Thank you. Good afternoon everyone and thank you for joining us today.

FY26 has been an important year for Vertis Infra Trust, one where we delivered simultaneously on scale, performance, financial discipline, and governance. We entered the year with 17 operational assets, and we exit with 28 assets, comprising 12 toll and balance annuity and HAM assets, across 9 states, covering over 8,400 lane kilometers.

Our AUM grew by 43% to 272 billion or 27,000 crores, following the acquisition of 12 PNC assets, 11 HAM and 1 toll. Our portfolio mix now stands at 70:30 toll to annuity, providing a well-balanced combination of upside participation and cash flow certainties.

I'm also pleased to share that we continued our track record of operational and financial outperformance during the year, with 4.3% beat on toll revenue, 1.3% on operating cost, and 91 basis points reduction in our cost of debt. These outcomes reflect not only disciplined acquisition and underwriting, but also our ability to improve assets post-acquisition through operational focus, technology intervention, and strong corporate finance capabilities.

Moving to the traffic, our portfolio delivered 9.9% growth for full year against the projection of 5.5%. Further, 7-year CAGR basis, portfolio has strong traffic growth of 7.2%.

This performance is supported by a portfolio which is well-diversified across logistics corridor, cargo types, as well as trip lengths. Total revenue grew 13.1% for full year FY26.

The total operating revenue for FY26 came in at 40 billion or 4,004 crores, with a healthy EBITDA margin of 88%. Coming to annuities, all Q4 annuities were received on and before due date, a track record that directly supports NDCF predictability and distribution reliability.

Our cost of debt reduced by 91 bps, as I mentioned earlier, from 8.23% to 7.32% at the year-end, making us one of the lowest cost of borrowers amongst scaled InvITs. Our outstanding debt stands at 115 billion with residual maturity of 11.6 years, with a scattered payment schedule profile running over through 2042, significantly limiting refinancing risk.

With well-lending partners across banks, development financial institution, DFIs, multilats, capital markets, our liability framework is diversified, rate cycle-agnostic, and built for long term. With net debt to AUM at 41.3%, we have significant headroom for the growth.

Our unitholders received distribution of 18,120 million in FY26, translating to DPU of ₹12 per unit. For Q4, we delivered distribution of ₹3.63 per unit.

It is important to note that in Q1 for Q1 distribution was lower, primarily on account of acquisition of 12 PNC assets, which completed in late May 2025, where annuity realized prior to acquisition were used for repaying the debt, in line with requirement of SEBI NDCF guidelines. Since formation of Vertis InvIT in August 2022, cumulative distribution stands at ₹57.09 per unit or 49,171 million in aggregate.

During FY26, multiple projects of Vertis received recognitions. To name few, International Safety Awards from British Safety Council, National Feather Award from Safety Excellence and Carbon Reduction, ASSOCHAM Achievers Award for Sustainable Practices, and Ateli Narnaul also received 5-star rating from NHAI authority for highest maintenance standard.

In addition, we received Platinum Award from LACP, League of American Communications Professionals, for our annual report. This is an improvement from previous year, where we received Gold Award.

Few other updates for this quarter: During the previous quarter or Q4 FY26, we signed supplementary agreement fixing the GRICL concession period to March 2038. Also, we concluded the transition of SEPL, Shillong Expressway Private Limited, smoothly as concession expired in February 2026.

On public listing, we have formally commenced the public listing process. We will further update as thing progresses.

Now, on regulatory side, will update on three updates. First, on WPI linking factor circular: NHAI proposed revision from 1.641 to 1.561 has been challenged by industry, and the Delhi High Court has kept in abeyance, directing authority to consider industry representation.

Industry has already made the representation. Now the matter is pending with authority.

There is no further update post last earning call on this matter. Second, SEBI amendments effective April 2026 are broadly positive, permitting SPV continuation post concession expiry, expanding surplus fund investment universe, allowing greenfield exposure up to 10% for private InvITs, and extending end use of leverage beyond 49% for major maintenance and refinancing.

Collectively, these amendments reflect maturing regulatory framework. On MLFF, the barrierless tolling pilot launched at Choryasi Plaza in May 2026 is an important structural development.

Vertis has already implemented single lane free flow, SLFF, at one of our SPV, DBCPL, with 100% increase in throughput, demonstrating our commitment to operational groundwork that MLFF adoption will require. Now, as we enter FY26, we remain conscious of evolving macroeconomic environment and potential headwinds arising from Middle East war, for the highways sector, both for traffic growth and input cost inflation.

Gas-based industries, such as ceramics, tiles, fertilizer, has been impacted. Bitumen price has increased to ₹80,000 per ton versus average of ₹48,000 in Q4.

Given that major maintenance across most of project is performance-linked, we are rephasing MM cycle by few months until prices normalize. We will continue to closely monitor the situation.

In summary, FY26 was a year where Vertis demonstrated that scale, performance, and financial discipline can be delivered simultaneously. We doubled our portfolio, out-performed on traffic, revenue, cost, reduced our cost of debt to 7.3%, and returned 18,120 million or 1,800 crores to our investors.

This track record reflects not merely portfolio construction, but broadly philosophy of resilience, stability, and long-term cash flow quality. We remain grateful for trust placed in us and committed to compounding infrastructure capital responsibly over the long term.

We are now happy to take questions. Thank you.

Thank you everyone for joining us today. In case you have any questions which you want to discuss separately, please feel free to reach us.

Thank you very much again.