Slides
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Investor Presentation | Q3FY26 India’s First Multi-National Infrastructure Company in the Highways Sector
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T able of Contents Enhancing Shareholder Value - Bonus Issue – 1:1 Page 2 Strategic Transition Page 4 Financial Highlights - Q3FY26 Page 8 Result Highlights Page 9 Group Synopsis Page 15 Business Verticals Page 19 Dollar Bond Details Page 25 Governance and ESG Page 28 Attractive Industry Fundamentals and Opportunities Page 31 Appendix Page 37
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Private & Confidential Issue of Bonus Shares Enhancing Shareholder Value
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3 Enhancing Shareholder Value - Bonus Issue – 1:1 IRB has successfully executed its B.E.S.T (Build–Execute–Stabilize –Transfer) strategy, monetizing mature assets through Public InvIT. Assets monetized of ~₹84 bn, generating ~₹49 bn of equity consideration, validating intrinsic asset valuation and execution capability. B.E.S.T Strategy Capital redeployed to expand asset base by ~₹140 bn through high-return TOT assets (TOT-17 & TOT-18). Asset base scaled from ₹800 bn to ~₹940 bn, improving revenue visibility and asset maturity Capital Recycled for Growth Capital unlocked through monetization redeployed into higher-return growth opportunities Sharing this wealth by way of Bonus shares Value Delivered to Shareholders 1:1 Bonus issue announced, reflecting the Company’s value-sharing philosophy
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Private & Confidential Strategic Transition
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5 Strategic Transition ▪ Transition from hybrid developer to Sponsor + O&M platform ▪ Focus on cash ROE expansion and Capital efficiency ▪ All new assets to be housed in Private InvIT Strategic Shift ▪ Sponsor to Private & Public InvITs ▪ Project Manager ▪ Exclusive O&M contractor for Public and Private InvIT projects ▪ Continous recycling of Capital Sponsor + O&M Model ▪ Distributions from InvITs ▪ Project management fees ▪ Long-term O&M annuity income ▪ Asset recycling gains Earning Streams
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6 Uniquely poised to capitalize on the opportunities ▪ Govt monetization pipeline: ~₹3 tn ▪ Annual opportunity: ₹400–500 bn ▪ TOTs remain primary growth driver Opportunity ▪ Bid at disciplined IRR (15–16%) ▪ Execute in time ▪ Stabilize project for 3 – 4 years ▪ Transfer at 12–12.5% IRR B.E.S.T. Strategy ▪ Assets transferred by Private InvIT to Public InvIT → ₹84 bn ▪ Equity released → ₹ 49 bn ▪ Redeployed in new TOT projects worth ₹ 140 bn ▪ Multiple virtuous cycles planned over next 24–36 months Achievements So far…
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7 Financial Transformation ▪ Road AUM: ₹800 bn → ~₹1,400 bn (3 years) ▪ Recycle One unit of equity multiple times resulting in superior returns for the Sponsor. Business Objective ▪ NET DEBT : 0.6x → 0.0x ▪ CASH ROE : 8% → 14%+ ▪ PAT CAGR : 25% Financial Objective (Next 5 years- FY30) ▪ BOT Developers: 1.5 – 2x P/B ▪ Hybrid Developers : 2 – 3x P/B ▪ Sponsor platforms: 3 – 5x P/B ▪ To position ourself as Sponsor + O&M platform Global Valuation Benchmark & IRB positioning
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Financial Highlights for Q3FY26 8 • For Q3FY26 on YoY basis, Toll Revenue growth of ~12% for IRB and Private InvIT Projects. • VM7 Expressway transferred from IRB to Public InvIT having enterprise value of ~INR 12 bn unlocking equity value of ~INR 5 bn for IRB. • Won TOT 17 Project in the state of Uttar Pradesh worth of ~INR 100 bn. Operation commenced from January 23, 2026 post upfront payment of INR 93 bn to NHAI. • Entry into 13th state i.e. Odisha by winning TOT-18 Project of worth INR 40 bn. FC is underway. • We are expecting COD for Ganga Expressway Project Very soon. • PAT of INR 2.53 bn for Q3FY26 achieved as compared to INR 2.22 bn for Q3FY25, registering growth of 14%. • Distribution in Q3FY26 of ~ INR 504 million declared by Pvt InvIT. •Company is rated at AA- by Domestic Credit Rating Agencies viz CRISIL & India Ratings and International Rating Agencies viz Fitch and Moody’s have maintained the company’s credit ratings at BB+ and Ba1, respectively. •The company has declared Interim Dividend of ~ INR 423 million • Rated among the top Infra Companies in India for ESG: LR: Latest rating; PR: Previous rating • IRB is now an ISO Certified Company for 4 standards Financial Update Concession / Contracting Sustainability (ESG) ISO 9001:2015 Quality Management System ISO14001:2015 Environment Management System ISO 45001:2018 Occupational Health & Safety Management System ISO 27001: 2022 Information Security Management System Rating Agency Criteria LR PR S&P Global Higher - Better 51 40 Sustainalytics Lower - Better 33.5 44.5 CRISIL ESG Ratings Higher - Better 56 -
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Private & Confidential Result Highlights
