Slide 1: Investor Presentation | Q1FY27
Vadodara – Mumbai Expressway (Package -7) Investor Presentation | Q1FY27 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 - Q1FY27 Page 8 Result Highlights Page 9 Group Synopsis Page 14 Business Verticals Page 18 Dollar Bond Details Page 24 Governance and ESG Page 27 Attractive Industry Fundamentals and Opportunities Page 30 Appendix Page 35
Slide 3: Strategic Transition
Strategic Transition Private & Confidential Solapur Yedeshi section on NH-211
Slide 4: Strong Y-o-Y growth in Toll collections for the Group
Strong Y-o-Y growth in Toll collections for the Group 30,000 26% 25,000 24,436 INR millions 19,450 20,000 15,000 12,152 10,250 10,000 7,384 6,546 4,900 5,000 2,654 - IRB - WOS Private InvIT Public InvIT Total Q1FY26 Q1FY27 3
Slide 5: Asset Recycling Driving Growth through Private InvIT
Asset Recycling Driving Growth through Private InvIT Remarkable increase in Distribution…. Led by Robust growth in AUM…. FY : + 45% Q1 : + 278% FY : + 13% Q1 : + 13% 710 3.54 700 INR bn 2.44 INR bn 1.99 628 0.53 617 FY25 FY26 Q1FY26 Q1FY27 FY25 FY26 Q1FY26 Q1FY27 and NAV per unit…. Without any addit
Slide 6: Strategic Transition: Sponsor + O&M Model
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: ~₹4.4 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%
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: Key Highlights for Q1FY27
Key Highlights for Q1FY27 • For Q1FY27 on YoY basis, Toll • PAT of INR 3.06 bn for Q1FY27 • Rated among the top Infra Companies in achieved as compared to INR 2.02 bn for India for ESG: Revenue growth of ~26% for IRB, Q1FY26, registering growth of 51%. ESG Private InvIT and Public InvIT Rating Agenc
Slide 10: Result Highlights
Result Highlights Private & Confidential Cable-styed Bridge over river Chambal near Kota (TOT-13)
Slide 11: Consolidated Financial Summary for Q1FY27
Consolidated Financial Summary for Q1FY27 INR in million Particulars Q1FY27 Q1FY26 Total Income 21,727 21,646 EBITDA 11,879 10,176 Finance Costs 4,380 4,620 Depreciation & Amortization 3,334 2,692 PBT 4,165 2,864 PAT 3,063 2,025 10
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 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Revenue 21,373 20,990 7,333 6,460 4,367 2,331 9,672 12,199 EBITDA*
Slide 13: Consolidated Financials: Strong Track Record
Consolidated Financials: Strong Track Record Revenue (INR Bn) EBITDA & Margin (INR Bn) 50% 53% 50% 82 80 79 53% 67 41 40 42 35 47% 57% 21.7 21.7 10.2 11.9 FY23 FY24 FY25 FY26 Q1FY26 Q1FY27 FY23 FY24 FY25 FY26 Q1FY26 Q1FY27 N ET D EB T (IN R B N ) & N ET D EB T TO EQ UIT Y Net worth (INR Bn) 125 120
Slide 14: 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 15: Group Synopsis
Group Synopsis Private & Confidential Vadodara –Mumbai Expressway (Package-7)
Slide 16: 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 17: 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 8,428 6,400 5,772 6,400 3,421 3,452 3,411 3,452 3,411 1,212 2,351 1,212 IRB Cube Vertis Infrastructure Int
Slide 18: 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 19: Business Verticals
Business Verticals Private & Confidential Lucknow Sultanpur section on NH-731 (TOT-17)
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 424 bn In-house O&M capabilities Expert talent pool and state of the art equ
Slide 25: US$ Bond Details
US$ Bond Details Private & Confidential Nehru Outer Ring Road, Hyderabad
Slide 26: 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 Fitch rating assig
Slide 27: 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 28: Governance & ESG
Governance & ESG Private & Confidential Major Bridge over river Ganga on Meerut Budaun section
Slide 29: 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 (from Cintra) 2 Other Non-Independent 2 (one each from G
Slide 30: 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 31: Attractive Industry Fundamentals & Opportunities
Attractive Industry Fundamentals & Opportunities Private & Confidential Nehru Outer Ring Road , Hyderabad
