Thank you, Danish, and a very good afternoon, everyone. On behalf of Indus Infra Trust, I welcome you all to the Q4 FY '26 earning conference call.

This marks our first earnings call in FY '27 covering the performance of Q4 FY '26. A key highlight during the quarter was the continued progress in expanding the trust asset portfolio.

In March '26, we acquired 100% shareholding in three HAM assets from GR Infraprojects, namely GR Ennakem Expressway Private Limited, GR Ujjain Badnawar Highway Private Limited, and GR Bilaspur Urga Highway Private Limited. These acquisitions are aligned with our core investment strategy of adding yield-accretive assets with stable cash flows, while also extending the overall asset life of the trust and enhancing long-term distribution visibility for our unitholders.

With these additions, now the total number of assets has increased to 13 with an AUM of over 9,400 crores. As many of you are aware, we had signed an SPA in December '25 to acquire four HAM assets from KNR Constructions.

We are targeting completion of these acquisitions at the earliest, preferably within this quarter itself, subject to fulfillment of all CPs. As of March 31, '26, the trust's asset had an average residual life of approx 11.34 years.

The outstanding annuities across project SPVs stood at 10,695 crores, with 87 out of 390 annuities received on time during the period. Moving on to distributions, the Board of Directors of the Investment Manager, in its meeting held yesterday, declared a DPU of Rs 3.5 per unit for Q4 FY '26.

This comprises interest of Rs 1.01, which is 1 rupee 1 paise per unit, and return of capital of 2.49, which is 2 rupees 49 paise per unit. The record date for the distribution is May 5, '26.

Including this, our cumulative DPU since listing stands at 27.7 7 per unit. For FY '26, total DPUs amounts to Rs 13.5 per unit, exceeding our initial guidance of 12.5 per unit.

The total distribution for the year aggregates to 597.97 crores. We reaffirm our commitment to meeting our stated guidance going forward, too.

Moving to industry side, the operating environment for the road infrastructure in India remains structurally strong. Execution under Bharatmala Pariyojana continues to progress steadily, with over 26,000 kilometers awarded and more than 21,700 kilometers already completed.

This reflects sustained momentum in highway development and corridor modernization. With new projects sanctions, the sector appears to be entering a more mature phase, focusing on optimization and selective expansion of strategic corridors.

For platform like ours, this shift is constructive as it increases emphasis on operating assets monetization opportunities and long duration yield visibility. Ministry of Road Transport and Highways continues to be a major beneficiary of the government's capex program with an allocation of approx 2.94 lakh crores.

This reinforces the long-term expansion and modernization of the national highway network. During the quarter, seven strategic projects were approved, including greenfield connectivity corridor linking Jewar International Airport with Delhi-Mumbai Expressway ecosystem for almost 3,630 crores, and the four-lane access-controlled of NH-927, which is Barabanki to Bahraich corridor in UP for almost 6,970-odd crores.

Additionally, the NMP 2.0 outlines a road monetization pipeline of exceeding 4 lakh crores, 4.14 lakh crores to be precise, which is a strong positive for road InvITs. At a broader level, InvITs are playing an increasingly important role in India's infrastructure financing ecosystem.

This is enhancing investors' participation and enabling efficient capital recycling, thereby strengthening the overall market environment. The resilience of our annuity-based asset base combined with a supportive policy landscape and a robust pipeline of monetizable assets provide a strong foundation for long-term growth.

Our focus remains firmly on capital protection, delivering stable and predictable distributions, and creating long-term value for our unitholders through our disciplined capital allocation, calibrated growth, and strong governance. Now, without taking much of your time, I'll now hand it over to Harshael, who will take you through the financial details before we open up for the questions.

Thank you, and over to you, Harshael.

Thanks, Amit. Coming to Q4 FY '26 performance on a standalone basis, the interest income on the loan extended by the trust to the SPVs was Rs 195.03 crores, as against Rs 187.41 crores in the last quarter.