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Consolidated Financial Summary for Q3FY26 & 9MFY26 10 INR in millions Particulars Q3FY26 Q3FY25 Q2FY26 9MFY26 9MFY25 Total Income 19,123 20,904 18,003 58,771 58,137 EBITDA 10,635 10,492 9,739 30,550 29,574 Finance Costs 4,364 4,614 4,510 13,494 13,343 Depreciation & Amortization 2,894 2,651 2,621 8,207 7,513 PBT 3,377 3,227 2,608 8,849 8,718 PAT ( Before exceptional Gain) 2,534 2,220 1,408 5,968 4,618 Less : Exceptional gain (net of deferred taxes) (426) 58,041 - (427) 58,041 PAT ( After exceptional Gain) 2,107 60,261 1,408 5,541 62,660
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Consolidated Financial Summary (Quarterly YoY) Segment-wise 11 INR in million * Segment-wise information is as per IND AS 108. EBIDTA differs from the previous slide to the extent of un-allocable amounts as per IND AS 108. Particulars Total all Segments BOT / TOT Segment InvITs & Related Assets Segment Construction Segment Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Revenue 18,712 20,254 7,066 6,477 3,813 2,449 7,833 11,329 EBITDA* 11,131 10,453 6,311 5,610 3,521 2,139 1,298 2,703 EBITDA margin 59% 52% 89% 87% 92% 87% 17% 24%
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Consolidated Financial Summary (Quarterly QoQ) Segment-wise 12 INR in million * Segment-wise information is as per IND AS 108. EBIDTA differs from the previous slide to the extent of un-allocable amounts as per IND AS 108. Particulars Total all Segments BOT / TOT Segment InvITs & Related Assets Segment Construction Segment Q3FY26 Q2FY26 Q3FY26 Q2FY26 Q3FY26 Q2FY26 Q3FY26 Q2FY26 Revenue 18,712 17,510 7,066 6,275 3,813 3,034 7,833 8,201 EBITDA* 11,131 9,731 6,311 5,522 3,521 2,753 1,298 1,456 EBITDA margin 59% 56% 89% 88% 92% 91% 17% 18%
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Consolidated Financials: Strong Track Record 64 67 82 80 20.9 19.1 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 Revenue (INR Bn) 33 35 41 40 10.5 11.1 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 EBITDA & Margin (INR Bn) 126 134 137 198 198 205 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 Networth (INR Bn) 53% 53% 50% 50% 59% 52% 111 101 120 117 119 84 0.89 0.75 0.88 0.59 0.60 0.41 0 20 40 60 80 100 120 140 FY22 FY23 FY24 FY25 Q3FY25 Q3FY26 NET DEBT (INR BN) & NET DEBT TO EQUIT Y 13
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Consolidated Financial Summary – Net cash H1FY26 14 INR in Million 18,595 19,915 (3,111) (597) (5,678) (16,446) 2,567 (3,797) (7,109) (22) (423) 3,895 Opening Cash & CE EBITDA Working Capital Tax Other Op CF Investments Interest received Net borrowings Interest Paid Lease Payment Dividends Closing Cash & CE Increase Decrease Total INR in million * * Temporary Investments
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Private & Confidential Group Synopsis
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IRB Group Overview 16 One of the largest private roads and highways listed integrated infrastructure developer in India INR 940 bn Highway asset base, one of the largest in India 17,355 lane KM Road portfolio De-risked capex Through extensive site studies and traffic diligence BOT, TOT & HAM Diversified portfolio with optimal mix of projects Tech enabled O&M Real time O&M and control from on-ground inputs Portfolio with c. 44% market share of TOT Projects awarded so far Pan India presence c. 21 years Weighted average residual concession life c. 10% Market share of pan India Toll revenue Strong AAA rated sovereign counterparty (NHAI) Toll price linked to inflation and concession period to traffic ▪ 25+ years Long track record of robust performance ▪ Backed by marquee investors, to bolster the growth potential ( - 19.9% shareholding ; Bricklayers (affiliates of ) -16.9% shareholding ) 13 States in India where assets are present 2 InvIT platforms for asset rotation Both AAA rated BOT TOT HAM Public InvIT Private InvIT WOS Fastag Penetration rate across all project ~97% catering to c. 1.5 mn vehicles per day
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Largest and well Diversified Portfolio of Roads in India 17 Owns and Manages c. 17,500 Lane KM of Roads across 13 States in India 15,797 8,754 8,300 7,300 1538 3,452 1,212 1,558 4,310 17,355 8,754 8,300 7,300 5,848 3,452 1,212 IRB Cube Vertis Infrastructure Trust Interise Trust (CPPIB) Adani Oriental Maple Highway (CDPQ) Under construction Operational Overview of IRB’s portfolio Particulars Lane KM Fully operational Lane KM under construction & tolling at 75% Lane KM under development/ construction T otal lane KM IRB Parent 2,001 - 235 2,236 Private InvIT 9,351 545 778 10,674 Public InvIT 4,445 - - 4,445 T otal 15,797 545 1,013 17,355 Note: 1. Data sourced from company filings, news articles, latest valuation reports and company website;
