Thank you. Good evening, and warm welcome to all the investors and analysts joining us for our earnings call to discuss the results for Q1 financial year 2027.

I trust you have had the opportunity to review our detailed financial results and the accompanying investor presentation. Let me briefly walk you through the key developments in this quarter.

Now starting with the business update. IRB Infrastructure Trust, that is our private InVIT, has signed a binding term sheet to transfer two BOT assets with an enterprise value of ₹4,605 crore.

This marks the fourth cycle of our BEST strategy, that is, bid, execute, stabilize, and transfer, after successfully completing less than two quarters back, and reflects the strength of our capital recycling model. By the periodically monetizing mature assets owned by the private InVIT and redeployment of that capital into new opportunity, we are building a self-sustaining growth platform that compounds the shareholders' value without requiring additional equity from the sponsor.

This transaction also benefits the public InVIT. It strengthens the public InVIT's portfolio with seasoned, high-quality, revenue-generating, and extends its weighted average life, while the private InVIT capital base is also for investing future opportunity and development.

This model reinforces IRB's evaluation into leading sponsor and O&M platform, and keeps us on the track towards our goal building ₹1,40,000 crore kind of asset base over the period of 3 to 4 years. During the quarter, we have successfully completed refinancing of approximately ₹3,700 crore debt of our wholly owned subsidiary, that is IRB Mumbai Pune Expressway concession.

The refinancing has reduced our borrowing cost by 65 basis points, resulting an annual interest saving approximately ₹25 crore. As highlighted earlier, we expect to become net debt-free by 2030, supported by consistent debt repayment, which are already translating into lower interest cost.

Interest cost for Q1 of FY 2027 stood at ₹438 crore, including one-time expense of ₹37 crore. Excluding this one-off item, the underlying finance cost was around ₹401 crore, resulting in interest cost saving of approximately ₹61 crore compared to ₹462 crore in Q1 of FY 2026.

This reduction reflects the continuous deleveraging of the balance sheet and validates our debt reduction strategy. Another key milestone during the quarter was successful completion of our ₹11,000 crore refinancing across the six project SPV in the private InVIT.

We have refinanced the debt at AAA-rated trust level, which has significantly strengthened our overall capital structure. As a result, we have reduced our borrowing cost by approximately 160 basis points, translating into annual interest saving of around ₹180 crore.

In addition, the transaction has also optimized our debt amortization profile, improved tax efficiency, and provided a greater financial flexibility and supported higher return through improved distribution of cash flow over the long term. This refinancing reinforces our focus on proactive balance sheet management and creating sustainable value for our unitholders.

Now on operational front, our 100% subsidiaries continue to deliver strong operational performance during the quarter. On year-on-year basis, the gross toll collection on Mumbai-Pune has increased by 9%, Ahmedabad-Vadodara by 21%, resulting an overall growth of 13% across wholly owned portfolio.

Our private InVIT has also reported a robust performance with an average daily toll collection of around ₹13.35 crore for the quarter ended June 2026 compared to ₹9.2 crore corresponding quarter of the last year, reflecting a growth of 45% on year-on-year basis. This is excluding the three assets what we transferred second half of the last year.

This was driven by the healthy traffic momentum, addition of the new assets, and annual toll tariff revision of approximately 3%. Overall, the combined portfolio of 100% subsidiaries, private InVIT, and public InVIT, the average daily toll collection has improved to ₹27 crore compared to ₹21.4 crore in corresponding quarter of the previous year, representing a strong 26% year-on-year growth.

This performance reflects the resilience of our portfolio, continued traffic growth, and the successful execution of asset expansion strategy. Moving to the distribution, with a strong growth in the toll collection across both InVITs platform has translated in significantly higher cash distribution, further strengthening IRB's recurring cash flow.

The private InVIT has declared a distribution of approximately ₹200 crore for Q1 FY 2027. IRB's 51% stake translates a distribution of ₹102 crore compared to ₹27 crore received in Q1 of FY 2026, representing a robust growth of 278% year-on-year increase, backed by additions of three revenue streams, that is newly acquired TOT 17, 18, along with the completion of Ganga Expressway during the year, without any additional funding undertaken by the IRB for the same.

This reflects the strength of machine at work now for IRB, continuously increasing the distribution to the company's cash flow while enhancing the overall financial flexibility. Similarly, public InVIT declared a distribution of ₹208 crore for Q1 of FY 2027.

Based on the IRB's effective holding of approximately 17%, the company is expected to receive nearly ₹35 crore compared to ₹19 crore received in Q1 of FY 2026, representing a growth of healthy 84% growth year-on-year basis. Overall, substantial increase in distribution reflects strong operating performance of the underlying assets, successful integration of the newly acquired assets, and effectiveness of our InVIT-led asset monetization strategy.

These recurring cash flow continues to strengthen IRB's financial flexibility and support the long-term shareholders' value. In line with our dividend policy, the company has also declared interim dividend of ₹60 crore.