The increase in interest income was on account of additional debt on-lent to the SPV acquired in the December quarter, that is, GR Bhadrol and Degariya, amounting to 547.73 crores of debt on-lent to this SPV. The increase in the interest income because of this additional debt on-lent has been partially offset by the debt repayment made by the existing SPVs in the December quarter and during this quarter.

As SPVs have upstream cash flows to the trust in the form of interest and repayment, no dividend income was received during the quarter from the SPVs. Further, EBITDA excluding for impairment for the quarter was 183.72 crores.

The impairment is on account of the difference in the fair value and book value of the investments. The total external borrowing at the trust level, as on 31st March 2026, stands at 3,688 crores, as against Rs 2,425 crores during the last quarter.

During the quarter, the trust availed additional borrowing of around 13 1,326 crores to refinance the external debt and the unsecured debt in the SPV. Accordingly, the finance cost during the quarter increased to 42.47 crores from Rs 39.87 crores.

The tax outflow is on the other income earned by the trust at the rate of 42.744%. Profit for the quarter stood at 75.93 crores.

During the quarter, as Amit mentioned earlier, we had completed the acquisition of three SPVs at an enterprise value of 2,639 crores. Further, we have done the refinancing of external debt in one of the SPVs, that is GR Ennakem.

As on 31st March 2026, in the balance two SPVs, there is an outstanding debt of 914.65 crores. Coming to financial year 2026 on a standalone basis, the total income stood at 797.40 crores for the entire year, with an EBITDA excluding impairment of 757.65 crores.

As compared to FY '25, the fall in revenues on account of lower dividend upstreamed by the SPV. As in the first year of operations post listing, dividend distributed by the SPVs was higher on account of release of encumbered cash by the SPVs.

The finance cost during the period was 158.18 crores, which is on account of increased borrowing from 1,750 crores in FY '25 to 3,688 crores in FY '26, which has also been partially offset on account of the reduction in the borrowing cost, which are linked to repo rate. Out of the above borrowing, the trust has availed 1,326 crores during the last week of March.

Hence, the entire impact of the additional borrowing is not getting captured in the finance cost for this financial year. Coming to the consolidated financials, during the quarter, the total income was 208.12 crores, which consists of revenue from operation of 187.94 crores and other income of around 20.18 crores.

The revenue from operations includes finance income of 156 crores, as against 135.61 crores during the last quarter. The revenue from contracts, that is COS, O&M, utility, and claim, for the quarter stood at 31.59 crores, which included a prior period expenses and COS payment of around 11.55 crores.

The total expense for the quarter was 105.03 crores. Post adjusting for the tax liabilities, the PAT for the period was 106.28 crores.

The total external borrowing, including the borrowing at the SPV level, on a consolidated basis stood at 4,602.88 crores. In relation to the NDCF, cash flow from operations of the SPVs and including the other income, the total cash flow was 486.87 crores.

Considering the release of reserves and the finance cost at the SPV level, the total SPV-level NDCF was 662.58 crores, which was upstreamed to the trust. Post adjusting for financing cost, debt service reserve, trust-level expenses, which has been given on the slide 10 of the presentation, the NDCF for the quarter works out to 161.33 crores, out of which 155.03 crores is proposed to be distributed, resulting in a distribution of 3.50 per unit.

The form of distribution is 1.1 1.01 rupees per unit in the form of interest, and 2.49 rupees per unit in the form of repayment. As mentioned earlier, the record date for the distribution is May 5th, 2026.

Thank you, and we are open to questions now.

Thank you sir for the opportunity. Am I audible?

Congratulations, sir, on a very good set of distribution and NDCF and broadly the results. I understand, sir, we don't give a guidance, but initially for full year, would you give some guidance that 12.5 was the guidance that we had guided for FY '26 and we have exceeded by 1 rupee, any broad guidance, sir, for FY '27, the DPU part?

Deep. I think we can give guidance, and the guidance for FY '27 is going to be almost Rs 14, because on the back of new asset which we are going to acquire, which will happen, of course, during the maybe Q1 and Q2, and the annuities will start flowing second half onwards.

