Thanks, Anju, and good morning, everyone, and thank you for joining us for the Indus Infra Trust conference call for the quarter ended 31st December 2025. We really appreciate your continued engagement and confidence in our trust.

I'll begin with a brief macro and sectoral overview, followed by an update on our portfolio performance and capital allocation approach and outlook. Harshal will then walk you through the financial details.

The operating environment for road infrastructure in India continues to remain structurally strong. The national highway network has expanded meaningfully over the past decade with a sharp increase in access-controlled corridors, 4-lane highways, and expressways.

Execution under Bharatmala Pariyojana has progressed steadily with more than 21,500 km completed out of 26,400 km Phase 1 award pipeline, and a significant proportion of those projects are implemented under HAM framework, reinforcing the long-term visibility of annuity-based cash flows across the sector. During the quarter, the Cabinet approved large highway projects aggregating over ₹20,000 crores across Odisha and Maharashtra.

These approvals underscore the continued policy commitment to long-term infrastructure creation, regional economic development, and multi-modal integration. In the recently announced Union Budget for '27 FY27, the capex expenditure for all FY26 is estimated at 12.2 lakh crore, reflecting a continued step-up in public investment.

Within this, allocation towards the roads and highways sector under the MoRTH continue to remain one of the largest components of central capital expenditure at roughly a quarter of the total capex, broadly in line with the previous year's capex. This sustained prioritization of highways reinforces the long-term commitment to network expansion and asset creation, which is structurally supportive for road InvITs as assets mature and enter monetization pathways over time.

Against this backdrop, our portfolio performance during Q3 remained stable and in line with expectations. For the quarter, board has approved a distribution of ₹3.40.

Breakup for that is 1. ₹1.44 as interest and ₹1.96 as capital repayment per unit to be paid to unitholders as of the record date, which is 6th of Feb 2026, which will be paid on and before 13th of Feb 2026.

This is broadly consistent with the distribution trajectory communicated earlier and remains aligned with the underlying cash flow profile of the trust. For the 9-month period, cumulative distribution, including the distribution approved by the board in yesterday's meeting, stands at ₹10 per unit, keeping us on track relative to our stated annual guidance.

We remain actively engaged on the acquisition pipeline, driving the next phase of our portfolio expansion. We executed share purchase agreement for acquisition of 4 HAM assets owned by KNR Constructions Limited.

This acquisition of the SPVs is in line with the investment strategy of our trust, which is to be yield accretive to existing unitholders, ensuring stable distribution and increase in the life of the InvIT, which is happening by 1.13 years. During the quarter, we have also added one ROFO asset, which is GR Bahadurganj Araria Private Limited from GR Infraprojects, and we are currently evaluating few more assets from GR that we intend to add to our portfolio before 31st March 2026.

The details of the same will be disclosed to the exchanges in accordance with the regulatory requirements. Looking ahead, we need to remain mindful of interest rate movements, execution timelines, quality of assets being acquired, and capital market conditions.

I'll now request Harshael to take you through the financial performance, post that we'll be happy to take any questions you'll have. Over to you, Harshael.

Thanks, Amit. Coming to Q3 FY26 performance on a standalone basis, the interest income on the loan extended by the trust to the SPVs was ₹187.41 crores, as against ₹189.24 crores in the last quarter.

The decrease in the interest income was on account of debt repaid by SPVs during the last quarter amounting to ₹56.31 crores. The dividend received during the quarter from the SPVs was ₹7.75 crores, which was utilized for distribution during the last quarter.

Further, coming to EBITDA, EBITDA excluding impairment for the quarter was ₹191.02 crores. The impairment was primarily on account of differences between fair value and book value of investment.

The reduction in the fair value of investment was on account of the repo rate cut during the last quarter. The total external borrowing at the trust level stands at ₹2,425 crores, and the interest income on the same interest cost on the same during the quarter was ₹39.87 crores.

The tax outflow getting represented for the quarter was only on the other income at 42.744%. The profit for the quarter stood at ₹87.50 crores.

During the quarter, we had completed the acquisition of Bahadurganj Araria project and the refinancing of external debt in the SPV was also completed during the quarter. Accordingly, as on 31st March 2025, there is no external debt in the SPV.

Coming to the 9 months FY26 standalone financials, total income stood at ₹597.28 crores with an EBITDA, excluding the impairment impact, of ₹573.93 crores. As compared to 9 months FY25, the fall in revenue is on account of the lower dividend up-streamed by the SPV.

During the 9 months FY25, dividend distributory distributed by the SPVs was higher on account of the release of encumbered cash by the SPVs, which we had acquired as part of the IPO. Finance cost during the period was ₹115.72 crores, which is on account of increased borrowings as compared to last year, which was partially offset by the reduction in the borrowing cost.

Borrowings in December 2024 was around ₹1,800 crores, as against ₹2,425 crores as on 31st December 2025. On a consolidated basis, during the quarter, the total income was ₹198.20 crores, which consisted of ₹179.12 crores from revenue from operations and other income of ₹19.08 crores.

The revenue from operation includes finance income of ₹135.61 crores and revenue from contract, which includes your O&M, COS, utility, and claims, for the quarter stood at ₹43.51 crores. Excluding the impact of pass-through expenses as well as income, the O&M expense during the quarter was 40 ₹24.90 crores, as against ₹23.15 crores during the last quarter.

Out of the total revenue from contracts of ₹43.51 crores, it includes ₹18.61 crores towards COS and utility shifting. Coming to the NDCF, the NDCF at the SPV level cash flow from operations of the SPVs and other income of the SPVs stood at ₹322.52 crores.