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Diversified Asset Portfolio with presence in high growth markets 18 Majority of TOT/BOT/HAM projects in high growth states (in Lane KMs) 3,588 2,678 6651,2641,4421,5941,9422,432 GSDP yoy %* 15 % Maharashtra 7.6% 15 % Rajasthan 8% 11 % Gujarat 8.3% 8% Karnataka 6.6 % 21 % Uttar Pradesh 7.5 % 4% Haryana 8 % Up to 2012 2015 2018 2022 2026 Cum Lane Km 987 4,394 7,348 13,754 17,355 Kms BOT/HAM/TOT portfolio – Cumulative Lane Km Source: * Niti Ayog ( FY 2024). Other than above the Company also have a presence in the states of West Bengal, Himachal Pra desh, Tamil Nadu and Punjab Madhya Pradesh 5.9% 9% 7% Telangana 9.2%
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Private & Confidential Business Verticals
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Summary of Business Verticals 20 List Co Wholly Owned Concessions (100%)InvIT Investments B. Public InvIT (c.17%) Project Management Services (100%) Project Type Mumbai Pune TOT TOT Ahmedabad Vadodara BOT BOT Pathankot-Mandi NH 154 HAM Chittoor-Thachur NH 716B HAM Project Type Goa Kundapur BOT Solapur Yedeshi BOT YedeshiAurangabad BOT Agra Etawah BOT Udaipur - GJ Border BOT Gulabpura – Chittorgarh BOT Palsit Dankuni BOT Samakhiyali Santalpur BOT Hyderabad ORR TOT Ganga Expressway BOT Lalitpur Lakhnadon TOT Jhansi Gwalior Kota TOT Lucknow - Ayodhya- Gorakhpur & Lucknow - Sultanpur TOT Chandikhole - Bhadrak TOT Project Type Talegaon - Amravati BOT Amritsar Pathankot BOT Jaipur Deoli BOT Tumkur Chitradurga BOT Omallur - Salem - Namakkal BOT Vadodara - Kim HAM Kaithal Rajasthan Border # BOT Kishangarh – Gulabpura # BOT Hapur Moradabad # BOT Vadodara-Mumbai Expressway ^ HAM • IRB has experience of managing c. 21,000 lane kms across 41 projects • Expert talent pool and state of the art equipment bank helps in managing entire tolling and maintenance function in-house • Provides Project Management Services for all group assets 1 2 3 • All Assets are Operational • Public InvIT has declared total distribution of ~INR 1.92 bn in Q3FY26 A. Private InvIT (51%) # Transferred to IRB InvIT Fund wef November 1, 2025 ^ Transferred to IRB InvIT Fund wef December 1, 2025
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Business Vertical – 1A : IRB Private InvIT 21 Sr. No. Project State Project cost (INR bn) Lane KM Status Concession End Date * 1 Goa Kundapur Karnataka 37 758 Tolling Feb 2048 2 Solapur Yedeshi Maharashtra 16 395 Tolling May 2044 3 YedeshiAurangabad Maharashtra 42 756 Tolling May 2046 4 Agra Etawah U.P. 32 747 Tolling Oct 2045 5 Udaipur - GJ Border Rajasthan 28 683 Tolling Feb 2043 6 Gulabpura – Chittorgarh Rajasthan 23 749 Tolling Feb 2042 7 Palsit Dankuni West Bengal 23 383 Tolling Apr 2039 8 Samakhiyali Santalpur Gujarat 21 545 Tolling / Construction Jan 2047 9 Hyderabad ORR –TOT Telangana 84 1,264 Tolling Aug 2053 10 Ganga Expressway U.P. 65 778 Construction Oct 2058 11 Lalitpur Lakhnadon M.P. 51 1264 Tolling Mar 2044 12 Jhansi Gwalior & Kota Bypass Rajasthan/MP 19 441 Tolling Mar 2044 13 Lucknow - Ayodhya- Gorakhpur & Lucknow - Sultanpur U.P. 101 1,464 Tolling Jan 2046 14 Chandikhole – Bhadrak Odisha 33 447 Awarded 20 Yrs from Appointed Date Total 10,674 Asset overview Key Highlights Average Daily Toll Collection (in INR mn) 34 58 85 105 95 FY22 FY23 FY24 FY25 9MFY26* 1 12 projects are currently revenue generating (incl. 1 under construction and tolling) , 1 is under construction and 1 recently awarded 2 Self-sustaining portfolio, sponsor contribution for under construction projects provided by IRB, GIC & Cintra in unitholding ratio 3 Positive cashflow generating portfolio, regularly making distributions since Q2FY24. Cumulative distribution declared up to Q3FY26 is Rs 8.69 bn 4 Construction / O&M for the portfolio is being carried out by IRB on fixed price basis. IRB Private InvIT is rated ‘AAA’ by leading rating agency * As per valuation report 3 Project Assets transferred from IRB Private InvIT wef November 1, 2025
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Business Vertical - 1B : IRB Public InvIT 22 Asset overview Key Highlights 1 Distributed INR 1.92 bn for Q3FY26 ( c.17% cash flow to IRB, the sponsor) 2 All 10 assets in the portfolio are stabilized and revenue generating 3 Sponsored by IRB, one of the largest integrated road developers in India Distributions to IRB (in INR mn) 834 746 742 742 822 FY22 FY23 FY24 FY25 9MFY26 Sr. No. Project State Project cost (INR bn) Lane KM Status Concession End Date* 1 Talegaon - Amravati Maharashtra 8.9 267 Tolling Jun-2037 2 Amritsar Pathankot Punjab 14.5 410 Tolling Jan-2038 3 Jaipur Deoli Rajasthan 17.4 595 Tolling Oct- 2040 4 Tumkur Chitradurga Karnataka 11.4 684 Tolling Dec- 2042 5 Omallur - Salem - Namakkal Tamil Nadu 3.1 275 Tolling Jan-2027 6 Vadodara Mumbai (Pkg-1) (HAM) Gujarat 20.9 190 Operational Apr-2037 7 Hapur Moradabad # U.P. 38.0 599 Tolling May 2043 8 Kishangarh – Gulabpura # Rajasthan 18.0 540 Tolling Jul 2042 9 Kaithal Rajasthan Border # Haryana 23 665 Tolling Feb 2049 10 Vadodara Mumbai (Pkg-7) (HAM)^ Gujarat 17 220 Operational Mar 2040 4,445 * As per valuation report | # Project Assets transferred from IRB Private InvIT wef November 1, 2025 | ^ Project Asset transferred from IRB wef December 1, 2025
