Good morning, ladies and gentlemen. Welcome to the IRB Infrastructure Developers Conference Call for discussing the financial results for the quarter ended December 31st, 2025. Along with recent developments, we have with us on call today Mr. Virendra Mhaiskar, Mr. S.S. Rana, Mr. Anil Yadav, Mr. Mehul Patel, Ms. Poonam Nishal, and Mr. Tushar Kawedia. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note, the duration of this call will be 45 minutes, and any queries left unanswered after the call can be subsequently mailed to the management for adequate response and resolution. Please note that this conference is being recorded. I now request Mr. Yadav to give you an overview of the significant developments during this quarter. Thank you, and over to you, sir. Thank you. Good morning, and warm welcome to all the investor and analysts joining us on earnings call to discuss the results for Q3 of financial year 2025 today. I trust you have had an opportunity to review our detailed financial results and the company investor presentation. Let me briefly walk you through the key development during the quarter. IRB InvIT has received a letter of award for TOT 18 from NHAI for an upfront consideration of INR 3,087 crores. This is in the state of Odisha. The SPV has entered a concession agreement with the NHAI. With this win, IRB market share in TOT segment has increased to almost 44%. This marks our second consecutive TOT win within a span of 1 1/2 months and registered our presence in new Indian state on east coast of India, and another testament to our competitive strength and disciplined bidding strategy. During the quarter, we have successfully concluded transfer of VM 7 HAM asset, receiving INR 550 crore towards the equity investment. With this transfer, our consolidated debt will reduce approximately by INR 700 crore, further strengthening our liquidity profile and credit rating ratio. This has been eventful and transformative year for IRB. We have successfully executed our BEST, that is build, execute, stabilize, and transfer strategy, monetizing matured assets through our Public InvIT. We have monetized assets worth of INR 8,400 crores, unlocking equity of INR 4,900 crores, and added a project worth INR 14,000 crores in terms of TOT 17 and 18. As a result, our asset base has expanded from INR 80,000 crores to INR 94,000. We remain on track to scale our asset base to INR 1,40,000 crores over next three years. The capital unlock through monetization has been redeployed into higher return growth opportunities. In line with our philosophy of sharing value creation with the shareholder, the board has approved a 1:1 bonus issue, fostering shareholder participation in company's prosperous future trajectory. Additionally, the board has also approved third interim dividend of 7% for Q3 of FY 2026, which brings the total dividend for first nine months to 21%. On operational front, our private InvIT has reported a total collection of INR 10.17 crores per quarter as at December 2025, compared to INR 8.87 crores in the same quarter last year, reflecting a growth of 15%, driven by the healthy traffic momentum. The combined private InvIT plus IRB portfolio achieved quarterly collection of INR 17.94 crores, up from INR 16.01 crores, representing 12% growth on a year-on-year basis. In terms of distribution, private InvIT has declared a distribution of INR 50 crores, contributing proportionately to IRB's cash flow based on our shareholding of 51%. Public InvIT has declared a distribution of approximately INR 190 crores for Q3 FY 2026. Based on our 17% holding, IRB is expected to receive approximately INR 32 crores. Our order book now stands at INR 37,300 crore, including an EPC order book of INR 1,600 crore. Finally, I would like to briefly touch upon ongoing transition of IRB, which we have detailed out in our presentation. Over past few years, IRB has structurally evolved as a hybrid... from a hybrid developer to sponsor-led asset manager with O&M-driven platform, resulting in a stronger balance sheet and improved capital efficiency and enhanced cash ROE profile. We believe this transformation positions us well for the sustainable growth and long-term wealth creation for the shareholder. We have detailed out our vision in 2020-30 also in our presentation, where we have talked about that IRB on consolidated debt to... net consolidated debt to equity, net debt will be zero, and Cash ROE will be increasing to 14%-15%, and, we expect around 30% growth, CAGR growth in the profit, till 2020-2030. With that, I conclude my opening remarks, and I request Tushar to cover the financial highlights for Q3 FY 2026. Over to you, Tushar. Thank you, sir. Now I'll take you through the Q3 FY 2026 versus Q3 FY 2025 numbers. The total consolidated income for Q3 FY 2026 has decreased to INR 1,912 crore from INR 2,090 crore, a decline of 9%. The income from InvIT and related asset segment for Q3 FY 2026 have increased to INR 381 