Irb Infrastructure Developers LimitedNSE: IRB

Corporate Presentation March 2026

· MarketScreener

Vadodara - Mumbai Expressway (Package -7)

Investor Presentation | Q4FY26

India's First Multi-National Infrastructure Company in the Highways Sector



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

Strategic Transition

Private & Confidential

Solapur Yedeshi section on NH-211



Strategic Transition





  • All new assets to be housed in Private InvIT

Strategic Shift

  • Focus on cash ROE expansion and Capital efficiency

  • Transition from hybrid developer to Sponsor + O&M platform

  • Sponsor to Private & Public InvITs

Sponsor + O&M

  • Project Manager

Model

  • Exclusive O&M contractor for Public and Private InvIT projects

  • Continous recycling of Capital

  • Distributions from InvITs

Earning

  • Project management fees

Streams

  • Long-term O&M annuity income

  • Asset recycling gains

3

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% IRR

  • Assets transferred by Private InvIT to Public InvIT → ₹84 bn

Achievements

  • Equity released → ₹ 49 bn

So far…

  • Redeployed in new TOT projects worth ₹ 140 bn

  • Multiple virtuous cycles planned over next 24-36 months



4

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: 1.5 - 2x P/B



Global Valuation Benchmark & IRB positioning

  • Hybrid Developers : 2 - 3x P/B

  • Sponsor platforms: 3 - 5x P/B

  • To position ourself as Sponsor + O&M platform

5

Financial Highlights for Q4FY26 & FY26



  • For Q4FY26 on YoY basis, Toll Revenue growth of ~21% for IRB and Private InvIT Projects.

  • For FY26 on YoY basis,

Toll

Revenue growth of ~13% for IRB

and Private InvIT Projects.

  • Successfully commenced tolling operations for the TOT-17 Project in the State of Uttar Pradesh and the TOT-18 Project in Odisha on January 23, 2026 and April 1,

2026, respectively.

  • Received

COD

for

Ganga

Expressway Project (Package -1) and commenced the tolling operations from May 17, 2026.

Concession / Contracting



  • PAT of INR 2.96 bn for Q4FY26 achieved as compared to INR 2.15 bn for Q4FY25, registering growth of 38%.

  • PAT of INR 8.93 bn for FY26 achieved as compared to INR 6.77 bn for FY25, registering growth of 32%.

  • Distribution from Private InvIT in Q4FY26 of ~ INR 2.00 bn and ~ INR 3.54 bn For FY26. IRB's share amounts to ~INR 1.02 bn for Q4FY26 and ~INR 1.81 bn for FY26

  • Distribution from Public InvIT - IRB's share amounts to ~ INR 340 million for Q4FY26 of and ~ INR 1.16 bn for FY26.

  • Total Distribution received from both InvITs amounts to ~INR 2.97 bn for FY26

  • For Q4FY26, the company has declared Interim Dividend of ~ INR 604 million taking total dividend of INR 1.87 bn for FY26

Financial Update



6

  • Rated among the top Infra Companies in India for ESG:

  • IRB is now an ISO Certified Company for 4 standards

Sustainability (ESG)



Rating Agency Criteria

LR

PR

S&P Global Higher -Better

51

40

Sustainalytics Lower - Better

33.5

44.5

CRISIL ESG Higher -

Ratings Better

LR: Latest rating; PR: Previous rating

56

-

ISO 9001:2015

Quality Management System

ISO14001:2015

Environment Management System

ISO 45001:2018

Occupational Health & Safety Management System

ISO 27001: 2022

Information Security Management System

Result Highlights

Private & Confidential

Cable-styed Bridge over river Chambal near Kota (TOT-13)



Consolidated Financial Summary for Q4FY26 & FY26



INR in millions

Particulars

Q4FY26

Q4FY25

Q3FY26

FY26

FY25

Total Income

1G,76G

22,17G

1G,122

78,540

80,315

EBITDA

11,327

10,665

10,635

41,877

40,23G

Finance Costs

4,058

4,577

4,364

17,551

17,919

Depreciation C Amortization

3,213

2,863

2,894

11,420

10,376

PBT

4,056

3,225

3,377

12,G05

11,G44

PAT ( Before exceptional items)

2,G63

2,147

2,534

8,G30

6,766

Less : Exceptional items (net)

-

-

(426)

(426)

58,041

PAT ( After exceptional items)

2,G63

2,147

2,108

8,504

64,807

8

Consolidated Financial Summary (Quarterly YoY) Segment-wise



INR in million

Particulars

Total all Segments

BOT / TOT

Segment

InvITs & Related Assets Segment

Construction Segment

Q4FY26

Q4FY25

Q4FY26

Q3FY25

Q4FY26

Q4FY25

Q4FY26

Q4FY25

Revenue

1G,270

21,492

7,118

6,411

4,006

3,066

8,146

12,015

EBITDA*

11,366

10,672

6,364

5,393

3,818

2,763

1,184

2,516

EBITDA margin

5G%

50%

8G%

84%

G5%

90%

15%

21%

* Segment-wise information is as per IND AS 108. EBIDTA differs from the previous slide to the extent of un-allocable amounts as per IND AS 108.