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23 Sr. No. Project State Project cost (INR bn) Lane KM Status Concession End Date* 1 Mumbai Pune Maharashtra 89 1,014 Tolling April 2030 2 Ahmedabad Vadodara Gujarat 49 987 Tolling Mar 2043 3 Pathankot Mandi (Pkg-1) Himachal Pradesh 8 115 Under Construction Dec 2040 4 Chittoor – Thachur (Pkg -4) Tamil Nadu 9 120 Under Construction Nov 2040 2,236 Asset overview Key Highlights Average Daily Toll Collection (in INR mn) 48 57 66 69 73 FY22 FY23 FY24 FY25 9MFY26 1 Portfolio consists of 1 TOT , 1 BOT and 2 HAM Projects 2 All HAM projects upon construction completion will be offered to Public InvIT 3 Net Debt to Equity at 0.4 : 1 is one of the lowest in the sector 4 Construction / O&M of the 4 assets being carried out by IRB IRB is rated ‘AA-’ by domestic rating agencies Business Vertical – 2: Wholly Owned Concessions * Including extensions
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Business Vertical - 3 : Project Management Services 24 IRB has experience of managing c. 21,000 lane kms across 41 projects ▪ One of the largest fleet of construction equipment in India, worth ~INR 5 bn ▪ Processes in place for equipment management and tracking ▪ ~2,500 employees engaged in Project Management Services Large equipment bank ▪ Expert talent pool and state of the art equipment bank helps in managing entire tolling and maintenance function in- house ▪ Provides Project Management Services for all group assets In-house O&M capabilities Key Highlights 1 Latest techniques to facilitate project planning and deployment of resources resulting in cost optimization 2 Advanced project management solutions across project life cycle for visibility, control, high operational efficiency & risk management 3 Leased mines for stone aggregates results in cost savings & raw material from sources close to projects helps to replenish materials in time 4 Highly skilled workforce and advanced construction equipment with automation technologies result in higher operational efficiency Automation technologies has facilitated faster traffic movement and higher tolling5 Order book (as on December 31, 2025) EPC, 16 O&M, 357 Total order book: 373 Rs in Bn
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Private & Confidential US$ Bond Details
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Offshore Bond Issue – Covenant Structure 26 Investments Private InvIT Public InvIT Business Segment II c.17% Distribution from Mumbai Pune and InvIT’s Business Segment I Mumbai Pune TOT Ahmedabad Vadodara BOT Pathankot Mandi (PM) HAM Chittoor Thachur (CT) HAM Real Estate Group for Gross Leverage Ratio test Group for Project Life Coverage Ratio test Distribution 51% Surplus Non-road assets Sindhudurg Airport Gross debt (INR bn)* 69.87 *As on September 30, 2025 excluding OD against FD and excludes exchange gain/ loss impact on USD secured notes Fitch rating assigned BB+ rating for USD notes. Moody’s rating assigned Ba2 rating for USD notes. MRMPL IRBIDL StandaloneToll & HAM
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27 Business Segment I As on Sept 30, 2025 As on March 31, 2025 Present value of Cash Flow Available for Debt Servicing of the PLCR Group^ 617 581 Gross Debt 213 214 Project Life Coverage Ratio 2.9 2.7 Minimum Project Life Coverage Ratio (As required under USD Bond Covenant) 1.8 1.8 Business Segment II As on Sept 30, 2025 As on March 31, 2025 Gross Debt of GLR Group^^ 70 71 EBITDA 26 23 Gross Leverage Ratio 2.7 3.0 Maximum Gross Leverage Ratio (As required under USD Bond Covenant) 4.0 4.0 INR in Bn ^ Discounted at each SPV’s cost of debt as computed using third party valuer report as stipulated in USD bond covenants ^^ Excluding OD against FD and excludes exchange gain/ loss impact on USD secured notes Leverage Summary – USD Bond Covenants
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Private & Confidential Governance & ESG
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Board Driven Robust Governance Policies 29 Company Policies Committees ▪ Environment policy ▪ Code of Conduct ▪ ESG Commitments ▪ Human rights Policy ▪ Corporate Social Responsibility Policy ▪ Health, Safety and Welfare Policy ▪ Maternity Benefit Policy ▪ POSH Policy ▪ Anti bribery, Anti corruption policy ▪ Whistle Blower policy ▪ Board Diversity ▪ Dividend distribution and shareholders return policy ▪ Related Party Transaction Policy ▪ Data Protection & Privacy Policy ▪ Corporate Social Responsibility Committee ▪ Risk Management Committee ▪ ESG Committee of Management ▪ Audit Committee ▪ Nomination and Remuneration Committee Board Composition IRB Infrastructure Developers Limited * Category Number of Directors Promoter 2 Other Non-Independent (from Cintra) 2 Independent 4 T otal 8 IRB Private InvIT Category Number of Directors IRB Infrastructure Developers Ltd. 2 Other Non-Independent (one each from GIC and Ferrovial) 2 Independent 4 T otal 8 * GIC has a right to appoint an Observer on the Board of IRB.