crore from INR 245 crore, registering a growth of 56%. The income from BOT segment have increased to INR 707 crore from INR 648 crore, registering a growth of 9%. The income from construction segment have decreased to INR 783 crore from INR 1,133 crore, down by 31%, mainly on account of completion of the projects like the Palsit Dankuni, Ganga, and VM 7 in the last three quarters. The other income for Q3 FY 2026 have decreased to INR 41 crore from INR 65 crore. The EBITDA for Q3 FY 2026 has increased to INR 1,063 crore from 1,049 crore, up by 1%. Interest cost decreased to INR 436 crore from 461 crore, a decrease of 5%, mainly led by the reduction in the interest rate in the SPVs. Depreciation for the quarter is at 289 crore as against 265 crore, an increase of 9%. PBT has increased to INR 338 crore as against INR 323 crore, an increase of 5%. PAT has increased to INR 253 crore from INR 222 crore, an increase of 14%. Now, I request moderator to open the session for question and answer. Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Alok Deora from Motilal Oswal. Please go ahead. Sir, good morning. Just had few questions. First is on this TOT 19 and some of the other TOT packages which were up for bidding. Any update on that? And we were expecting to win, I think, couple of more projects before the year end. So any movement there, or by when do we expect to win those projects? Yes, so we remain optimistic about the upcoming TOTs. There are three or four more TOTs to come. As regards TOT 19 is concerned, we have decided not to bid on it, so we have not submitted our bid in that regard. There is a specific reason for it. The reason is that NHAI has stated that they will be making MLFF, that is Multi-Lane Free Flow, compulsory for this project, and the project size is not a very big one, it's a small size project. So we have decided to pause for the time being and see what kind of response NHAI is able to offer making MLFF compulsory, because the concern here is that MLFF has not been introduced anywhere in the country yet. Few pilots are in the making, and without getting the pilot project tested, straight away, introducing it on a TOT project, to our mind, was a little risky proposition, hence we have decided to pause and wait, and see how people respond to it. Sure. But, in the other TOTs, which will be upcoming beyond 19, beyond TOT 19, there also this clause would be there, or it's just a one-off in this for now? I mean, we are not anti-technology. We are very much for MLFF. Mm-hmm. The problem is that we want the MLFF to get tested. What is the mechanism to recover the vehicles who are not having enough balance or who don't have a FASTag, FASTag in on their windshield? These are some critical issues which need to be addressed. Our IT team is in touch with IHMCL and for a live conversation is on. So, before the next bids come up, I am sure there will be a couple of pilots which would have started. There will be some more clarity that would come along, and that would make things easy to participate in those projects going forward. Got it. Just one- So as of now, we... Yeah, yeah, please go ahead. Yeah. We thought that, let's wait and see how people are willing to factor the risk premium into this kind of proposition. That is the reason why we have decided to pause and see how it shapes up. Otherwise, the strategic thought process of participating in the monetization trail remains intact. Got it. So as of now, we have not bid for any, there are no pending TOTs, which we are waiting to, you know, the tenders to open? No, nothing at the moment. There are a few bids happening this month, so that we'll see how they shape up, but no TOT pending at the moment. Sure. Sir, any movement in the BOT toll and HAM projects since we are already in mid-Feb now? I mean, the whole industry is waiting for these last couple of months to get some orders and you know get some order inflows, basically. So any active tenders you have seen coming, floating and you know which we have also bid for, and we could see some traction there? As far as the EPC and HAM is concerned, you know my views on them, so- Right. I will not repeat that. But, the, I mean, the, what do we say? Toll. Yeah. Yeah. Ferocious bidding on HAM continues with around 24 players submitting bids for each of them. So you can imagine- Right. what kind of the competition we'll meet with. So lesser the- Anything on BOT toll, sir? Anything on BOT toll now, of late? BOT, there are one or two projects in the pipeline which we are studying, and in case if they make commercial sense, we may go for it. Sure. So, sir, just to sum it up, as of now, it's very unlikely that we would kind of win any new projects in this financial year, because TOT, even if you were to submit a bid now, it won't open in time. No. So I would sum it this way, that there are three more TOTs which definitely are likely to get financially bid out in this financial year, where we are