Thank you. Good morning, and a warm welcome to all the investors and analysts joining us for our earning call to discuss the result for Q4 Financial Year 25-26.

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

The quarter has been particularly significant for us, marked by financial closures, commencement of tolling operations, and continued growth in the toll across our portfolio. These developments have further strengthened our platform strategy and enhanced long-term cash flow visibility.

Let me begin with the key business update. We have started a toll collection on TOT 18 from April 1, 2026.

We have already published the number for April 2026, and toll collection on this project is better than anticipated. The toll collection for Ganga Expressway also commenced on May 17, 2026.

With this, all our projects across the private InvIT are fully operational. In terms of the Financial Year 26, this has been an event-driven and transformative year for the IRB.

We have successfully executed our BEST, that is Build, Execute, Stabilize, and Transfer strategy, monetizing mature assets through our public InvIT. Assets worth approximately ₹8,400 crore were monetized, unlocking the equity about ₹4,900 crore.

We have added a project worth of ₹14,000 crore, that is the TOT 17 and 18, and funded out of the unlocked capital. As a result, our asset base has expanded from ₹80,000 to ₹94,000 crore.

We remain on track to scale our asset base to approximately ₹1.4 trillion over next 3 years. We have also transferred one HAM asset from IRB to public and realized an equity of in excess of ₹500 crore.

The capital unlocked through monetization has been redeployed into higher-return growth opportunities. On operational front, our private InvIT has reported an average daily toll collection of ₹11.79 crore per day for the quarter for March 2026 as compared to ₹9.1 crore corresponding quarter of the last year, reflecting a growth of around 30%, driven by both healthy traffic momentum and addition of TOT 17.

On year-on-year basis, the toll collection for 100% owned subsidiary of IRB, that is Mumbai-Pune and Ahmedabad-Vadodara, has increased by 6% and 23% respectively, resulting in overall growth of 11%. Combined private InvIT and IRB portfolio achieved an average daily toll collection of ₹19.8 crore compared to ₹16.31 crore in the previous year, representing 21% growth on year-on-year basis.

Moving to distribution, private InvIT has declared a distribution of ₹199 crore for Q4 of FY26. IRB 51% share translates around ₹101 crore, which contributes meaningful to the company's cash flow and strengthen our overall financial flexibility.

Similarly, public InvIT declared a distribution of ₹205 crore for Q4 of FY26. Based on IRB's effective holding approximately 17%, the company is expected to receive nearly ₹34 crore as its share of distribution.

For Q4 of FY26, the company has also declared an interim dividend of ₹60 crore, taking the total dividend of INR 187 crore for FY26. Our total current order book now stands at around ₹45,000 crore, including EPC order book of around ₹2,100 crore, and next one year's executable order book is around ₹3,300 crore.

Overall, we remain optimistic about the outlook of the sector. Traffic growth across the portfolio continues to be stable, encouraging, supported by the strong economic activity, increasing the freight movement, and continued infrastructure focus by the government along with the growth in the passenger vehicle.

We believe that our diversified portfolio and extra strong execution capability positions us and sustainable long-term growth. Now, with this, I conclude my opening remarks.

I will request Shri Tushar to cover the financial analysis for Q4 of FY26. Over to you, boy.

Thank you, sir. Now I'll take you to the financial analysis of Q4 FY26 versus Q4 FY25.

The total consolidated income for Q4 FY26 stood at ₹1,977 crore as against ₹2,218 crore, a decline of 11%. The income from InvIT and related asset segment stood at ₹401 crore as against ₹307 crore, a growth of 31%.

The income from BOT segment for Q4 FY26 have increased to ₹712 crore as against ₹641 crore, a growth of 11%. The income from construction segment for Q4 FY26 was at ₹815 crore as against ₹1,202 crore, down by 32%.

The other income for Q4 FY26 have decreased to ₹50 crore as against ₹69 crore, down by 27%. EBITDA for Q4 FY26 was at ₹1,133 crore as against ₹1,066 crore, registering a growth of 6%.

Interest cost decreased to ₹406 crore from ₹458 crore, a decrease of 11%. Depreciation cost increased to ₹321 crore as against ₹286 crore, an increase of 12%.

PBT has increased to ₹406 crore as against ₹323 crore, up by 26%. PAT was at ₹296 crore as against ₹215 crore, up by 38%.

Now I request moderator to open the session for question and answer.

Hi, good morning. Just had couple of questions.