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Strong Focus on Protecting the Environment & Community; Sustainability Reporting to Bring About Reporting Transparency 30 IRB has a strong focus on environment, sustainability and community IRB’s current environment focused initiatives Minimized cutting of trees and replanting of trees Use of recycled products, in line with the quality and safety standards Replacing conventional machinery with modern equipment Water conservation measures: Drip irrigation and rainwater harvesting Rated among the top Infra Companies in India for ESG BRSR to be governed by 9 principles of the National Guidelines on Responsible Business Conduct ▪ Businesses should conduct and govern themselves with integrity and in a manner that is ethical, transparent and accountable ▪ Businesses should provide goods and services in a manner that is sustainable and safe ▪ Businesses should respect and promote the well-being of all employees, including those in their value chains ▪ Businesses should respect the interests of and be responsive to all its stakeholders ▪ Businesses should respect and promote human rights ▪ Businesses should respect and make efforts to protect and restore the environment ▪ Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent ▪ Businesses should promote inclusive growth and equitable development ▪ Businesses should engage with and provide value to their consumers in a responsible manner 1 4 7 2 5 8 3 6 9 Business responsibility and sustainability reporting (BRSR) is intended towards having quantitative and standardized disclosures on ESG parameters, to enable comparability across companies and over time NSE's System-Driven Disclosure Rating for ESG, assigned by CRISIL ESG Ratings & Analytics Limited, is 56 as of September 30, 2025. Rating Agency Sustainalytics S&P Global Criteria Lower - Better Higher - Better LR 33.5 51 PR 44.5 40 LR: Latest rating; PR: Previous rating
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Private & Confidential Attractive Industry Fundamentals & Opportunities
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Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector 32 Typical terms Details NHAI as counterparty ▪ NHAI is an agency appointed by the federal government for development of roads and highways in India ▪ NHAI is a quasi-sovereign entity with a ‘AAA’ rating from domestic rating agencies ▪ Well-funded by federal government Termination payment ▪ As per new termination payment regime by NHAI, 90% debt is fully covered by termination payment from NHAI in case of Concessionaire event of default as well ▪ Termination payment of up to 150% of equity invested and 100% of debt due in other events ▪ Provision of Buy Back allows NHAI to buy back the project from the concessionaire in event of traffic breaching design capacity consistently for 2 years – for commensurate amount linked to remaining concession period OR termination payment payable on occurrence of Indirect Political Event of force majeure – whichever is higher. ▪ The aggregate liability of NHAI under termination payment, across varying causes, can be up to 115% of Total Project Cost Long concession period (20 – 30 Years) ▪ The concession life of 20 to 30 years provides enough cushion in terms of long tail period and multiple refinancing opportunities ▪ Floor and Cap model to protect developer returns, which provides for concession period extension of up to 20% for traffic shortfall or reduction up to 10% for traffic surplus on target dates Supportive regulator ▪ Change in Ownership permitted 1 year after COD and completion of Punch List excluding delays due to the reasons attributable to NHAI ▪ Total funding support from NHAI can be upto 40% of Total Project Cost in form of Equity Support (Grant) and Construction Support (for expansion projects). In case of expansion projects, Construction Support is to be provided by NHAI as predetermined annuity in lieu of Toll Collection during construction, thus taking away the revenue risk for concessionaire.
