Good morning, ladies and gentlemen. Welcome to IRB Infrastructure Developers conference call for discussing the financial results for the quarter and year ended March 31, 2026, along with recent developments. We have with us on this call today, Mr. Virendra D. Mhaiskar, Mr. Amitabh Murarka, Mr. Satinder Singh Rana, Mr. Anil Yadav, Mr. Tushar Kawedia, Ms. Poonam Nishal, and Mr. Mehul Patel. As a reminder, all participant lines should be in the listen only mode. After the opening remarks by the management, there will be a question and answer session. Please note that the duration of the 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 the quarter. Thank you, and over to you, sir. Thank you. Good morning. Warm welcome to all the investors and analysts joining us for our earning call to discuss the result for Q4 FY 2025, 2026. I trust you have had an opportunity to review our detailed financial result and the accompanying investor presentation. Let me briefly walk you through the key development during the quarter. The quarter has been particularly significant for us, marked by financial closures, commencement of tolling operation, and continued growth in the toll across our portfolio. These development are further strengthen our platform strategy and enhance long-term cash flow visibility. Let me begin with the key business update. We have started toll collection on TOT 18 from April 1, 2026. We have already published the number for FY 2026. Toll collection on this project is better than anticipated. The toll collection for Delhi-Meerut 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 2026, this has been an eventful 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. Asset worth approximately INR 8,400 crore were monetized, unlocking equity about INR 4,900 crore. We have added a project worth of INR 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 INR 80,000 crore to INR 94,000 crore. We remain on track to scale our asset base to approximately INR 1.4 trillion over next three years. We have also transferred one HAM asset from IRB to public and realized an equity in excess of INR 500 crore. The capital unlocked through monetization has been redeployed into higher return growth opportunity. On operational front, our private InvIT has reported an average daily toll collection of INR 11.79 crore per day for the quarter for March quarter 2026 as compared to INR 9.1 crore corresponding quarter of the last year. Reflecting a growth of around 30%, driven by the 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 INR 19.8 crore compared to INR 16.31 crore in the previous year, representing 21% growth on year-on-year basis. Moving to our distribution, private InvIT has declared a distribution of INR 199 crore for Q4 of FY 2026. IRB 51% share translates around INR 101 crore, which contribute meaningful to the company's cash flow and strengthen our overall financial flexibility. Similarly, public InvIT declared a distribution of INR 205 crore for Q4 of FY 2026. Based on IRB's effective holding approximately 70%, the company is expected to receive nearly INR 34 crore as its share of distribution. For Q4 of FY 2026, the company has also declared an interim dividend of INR 60 crore, taking the total dividend of INR 187 crore for FY 2026. Our total current order book now stands at around INR 45,000 crore, including a EPC order book of around INR 2,100 crore and next one year executable order book is around INR 3,300 crore. Overall, we remain optimistic on 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 strong execution capability positions us and sustainable long-term growth. Now, with this, I conclude my opening remarks. I will request say Tushar to cover the financial analysis for Q4 of FY 2026. Over to you. Thank you, sir. Now I'll take you to the financial analysis of Q4 FY 2026 versus Q4 FY 2025. The total consolidated income for Q4 FY 2026 stood at INR 1,977 crore as against INR 2,208 crore, a decline of 11%. The income from InvIT and related assets segment stood at INR 401 crore as against INR 307 crore, a growth of 31%. The income for BOT segment for Q4 FY 2026 have increased to INR 712 crore as against INR 641 crore, a growth of 11%. The income from Construction segment for Q4 FY 2026 was at INR 815 crore as against INR 1,202 crore, down by 32%. The other income for Q4 FY 2026 have decreased to INR 50 crore as against INR 69 crore, down by 27%. EBITDA for Q4 FY 2026 was at INR 1,133 crore as against INR 1,066 crore, registering a growth of 6%. Interest cost decreased to INR 406 crore from INR 458 crore, a decrease of 11%. De preciation cost increased to INR 321 crore as against INR 286 crore, an increase of 12%. PBT has increased to INR 406 crore as against INR 323 crore, up by 26%. PAT was at INR 296 crore as against INR 215 crore, up by 38%. Now I request moderator to open the session for question- and- answer. Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on your 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 comes from the line of Alok Deora with Motilal Oswal. Please go ahead. Hi, good morning. Just had a couple of questions. First is on the TOT which you are looking to bid. Any traction there and have you 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. I mean, those projects were not up for bidding. What is 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 three, four months down the line, and 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 two, three 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 you 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, but 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 whilst 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 additions that we have decided for ourselves for next three, four years and that is the area where we remain focused. Alok, we have also provided the list which is available from the NHAI side. Almost 1,400 km of TOT, total capital outlay of almost INR 34,500 crore for FY 2026 which is there some pipeline available on the NHAI website. This you are talking about TOT, right? TOT. This is BOT. 2027. Yeah. FY. 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 INR 2 lakh crore projects will be kind of coming up, but we have hardly seen any traction there. That's why. 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. 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. We will be unleashing the asset rotation strategy to grow our portfolio, and that will remain our forte. Yes, we will selectively bid on BOTs wherever we see value. 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 last couple of small questions. In your presentation, there is a slide on TOT new opportunity of around 1,800 km. Yes. These would be given out as separate projects, or these would be bundled also in some cases? You are right. These are likely to be bundled together. They have not yet firmed up. We have picked up these names- Okay. ...from the NHAI website itself. As per our interactions, what keeps happening, they will be suitably bundling it to make a bundle size of anywhere between INR 2,000 crore-INR 4,000 crore. Okay. There's some revenue figure mentioned here of INR 2,700 crore. What's that figure actually, if you can just indicate? These are all corridors which are already under tolling. Okay. This is the present toll revenue that they have mentioned on their slide, 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. Yeah, just last question. Yes. Yeah, please. Going by the TOT multiple, it will give you some sense of what the TOT pipeline can be. Absolutely. Just one last question. Now that the year has ended, any guidance you can give on the Construction revenue growth in FY 2027 because a t the end of the year, typically, you start guiding for the next year? If we look at the balance EPC book, which also includes significant amount of change of scope work 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 an INR 3,000 crore mark on the Construction O&M piece. I think that's the visibility we definitely have at this point in time. Sure. On the toll revenue growth, that 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. May numbers for the partial month, you will see Ganga numbers coming in. 