Hi. Thanks, Renu.

Good morning, everyone, and thank you for joining us for the Indus Infra Trust conference call for quarter ended 30th June, 2026. I would like to start by saying how much we value your time and continued interest in the trust.

Last quarter was an eventful one for us, and I'm really glad to walk you through personally. Just briefly touching upon the macro trend, operating landscape for the road infrastructure in India remains structurally robust, backed by strong policy tailwinds and record execution.

During the financial year FY26, national highway construction reached almost 5,313 km, surpassing the annual target of 4,640 km by nearly 15%. Under the flagship Bharatmala Pariyojana Phase 1, progress has been steady with 22,590 km constructed out of the 26,425 km awarded pipeline.

A significant portion of this pipeline continues to be executed via the hybrid annuity model, reinforcing their long-term annuity-based income visibility across the sector. Cabinet approvals during the recent quarter further reinforce the government's commitment to expanding access-controlled economic corridors.

Key project approvals across Madhya Pradesh NH-347B for ₹4,415 crore, 4415; Telangana NH-63 and NH-563 for ₹7,597 crore; Bihar NH-31, NH-231 for almost ₹4,000 crore; and Odisha coastal highway from Rameswar to Paradip for almost ₹8,300 crore, collectively add substantial asset depth to the national logistics network. For yield-focused platform like yours, this continuous build-out strengthens the future pool of high-quality operational infrastructure assets which is entering actually the monetization pipeline over time.

Now moving on to operational highlights and modernization, against this supportive backdrop, our portfolio performance during Q1 FY27 remained steady and in line with our internal operating plans. All operational HAM assets within the trust demonstrated consistent, predictable performance.

Annuity received from counterparts were received as per schedule, and our underlying asset maintenance, safety standards, and regulatory compliances remained fully on track with zero material deviations. At a broader industry level, NHAI's progressive shift towards predictive asset management, which is incorporating Network Survey Vehicles, which we call NSVs in our parlance, Drone Analytics, which we call Drones, and AI-powered Dashcam Analytics, which we call DASH, is helping to transform operation and maintenance across operational corridors.

We are proactively leveraging these technological advances to protect asset life, optimize maintenance lifecycle, and ensure high operational availability. Now with respect to capital allocation and portfolio expansion, Q1 FY27 has been a good transformative quarter for us in executing our long-term growth objectives.

In line with our transaction trajectory communicated earlier, we completed the acquisition of KNR Palani Infra Private Limited and KNR Ramagiri Infra Private Limited during the June quarter from KNR Constructions. Furthermore, on 30th of June, 2026, we successfully completed the acquisition of ULCCS' Kasaragod Expressway Private Limited.

These yield-accretive HAM assets meaningfully expected to enhance our cash flow longevity and portfolio diversification. To fund these strategic growth initiatives while preserving a conservative debt profile, the trust successfully completed a major capital raise in June 2026.

On 16th June, Fund Raise Committee approved the allotment of 14.28 crore units via QIP placement, raising almost ₹1,700 crore, alongside a pref allotment of 2.52 crore units to our sponsor, Adhashila Infratech Private Limited, aggregating ₹300 crore, both at an issue price of ₹119 per unit. Trading in these newly allotted units commenced on 18th of June, '26.

Also to bridge transaction execution effectively, your trust raised ₹250 crore in unsecured listed commercial paper on 25th May, 2026 at a competitive discount rate of 6.90%, which were subsequently listed on debt market segment of the NSE. The successful execution of capital raising across both debt and equity reflects the capital market's strong faith in our governance framework, asset management strategy, and yield trajectory.

I would like to also inform you that for the quarter ended June 30, 2026, board has approved a distribution of ₹3.55 per unit. A breakup of that is ₹2.38 as interest and ₹1.17 as capital repayment, to be paid to unit holders as of record date, which is 10th of August, 2026, which will be paid on and before 17th of August, 2026.

Our cumulative distributions, including the distribution approved in the board meeting held on 5th August, 2026, which was yesterday, stand at ₹31.25, ₹31.25 per unit, positioning your trust as one of the stable yield platforms in the country. We continue to actively evaluate additional operational assets from ROFO pipeline and third-party developers, ensuring that future additions strictly meet our criteria of being yield-accretive, operationally sound, and long-term cash generation.

I now pass it on to Harshael, who'll take you through the detailed financial numbers, after which we'll be open the floor for any queries you might have. Over to you, Harshael.

Thanks, Amit. Coming to Q1 FY27 performance on a standalone basis, the interest income on the loan extended by the trust to the SPVs was ₹243.5 crore, as against ₹195.03 crore in Q4 FY26.