First is on the TOTs you were looking to bid. Any traction there, and have we bid for any projects where we are expecting the projects to be opened in near term?

Because during the last interaction, we had not made any bids, those projects were not up for bidding. What's the status there if you could just highlight on that?

Alok, while the list looks very robust, we have already given a detailed presentation slide where we have talked about the TOT pipeline which NHAI has put out on its website, we have not seen actually any bids going down the hammer in this quarter. Going by my last year's experience, I would say that the maximum traction on actual submission of bids will happen somewhere maybe another 3, 4 months down the line.

Then they try to conclude them before end of the calendar year or before end of the financial year. This has been our experience for last 2, 3 years now.

In fact, we want to make actually good use of this period to put in order our asset rotation strategy and be ready with the cash for deployment as the ordering traction picks up.

Sure. Likewise, if you can also highlight on the EPC portion, if we look at the BOT toll projects or your HAM projects, if you can just highlight on those projects, how have you seen the traction?

Any competitive intensity changed over the last few months, and how do we see that moving ahead? Or at this point of time, the status remains that it's a highly competitive segment and we would be very select...

You have predicted it right. It remains the way you just said.

Plus overall ordering also we are not expecting to improve in terms of HAM or BOT?

See, I do not know their exact strategy how much they want to tender out. My guess is that if you look at how the things have been in the past, I do not see any meaningful change coming through.

I think monetization is the area which, to my mind, will be key for them to keep going because the prior period annuities are catching up. My guess is while the bidding intensity will remain elevated for EPC HAM, and few BOTs may also get bid out, the major action, to my mind, will be the monetization piece where we are keenly positioned to see that we are able to move towards our stated target of asset addition that we have decided for ourselves for next 3, 4 years.

That is the area where we remain focused.

Alok, we have also provided the list which is available from NHAI side, almost 1,400 km of length, km of TOT, total capital outlay of almost 34.5 thousand crore for FY26, which is based on the pipeline available on the NHAI website.

This you are talking about TOT, right?

TOT. TOT segment.

For

FY26.

Yeah. Sir, actually, in your presentation, in the last few times you have been highlighting and even more talking about the BOT pipeline that nearly ₹2 lakh crore projects will be kind of coming up.

We have hardly seen any traction there. That's why, and I think now even from your side the sense which is coming more is that it will be more TOT than even on the BOT side we won't see too much traction is because the pipeline has been robust, but we are not really seeing any movement there, unfortunately.

I tend to agree with you that our focus will definitely remain more on the asset monetization side, and we will be unleashing the asset rotation strategy to grow our portfolio. That will remain our forte.

Yes, we will selectively bid on BOTs wherever we see value, but certainly the growth of the asset portfolio will primarily come from the TOT side and the allied EPC that comes with it.

Got it. Just a last couple of small questions.

In your presentation, there is a slide on TOT new opportunity of around 1,800 km. These would be given out as separate projects, or these would be bundled also in some cases?

No,

you are right. These are likely to be bundled together.

Now, they have not yet firmed up. We have picked up this names

and

from the NHAI website itself. As per our interactions what keep happening, they will be suitably bundling it to make a bundle size of anywhere between ₹2,000 to ₹4,000 crore.

Okay. There's some revenue figure mentioned here of ₹2,700 crore.

What's that figure, actually, if you can just indicate?

These are all corridors which are already under tolling. The present toll revenue that they have mentioned on their slides, that whatever was the last one year revenue that they have seen on these corridors, that is the number that we have demonstrated there.

Sure. Just last question.

Now

that... Please go ahead.

Going by the TOT multiple, it will give you some sense of what the TOT pipeline can yield.

Absolutely. Just one last question.

Now that the year has ended, any guidance you can give on the construction revenue growth in FY27 and because at the end of the year, typically, you start guiding for the next year. So...

If we look at the balance EPC book, which also includes significant amount of change of scope works that have come in as a part of the existing portfolio, plus the one-year O&M that we will be receiving for servicing all the projects across IRB's wholly owned subsidiaries, private InvIT, public InvIT, I think we should comfortably be able to cross a ₹3,000 crore mark on the construction O&M piece. I think that the visibility we definitely have at this point in time.

Sure. On the toll revenue growth, that's continues to be robust, so that momentum should kind of continue.

Is that...

Yeah. If we look at our April numbers, April numbers included all projects barring Ganga in terms of revenue.

Now, May numbers for the partial month you will see Ganga numbers coming in. Then onwards, I think all projects continue to remain operational.