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Revamped Bankable Concession Terms Key positive of Indian Roads & Highways sector 33 Efficiency in Toll Collection ▪ Mandatory electronic toll collection using Fastag RFID technology ▪ 97% toll being collected electronically resulting in reduction in user waiting time, transparency, lower operating costs and improved monitoring ▪ Implementation of FASTag Annual Pass, reinforcing effectiveness in promoting seamless and economical travel Force Majeure ▪ 100% extension of concession period and 50% reimbursement of O&M expenses during the affected period • Partial premium waiver ▪ Ensured financial stability during stress period Typical terms Details No price risk ▪ India has a long track record of toll rate escalation ▪ Toll rate escalation is pre-defined in concession agreement to take place on 1st of April every year ▪ Escalation is not entirely WPI dependent and follows the formula 3% + 40% of WPI, thus providing an essential cushion ▪ Smooth implementation of annual tariff escalation across all NH projects providing hedge against inflation and currency depreciation
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34 Opportunities under PPP Source : pib.gov.in, MoRTH, PTI and SIAM India, World Road Statistics 2023, CRISIL Private Capex picking Momentum 59% 82% 47% 40% 43% 56% 1% 2% 41% 12% 44% 56% 51% 24% 6% 9% 2% 3% 20% FY19 FY20 FY21 FY22 FY23 FY24 Yearly Awards (in Kms) EPC BOT-Toll HAM TOT ▪ NHAI plans to monetize about 1,500 Kms of operational highways via the TOT Model. ▪ This offers private capital a major opportunity to invest in infrastructure growth. ▪ These assets ( which includes 95% of EPC/HAM road projects) were previously on NHAI's balance sheet. ▪ This shift to private investment frees up NHAI resources for new projects and network expansion. ▪ India has ~146,560 km of completed National Highways, including ~43,512 km of 4-lane and above corridors. ▪ PPP revival in the highway sector is being driven by a renewed focus on large, capital-intensive BOT projects. ▪ MoRTH has monetised a cumulative Rs1,52,028 crore through multiple asset-monetisation modes till Nov 2025 and targets raising Rs 30,000 crore in FY 2025–26. ▪ MoRTH, in accordance with the FY25-26 Budget, has earmarked 13,400 km of projects valued at Rs 8.3 lakh crore for PPP development over the coming three years. ▪ NHAI plans to develop about 1,554 km of National Highways on BOT with an estimated capital outlay of approximately Rs. 43,940 crore in FY 2025–26 (as per current pipeline)
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35 New Opportunities – TOT Projects Sr. No. Project State Length (kms) 1 Muzzafarpur- Darbanga- Asanpur Bihar 144 2 Purnea-Dalkhola-Raiganj section of NH-27 & 12 Bihar & West Bengal 91 3 Chennai Outer Ring Road (CORR) Tamil Nadu 60 4 Asanpur- Forbesganj- Purnea Bihar 139 5 Bilaspur to Pathrapalli Chhattisgarh 53 6 6L of Gurgaon Sohna Pkg-II from existing Km 11.682 to existing Km 24.40 Haryana 86 7 Pipli Bhavnagar-Package 1 from km 136.025 to km 169.328 Gujarat 33 8 Balance work of Ranchi-Mahulia Section of NH-33 from Km 217.300 (Chowka) to Km 233.350 (Saharbeda) (pkg-Ill) Jharkhand 16 9 Balance work of Ranchi-Mahulia Section of NH-33 from Km 233.350 (Saharbeda) to Km 277.568 (Mahulia) (Package -IV) Jharkhand 44 10 Gorhar - Barwa Adda Jharkhand 79 11 Ranchi-Rargaon Section Jharkhand 77
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36 New Opportunities – TOT Projects Sr. No. Project State Length (kms) 12 Gabbur – Devgiri Karnataka 64 13 Kalamassery-lCTT Vallarpadam (Kerala) Kerala 17 14 4l of Chikhli - Tarsod section of NH-6 from km 360.00 - km 422.700 Maharashtra 65 15 Aurangabad - Karodi km 290.00 - km 320.104 of NH 211(New NH 52) Maharashtra 30 16 Four Laning of Sangli - Solapur (Pkg I) [Sangli - Boragaon km 182.556 - km 224.00] Maharashtra 41 17 Karodi-Telwadi Maharashtra 56 18 Wardha - Butibori (Maharashtra) Maharashtra 59 19 Sunakhala - Bhubaneshwar Odisha 77 20 Hyderabad Yadgiri/Warangal Telangana 65 21 Mancherial - Repellewada Telangana 23 22 Aligarh-Kanpur (Pkg II) [Bhadawas to Kalyanpur] Uttar Pradesh 45 23 Four Laning of Sultanpur to Varanasi (PKG-II) [from Jaunpur (Km 209.230) to Varanasi (Km 272.590)] Uttar Pradesh 63 24 Varanasi (Km 12.01) to Birnon (Km 84.160) [Varanasi - Gorakhpur] (PKG-II) Uttar Pradesh 72 25 Balance Work for Raiganj Dalkola section from km 398.00 to km 452.700 (excl. Dalkola Bypass) West Bengal 54 26 Salsabari-Assam/West Bengal Border(WB) West Bengal 27 1,580
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Private & Confidential Appendix