The increase in the interest income was on account of the additional debt on-lent to three SPVs acquired in the month of March 2026, which was partially offset by the debt repayment done in the March quarter by the existing SPVs to the tune of ₹470-odd crore. Details of the loans on-lent to SPVs are provided in the statement of related party transactions in the standalone financials.

As SPVs have upstreamed cash flows in the form of interest and repayment, no dividend income was received during the quarter from the SPVs. EBITDA for the quarter was ₹203.70 crore, which included an impairment of ₹38.95 crore.

The impairment was on account of the difference in the fair value and book value of the investments. The total external borrowing of the trust as on June 30, 2026 stands at ₹5,623 crore, as against ₹3,688 crore during the last quarter.

During the quarter, the trust availed additional borrowing of close to ₹2,000 crore to refinance external debt in the SPVs. ₹516 crore was availed to refinance external debt of Bilaspur Urga project and Ujjain Badnawar project, which were acquired in March quarter, and balance amount of ₹1,083-odd crore was availed to refinance debt of KNR Palani, KNR Ramagiri, and ULCCS Kasaragod expressway project.

Accordingly, the finance cost during the quarter increased to ₹72.17 crore from ₹42.47 crore. Further, we have availed additional borrowing for these three SPVs on June 30, 2026, and the interest burden on account of the same will get reflected from the next quarter onwards.

The tax outflow on a standalone basis is only on the other income earned by the trust, and the profit for the quarter stood at ₹127.77 crore. During the quarter, we have completed acquisition of three SPVs at an enterprise value of ₹1,912 crore.

The asset-wise acquisition enterprise value of all the SPVs are provided in the investor presentation. On a consolidated basis, during the quarter, the total income was ₹301.66 crore, which consisted of ₹284.77 crore from revenue from operations and other income of around ₹17 crore.

The revenue from operation included finance income of ₹220.78 crore, as against ₹156.35 crore in Q4 FY26. The increase was on account of the new assets which were acquired during the quarter as well as in the last week of March.

The revenue from contracts, which includes COS, O&M, utility, and claims, for the quarter stood at ₹50.44 crore, as against ₹31.59 crore in the last quarter. The total expense for the quarter was ₹162.31 crore, as against ₹105 crore in the last quarter.

The increase can be attributed to the finance income increase to the tune of ₹45.18 crore, and subcontracting charges and other expenses increased by ₹17-odd crore. The same can be contributed to the additional debt borrowing as well as the O&M expenses of the new SPVs acquired.

The total external borrowing on a consolidated basis as on June 30, 2026 stood at ₹6,344 crore, which is higher as compared to the standalone financials on account of non-prepayment of certain debt on June 30, 2026, which were subsequently paid out on July 1, 2026. Going forward, for the existing portfolio, the total debt remains at ₹5,622 crore.

Coming to the NDCF, the cash flow from operations of the SPVs and other income of the SPVs combined together was ₹233.66 crore. Considering release of encumbered cash of the new SPVs and the finance cost at SPV level, the total SPV-level NDCF worked out to ₹359.29 crore, which was upstreamed to the InvIT.

Post adjusting for finance cost, trust-level expenses, and release of the DSRA reserve created at the trust level on account of replacement of the DSRA requirement through a bank guarantee, the NDCF for the quarter worked out to ₹225.77 crore, the details of which are given in the presentation on the slide 10. Out of which, the ₹216.91 crore is proposed to be distributed, resulting in a distribution of ₹3.55 per unit.

The form of distribution is ₹2.38 in the form of interest and ₹1.17 in the form of repayment, which is payable within five working days from the record date of August 10, 2026. Thank you, and we are open to questions now.

Good afternoon, sir, and thank you for the opportunity. Sir, my question is, last quarter I think last time we declared the NAV it was 116.8 or something and that was pre the Q4 DPU.

It would have fallen. I wanted to know if you have a management estimate of the current NAV as on 30th June after the fund raise, and how much did it increase because of the fund

raising? Hi, Sarvesh.

I think as per the management expectations, it should be around 118.

So 118 is before the distribution for 30th June, right?

That's correct, yeah.

How much did it increase it would have increased by a few for ₹1 or something because of the fund

raise? It has.

After distribution, it had fallen to around 113.31 because we had distributed 3.5 in the last quarter, right? So 116.81 became 113.31.

Then it went up to 116.71, and post QIP, it went up to around 118.

Understood. This ULCCS asset, whom did you guys acquire this asset from, and at what sort of IRR?

IRR in the range of around 13.5%, 14%, and this was acquired from a labor credit cooperative society. This name is ULCCS, Uralungal Labor Contract Co-operative Society.

