51 slides from Irb Infrastructure Developers's earnings presentation, December 2025
Slide 1: Investor Presentation | Q3FY26
Investor Presentation | Q3FY26 India’s First Multi-National Infrastructure Company in the Highways Sector
Slide 2: Table of Contents
Table of Contents Enhancing Shareholder Value - Bonus Issue – 1:1 Page 2 Strategic Transition Page 4 Financial Highlights - Q3FY26 Page 8 Result Highlights Page 9 Group Synopsis Page 15 Business Verticals Page 19 Dollar Bond Details Page 25 Governance and ESG Page 28 Attractive Industry Fundamentals
Slide 3: Issue of Bonus Shares
Issue of Bonus Shares Enhancing Shareholder Value Private & Confidential
Slide 4: Enhancing Shareholder Value - Bonus Issue – 1:1
Enhancing Shareholder Value - Bonus Issue – 1:1 IRB has successfully executed its B.E.S.T (Build–Execute–Stabilize –Transfer) strategy, monetizing mature assets through Public InvIT. B.E.S.T Strategy Assets monetized of ~₹84 bn, generating ~₹49 bn of equity consideration, validating intrinsic asset
Slide 5: Strategic Transition
Strategic Transition Private & Confidential
Slide 6: Strategic Transition
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 7: 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 8: 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 9: Financial Highlights for Q3FY26
Financial Highlights for Q3FY26 • For Q3FY26 on YoY basis, Toll • PAT of INR 2.53 bn for Q3FY26 • Rated among the top Infra Companies in Revenue growth of ~12% for IRB and India for ESG: achieved as compared to INR 2.22 Private InvIT Projects. bn for Q3FY25, registering Rating Agency Criteria LR PR
Slide 10: Result Highlights
Result Highlights Private & Confidential
Slide 11: Consolidated Financial Summary for Q3FY26 & 9MFY26
Consolidated Financial Summary for Q3FY26 & 9MFY26 INR in millions Particulars Q3FY26 Q3FY25 Q2FY26 9MFY26 9MFY25 Total Income 19,123 20,904 18,003 58,771 58,137 EBITDA 10,635 10,492 9,739 30,550 29,574 Finance Costs 4,364 4,614 4,510 13,494 13,343 Depreciation & Amortization 2,894 2,651 2,621 8,207
Slide 12: 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 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Revenue 18,712 20,254 7,066 6,477 3,813 2,449 7,833 11,329 EBITDA*
Slide 13: 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 Q3FY26 Q2FY26 Q3FY26 Q2FY26 Q3FY26 Q2FY26 Q3FY26 Q2FY26 Revenue 18,712 17,510 7,066 6,275 3,813 3,034 7,833 8,201 EBITDA* 1
Slide 14: 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 52% 59% 20.9 19.1 10.5 11.1 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 N ET D EB T (IN R B N ) & N ET D EB T TO EQ UIT Y Networth (INR Bn) 125 120 1
Slide 15: 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 16: Group Synopsis
Group Synopsis Private & Confidential
Slide 17: 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 18: 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 Under construction 1,558 Operational 15,797 8,754 8,300 8,754 7,300 8,300 7,300 5,848 4,310 3,452 3,452 1,212 1538 1,212 IRB Cube Vertis Infrastructure Interise Trust
Slide 19: 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 20: Business Verticals
Verticals Business Private & Confidential
Slide 21: 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 22: Business Vertical – 1A : IRB Private InvIT
Business Vertical – 1A : IRB Private InvIT Asset overview Key Highlights Project cost Concession 12 projects are currently revenue generating (incl. 1 Sr. No. Project State Lane KM Status 1 under construction and tolling) , 1 is under (INR bn) End Date * construction and 1 recently awarded 1 Goa Kun
Slide 23: 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 24: 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 25: 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 Latest techniques to facilitate project planning and 1 deployment of resources resulting in cost In-house O&M capabilities Large equipment bank optimization ▪ Exper
Slide 26: US$ Bond Details
Details US$ Bond Private & Confidential
Slide 27: 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 28: 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 29: Governance & ESG
& ESG Governance Private & Confidential
Slide 30: 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 31: 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 32: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential
Slide 33: 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 34: 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 No price risk ▪ Escalation is not ent
Slide 35: Opportunities under PPP
Opportunities under PPP Private Capex picking Momentum ▪ NHAI plans to monetize about 1,500 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 36: New Opportunities – TOT Projects
New Opportunities – TOT Projects Sr. No. Project State Length (kms) 1 Muzzafarpur- Darbanga- Asanpur Bihar 144 Bihar & West 2 Purnea-Dalkhola-Raiganj section of NH-27 & 12 91 Bengal 3 Chennai Outer Ring Road (CORR) Tamil Nadu 60 4 Asanpur- Forbesganj- Purnea Bihar 139 5 Bilaspur to Pathrapalli Chhat
Slide 37: New Opportunities – TOT Projects
New Opportunities – TOT Projects Sr. No. Project State Length (kms) 12 Gabbur – Devgiri Karnataka 64 13 Kalamassery-lCTT Vallarpadam (Kerala) Kerala 17 14 4l of Chikhli - Tarsod section of NH-6 from km 360.00 - km 422.700 Maharashtra 65 15 Aurangabad - Karodi km 290.00 - km 320.104 of NH 211(New NH
Slide 38: Appendix
Appendix Private & Confidential
Slide 39: Key Milestones
Key Milestones Moving Up the Project Complexity Value Chain, Successfully Raising Funds at Crucial Junctures 1998 2004 2008 2016 2017 2018 2020 2021 2023 2024 2026 Length: Length: 1,234 1,396 LKM Length: LKM Cost: INR 1,168 Cost: 108bn Raised Length: Raised LKM INR Length: 1,911 LKM Length: INR 1,97
Slide 40: 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, Kaithal OCT 2022: Sale of VK1 FEB 2023: AUG 2023: Appointed date project BOTand Kishangarh DEC 2021: Cintra & GIC HAM asset and achieved Awarded Achieved t
Slide 41: 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 42: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 41
Slide 43: 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 44: 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 45: 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 197 262 292 280
Slide 46: 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 47: 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 48: 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! 47
Slide 49: 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 50: THANK YOU
THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in 49
Slide 51: Notes
Notes INFRASTRUCTURE DEVELOPERS LTD HIGHWAY TO GROWTH