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Length: 1,911 LKM Cost: INR 140 bn Raised INR 40bn from GIC (49%) in private InvIT Key Milestones 38 Moving Up the Project Complexity Value Chain, Successfully Raising Funds at Crucial Junctures Length: 1,396 LKM Cost: INR 108bn Note: Timeline based on calendar years. Length: 1,234 LKM Cost: INR 11bn IRB Infrastructure Developers Limited incorporated 1998 2004 2008 2016 2017 2018 2020 2021 Mumbai Pune project 1.0 Length: 1,014 LKM Cost: INR 13bn Successful launch of IRB Infrastructure Developers Limited IPO Raised INR 9.45bn through IPO Six laning of Kishangarh – Udaipur – Ahmedabad section of NH8 / 79 / 79A (3 Pkgs) Length: 1,972 LKM Cost: INR 47bn India’s 1st public InvIT Raised INR 50bn New BOT projects and foray into HAM projects Length: 1,168 LKM Cost: INR 90bn Private InvIT, Mumbai Pune 2.0 (TOT), Vadodra Mumbai Expressway (HAM) Equity investment from GIC and Cintra Palsit Dankuni (BOT), Pathankot Mandi (HAM), Chittoor Thachur (HAM), pkg 1 of Ganga Expressway (BOT) Pvt. InvIT Raised INR 53bn from GIC and Cintra 2023 Length: 545 LKM Cost: INR 21 bn 1st Private InvIT in India listed on NSE Nehru Outer Ring Road in Hyderabad . 158 Km TOT project Lalitpur Lakhnadon TOT – 12 Gwalior Jhansi & Kota Bypass TOT -13 2024 Length: 2969 LKM Cost: INR 155 bn Six laning of Samakhiyal i Santalpur Section of NH-27 on BOT basis 2026 B.E.S.T. Strategy Implemented 3 SPVs transferred from Private InvIT to Public InvIT having enterprise value of ~INR 84 bn unlocking equity value of ~INR 49 bn for private InvIT Kaithal Tollway Limited Kishangarh Gulabpura Tollway Limited IRB Hapur Moradabad Tollway Limited VM7 Expressway transferred from IRB to Public InvIT having enterprise value of ~INR 12 bn unlocking equity value of ~INR 5 bn for IRB Lucknow – Ayodhya – Gorakhapur TOT-17 Chandikhole – Bhadark -TOT – 18
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Share Price Performance 3939Source: Sensex, BSE (Market data as of 31-Jan-2026) Date May-22 Oct-22 May 23 Oct-23 May-24 Oct-24 May-25 Oct-25 Share price (FV of Rs.1/- each) 21.89 20.91 28.55 32.69 68.41 56.45 48.96 43.04 Target price (FV of Rs.1/- each) 28.70 32.45 37.00 45.00 74.38 73.43 69.13 68.43 Analyst recommendation Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 IRB SensexIRB share price (rebased to 100) 92% 43% DEC 2021: Cintra & GIC close IRB transaction DEC 2021: IRB is awarded Ganga Expressway MAY 2022: Announced FY22 results OCT 2022: Sale of VK1 HAM asset and achieved Appointed date for Ganga Expressway FEB 2023: Awarded new BOT project APR 2023: Awarded New TOT project AUG 2023: Achieved Appointed date for ORR project DEC 2023: Achieved Appointed date for SS BOT Project and awarded new TOT 13 project OCT 2023: Awarded New TOT 12 project Mar 2024: Achieved Appointed date for TOT-12 and TOT-13 project Jan 25 : Ganga Expressway project transferred to Pvt InvIT Nov 25 : • Hapur Moradabad BOT, Kaithal BOTand Kishangarh Gulabpura BOT projects tranferred from Pvt. InvIt to Public InvIT • Awrded TOT-17 Project DEC 2025: V7 Expressway HAM proejct transferred to IRB invIT Fund Awarded TOT-18 project
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This phase has construction risk, accordingly cost of debt and discounting rate for free cash flow is higher 0 to 3 Years Approach adopted by analysts for valuation of Integrated Developer Model 40 Particulars Methodology Value of concession Business DCF of FCFE over concession life Value of Construction Business PE Multiple or EV/EBIDTA Value of Non core assets (Land bank and airport) Multiple on Investment Total Value of Business Sum of above Construction Phase Post the construction phase, the project starts generating revenue and as risk is reduced – the credit rating improves reflecting in lower cost of debt as well as equity (improvement of approx. 200 bps to 300 bps over this phase). This leads to a big jump in the valuation of concessions. From 4 to 11 Years Stabilization Phase Entering into this phase, the project has 7 to 8 years of operational history, revenue is stabilized and thus risk has reduced meaningfully. As we roll into subsequent years, a further value expansion occurs which keeps on improving till 18th or 19th year. From 11 to end of Concession Matured Concession Phase The three phases of a typical BOT Concession of 25 years
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Value evolution for a typical BOT Concession over its life cycle 41
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Gross Toll Revenue – Wholly Owned Concessions 42 Amount in INR mn ** MUMBAI - PUNE Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 2,373 3,606 4,238 4,382 4,577 4.4% Sept 3,055 3,347 4,105 4,141 4,309 4.1% Dec 3,462 3,687 4,405 4,524 4,794 6.0% Mar 3,342 3,605 4,365 4,497 Total 12,232 14,245 17,113 17,545 13,680 AHMEDABAD VADODARA Quarter 2021-22* 2022-23 2023-24 2024-25 2025-26 % Variance Jun 1,086 1,572 1,725 1,844 1,969 6.8% Sept 1,297 1,463 1,648 1,743 2,040 17.0% Dec 1,441 1,712 1,835 2,041 2,352 15.2% Mar 1,431 1,706 1,902 1,993 Total 5,254 6,452 7,110 7,621 6,361