I think Rs 14 is something which will be a minimum guidance for FY '27.

Okay. Sir, any split that you would like to guide between capital repayment and interest?

Ballpark, it's going to be around, say, 55% to 60% will be interest, and around 40% to 40 maybe 40-odd percent will be, say, capital repayment, and around maybe ballpark 5% to 8% is going to be dividend.

Okay. Sir, any specific instance that the 70% of current quarter distribution is repayment of capital.

Any specific thoughts around that? I understand, you have mentioned earlier that depends on the life of the asset and the cash flow pertaining to that, but any specific thing, sir, in Q4?

No, I think on a periodic basis, we keep evaluating what's the profile in terms of the debt which is extended by InvIT to SPVs. We have, of course, also believe in that that debt also should be basically paid.

As and when we need, say, some capital to fund our growth, InvIT always have a right to call upon some kind of repayment, and that payment can be used to fuel for the growth. I think same thing happened in Q4.

I think the same way goes. You have to just keep monitoring how the cash flows are, and the debt which is extended by InvIT to SPV should be basically repaid on time.

Got it. Sir, any AUM guidance for '27?

I understand, you have given in prior years, but that stays intact? In accordance with that, any fundraising plans in near term?

Of course, the way I think we have signed SPA with KNR, and one situation where we are looking at signing SPA in this quarter, and of course, the ROFO asset what we have with GR, maybe five to six that ROFO assets which we intend to acquire in this year. I think we should be able to add on an incremental basis around 8 to 8,500 crores of AUM this year.

That's what we have. Anything suppose which we do during the year will be over and above this.

Okay. Around probably 18,000 crores of AUM by year-end.

You can add maybe 8,000 on numbers what we have, somewhere between 17.5 to 18, yeah.

Got it. Sir, the fundraising, any near-term plans?

Because I think

If you see, I think maybe Harshit would have touched upon there in the presentation also. On the gross level, we are already at 47%, 48% of our AUM, right?

That is any incremental acquisition while we can use our available threshold of debt, but we have to raise equity. I think this year we may do that, maybe one or two tranches.

To fund this around 8 to 8.5 or maybe 9,000 crores of the AUM, we'll have to raise, say equity, and that is going to be, say, around if you take around 40%, 45% of that, that should be somewhere around, say, 3,800 to 4,000 crores. That kind of equity raise we are looking to do in this fiscal itself.

Sure, sir. Thank you.

Hi, sir. Good afternoon, and congratulations on good performance.

Sir, first thing is that this Rs 14 is what you think is a conservative guidance? Is that right understanding, sir?

See, I don't know what is conservatism, but, yeah, I think you would have seen our conduct in last two years. I leave it up to you to ascribe it the way you describe it.

No, since you are also planning to almost double the AUM base in FY '27, are you also taking into account some of the benefits that might occur because of that? No, if you see,

Sarvesh, as I said, this AUM addition won't happen at one shot. This will happen over the year.

Maybe four to five assets will be acquired, say, fag end of this, which will be Q4. Q4 also fag end.

Basically, as an InvIT, we won't accrue any benefit from acquisition of those assets in this fiscal. Basically what guidance we are giving predominantly that what we will do, say, end up doing in Q1 and Q2.

Those annuities will start flowing in, say, Q2 onwards. That's why basically the guidance will be that whatever we acquire, you can see an AUM addition of a decent number, but a certain part of that will get added in the fag end.

We won't have much accrual coming from those.

Maybe basically we can maintain this Rs 3.5 run rate, and maybe in Q3 or Q4, we can see some benefits also flowing because of the additional acquisitions.

No, Q4 Q4, what's also happening is, as I said, Q4 this asset acquisition or additions will happen towards the fag end. I won't have much basically cash flow to distribute.

The asset acquisition which will happen over the Q1 and Q2, that will contribute towards my overall distribution. Also, I think you would have seen our asset profile.

Two, three of our assets have already received 11, 12 annuities. Now, those assets are due for major maintenance.

