO EQ UIT Y Networth (INR Bn) 125 120 120 115 209 117 198 110 111 111 126
Slide 13: Consolidated Financial Summary – Net cash FY26
Consolidated Financial Summary – Net cash FY26 INR in million Increase Decrease Total INR in Million 6,587 41,450 (752) (13,130) 2,291 (11,387) (12,305) 18,595 (13,396) (48) (1,268) 3,463 EBITDA Tax Investments * Net borrowings Lease Payment Closing Cash & CE Opening Cash & CE Working Capital Other
Slide 14: Group Synopsis
Group Synopsis Private & Confidential Vadodara –Mumbai Expressway (Package-7)
Slide 15: IRB Group Overview
IRB Group Overview One of the largest private roads and highways listed integrated infrastructure developer in India Pan India presence 13 States in INR 940 bn c. 21 years c. 10% India where Highway asset Weighted 17,355 lane KM Market share of assets are base, one of the average residual Road portf
Slide 16: Largest and well Diversified Portfolio of Roads in India
Largest and well Diversified Portfolio of Roads in India Owns and Manages c. 17,500 Lane KM of Roads across 13 States in India 17,355 780 Under construction Operational 16,575 8,754 8,428 8,754 7,300 8,428 7,300 5,772 3,421 3,452 3,452 1,212 2351 1,212 IRB Cube Vertis Infrastructure Interise Trust (
Slide 17: 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 2015 2018 2022 2026 Cum Lane Km 987 4,394 7,348 13,754 17,355 Majority of TOT/BOT/HAM projects in high growth states (in Lane KMs) 3,588 2,678 2,432 1,942 1,594 1,442 1,264 665
Slide 18: Business Verticals
Business Verticals Private & Confidential Lucknow Sultanpur section on NH-731 (TOT-17)
Slide 19: Summary of Business Verticals
Summary of Business Verticals List Co Project Management 1 InvIT Investments 2 Wholly Owned Concessions (100%) 3 Services (100%) A. Private InvIT (51%) B. Public InvIT (c.17%) Project Type Project Type Project Type • IRB has experience of Goa Kundapur BOT Talegaon - Amravati BOT Mumbai Pune TOT TOT
Slide 20: 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 1 under construction and tolling) (INR bn) End Date * 1 Goa Kundapur Karnataka 37 758 Tolling Feb 2048 Self-sust
Slide 21: 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 22: 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 Pathankot Mandi (Pkg-1) Himachal Pradesh 8 115 U
Slide 23: Business Vertical - 3: Project Management Services
Business Vertical - 3 : Project Management Services IRB has experience of managing c. 21,000 lane kms across 41 projects Key Highlights Long Term visibility on assured O & M Revenues. 1 Total O & M orderbook stands at INR 428 bn In-house O&M capabilities ▪ Expert talent pool and state of the art equ
Slide 24: US$ Bond Details
US$ Bond Details Private & Confidential Nehru Outer Ring Road, Hyderabad
Slide 25: 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 c.17% and InvIT’s Public InvIT Ahmedabad Vadodara BOT Non-road assets Pathankot Mandi Fi
Slide 26: Leverage Summary – USD Bond Covenants
Leverage Summary – USD Bond Covenants INR in Bn As on As on Business Segment I March 31, 2026 March 31, 2025 Present value of Cash Flow Available for Debt Servicing of the PLCR 671 581 Group^ Gross Debt 239 214 Project Life Coverage Ratio 2.8 2.7 Minimum Project Life Coverage Ratio (As required unde
Slide 27: Governance & ESG
Governance & ESG Private & Confidential Major Bridge over river Ganga on Meerut Budaun section
Slide 28: 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 29: 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 30: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential Nehru Outer Ring Road , Hyderabad
Slide 31: Bankable Concession Terms
Bankable Concession Terms Applicable to IRB Portfolio 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 rating agencies ▪ Well-funded b
Slide 32: Bankable Concession Terms
Bankable Concession Terms Applicable to IRB Portfolio 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 No price risk ▪ Escalation is not entirely WPI dependent and foll
Slide 33: Opportunities under PPP
Opportunities under PPP Private Capex picking Momentum ▪ NHAI plans to monetize about 1,800 Kms of operational highways via the TOT Model. ▪ This offers private capital a major opportunity to invest in infrastructure growth. ▪ These assets ( which includes 95% of EPC/HAM road projects) were previous
Slide 34: New Opportunities – TOT Projects
New Opportunities – TOT Projects 33
Slide 35: Appendix
Appendix Private & Confidential Jhansi – Gwalior Section on NH-44 (TOT-13)
Slide 36: Key Milestones
Key Milestones India’s 1st Private InvIT Awarded listed on NSE Palsit Dankuni (BOT), Panthankot Mandi Raised INR 53 bn (HAM), By way of Equity India’s First Public Chittoor Thachur Awarded investment from InvIT launched (HAM) Nehru Outer Ring Road in Hyderabad , GIC and Cintra Raised INR 50 bn Ganga
Slide 37: Share Price Performance
Share Price Performance IRB share price (rebased to 100) IRB Sensex Mar 2024: Jan 25 : Ganga Nov 25 : Achieved Expressway • Hapur Moradabad BOT, DEC 2021: Cintra & GIC OCT 2022: Sale of VK1 FEB 2023: AUG 2023: Appointed date project Kaithal BOTand Kishangarh close IRB transaction HAM asset and achie
Slide 38: 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 39: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 38
Slide 40: 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 41: Gross Toll Revenue – IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Gulabpura Chittorgarh Udaipur - Shamlaji 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 334 638 705 801 822 2.6% Sept 526 842 906 898 1,019
Slide 42: Gross Toll Revenue – IRB Private InvIT
Gross Toll Revenue– IRB Private InvIT Amount in INR mn Palsit Dankuni Karwar Kundapura Quarter 2022-23 2023-24 2024-25 2025-26 % Variance Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 545 469 422 472 11.7% Jun 156 298 349 346 365 5.4% Sept 498 396 382 618 62.0% Sept 197 262 292 295
Slide 43: 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 44: Current Ratings for Long Term Credit Facilities
Current Ratings for Long Term Credit Facilities Modern Road Makers Chittoor Thachur Private Limited Highway Pvt. Limited IRB Infrastructure Developers Limited CARE AA- IND A IND AA- IRB MP Expressway Crisil AA- Pathankot Mandi Highway Pvt Limited Private Limited IND AA CARE A- 1 IRB Infrastructure T
Slide 45: Recognition
Recognition “Continued to be Water Positive : A Commitment to Sustainable Water Management“ Received the Sustainable • Earned Water Positive Certification Initiative of the Year 2026 • With 2.28 water credit-to-debit ratio Award! achieved. by UBS Forums 44
Slide 46: 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 47: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 46
Slide 48: Notes
Notes IRB INFRASTRUCTURE DEVELOPERS LTD HIGHWAY TO GROWTH