This 13.5% to 14% is the equity IRR, right?

Yeah. Okay.

What is the incremental cost of borrowing that you have done for acquisitions and for the refinancing of the debt at the SPV level, which were acquired?

That was in the range of around 7.15% to 7.20%.

Both for refinancing and acquisition debt?

Acquisition we did not take any because we raised QIP, right, for doing the acquisition. The refinancing debt cost I'm telling you, that was in the range of 7.15% to 7.20%.

Okay. On the DPU, we have distributed ₹3.55 for this quarter,

so... We have announced to distribute, yeah.

We have announced, not yet distributed.

Yeah. Announced, yes.

Now if we annualize that, can we assume at least 14.2 for this year, and what would be the mix in terms of the capital return and interest?

See, we had given guidance of around ₹14, right, in the full year's earnings call. We stick to that.

Anything over and above that we'll get to know by Q3, Q4. I think we are very much in the range of what we have given the guidance.

One thing you also have to just take into cognizance that now this 14 or whatever the guidance we have given on the expanded capital, right? That itself basically will entail a higher outlay in terms of overall cash outflow.

Okay. In general, how is the environment for acquisition from third-party assets and how much more are you planning to acquire from the sponsor for this year, number one, and what is the environment like, because right now what is happening is there are so many road InvITs being set up.

Every month we are hearing some new InvIT which is getting set up both in private and public space. There is obviously a lot of demand also for them to acquire these operational assets, especially the HAM ones.

How do you see that acquisition environment, and is there anything which helps us to sort of do it better than others? On the sponsor side, how is the pipeline looking like for this year and next year?

Sponsor side, I think pipeline remains robust. Not sponsor, but from GR, sponsor is Aadharsheela, they don't have any assets to sell.

From GR, yes, we are targeting five to six assets acquisition by this year end. On a non-GR, basically, yes, environment has been competitive.

For the last one or two years, I'd say environment has been competitive. As you rightly said, lot of new players, everybody is just basically chasing the same asset, right?

That is also resulting into a more compressed resultant IRR for a in InvIT. I think we've seen pockets opportunity, because the market is large, there's opportunity for everyone.

Yes, we see opportunity in pockets for the quality assets. That we need to be very vigilant and use our technical ability which we have, backed by GR and, of course, the third-party evaluation we do with the help of third-party consultants, so that we don't get caught on the wrong side in terms of assessment of the asset technically and basically what we just said on the call, right, that we have to be very careful about what exactly things we are picking up so that it remains yield-accretive.

Environment, just to sum it up, yes, environment is competitive, but, yeah, in the pockets, we see opportunity. We are evaluating third-party assets, because in the third party, five assets we have signed SPA, three have acquired, two we are targeting some on this quarter itself.

We are also evaluating third-party assets. A couple of situations are there, and hopefully we'll see how we are able to close it, say, maybe by say FY27.

Okay. One final question, now recently again we've seen some news items where a very recent opened road asset was found to be substandard in parts of it.

Now one concern is also there with regard to, let's say, the future spend that is required to keep these roads in good quality, especially because earlier also there was a lot of competition also from very many smaller players and there was a concern at NHAI level also that the roads being constructed are not of good quality and that is why I think they've tightened some of these adjusted network norms and other norms, etc. Since we will be acquiring all these roads from that vintage, basically newly operational roads, are we up for surprises in terms of the maintenance spend which is required for these assets, and on both ROFO and non-ROFO assets, and how do we look into that risk for us?

No, I think I can't rule out any possibility of say some negative kind of surprises, because at the end of the day, roads whatever good quality you would have been built with, nobody can predict that there's nothing is going to come, say, in the next 14, 15 years. You do your diligence properly and be very much sure that what you're going to buy actually is as per what you think, and you don't get caught on the wrong side.

At the same time, can we be 100% sure? No.

Answer is no, we can't be. Look at the end of the day, this is a business, and business is done with some risk.

It can't be foolproof. Now coming back to how we are trying to mitigate, of course, for all the ROFO assets, even for the non-ROFO assets also, like for ULCCS, we have done a back-to-back with ULCCS only at a fixed-time, fixed-price.

Okay? That is a quality asset, one of the best asset out I would say in my portfolio till date.

Again we did a back-to-back with ULCCS so that there's a fixed-time, fixed-price. We're trying to mitigate that thing so that there's no, say, for example, implication on our cash flow.

Eventually anything can happen say if a road because of any major calamities, anything happened, you also have some kind of insurance cover. You can do that.

You may have to spend first, you get your claim, you have to restore it. The thing is, good part in the HAM concession is, annuities keep coming on time.