Slide 32: 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 33: 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 34: Opportunities under PPP
Opportunities under PPP Private Capex picking Momentum NHAI plans to monetize about 2,068 Kms of operational highways via the TOT Model. This offers private capital a major opportunity to invest in infrastructure growth. This shift to private investment frees up NHAI resources for new projects
Slide 35: New Opportunities – TOT Projects
New Opportunities – TOT Projects Length Sr. No. Client Project State (kms) 1 NHAI Muzaffarpur – Darbhanga – Asanpur (NH-27) (TOT 20) Bihar 145.646 2 NHAI Asanpur – Forbesganj – Purnea (NH-27) (TOT 21) Bihar 139.361 3 NHAI Purnea – Dalkhola & Raiganj – Dalkhola (NH-27/NH-12) (TOT 22) Bihar 90.67 4 NH
Slide 36: Appendix
Appendix Private & Confidential Jhansi – Gwalior Section on NH-44 (TOT-13)
Slide 37: 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 investment from Chittoor Thachur Awarded InvIT launched (HAM) Nehru Outer Ring Road in Hyderabad , GIC and Cintra Raised INR 50 bn Ganga
Slide 38: Share Price Performance
Share Price Performance IRB share price (rebased to 100) IRB Sensex Mar 2024: Achieved Jan 25 : Ganga Nov 25 : Appointed date for Expressway project • Hapur Moradabad BOT, Kaithal Dec 2021: Cintra & GIC Oct 2022: Sale of VK1 Feb 2023: Aug 2023: TOT-12 and TOT- transferred to Pvt BOT and Kishangarh G
Slide 39: 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 40: Value evolution for a typical BOT Concession over its life cycle
Value evolution for a typical BOT Concession over its life cycle 39
Slide 41: Consolidated Financial Summary for Q1FY27
Consolidated Financial Summary for Q1FY27 INR in million Particulars Q1FY27 Q4FY26 Total Income 21,727 19,769 EBITDA 11,879 11,327 Finance Costs 4,380 4,058 Depreciation & Amortization 3,334 3,213 PBT 4,165 4,056 PAT 3,063 2,963 40
Slide 42: 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 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Q1FY27 Q4FY26 Revenue 21,373 19,270 7,333 7,118 4,367 4,006 9,672 8,146 EBITDA* 1
Slide 43: Gross Toll Revenue – Wholly Owned Concessions
Gross Toll Revenue – Wholly Owned Concessions ** Amount in INR mn MUMBAI - PUNE AHMEDABAD VADODARA Quarter 2022-23 2023-24 2024-25 2025-26 2026-27 % Variance Quarter 2022-23 2023-24 2024-25 2025-26 2026-27 % Variance Jun 3,606 4,238 4,382 4,577 4,998 9.2% Jun 1,572 1,725 1,844 1,969 2,386 21.2% Sept
Slide 44: Gross Toll Revenue – IRB Private InvIT
Gross Toll Revenue – IRB Private InvIT Amount in INR mn Gulabpura Chittorgarh Udaipur - Shamlaji Quarter 2022-23 2023-24 2024-25 2025-26 2026-27 % Variance Quarter 2022-23 2023-24 2024-25 2025-26 2026-27 % Variance Jun 822 931 922 991 1,045 5.4% Jun 638 705 801 822 880 7.1% Sept 842 906 898 1,019 Se
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 2026-27 % Variance Quarter 2022-23 2023-24 2024-25 2025-26 2026-27 % Variance Jun 545 469 422 472 697 47.7% Jun 298 349 346 365 411 12.6% Sept 498 396 382 618 Sept 262 292
Slide 46: Gross Toll Revenue – IRB Private InvIT
Gross Toll Revenue – IRB Private InvIT Amount in INR mn Hyderabad ORR Lalitpur - Lakhnadon - (TOT -12) Ganga Expressway Quarter 2023-24 2024-25 2025-26 2026-27 % Variance Quarter 2024-25 2025-26 2026-27 % Variance Month 2026-27 % Variance Jun - 1,860 2,116 2,442 15.4% Jun 1,015 1,074 1,272 18.5% Apr
Slide 47: Current Ratings for Long Term Credit Facilities
Current Ratings for Long Term Credit Facilities Modern Road Makers Private Limited IRB Infrastructure Developers Limited Chittoor Thachur Highway Pvt. Limited CARE AA- IND AA- IND A IRB MP Expressway Crisil AA- Private Limited IND AA Pathankot Mandi 1 IRB Infrastructure Trust Highway Pvt Limited IRB
Slide 48: Recognition
Recognition “Continued to be Water Positive: A Commitment to Sustainable Water Management” Received the Sustainable Received the Great Indian • Earned Water Positive Certification Initiative of the Year 2026 Corporate Sustainability Award! Organization Award! • With 2.28 water credit-to-debit ratio
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 HRs INFRASTRUCTURE DEVELOPERS LTD HIGHWAY TO GROWTH