9

Consolidated Financial Summary (Quarterly QoQ) Segment-wise



INR in million

Particulars

Total all Segments

BOT / TOT

Segment

InvITs & Related Assets Segment

Construction Segment

Q4FY26

Q3FY26

Q4FY26

Q3FY26

Q4FY26

Q3FY26

Q4FY26

Q3FY26

Revenue

1G,270

18,712

7,118

7,066

4,006

3,813

8,146

7,833

EBITDA*

11,366

11,130

6,364

6,311

3,818

3,521

1,184

1,298

EBITDA margin

5G%

59%

8G%

89%

G5%

92%

15%

17%

* Segment-wise information is as per IND AS 108. EBIDTA differs from the previous slide to the extent of un-allocable amounts as per IND AS 108.

10

Consolidated Financials: Strong Track Record



64

67

82

80

79

126

134

137

198

209

111

117

120

NET DEBT (INR BN) & NET DEBT TO EQUIT Y

FY26

FY25

FY24

FY23

FY22

FY26

42

111

0.89

0.88

101

0.75

0.59

0.53

FY22

FY23

FY24

FY25

FY25

FY26

FY25

FY24

FY23

FY22

Networth (INR Bn)

Revenue (INR Bn)

FY22

FY23

FY24

40

FY 26

EBITDA & Margin (INR Bn)

50%

50%

53%

53%

53%

33

35

41



11

Consolidated Financial Summary - Net cash FY26



INR in Million

INR in million

Opening Cash & CE Working Capital Other Op CF Interest received Interest Paid Dividends

Closing Cash & CE

Lease Payment

Net borrowings

Investments *

Tax

EBITDA

3,463

(1,268)

(48)

(13,396)

18,595

(12,305)

(11,387)

2,291

(13,130)

(752)

41,450

6,587

Increase Decrease Total



* Temporary Investments

12

Private & Confidential

Group Synopsis

Vadodara -Mumbai Expressway (Package-7)



IRB Group Overview



c. 10%

Market share of pan India Toll revenue



17,355 lane KM

Road portfolio



BOT, TOT & HAM

Diversified portfolio with optimal mix of projects



Portfolio with

c. 44% market share of TOT

Projects

awarded so far



c. 21 years

Weighted average residual concession life



Strong AAA rated sovereign counterparty (NHAI)



13

States in India where assets are present

BOT

HAM

TOT

Public InvIT

Private InvIT WOS



2

InvIT platforms for asset rotation Both AAA rated



Pan India presence

One of the largest private roads and highways listed integrated infrastructure developer in India

INR 940 bn

Highway asset base, one of the largest in India



  • 25+ years Long track record of robust performance

  • Backed by marquee investors, to bolster the growth potential (

- 19.9% shareholding ; Bricklayers (affiliates of

) -16.9% shareholding )



De-risked capex Through extensive site studies and traffic diligence



Tech enabled O&M

Real time O&M and control from on-ground inputs



Toll price linked to inflation and concession period to traffic



Fastag Penetration rate across all project

~97%

catering to c. 1.5 mn vehicles per day



14

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

Operational

8,754

8,428

7,300

5,772

3,452

1,212

2351

3,421

16,575

780

1,212

3,452

7,300

8,428

8,754

IRB Cube Vertis Infrastructure Trust

Interise Trust (CPPIB) Adani Oriental Maple Highway (CDPQ)

Overview of IRB's portfolio

Particulars

Lane KM Fully operational

Lane KM under construction & tolling at 75%

Lane KM under development/ construction

Total lane KM

IRB Parent

2,001

-

235

2,236

Private InvIT

10,129

545

-

10,674

Public InvIT

4,445

-

-

4,445

Total

16,575

545

235

17,355

Note: 1. Data sourced from company filings, news articles, latest valuation reports and company website;

15

Diversified Asset Portfolio with presence in high growth markets



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

15 %

11 %

7%

21 %

15 %

9%

8%

4%

Uttar Pradesh

Rajasthan

Maharashtra

Gujarat

Madhya Pradesh

Karnataka

Telangana

Haryana

GSDP

yoy %*

7.5 %

8%

7.6%

8.3%

5.9%

6.6 %

9.2%

8 %



BOT/HAM/TOT portfolio - Cumulative Lane Km

Kms

Source: * Niti Ayog ( FY 2024). Other than above the Company also have a presence in the states of West Bengal, Himachal Pradesh, Tamil Nadu and Punjab 16