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Gross Toll Revenue– IRB Private InvIT 43 Amount in INR mn ^Revenue impacted due to temporary shifting of MAV vehicles to alternate route due to Court orders Agra Etawah Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 419 550 588 615 669 8.7% Sept 454 510 559 577 648 12.4% Dec 526 576 639 668 756 13.1% Mar 497 563 612 686 Total 1,896 2,199 2,398 2,547 2,073 Udaipur - Shamlaji Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 334 638 705 801 822 2.6% Sept 536 590 697 736 789 7.2% Dec 563 639 752 798 862 8.1% Mar 570 662 771 817 Total 2,003 2,529 2,925 3,152 2,473 Gulabpura Chittorgarh Quarter 2021-22* 2022-23 2023-24 2024-25 2025-26 % Variance Jun 329 822 931 922 991 7.4% Sept 526 842 906 898 1,019 13.4% Dec 680 871 909 962 1,062 10.4% Mar 741 912 934 980 Total 2,276 3,446 3,680 3,763 3,072 Yedeshi Aurangabad Quarter 2021-22* 2022-23 2023-24^ 2024-25^ 2025-26 % Variance Jun 346 574 713 539 636 17.9% Sept 382 600 628 611 648 6.1% Dec 395 692 599 620 793 27.8% Mar 489 691 584 617 Total 1,613 2,555 2,524 2,388 2,077
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Gross Toll Revenue– IRB Private InvIT 44 Amount in INR mn Received completion certificate effective from July 14, 2025 Project commenced wef December 28, 2023^Revenue impacted due to temporary shifting of MAV vehicles to alternate route due to Court orders Samakhiyali Santalpur Quarter 2023-24 2024-25 2025-26 % Variance Jun - 355 364 2.5% Sept - 310 336 8.5% Dec 16 377 409 8.5% Mar 360 369 Total 376 1,411 1,109 Palsit Dankuni Quarter 2022-23 2023-24 2024-25 2025-26 % Variance Jun 545 469 422 472 11.7% Sept 498 396 382 618 62.0% Dec 498 417 414 717 73.4% Mar 522 461 482 Total 2,062 1,743 1,700 1,807 Karwar Kundapura Quarter 2021-22 2022-23 2023-24 2024-25 2025-26 % Variance Jun 156 298 349 346 365 5.4% Sept 197 262 292 280 335 19.7% Dec 250 326 344 370 404 9.3% Mar 249 322 343 350 Total 852 1,208 1,328 1,346 1,104 Solapur Yedeshi Quarter 2021-22 2022-23 2023-24^ 2024-25^ 2025-26 % Variance Jun 167 308 367 285 348 22.2% Sept 194 295 308 302 336 11.4% Dec 220 343 300 317 409 28.9% Mar 259 348 299 326 Total 840 1,295 1,273 1,230 1,093
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45 Gross Toll Revenue– IRB Private InvIT Project commenced wef August 12, 2023 Projects commenced wef April 1, 2024Project commenced wef April 1, 2024 Amount in INR mn Jhansi -Gwalior - kota (TOT 13) Quarter 2024-25 2025-26 % Variance Jun 459 502 9.2% Sept 491 520 5.9% Dec 535 522 -2.5% Mar 496 Total 1,982 1,544 Lalitpur - Lakhnadon - (TOT -12) Quarter 2024-25 2025-26 % Variance Jun 1,015 1,074 5.7% Sept 1,033 1,079 4.4% Dec 1,055 1,134 7.5% Mar 1,044 Total 4,148 3,286 Hyderabad ORR Quarter 2023-24 2024-25 2025-26 % Variance Jun - 1,860 2,116 13.8% Sept 945 1,927 2,150 11.6% Dec 1,773 2,043 2,302 12.7% Mar 1,813 2,026 Total 4,530 7,856 6,569
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Current Ratings for Long Term Credit Facilities IND AA- Crisil AA- IRB Infrastructure Developers Limited CARE AA- Modern Road Makers Private Limited IND AA IRB MP Expressway Private Limited IND A Chittoor Thachur Highway Pvt. Limited CARE AA- VM 7 Expressway Private Limited IND BBB IRB Ahmedabad Vadodara Super Express Tollway Pvt. Limited CARE A- Pathankot Mandi Highway Pvt Limited Crisil AAA 1 IRB Infrastructure Trust 46
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Recognition 47 “Continued to be Water Positive : A Commitment to Sustainable Water Management“ • Earned Water Positive Certification • With 2.28 water credit-to-debit ratio achieved. Received “Sustainability Leader of the Year” award at the UBS Forum 2025!
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Disclaimer Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as ‘will’, ‘aim’, ‘will likely result’, ‘would’, ‘believe’, ‘may’, ‘expect’, ‘will continue’, ‘anticipate’, estimate’, ‘intend’, ‘plan’, ‘contemplate’, ‘seek to’, ‘future’, ‘objective’, ‘goal’, ‘likely’, ‘project’, ‘on-course’, ‘should’, ‘potential’, ‘pipeline’, ‘guidance’, ‘will pursue’ ‘trend line’ and similar expressions or variations of such expressions may constitute ‘forward-looking statements’. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include but are not limited to the IRB Infrastructure Developers Limited’s ability to successfully implement its strategy, its growth and expansion plans, obtain regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, exposure to market risks as well as other risks. In addition, the consummation of the transactions described herein is subject to various conditions precedent. IRB Infrastructure Developers Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. These materials are not a prospectus, a statement in lieu of a prospectus, an offering circular, an invitation or an advertisement or an offer document under the Indian Companies Act, 2013 together with the rules and regulations made thereunder, the Securities and Exchange Board of India (Issue of Capitan and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India. 48
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49 THANK YOU For Further Information, Kindly Contact : Investor relations : Investors.relations@irb.co.in
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50 Notes