Indus Infra Trust · NSE:INDUSINVIT
Indus Infra Trust — Q3 FY26 Earnings Presentation
32 slides from Indus Infra Trust's earnings presentation, Feb 3, 2026
Slide 1: Stock exchange covering letter for investor presentation
3rd February 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C‐1, Block G Dalal Street, Bandra‐Kurla Complex, Bandra(E) Mumbai – 400001 Mumbai ‐400051 Scrip Code: 544137 Symbol: INDUSINVIT Subject: Investor Presentation on the Financial Results of
Slide 2: Investor Presentation Q3 FY26
GR Highways Investment Manager Private Limited Investor Presentation Q3 FY26
Slide 3: Disclaimer
Disclaimer • This presentation is issued by GR Highways Investment Manager Private Limited (the “Investment Manager”) on behalf of Indus Infra Trust erstwhile Bharat Highways InvIT (“the Trust”) for general information purposes only, without regard to specific objectives, suitability, financial situ
Slide 4: Disclaimer
Disclaimer • This presentation may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or
Slide 5: Index
Index Financial Highlights 5 Distribution 8 Debt profile & Unitholding Pattern 11 Acquisition during the quarter 14 Signing of SPAs to acquire 4 HAM Assets 16 Asset Portfolio 19 Overview of Indus Infra Trust 22 Board and its Committees 28 4
Slide 6: Financial Highlights
-4 INDUS INFRA TRUST FINANCIAL HIGHLIGHTS
Slide 7: Standalone Financial Highlights
Standalone Financial Highlights Rs. in Million QY ended 9 Month ended Particulars 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 Total Income 2,024.27 1,964.25 2,094.29 5,972.81 10,727.56 Total Expenses 719.56 1,197.13 360.13 2,557.13 5,642.46 EBITDA 1,304.71* 767.12* 1,734.16* 3,415.68^ 5,0
Slide 8: Consolidated Financial Highlights
Consolidated Financial Highlights Rs. in Million QY ended 9 Month ended Particulars 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 Total Income 1,982.01 1,396.59 2,244.73 5,423.48 5,870.11 Total Expenses 575.94 420.80 617.56 1,367.34 1,454.33 EBITDA 1,406.07 975.79 1,627.17 4,056.14 4,415.78
Slide 9: Distribution
-4 INDUS INFRA TRUST DISTRIBUTION
Slide 10: InvIT NDCF Calculation
InvIT NDCF Calculation Rs. In Million • DPU: Rs. 3.40 per unit • Interest: Rs. 1.44 per unit, Return of Capital: Rs. 1.96 per unit 1,254.26 4,479.43 40.66 (66.97) (44.60) (806.83) 5.22 3,225.17 (191.03) 1,587.83 1,505.99 (1,828.05) 9 *cash flow from operations
Slide 11: Distribution Summary
Distribution Summary: Rs. / Unit Period Date of Record Interest Dividend Capital Others Total Cumulative approval Date Repayment FY 23-24 Q4 28-May-24 31-May-24 0.50 2.50 0.00 0.00 3.00 3.00 FY 24-25 Q1 Aug 13-Aug-24 16-Aug-24 0.72 2.28 0.00 0.00 3.00 6.00 FY 24-25 Q1 Sep 16-Sep-24 17-Sep-24 0.24 0.