Two of our assets will be undergoing major maintenance for this year, which were the Phagwara-Rupnagar and Varanasi-Sangam. This will take a major maintenance.

When we give guidance, we, of course, ensure that whatever we say, irrespective of any major maintenance activity which gets undertaken, the guidance doesn't change. That's why I said that a minimum of Rs 14 we should be able to distribute for the year.

Okay. Just harping on the previous caller's point, last two quarters, we have seen abnormally high capital repayment, and you said that maybe this year, we should assume that to be 40-odd percent of the DPU.

How do you see that in the medium to long term, normally what should be the break up? Because this break up has undergone a lot of changes when it comes to your InvIT.

Yeah. I think at the start of the InvIT, when we had acquired assets from GR, those seven assets if you see, that time, we had a lot of cash, right?

Of course, those cash were in form of different reserves. As and when basically we got lenders' approval and those reserves got released, right, we distributed that in the form of dividend.

Eventually what happens is that I think you must be aware, right, as per Companies Act, unless your net worth positive, you can't declare dividend. After that, you can't.

Of course, this incremental borrowing which InvIT extended to the SPVs, of course, the cost of debt also went higher. Because of that, SPVs didn't leave much with the profitability.

That's how you have seen a flow. Initially, we gave more dividend.

Then post that, we started giving very lesser dividend, more interest, and very less amount of capital repayment. Now you're seeing from dividend to interest and to capital.

Capital, as I said, InvIT keep raising at the InvIT level, right, and they keep extending to SPVs. From a InvIT perspective, those repayment also has to happen.

If you're not leaving with much cash, say, at the SPVs' book, of course, you will see a lesser dividend going forward and a higher interest, because, of course, InvIT is extending big amount of debt to SPVs, so that will in turn InvIT will get a lot of interest from SPVs, and then maybe very lesser amount of maybe somewhere 5% to 10% you can see as a dividend, and ballpark around 30%, 35% of the capital repayment. That is going to be the most likely profile.

This can continue beyond FY '27?

I said that is going to be most likely, because unless we acquire some assets again where there's a lot of cash and that gets distributed in form of dividend.

Understood. This 8 to 8,500 crore, this is broadly KNR plus GR ROFO, right?

This is not including any more third-party assets.

This is including one more third party. Five third party and five to six GR.

Okay. Broadly like you alluded to, you're also going to be raising funds for these.

The mechanism that we have in place for funding these is basically 40%, 50% equity, 40% 40 remaining as debt going forward?

That is what we see, around 40%, 42% of equity and around, say, 55% to 58%, 60% of debt.

Why don't you want to go to the limit of 70-odd percent?

No, see, that's a completely choice the investment manager wants to have, because whenever suppose you do a fundraise, you should have some cash ready, war chest ready for the equity that during the year if you get something, you should not that and I again have to go and raise the equity or I can do the debt. Because if you take it to 70%, of course rating agencies or maybe on the lenders, they are not comfortable stretching to 70.

They also have you to have your internal threshold which you should not cross. That threshold is say, for example, 90% of 70, which is 63, or say 65.

I'm talking about, say, 57%, 58%. It's just a 6%, 7%, 8% threshold which is available.

We always, as an investment manager, want to have some war chest ready so that if any immediate opportunity comes, right, it's not that at first, I am running for equity raise and then I am doing the acquisition. An option we want to have.

I think that's basically, you can say approach we have believed since day zero when we started, and I think we are seeing a decent benefit for that, we'd want to continue that way.

Okay. Now coming to the acquisition market itself, how do you see this market shaping up right now?

Because see, there are more and more private and public InvITs which are being formed, and hence there is a lot of investor capital also which is coming into this sector. Against that, what we have also seen is road development per se hasn't been growing as such, right?

The construction per day, etc., those metrics have been coming down. The new projects are not being given out.

Don't you think that this supply-demand of roads assets and also because many of the large developers are flush with own cash, they have very good balance sheets. Then, is this an environment where one can find good acquisition opportunities because of this?