With around 10% growth rate, you can assume definitely the kind of total toll revenue that we should be able to collect. We are hopeful that we should be able to touch a five-digit gross revenue number for FY27.

I think in absolute terms, it will be around 20% kind of growth in the toll business of both IRB and private InvIT put together. In terms of guidance for the profit, that we have already highlighted in our corporate presentation that profit will grow by 25% at 25% CAGR as stated earlier.

Got it. That's all from my side.

Thank you and all the best, sir.

Hi. Thanks for the opportunity.

Am I audible?

Vivek. Yes, you are audible.

Please go ahead.

Yeah. Sir, couple of questions.

Since we are moving to the BEST strategy right now, so, and I see we have given an objective of being debt-free company till 2030. Do we see any need for capital raise, and what would be our dividend distribution strategy over this next 4, 5 years?

I'll take the question in two parts. You are absolutely right that we are definitely on a path to a net-debt-zero situation in next 5 years.

If you see, we are moving confidently towards that. We do not see any capital raising requirement at the IRB end simply because if you look at our strategy of asset rotation, the growth is primarily going to come by unlocking capital by moving assets from private InvIT to the public InvIT and redeploying that capital into newer assets to grow the portfolio as a whole.

From a IRB's perspective, I would say that our operating leverage, as we roll forward, will now significantly start going up. That will drive the profitability for the company, and the growth will come from churning of assets between private and public InvIT.

That's how we intend to grow from here on. Yes, no capital raising at IRB.

As regards the distribution, we have a stated policy of 20-plus percent of dividend distribution. If you look at this year also, we have received almost close to INR 3 billion of distribution from both our InvITs put together, and against that, if you see, the total dividend distribution was around 1.8 INR 1.8 billion.

Yeah.

As the distributions keep going up, the commensurate profit distribution is also bound to increase.

With respect to going to net debt zero, if you have observed, this quarter also our interest cost has reduced by almost ₹50 crore. For next financial year, since the one quarter impact is already there, next year also we expect around ₹150 to ₹180 crore kind of reduction in terms of the interest cost.

Yeah. Thanks for that.

Appreciate the response. Another question is in terms of churning, our objective is to move the operational assets from private InvIT to public InvIT.

For this year, do we have any target for the number of assets which will be moving from private InvIT to public InvIT? Because that's where you will release the capital and then you will invest in the new projects, is what I understand from your stated objective.

Vivek, if you have read the disclosures that the company has come out with, we have already initiated the process for transferring two more assets from private InvIT to the public trust. That includes Solapur-Yedeshi and Yedeshi-Aurangabad projects, both put together an EV of roughly ₹4,500 crore.

That process has already been triggered, and we are now working on unlocking the capital by virtue of transfer of these assets.

Okay. Thanks for your response, and all the best.

You had really excellent results. I'm looking forward to execution of the BEST strategy, and it's quite interesting.

Okay.

Thank you.

Sir, am I audible?

Parikshit.

Yes. Yeah.

My question is on the current geopolitical and the impact on crude prices. Just wanted to understand how is the interplay now between if this gets passed on, that is the inflation element.

How does it impact and how does the interest rate impact should both the things move up? How does it impact our IRRs or valuation on the asset side?

Look,

you are right that the fuel cost, some impact the government has transferred to the users, but if I have to stick my neck out and give you my thoughts on the whole unlocking of this geopolitical situation, my take is as under. Number one, on the raw material cost, while the bitumen, diesel prices, cement price, steel price can go up, we have a very minimal, I would say, capex balance at this point in time, which can have a potential to dent the margin.

On the HAM project, the escalation is a pass-through, we do not see any meaningful hit or anything coming on account of that. In terms of interest rates, my sense is that while there may not be any further cuts, the interest rates will stay where they are, and we have already locked the interest rates for majority of our projects.

With the construction risk going out, we are already at advanced stage of refinancing the balance ones. Our sense on the interest rates is that we have well handled the interest rate locking part, we do not foresee any rate cycle moving up for us, definitely not for the next 2 to 3 years.

It may not be further cut down by RBI, but we do not foresee any interest rate hikes as far as our present situation is concerned, given the locking of interest rates that we have done. Now coming to the inflation part, we have already seen the WPI hitting 8-plus percentage.

My sense is that the inflation is likely to stay sticky. In that scenario, what we expect is when we roll over for the tariff revision come 1st April 2027, the December WPI number which matters the most for us is likely to remain on a elevated level, and that can actually help us get a significantly higher tariff growth for the next financial year.