Slide 12: Debt Profile and Unitholding Pattern
DEBT PROFILE AND UNITHOLDING PATTERN 11
Slide 13: Debt Profile
Debt Profile Credit Rating Debt Profile As on 31st December 2025 Rs. in Million AAA/Stable Particulars Standalone Consolidated External Debt 24,245.49 24,245.49 CARE Ratings has reaffirmed the rating of CARE AAA/Stable, assigned to proposed and outstanding bank facilities aggregating to AAA/Stable R
Slide 14: Unitholding Pattern
Unitholding Pattern Top Five Unitholders other than S.No. Particulars No. of Units % Sponsor/IM/PM and their related Unitholding % parties 1 Sponsor 6,64,50,000 15.00 HDFC Mutual Fund 3.94% 2 Related Party to the Trust 1,92,938,705 43.56 Kotak Mutual Fund 3.87% ICICI Mutual Fund 2.71% Non-Institutio
Slide 15: Acquisition Completed During the Quarter
ACQUISITION COMPLETED DURING THE QUARTER 14
Slide 16: ROFO Asset: GR Bahadurganj Araria Highway Private Limited
ROFO Asset : GR Bahadurganj Araria Highway Private Limited (GBAHPL) Residual Kms / State Bihar Authority NHAI Mode HAM 13.62 years* 44.983 / 180 Tenor Lane kms Four laning from Bahadurganj (Design km 49.000) to Araria (Design km 93.983) (NH-327 E) Package-II PCOD Annuities recd. Aug 10, 2024 2 Bid P
Slide 17: Signing of SPAs to acquire 4 Hybrid Annuity Mode Assets
Signing of SPAs to acquire 4 Hybrid Annuity Mode Assets 16
Slide 18: Driving the next phase of portfolio expansion
Driving the next phase of portfolio expansion 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 6 11.6
Slide 19: Driving the next phase of portfolio expansion
Driving the next phase of portfolio expansion 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 14.55
Slide 20: Asset Portfolio
-4 INDUS INFRA TRUST ASSET PORTFOLIO 19
Slide 21: Assets Portfolio
Assets Portfolio GR Aligarh Kanpur Highway Pvt. Ltd. (8) State: Uttar Pradesh GR Phagwara Expressway Ltd. (5) Type/ Design length: 4 lane/ 347.296 kms State: Punjab Pavement Details – 70.977 kms/ Rigid Varanasi Sangam Expressway Pvt. Ltd. (6) Type/ Design length: 4 lane/ 80.82 kms State: Uttar Prade
Slide 22: Project details
Project details 74 annuities ~662 Km ~9.16 - 13.62 Years 10 HAM Projects Residual received Total Length Concession period Annuities Residual Total Design End of Bid Project Receivable No. of Awarding Concession Annuities Project Length Location State Appointed Date PCOD Concession Cost (as on Annuit
Slide 23: Overview: Indus Infra Trust
OVERVIEW: INDUS INFRA TRUST 22
Slide 24: Overview
Overview • Successfully Listed on 12th March 2024 at NSE & BSE Listing • First ever HAM focused Public Listed Infrastructure Investment Trust (InvIT) Investor • Institutional Investors subscription for the issue was 9.1x Response • Non-Institutional Investors subscription for the issue was 6.25x • D
Slide 25: Group Structure
Group Structure G R Highways Investment Manager G R Infraprojects Limited Aadharshila Infratech Private Limited Private Limited (The Transferor) (Sponsor & Project Manager) (Investment Manager) 43.56% 15% 41.49% Public Unitholders IDBI Trusteeship (Investors) Services Limited (Trustee) Indus Infra T
Slide 26: Key Milestones
Key Milestones June 2022 August 2022 March 2024 September 2024 November 2024 March 2025 December 2025 Incorporation Receipt of Listing of Acquisition of Name changed Acquisition of SPA execution of Bharat SEBI Units GAKHPL, the to Indus Infra GGBHPL, for Four KNR Highways Registration First ROFO Tru
Slide 27: Our Strategy
Our Strategy Expanding portfolio of road Institute and Maintain Capital Active Asset Management assets Management Policies Asset management through the services of Proposed ROFO Agreement - InvIT will have Maximize distributions to Unitholders while the Project Manager and the Investment a right of
Slide 28: 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 29: Board of Directors and KMPs
BOARD OF DIRECTORS AND KMPs 28
Slide 30: Board of Directors & KMPs
Board of Directors & KMPs 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
Slide 31: 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 Limited GPEL Varanasi Sangam Expressway Priva
Slide 32: Thank You
-4 INDUS INFRA TRUST THANKYOU 31