very much going to go ahead and bid. Got it, sir. Got it. That's all from my side, sir. Thank you, and all the best, sir. The visibility for March is 3 more, 3-4 more TOTs that may come up for bid. Got it. Got it. We'll bid for those. Sure, sir. Sure, sir. All the best, sir. Thank you. Thank you. Participants who wish to ask a question may press star and one on their touchtone telephone. The next question is from the line of Nitesh from J.P. Morgan Asset Management. Please go ahead. Hi, sir. Thank you very much for the presentation and quarterly update. Can you first give me some kind of visibility on the EPC revenue and profitability in forward basis? Because if you see over the last two quarters, the revenue and EBITDA from the EPC projects have come down quite a bit for this year. Can you give us some kind of visibility on a looking forward basis, how it might look like? Thank you. So I think, in terms of EPC, what we have already guided from the market is less, that, we have almost INR 35,000 crore kind of O&M order book, and which will be executed for over the period of 10-12 years. And, in terms of that will be steady state of, kind of revenue, which will be a kind of annuity kind of model, and it will be growing on a year-on-year basis, and that has a healthy margin. So that is our clear visibility in terms of, our, EPC or composite management, services is concerned. In terms of the new bidding, I think we will be very selective, and we are focusing largely on a TOT, which typically has some transition effect, and thereafter the, you know, O&M, which provides a 50- to 50-year kind of visibility. Going forward, also, our focus will be more on the asset business than the bidding space business. We are not bidding for the EPC and HAM, as sir has rightly explained that there are more than two dozen companies participating for HAM, and even some of the EPCs are getting bidded out 45%-50% below the NHAI. So anyway, we are not concentrating on that segment. We will be focusing. First focus will be a TOT and followed by the selective business on a BOT or viable BOT models. I think you will appreciate this fact that when we say a TOT or a monetization asset, it has a chunky O&M that comes along, and that is a good EBITDA margin business, which we believe is a better way to build the order book, because as you keep building the order book with more of O&M coming your way, your margins are much better, and the visibility of that order book is for 20, 25 years. So you're not on a treadmill to continuously run to replenish your order book. We are structurally building the order book for a medium to long-term kind of nature, which we believe will actually help the company build a very solid pipeline. Just to add, on the basis of our existing project, we have guided that even the company will become a net debt zero by 2030. In terms of the profitability, there will be, we expect around 25% CAGR in profitability. Cash ROE from 6-8% will grow to 14-15% by 2030. Thank you, sir. The second question I have is, can you just take us through, you know, the cash flows at IRB level, you know, from distributions of private public InvIT, as well as the TOT and HAM projects at IRB? Yeah. So, the present cash in bank balance, you can say, is around INR 25 billion. And from a distribution, what we generally are getting from the Public and Private InvIT i nvestments. So this quarter, the distribution was close to INR 60 billion, and this is going to grow because more of the projects will become operational from the coming quarters. So, with TOT 17 and 18, which will also contribute to the distribution from next quarter onwards, this cash flow distribution is going to increase for us from next year. I think what Tushar was explaining, the distribution, what was contributed by both the InvIT was around INR 60 crore, not INR 60 billion. 60 crore, sorry, INR 60 crore for the quarter. From the Mumbai-Pune Expressway and the Bhadrak, those BOT-TOT projects. So do you get any cash flows from the asset side, IRB, or do they mostly are used to better those entities? Yeah. So if you look at the broad cash flow, I think, if you talk about the project management services, which is nothing but your O&M, I think O&M on consistent basis, there will be a INR 7-8 billion EBITDA, which will be coming from the O&M. There, we are not expecting any new business. And Mumbai, Pune, gradually, distributing around INR 4-5 million kind of, distribution. And going forward, around, INR 4-5 billion kind of distribution we are expecting from the Private InvIT. And Public InVIT will, remain around, close to INR 1.5 billion kind of distribution, which will be coming, from the, Public InVIT. So this entire cash flow, cash flow will be available for IRB. Going forward, IRB is not required to put any additional equity in the new project. As the management is contemplating multiple churn of the asset, out of that churn of the asset, the equity for the new