Maybe I'll take your question, and I'd want to answer this question in three parts. First thing is, of course, I'm not ruling out the scenario that there's an issue of having good HAM assets in the market.

Of course, but at the same time, you see, as you said, all the large developers are flush with cash and all liquidity. Most of the developers either did their own InvIT or they monetized it.

Because while they're sitting on a cash, next opportunities also for that, they need cash. I think nobody wants to have sitting on something which can give them cash, and they want to put those cash back into their business where they can get a higher ROI than what they would be selling these assets to either InvITs or to the funds.

At the same time, if you see what I said that if the next NMP program, which is almost more than 4 lakh crores, I think we see opportunity for everyone to grow and exist in this market, because there are, as you said, a lot of InvITs are coming and everybody is acquiring assets, right? That means there's a supply.

A point to note is that whether that supply is having a decent quality or not. Long people are able to solve for that quality issue, I think there will be market to grow for everyone, to coexist.

Given the NMP and again, whatever the pipeline NHAI has, and GR got two HAM assets over the last 30 days, I think 1 month. In our case, if you see, we have 13 assets now plus some third party.

Maybe acquiring 5, 6 more assets, but even after that, we would have a pipeline of almost you can say, 12 to 15 more assets from GR, and then, of course, the third party also. I think there's an opportunity, and of course, I think you may see market, maybe multi-assets InvIT where the people will be starting looking at the constraint of the good road assets.

People may start looking at the other line of assets also. I think there will be opportunity to grow, coexist with the other guys.

On the back of what NHAI is coming, and of course, we can't say that this supply from NHAI can remain muted for a longer time. Of course, this is a cycle.

I think we are part of the cycle. The cycle again will turn, and the opportunity to grow, I don't see any challenge from our InvIT perspectives.

Okay. Currently, in terms of, let's say, the equity IRR that you are looking at when you are acquiring these assets, what can that be in terms of a broad range?

See, of course, the IRR is not same. IRR varies asset to asset depending on the quality, depending on the terrain, depending on the requirement of that seller, depending on capital structure.

It's not same, and it varies from, say, 12% to 13%, 13.5% depending on how you are able to close it, crack it.

The new acquisition that you will be doing, especially this year when we are almost doubling up, can you confirm that these will be DPU accretive and NAV accretive?

Yes, this has been our investment philosophy that most of the acquisitions would be DPU accretive for my existing unitholders. I think that is a philosophy we started with, and we've been able to maintain that.

Okay. This time, I think the NAV has also increased by Rs 5, Rs 6, if I'm not wrong.

What contributed towards that? Was it majorly interest rate or cost of debt related?

I don't think NAV increased by Rs 5, Rs 6. It would have increased by maybe around Rs 1.5, Rs 2, and that's because we added three four assets four more assets in last three months.

December, we acquired one asset, and then we acquired three assets in March. Of course, with the acquisition of new assets, your NAV will get added because it's a yield-accretive, right?

That we have been maintaining. I don't think it's increased very high by Rs 5, Rs 6.

Okay. What is your average cost of debt and marginal cost of debt as of now?

It's given in the presentation, and it's given in the financial thing. Average cost has been basically in the range of 6.9% to 7%, and it is a part of I think the financial statements what we basically published yesterday.

Because of this yield movements, if you were to raise debt today, will it be higher, and what it could be?

It will be higher. At what levels, we have not closed the levels, difficult to tell you the levels, but it may be marginally higher.

Understood. Great.

Thank you for giving the opportunity, and all the best.

Thank you. Thanks.

Sir, only already answered earlier on the same marginal cost of debt, but I think Amit sir already mentioned it. Thank you.

All the best.

Sure.

Hello. Thank you for the opportunity.

Sir, just want to check, are we also looking at any kind of TOT assets because there's a strong pipeline from NHAI on that? Is that an opportunity that we are exploring?

Anand, I think because ecosystem is changing, and if we need to in order to grow, if we need to, say, start looking at the TOT assets, we will have to start, because that's where we see growth coming on up. I think there's a decent list of NHAI where decent number of TOT assets are there.