The release of the O&M reserve during the quarter was including the release of the O&M reserve, the total NDCF worked out to ₹447.94 crores, out of which ₹441.25 crores was up-streamed to the InvIT. Post adjusting for finance cost, DSRA reserve, trust level expenses, the NDCF works out to ₹158.78 crores, which has been presented in the slide 9 of the investor presentation.

Out of which, ₹150.60 crores is proposed to be distributed. The form of distribution has already been mentioned by Amit just a while back.

The record date for the distribution is February 6th, 2026. Thank you, and we are open to questions now.

Good morning, sir, and thank you for taking my questions. Sir, first question is that how should we look at the equity IRRs from the KNR assets and the other assets that we are acquiring?

The equity IRR for KNR as well as the GR assets, what we are looking, as we said, is basically yield accretive if you say. GR assets, what we acquired, was in the range of around 12%, what we have been doing over the last whatever, I think seven, nine ninth, now this is 10th asset what we acquired.

This is in the same range, and the KNR is a little higher than that.

Okay. What are the timeline for the acquisition of KNR assets?

KNR assets, we are trying that two of the four assets if we can acquire within this quarter. We are just trying on the best effort basis.

Not very sure about that, may happen, may not happen as well, because it's a function of your lenders' approvals, NHAI approvals, right, and KNR performing those condition precedents. I think if that suppose done, then we should be acquiring those two KNR asset, which is KNR Palani and Ramagiri, within this quarter.

Two of the Kerala assets, that most likely will be next quarter. Maybe next year, next quarter maybe, could be Q1, could be Q2 as well.

Okay. What [unclear]

Is it better now?

Yeah. We distributed 3.4 this quarter.

What will be your guidance for the DPU after the acquisitions of all these new assets?

That most likely will come for the next year, and that will get included in the next year guidance. Next year guidance I think most likely know will be giving, once we give the result for, say, Q4.

That will be sometimes say around May. In the next quarter we'll be able to give a proper guidance, because, see, what happens in this asset acquisition, a lot of true-up also happens, right?

Until unless that we finally acquire at what value then only we'll be able to give guidance, proper guidance. I think that we should be able to give you better in the next quarter post over the call, which is going to happen, say, somewhere in the end April or maybe first half of May.

See, this year you are going to let's say distribute around 13.4 or 13.5 and you are saying that these are yield accretive acquisitions. Ideally at least this much or more should be the guidance for FY27.

Is that the right understanding, sir?

Basically you're on the right direction of understanding, but see to the fine-tuning of the numbers again I'll tell you will be more clearer once we acquire, say, first two assets, right, and then when we acquire, say, this two or three GR asset what we are trying this quarter. I think then only we'll be able to give you a better, say, guidance on the numbers.

I think that will be more clearer post 31st, maybe just bear with us for the maybe two more months and then in the next call you'll be able to get a better guidance on that.

Okay. What is the pipeline and guidance for acquisition of any non-GR assets?

Non-GR, I think this four is what we have signed SPA. The two-three more situations which we are looking at, and until unless we get into an SPA, we won't be able to tell you the exact name.

In terms of situations, yeah, there are two-three more situations which we are exploring. We might sign an SPA before this quarter also, yeah, by end of this quarter, maybe Q1 next year.

Two-three more situations we are looking at.

Okay. We also saw some release of O&M reserve in cash flows.

The banks allow this exemption?

It's basically what you keep at the SPV level, and banks fund at the InvIT level, right? The InvIT level what is required that has been kept at the SPV level, suppose if on call InvIT may require money to fund some acquisition and all, InvIT may call.

Then SPV under the loan agreement can give and then again can restore those O&M reserves.

Okay. What is our incremental cost of borrowings and how do we expect our overall cost of borrowing trajectory going forward?

The trajectory what we look at is 6.85 to 7.1.

That's our incremental.

Yeah. So 6.85 to 7.1 is something what we are looking at.

Okay.

Our cost of borrowing 6.85, I think we most likely should be around that levels only, but yeah, because the market has tightened and I think because of the liquidity, it should range between 6.85 to 7.1. That's what I think guest I have.

These acquisitions which you have already announced, post that how much will be your LTV?

It depends how much asset I'll be able to take. Suppose if I take three assets of GR and two assets of KNR, I should be around 50%, 52%, 53%.

No, after all the assets of KNR and whatever you have announced for GR, how much should be

After all the assets of KNR, basically this will be a process, we may have to go for a fundraising, then how much fund raise you do, right?

Okay.

Then depends your leverage will come down. Everything is not that's crystal clear now that, okay, if I take this asset, I'll be this, because the entire acquisition can't happen using complete leverage.

You may have to go and do some fundraising. The initial what is saying happens for this quarter, if I do that, I'll be somewhere around, say, 52%, 53%.

Okay. This quarter we also saw much higher capital repayment.

Going forward, how should we assume the split between interest stroke dividend and capital repayment?

It will be again predominantly interest and capital repayment. Dividend can be maybe in most acquisition you could see some dividend because your reserves get freed up and you just upstream it in the form of dividend.

Depends how many assets you are acquiring. Maybe a particular quarter you can see, for example, a higher dividend portion, but for the year overall if we see on a console basis that will be I think not more than 10-15%.

The capital repayment part or dividend part?

Dividend part.

Capital repayment part, sir?

Capital repayment should be around, say, 30%, 35% and balance will be interest.

Of the total.

Yeah.

Understood. Sir.

Thank you, and all the best.

Thank you. Thanks.

Thanks, Anju, and thanks again, everyone, for joining this call. We'll keep you all posted on the further developments.

In between you have any queries, please don't hesitate to reach out to us. Thanks, everyone.

Thanks again. Thank you.