Business Verticals

Private & Confidential

Lucknow Sultanpur section on NH-731 (TOT-17)



Summary of Business Verticals



List Co

3

Project Management Services (100%)



  1. InvIT Investments

  2. Wholly Owned Concessions (100%)

    • IRB has experience of managing c. 21,000 lane kms across 41 projects

    • Expert talent pool and state of the art equipment bank helps in managing entire tolling and maintenance function in-house

    • Provides Project Management Services for all group assets

Project

Type

Mumbai Pune TOT

TOT

Ahmedabad Vadodara BOT

BOT

Pathankot-Mandi NH 154

HAM

Chittoor-Thachur NH 716B

HAM

  1. Private InvIT (51%) B. Public InvIT (c.17%)

    Project

    Type

    Goa Kundapur

    BOT

    Solapur Yedeshi *

    BOT

    Yedeshi Aurangabad

    BOT

    Agra Etawah

    BOT

    Udaipur - GJ Border

    BOT

    Gulabpura - Chittorgarh *

    BOT

    Palsit Dankuni

    BOT

    Samakhiyali Santalpur

    BOT

    Hyderabad ORR

    TOT

    Ganga Expressway

    BOT

    Lalitpur Lakhnadon

    TOT

    Jhansi Gwalior Kota

    TOT

    Lucknow - Ayodhya-

    Gorakhpur & Lucknow - Sultanpur

    TOT

    Chandikhole - Bhadrak

    TOT

    Project

    Type

    Talegaon - Amravati

    BOT

    Amritsar Pathankot

    BOT

    Jaipur Deoli

    BOT

    Tumkur Chitradurga

    BOT

    Omallur - Salem - Namakkal

    BOT

    Vadodara - Kim

    HAM

    Kaithal Rajasthan Border #

    BOT

    Kishangarh - Gulabpura #

    BOT

    Hapur Moradabad #

    BOT

    Vadodara-Mumbai Expressway ^

    HAM

    • All Assets are Operational

    • Public InvIT has declared total distribution of ~INR 2.05 bn in Q4FY26

# Transferred to IRB InvIT Fund wef November 1, 2025 ^ Transferred to IRB InvIT Fund wef December 1, 2025 * NBO issued by Private InvIT to Public InvIT 18

Business Vertical - 1A : IRB Private InvIT



Asset overview

Key Highlights

1

14 projects are currently revenue generating (incl. 1 under construction and tolling)

2

Self-sustaining portfolio, sponsor contribution for under construction projects provided by IRB, GIC & Cintra in unitholding ratio

3

Positive cashflow generating portfolio, regularly making distributions since Q2FY24. Cumulative distribution declared up to Q4FY26 is Rs 10.68 bn

4

Construction / O&M for the portfolio is being carried out by IRB on fixed price basis.

Average Daily Toll Collection (in INR mn)

Sr. No.

Project

State

Project cost

(INR bn)

Lane KM

Status

Concession

End Date *

1

Goa Kundapur

Karnataka

37

758

Tolling

Feb 2048

2

Solapur Yedeshi

Maharashtra

16

395

Tolling

Mar 2045

3

Yedeshi Aurangabad

Maharashtra

42

756

Tolling

May 2046

4

Agra Etawah

U.P.

32

747

Tolling

Oct 2045

5

Udaipur - GJ Border

Rajasthan

28

683

Tolling

Feb 2043

6

Gulabpura - Chittorgarh

Rajasthan

23

749

Tolling

Feb 2042

7

Palsit Dankuni

West Bengal

23

383

Tolling

Apr 2038

8

Samakhiyali Santalpur

Gujarat

21

545

Tolling / Construction

Apr 2045

9

Hyderabad ORR -TOT

Telangana

84

1,264

Tolling

Aug 2053

10

Ganga Expressway

U.P.

65

778

Tolling

Oct 2058

11

Lalitpur Lakhnadon

M.P.

51

1264

Tolling

Mar 2044

12

Jhansi Gwalior & Kota Bypass

Rajasthan/MP

19

441

Tolling

Mar 2044

13

Lucknow - Ayodhya-

Gorakhpur & Lucknow - Sultanpur

U.P.

101

1,464

Tolling

May 2046

14

Chandikhole - Bhadrak

Odisha

33

447

Tolling

May 2045

Total

10,674

136

105

85

58

34

* As per valuation report

FY22 FY23 FY24 FY25 FY26*

  1. Project Assets transferred from IRB Private InvIT wef November 1, 2025

IRB Private InvIT is rated 'AAA' by leading rating agency

19

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