project will be created. As we have transferred three assets, we realized INR 49 billion kind of equity, and the asset side, which we transferred, was around INR 84 billion, and the asset which we have added was around INR 140 billion. After this addition, we have even transferred VM 7 and other, where we realized around INR 5 billion of cash on account of equity. I think going forward, the cash generation will be consistently building on the backdrop of increase in private addition of the asset, but there will not be any outflow in terms of equity from the, list for company perspective. Right, sir. That's clear. That's it for me. Thank you. Thank you. Thank you very much. Participants that wish to ask a question may press star and one on the touchtone telephone. The next question is from the line of Aditya Sahu from HDFC Securities. Please go ahead. Hi, sir. I hope I'm audible. Yes. Sure, sir. Thank you so much for the opportunity. I just had one or two questions. This was on the bid pipeline. So, you know, as you've mentioned, that you're looking at three more TOTs to come up for the bidding in this financial year, right, till March. So what would be the value of those TOTs, the that are coming up? And any more TOTs in the future, like, if I were to understand from a value standpoint? As you know, usually NHAI does not disclose the IECV of the TOTs when they bid out for projects. Right. But, going by the data available in terms of the daily toll revenue and, corresponding, data points that we have, these projects together, the three of the projects should somewhere, augment around INR 10,000 crore-INR 12,000 crore. Okay. Okay, okay. That, that's the potential we believe these projects would have. Understood, sir. And on the BOT, because I understand that I think last time we were sort of expecting roughly INR 30,000 crore in BOT, like, that INR 300 billion was the we were expecting, but I think that is not happening because of the separate bidding over here. Is there any expectation on the BOT or the overall bid pipeline, if I were to put it that way, would stand close to INR 10,000-INR 12,000 crore only? Yeah. So just to give you a perspective, we are not looking at BOT alone. The idea is to deploy patient capital to create value over a period of time. So we are, we are not trying to distinguish between BOT or TOT. Whether it is build, operate, transfer, or toll, operate, transfer, it really doesn't make much difference to us. The idea is what will create more long-term value. So if we see the visibility coming more on the monetization side, we will deploy the capital more on the TOT side. If we see there is a viable proposition on the BOT side, we will definitely go in for that as well. So while, as you said, we were looking at around INR 10,000-INR 12,000 crore of projects, Right -because the BOT did not materialize in terms of viability proposition, we saw the TOT opportunity was very good, and we, in fact, ended up winning INR 14,000 crore of projects in the last three months, but they were on the TOT side. Right. So we have grown, we have substantially created value, but more on the TOT side and which has much, much lesser risk metrics, to my mind. Understood, sir. If I were to put a number on the overall bid pipeline, which would comprise of the TOTs and the BOTs and then other, and all the other revenue in this thing, what would that be, rough, this thing would be helpful? If I just speak for monetization, the government official documents talk about around INR 300,000 crore of total toll road monetization. Of that, certain amount will go towards their own NHAI anyway. But on a very conservative manner also, if I look at around INR 30,000 crore-INR 50,000 crore, is the annual opportunity that monetization is about to bring up. This is an annual opportunity for next 4 years. That, to my mind, is a significant one. You have also seen the policy statement from the government, where they are trying to pivot towards more viable BOT options. So we are studying those as well. But there I am not able to put a number, because they, they are now approving projects on a project-to-project basis, after having new studies and cabinet approvals and things like that. On a policy front, I think this is the kind of visibility that they have talked about. A detailed slide in our presentation will give you more flavor on what kind of opportunity visibility exists. Understood, sir. So that should form. That should ideally be the bid pipeline for you, the annual what you are targeting as a whole. For the kind of appetite IRB has in terms of growth for the next foreseeable future, I think there is significant amount of opportunity available to deploy the growth capital. Understood, sir. Understood. And the—I think we had mentioned earlier the O&M margins, we are guiding at 20%-23%. So that continues to be in place for the financial year? I will tell you a little more granular understanding. If you look at