We have seen such situations in the past, and we expect the tariff revision to be much robust for the coming year. While it is true that it's a good hedge for slowing down of traffic, I don't expect the traffic growth to moderate for one simple reason that the government spending hasn't come off.

If the government spending continues at the level where it is today, the economic activity is bound to keep the traffic moving in a very strong manner because it's a very, very inward-looking domestic consumption story that we are playing. That will keep the traffic at a robust level.

With the improved tariff, you will actually have a Goldilocks situation in the next 2 years where you might experience a high traffic growth, high tariff improvement, and a low interest cost. This is going to be a very interesting next 2, 3 years that we might get to see.

Sir, so

that was what I was coming to, sir. Typically, I think post-COVID we had seen one major inflation reset.

Typically, in such scenarios, how does the fair value move for both the private and public InvIT? If you can help us through some sensitivities, like every 100 basis point if the inflation increases, how does the fair value move, how does the DPU move?

Also your own assumptions, I think typically we expect almost 5% to 6%, 6% 5% to 6% of real growth and then 4%, 5% inflation. Do you think that maybe next couple of years this growth can actually be mid-teens or something like that, given how the inflation is interplaying and demand, I think, still continues to remain quite robust on your monthly reportings which you are doing on the toll side?

Yeah.

On the fair value part, Parikshit, if you see, the valuations what has been there for the private InvIT assets, the factor growth is somewhere around 9, 9.5%, which includes both tariff and traffic. What we discussed right now that in case if that tariff goes up from the assumption what is there in the present valuation, then definitely it will increase the valuation going forward, depending the growth in the traffic as well.

I think without giving a much more robust picture on what the fair value increase can be, if we can go to our presentation itself where we have given a graph of the lifecycle of the BOT or TOT project, you would see that a roll-forward will give you at least 6% to 8% value growth on the fair value of that asset as we roll forward with the leverage expansion coming in, debt moving downwards, and traffic moving upwards. On a like-to-like basis on a asset, assuming 8, 10% of revenue growth, the rollover effect should be minimum 6% to 7%.

That's on slide number 38, right?

38.

We have actually mapped the answer for your question

that

this is what it's likely to see on, and this is a like-to-like asset rollover impact that can come in on any of the assets.

Parikshit, just to add what matters most to the unit holder is if there is a increase by 100 basis point in the revenue, that will directly flow to the payout and improve the IRR, because our O&M is fixed, and whatever the additional increase will be there, directly flow to the payout and will improve the IRR.

Okay. Sir, what is the expectation of next year growth of the overall toll revenues?

Do you think it can outperform your 9, 10, or 11% of projections which you have built in?

As of now, whatever the projection we are talking about, we are talking about 9, 9.5% growth. If the inflation remains higher, then there would be a additional growth which will be coming in.

Okay. Sure.

Sir, the last question, for next 1 or 2 years 1 to 3 years, how much the enterprise value we're looking to transfer from private to public InvIT? What kind of monetization we are looking at for the next 2, 3 years?

Let's look at a very simplistic manner that if you look at the first initial 9, 10 projects that we had transferred to the private InvIT, we have already transferred 3, we are in the process of transferring 2 more. Another 5 assets continue at the private InvIT end, which have a EV of roughly ₹30,000-₹35,000 crore, which will be migrated to the public InvIT platform over next, say, 2 to 3 years.

That's the potential with regard to the immediate visibility, I could say.

We have given some indication from the public InvIT. From the ₹8,000 crore kind of EV in the last financial year, at the beginning of the last financial year, we have already reached to ₹18,000 kind of asset base.

We have aim to reach around ₹40,000 crore kind of AUM in next 2 to 3 years.

In this year, we can how much we're planning to do this year? I think we've already announced ₹4,500.

Beyond this, anything else coming up in the second rest of the year, or now it will move to the next year?

See, Parikshit, you will appreciate that as we keep rolling forward, the value of the asset keeps going up. We have not hurriedly taken 3 or 4 assets in one go.

Presently, we have already moved the motion to move 2 of the assets, which, as you rightly said, is around ₹4,500 crore EV. We expect to culminate that in the first half of this fiscal year.

Then depending on the deployment visibility, we will initiate the next action in this regard.

Okay. Sure, sir.

Thank you. I have no further questions, and wish you all the best.

Thank you.

Thank you, Parikshit.

Thank you, everyone, for being on the call, and we look forward to catch up with you soon on the next earnings call as we move forward. Wish you a great week ahead.