Our total order book now stands around ₹44,000 crore, out of which around ₹17,000 crore is the EPC order book.

1,700.

₹1,700 is the EPC order book. With that, I conclude my opening remarks.

I will now request Shri Tushar to cover the financial highlight of Q1 of FY 2027. Over to you, Tushar.

Thank you, sir. Now I'll take you to the financial analysis of Q1 FY 2027 versus Q1 FY 2026.

The total consolidated income for Q1 FY 2026 has increased to ₹2,173 crore from ₹2,165 crore, up by half a percent. The income from InVIT and related segment for Q1 FY 2027 have increased to ₹437 crore from ₹233 crore, registering a growth of 87%.

The income from BOT segment for Q1 FY 2027 have increased to ₹733 crore from ₹646 crore, registering a growth of 14%. The income from construction segment for FY 2027 has decreased to ₹957 crore from ₹1,220 crore, down by 21%.

EBITDA for Q1 FY 2027 has increased to ₹1,188 crore from ₹1,018 crore, registering a growth of 17%. Interest cost decreased to ₹438 crore in Q1 FY 2027 from ₹462 crore, a decrease of 5%.

Depreciation has increased to ₹333 crore from ₹269 crore, an increase of 24%. PBT has increased to ₹417 crore from ₹286 crore, an increase of 45%.

Tax has increased to ₹110 crore from ₹84 crore. PAT has increased to ₹306 crore in Q1 FY 2027 from ₹202 crore, registering a growth of 51%.

Now I request moderator to open the session for question and answers. I request moderator to open the session for Q&A.

Hi, good evening. Just had a couple of questions.

First—

Yeah. Can you hear me?

Yes, Alok.

Good evening. Just had a couple of questions.

First is on the order inflow. Have we won any orders in the current quarter, any material order?

Alok, during the quarter, we have not bagged any order because there was no award activity during the quarter. I think probably as we have witnessed historically also, what we have seen, the second half is typically robust in terms of the order inflow.

Secondly, apart from the order, we have bagged a few COS work. I think that is ranging close to ₹800 to ₹900 crore kind of COS work for our various assets which are under execution.

Got it. Any update on the TOT projects which were kind of active as in the bidding pipeline, specifically TOT 20, 21?

Any update there, where are they in the bidding, and when can we expect some awarding on that part?

Yeah. TOT 20, 21, and 22, I think there NHAI has increased the initial capex to be carried out on the project, and the bidding has postponed latter part of the August.

I think as and when we are evaluating that, and on the basis of our evaluation, whenever the project will come for bidding, we'll bid for the same.

Can you just throw some light, what exactly is this in? Capex has increased upfront, meaning—

Yeah. I think there are certain—

Please.

Certain works to be executed on the project highway, which is included to be done by the TOT operator. That automatically will increase your initial capex requirement on the project, and you have to do that capex along with the tolling right from day one, and you have to commit the upfront payment to the NHAI.

Okay. It does not change our bidding, or we are evaluating whether we will bid or not for these projects?

Or it's kind of the returns will be accordingly captured?

I think the change is for everyone, and we have execution capability. I don't think so the capex will put any kind of hindrance in terms of our bidding.

I think with respect to MLFF, there are certain clarification is required, that is also in process. Depending upon the viability of the project and other thing, we will bid for the project.

Got it. Sir, I know it's the first quarter, it's any which way pretty dull for awarding, but have we seen any change in the awarding pattern of NHAI in terms of whether we'll see some awards coming in terms of construction across HAM and EPC and even BOT toll for that matter, or it will be very muted like it has been over the last maybe almost two 2 years plus?

Anything you are witnessing in discussion with them, or how are they looking about it going ahead, or it just kind of continues the way it is?

I think, Alok, primarily we are focusing on TOT, and followed by some viable BOT. We are not on day-to-day basis tracking HAM or EPC.

Your observation is correct that in Q1, the award was pretty slow.

Got it. Any movement in BOT toll project also, on that side which you are tracking?

I think in terms of the pipeline for TOT and BOT, basically the overall pipeline identified by the Government of India is around ₹4.4 lakh crore for 4 to 5 years. Out of that, roughly ₹40,000 to ₹50,000 crore kind of order book TOT award is expected every year.

They have already identified certain project which we have put on our website. Apart from that TOT list, there are BOT list also identified by the NHAI.

That list is also available in our presentation.

Got it. Got it.

Just one last question. This toll collections have been pretty healthy if we look at across private InVIT, public InVIT, and toll as a collection has been pretty good across the industry.

Do you see this kind of momentum continuing, and how do we see the toll collection on a stable-state basis? Should it be a 15%, 20% kind of a compounding which could kind of continue over the next few years if I just slightly longer view?

I think, Alok, you might have observed that last 2 years the inflation was pretty low. Last year we got roughly 3%, 3.5% kind of tariff revision.

This financial year from 1st of April, we got roughly 2.5% because of the rounding of nearest to ₹5. Anyway, if there are a couple of years of low inflation, we typically see high inflation.