the BOT/TOT business, that has an EBITDA margin of around 85%. And if you look at the EPC on the construction O&M business, you will see around 18%-20% kind of margin profile for that business. That's how I'll sum it up. Okay. Okay. Understood, sir. Understood. Thank you a lot for the opportunity. Thank you, sir. Thank you. Participants who wish to ask a question may press star and one on the touchtone telephone. The next question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yeah, good afternoon, and sir, thanks for the opportunity. My one, I have one question on the industry side. What kind of changes are being discussed in the new BOT concession agreement? Are you guys looking, suggesting some, suggesting or looking for any major changes? I think this is an ongoing reform, and with every passing project, we see some more visibility coming into it. Now, from a developer perspective, from a lender perspective, from a client perspective, everyone would have a different take on the reforms that are being talked about. But having been a pioneer in the sector and being in BOTs for more than 30 years, I think every change is a step in the positive direction. So not wanting to elaborate into any specific provision, whether it is good, bad, or decisive, but I think the ultimate objective is whether the project will make a reasonable return commensurate with the risk attached. I think that remains the focal point, how one decides whether he wants to commit capital for it or not. Was there something specific which is holding up the new BOT, new BOT bids? Okay, so to give you a little more granular understanding, the low-hanging fruit, as I would talk about, like, say, a two to four lane project or a four to six laning project, not many remain to be bid out now, because India has already grown past that phase of growth. Today, the BOTs that we come across are more exotic in nature, more complex in nature, and the tolling structure on these projects is also complex, because if, as you know, if the project is structure heavy, then the toll tariff, depending on the project or cost of that structure, is 5 x that structure cost and things like that. There are complex issues as to whether the traffic will use the structure or whether we want to go below the structure. What happens to the toll tariff for people who are not using the structure, whether they should be allowed to pay lesser toll? And all these things create a significant overhang on the viability of the project. So, that's the reason why I have said this, that viability of the project, commensurate with the risk attached, is the key thing that one would look at going forward while bidding for BOT. It is no longer a straightforward brownfield opportunity where you can assess the risks and bid more comfortably. These are complex projects. And unless you have a very good handle on the risks attached, it is, I mean, advisable to be prudent and what we can say, study the risks properly before committing capital. Understood. Understood. Thank you, sir. That's very helpful. My second question is, sir, you spoke about the multi-lane flow, I think MLFF. Is it being implemented also for new BOTs, or it's only for the TOTs? And, yeah. If you see, the endeavor of the government is to bring into play MLFF across. It is an ongoing transition, like what we saw in FASTag. People had a taboo about FASTag also. FASTag today is the way forward. I mean, today, 97-- we are very proudly, we keep saying that 97%-98% of our revenue comes from FASTag. So I am not having any reservations about MLFF. It is a technology which exists in other parts of world. It has its challenges. We need to address those. We need a credible, probably a settler, who can take the intermediate risk. And if we structure it right, it is a technology which can be brought in, in a very aggressive manner in India as well. I think on TOT 19, sir has also explained that was not the only reason why we have not bid it. One was the size was low, and secondly, the asset was operational under BOT, and BOT concession was over, and post that, from last three to four years, The NHAI is already collecting tolls. It's a dated asset. There was, we believe that there was some maintenance issue as well. So I think, considering other issues, we have decided not to bid for the TOT 19, not only the MLFF. Understood. Understood. This is helpful. Thank you. Thank you. Thank you very much. As there are no further questions from the participant, I now hand the conference over to the management for the closing comments. Thank you everyone for taking your time out for this quarterly call, and look forward to connect with you again for the next one. Have a great day and great week ahead. Thank you. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. We thank you for your participation and for using Research Bytes conferencing services. You may please disconnect your lines now. Thank you, and have a great day ahead.