They don't stop the annuity subject to you restoring the asset. There are risks, but, yeah, how you're mitigating those risks, that's something you need to be very careful about.

Those basically things we are taking care of by getting into a fixed-time, by having a proper insurance, by not going into a very difficult terrain, or maybe the terrain is also difficult terrain also, but analyzing the risk, quantifying the risk, mitigating it properly. Those things you keep doing.

Maybe being more proactive on the O&M bit. There are a lot of AIs have come, you are doing some kind of checks so that things might get worse here.

One or two years down the line do some proactive things up front so that So I think there are a lot of ways you are trying to do it, but if I can tell you that anything is foolproof, there's nothing going to happen on our roads for the next 15 years, answer is no. Yes, we have to be up for some kind of negative surprises too.

Mostly you are into fixed price, basically you know the absolute expense which will be required

for? Till date, all the 16 assets which are there in our portfolio, they are a fixed-price contract.

Great. Thanks that and all the best.

Sure, yeah.

Hi, sir. Audible to you?

Yes, yes. Hi, Nishant.

Please go ahead.

Hi. Thanks for giving me the opportunity.

My first question is, as I can see your net debt to AUM currently stands at 34%. At what level you are comfortable to run the business?

At what level of debt? Another question to the extension to your previous answers is that you will be able to add six assets by FY27.

At what valuation you will be adding, what is the IRR, what will be the size, and will you require any further capital raise on that?

I had said around five to six ROFO assets. Could be five, could be six, because different assets are at a different thing.

You have received PCOD, but not the full PCOD. That's why I'm saying maybe five to six.

Those five to six assets, if I say put together EV, will be around, say, ₹5,200 crore of those five to six assets, or maybe six assets. If five, of course, the number will be lesser.

With a debt-to-equity mix of around, say, ₹3,200 to ₹2,000 crore equity. As of now, if the things go as per what we think, because you have a lot of NHAI approvals, there are a lot of technical things you need to get it done first, then NHAI gives you NOC.

If all those conditions precedent, CPs of the transaction, fall in place as per the timeline what we are thinking, it may happen that we may have to raise some more equity. Amount I will not be able to tell you now because we also have some internal cash accruals also.

How much we can use, say, for those acquisitions, that also we'll just try to see. We may have to do some fund raise towards the fag end.

Currently, as you see, we are very decently placed. In terms of debt to AUM, generally we don't see net.

We see gross. Gross basis, yeah, we are around 48%.

That is also because of something, ₹500, ₹600 crore repayment which we could not do while we did, and technically, it was still showing on our balance sheet. Otherwise, that 48 is in the range of around 43%, 44%.

We are at 43%, 44%, and I think we have been maintaining it that. We don't want to cross, say, maybe 88%, 90% of that 70% threshold ceiling what we have.

We'd like to play somewhere around, say, with 45%, 50% to 60%, 62%, 63%. When you are approaching 62%, 63%, again do the fund raise, come back to 45%, 50%.

That's the threshold we want to play around with.

Understood. Thank you.

Thank you for the answers. That will be all.

Hi, sir. Am I audible?

Yes, hi, Deep. Yes, you are very much audible.

Yeah. Hi, Amit.

Hi, Harshil. Congratulations on a good set of results.

Only two questions. There were some new norms that have come in some consultation paper that MMR is not to be deducted while calculating NDCF.

I think earlier, even though it was funded through debt, but it used to be deducted. Does this really have a material impact on the distribution of NDCF?

Can you throw some light?

I think this is for the debt. You can avail debt, right, and you can do that MMR.

That's the thing. That's the new consultation paper.

Now if you avail a new debt to do the MMR, of course, it will not be considered for NDCF. That in way is taking care of that.

Sir, earlier also this used to happen, right, and that's... Hello?

No, earlier, debt was only allowed for acquisition, right?

Okay. Not...

Now they have allowed for doing MMR also.

Got it. Sir, one thing I think there has been some rules or something around introduction of depository receipts of InvITs to be listed on foreign exchanges to attract foreign capital.

Your views around this, or what market chatter are you hearing on this point?

I think this is too new thing where we would have any chatter with anybody now. I don't think we are discussing.

I think this is more future prospective. I don't think there's any serious chatter around this.

Got it. Sir, what would be the cumulative cash reserves as on date, June end?

I think that's there in the... Consolidated financial statement.

Consolidated financial statement. Yes, it's there.

It's there.

Okay. Thank you, sir.

All the best.

Thank you. Yeah.

Thanks, Renu. We truly appreciate our unit holders' continued engagement, support, and confidence in our trust.

Anything which we get to know or any update, we'll keep all our unit holders posted. Thank you, everyone.

Have a good day. Thanks.