I think considering the inflation numbers are tracking around close to 6% to 7%, and probably we will have a higher tariff growth for the next financial year, and traffic remains robust. Considering those things, I think the traffic momentum has been continued, and we are not seeing any kind of impact of geopolitical tension.

It's largely driven by the India's consumption, and the traffic remains robust.

Got it. Got it.

Got it, sir. That's all from my side.

Thank you, sir. All the best.

Thank you, Alok.

Hi. Thank you for the opportunity.

My first question is with respect to the long-term revenue composition, how we should see it? For example, this time the construction revenue is almost fallen down to 42% from the 57% last year, right?

The share of the InVIT revenue is increasing. How should we see this composition going forward?

Because I believe that also has the impact on the margin. This time the margins have improved, saying that the margins for the InVIT has improved, and because the composition of InVIT income has improved, that's why margins overall has improved.

Just wanted to understand how we should see this going forward. Yeah.

Bhavin, you are right. This quarter we have seen a dip in the construction revenue.

That was mainly on account of completion of the under-construction projects which we had in the last year. Looking to the numbers, if you see O&M contribution is increasing quarter on quarter for us.

This O&M is coming from both private and public. From a going-forward perspective, for next 2 years, with the existing order book, we will be doing it somewhere around ₹4,200 to ₹4,300, and majorly it will be contributed from our O&M order book.

If you see the contribution going forward from the existing order book, it should reach to 50-50 in next 2 to 3 years' time, where O&M will contribute roughly 40% to 50% from our construction revenue or segment revenue. I think on InVIT-related segment, if you will track on quarter-on-quarter basis, I think it's largely tracking on the similar level.

As you rightly mentioned that if the EPC is gradually reducing, then automatically the BOT segment and InVIT segment EBITDA margin is higher, automatically you have seen the improved EBITDA margin in terms of current quarter as compared to the previous quarter of the last year.

Your BOT segment this time gave almost 91% margin, and the InVIT almost gave 94% margin. Should we see this continuing the same in the same manner, or there could be a bit of—

Bhavin, yes, you're right. For BOT, this is dependent on any major maintenance activity falling in the particular year.

This 90%, 91% what you are seeing from a BOT segment will be continuing going forward. Also the InVIT segment, which is generally in the range of 90% to 94%, presently it is 94%, will continue to remain in the similar trajectory going forward as well.

Sir. Got it.

Got it. Sir, one more question was with respect to the order book.

We already have around ₹41,000 crore worth order book. How should we see O&M book going this year?

I assume that the two assets that you are going to transfer, you are going to get somewhere around ₹2,500 crore worth additional O&M contract. How should we see going forward?

Should we assume around ₹5,000 crore worth of orders coming in this year?

Yes, Bhavin, as we will bag the more TOTs, the order accretion will be always to the O&M. If you will track the last year, apart from the whatever O&M order book we are getting from the two assets which is getting transferred, last year also we bagged TOT 17 and TOT 18, almost ₹8,000 crore kind of order book got added, considering the initial capex and the O&M order book.

Depending upon the TOT win, I think order accretion of ₹4,000 to ₹5,000 every year should happen as far as O&M order book increase is concerned. Got it.

Got it.

Got it. In the month of May, the government came out with a list of monetization of assets through TOT and InVIT.

Does that list also include the TOT 20, 21, 22, or is it distinct from the existing live tenders?

If you look at the first three TOTs published on slide 34 of our corporate presentation, those in the state of Bihar, that is TOT 20, 21, 22. That is already included in that particular list, and there are other host of projects which will be coming on the TOT.

Got it.

Got it. With respect to the BOT projects, the government came out with that the net worth criteria is changed to 25%, and for the private equity player, it has changed to 50%.

Do you see the competition going down? Obviously, the tenders right now for the BOT are also big project worth somewhere between ₹5,000 crore to ₹9,000 crore.

Do you see the competition going down, especially in the BOT space?

I think, Bhavin, we expect healthy competition to continue in BOT for the viable project. In fact, few of the project there was no bidders because on the basis of the toll collection, projects were not viable.

I think depending upon the kind of projects which are up for the bidding, there is expected to be a moderate kind of competition for the BOT project. Typically in the past, we have seen 5 to 7 players bidding for the BOT, and we don't expect that there may be a increase in those number of players.

Got it. Got it.

Any talks with respect to the state-level coming out with the TOT project? Last year, I believe Tamil Nadu came out with TOT project.

Any state coming out with the TOT project apart from NHAI?

I think as of now, right now there is nothing on the radar, but whenever any state will announce, because all the states are doing the development, sooner or later there may be a project, but as of now, there is no project on TOT basis up for bidding.

Okay. Got it.

Got it. Thanks.

That's it from my side.

Thank you, Bhavin.

Thank you, everyone, for taking time out and joining this call to understand how the business has progressed, and look forward to connect with you again soon with the next quarterly results. Thank you.