I think, once we grow to a size, as we have already been maintaining it, but once we grow to a size, we'll have to start with looking at or exploring TOT assets, and we'll start doing that as well.

Okay. Would we be participating in any of the tenders this year itself, or that's something in the pipeline from FY '28 onwards?

See, to be honest, participation is a function of so if you're saying start evaluating, exploring, answer is yes. Participation will be a function of basically it will be whether as per our comfort level, as per our assumptions, as per our thought process or not.

If something comes in FY '27, why not? Once you grow to a size, then only it makes sense for us to take TOT and all.

I think that we have been maintaining. You can say maybe some in FY '27, more maybe evaluating for '28 onwards.

It's not that we are shutting for TOT in '27. Okay.

Okay. In terms of the non-GR HAM asset pipeline, is that also strong?

Like you mentioned that there is one asset that you are looking to acquire on the non-GR side this year, apart from the four that we are acquiring for KNR, which has already been announced. How is that pipeline, and how is the competition also?

Because I think earlier participant also mentioned that there are so many other public and private InvITs and AIFs. How is that pipeline looking?

See, that pipeline, of course, it's not that we have a very very good pipeline, I I want to be candid here, because, yeah, there is an intense competition because of the other people are also evaluating. There's a and because of the lot of, other InvITs have also come.

At the same time, as I said that on the selective pockets, you see opportunity, and you need to build on what you have done earlier. I think it's pipeline is not that big, but, yeah, you always keep working, keep evaluating.

We have evaluated in past lot of non-GR opportunities. It's pipeline-wise, like, if if you want to get into that AUM game where you have to show non-GR assets, then, of course, you can add.

Whether you want to add those non-GR assets as a this, as a indicative incremental yield, then the answer is that then then the you need to be very cautious about the pipeline what you are exploring. I think for us, everything is it should make sense in terms of, yield accretion.

It should make sense for, our unitholders. We are not in that war of AUM that I just need to show you an AUM at any cost, because otherwise, I'll have to face the same question that all the, acquisitions are yield-accretive or not.

That's why we we keep. We do see opportunities in some.

Of course then, like these TOTs and all are non-GR, right, if you do that. Also other opportunities for us.

Okay. Sir, are the so GR also has some power assets and some ropeways and all that stuff, which is in their portfolio.

Are they also a part of the ROFO?

See, all the assets are part of ROFO, but basically what we have to see that we have not yet started evaluating. As of now, it's the ROFO for all the road assets, but we have not started evaluating any transmission or, say, ropeway assets of GR.

If, say, strategy, how we think through that, and if there's a requirement, yeah, we may start looking at that as well.

Got it, sir. Thank you.

Lastly, sir, congratulations for the I think the payout has been about Rs 28 since listing, and we seem to be heading to, in fact, better now. Congratulations on the performance.

Thank you.

Thank you. Thanks, Anand.

Thank you.

Yeah. Hi, sir.

I just want clarificatory question. This asset addition guidance of 8,000 crores which you gave, this is over and above the KNR-wala acquisition, right?

No, that includes KNR.

Okay. So 3,000-odd crores of KNR plus another 5,000 crores.

Yeah. If I just break it up, you can say around 4,200 is non-GR to almost 4,000 crores of the GR.

Perfect. Thank you then.

Yeah.

Sir, only one point. The 8,000 crore of addition that you just spoke, 4,200 non-GR and 4,000 of GR, broadly you mentioned total five third-party assets and five to six GR assets.

Is that understanding correct? Broadly around, some might be 800-odd crores, but broadly in that range, right?

10 10 assets of 8,000 crores. That is what ballpark I would say, yeah.

10 to 11 assets of 8,000 crores, yeah.

Perfect. Okay.

Yeah. Thanks, Danish, and once again, I would thank you all for joining us today and for your continued trust in Indus Infra Trust.

We remain committed to the strategic growth and maximizing value for all our unitholders. Thanks.

Thank you, everyone.