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 FY 2027. Sure. I think in June numbers, it will be a 30% kind of growth in the toll business, 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% CAGR till FY 2027. Got it. Yeah, that's all from my side. Thank you and all the best, sir. Thank you. A reminder to all the participants that you must press star and one to ask a question. Next question comes from the line of Vivek Sureka, an individual investor. Please go ahead. Hi. Thanks for the opportunity. Am I audible? You are. Yes, you are audible. Please go ahead. Yeah. Sir, couple of questions. Since we are moving to the BEST Strategy right now, and I see we have given an objective of being debt-free company till 2030. Do we see any need of capital raise, and what would be our dividend distribution strategy over this next four, five 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 five years. If you see, we are moving confidently towards that. We do not see any capital raising requirement at the IRB 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 IRB's perspective, I would say that our operating leverage as we roll forward will now significantly start going up and t hat will drive the profitability for the company. The growth will come from churning of assets between private and public InvIT and t hat'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+% 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. Against that, if you see, the total dividend distribution was around INR 1.8 billion. Yeah. As the distributions keep going up, the commensurate profit distribution is also bound to increase. In respect to going to net debt zero, if you have observed this quarter also, our interest cost has reduced by almost INR 50 crore. For next financial year, since the one quarter impact is already there, next year also, we expect around INR 150 crore-INR 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 b ecause that's where you will release the capital and then you will invest in the new project, 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, and that includes Solapur-Yedeshi and Chittorgarh-Gulabpura project, both put together an EV of roughly INR 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. Thanks for your response and all the best. You had a really excellent result. I'm looking forward to execution of the BEST Strategy. Looks quite interesting. Thank you. Thank you. Thank you. Thank you. A reminder to all the participants. Participants may press star and one to as a question. The next question comes from the line of Parikshit Kandpal with HDFC Securities. Please go ahead. Yes, sir. Am I audible? Yeah, Parikshit. Yes. My question is on the current geopolitical and the impact on crude prices. Just want to understand how is the interplay now between, if these gets passed on, there is inflation elements of how does it impact and how does the interest rate impact should both the things move up? How does it impact our valuation on the asset side? You are right that the fuel cost, some impact the government has transferred to the users. 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 costs, 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, 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 one. Our sense on the interest rate 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 two to three 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+%, and 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 an elevated level. That can actually help us get a significantly higher tariff growth for the next financial year. We have seen some 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 up. 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 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 two 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 two, three years that we might get to see. 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 points 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%-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? On the fair value part, Parikshit, if you see the valuations, what has been there for the private InvIT assets, the factored growth is somewhere around 9%, 9.5%, which includes both tariff and traffic. What we discussed right now, that in case if the 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 life cycle of the BOT or TOT project, you would see that a roll forward will give you at least 6%-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 an asset, assuming 8%, 10% of revenue growth, the rollover effect should be minimum 6%-7%, and that's on slide number 38, right? Yeah. We have actually mapped the answer for your question. Good. This is what it's likely to see on it. This is a like-to-like each asset base, asset rollover impact that can come in on any of the assets. Parikshit. And you- Just to add what matters most to the unit holder is if there is an increase by 100 basis points 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 on 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, what are the projections we are talking about? We are talking about 9.5% growth. If the inflation remains higher, then there may be additional growth which will be coming. Okay. Sure. Just the last question, for next one or two years, or one, two, year years, how much of the enterprise value are you looking to transfer from private to public InvIT? What kind of monetization we are looking at in the next two, three years? Let's look at a very simplistic manner, that if you look at the first initial nine, 10 projects that we have transferred to the private InvIT, we have already transferred three. We are in the process of transferring two more. Another five assets continue at the private InvIT end, which have an EV of roughly INR 30,000 crore-35,000 crore, which will be migrated to the public InvIT platform over next, say, two to three years. That's the potential with regard to the immediate visibility, I could say. Well, we have given some indication from the public InvIT. From the INR 8,000 crore kind of EV in the last financial year, at the beginning of the last financial, we have already reached to INR 18,000 kind of asset value. We have aimed to reach around INR 40,000 crore kind of AUM in next two to three years. In this year, how much we're planning to do this year? I think we've already announced INR 4,500 crore. Beyond this, anything else coming up in the 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 three or four assets in one go. Presently, we have already moved the motion to move two of the assets, which as you rightly said, is around INR 4,500 crore EV. We expect to culminate that in the first half of this fiscal year. Depending on the deployment visibility, we will initiate the next action in this regard. Okay. Sure, sir. Thank you. I think those are my questions. I appreciate all the answers. Thank you, Parikshit. Thank you. A reminder to all the participants that you may press star and one to ask a question. Once again, a reminder to all the participants that you may press star and one to ask a question. Ladies and gentlemen, as there are no further questions, we have reached the end of question- and- answer session. I now hand the conference over to Virendra Mhaiskar for closing comments. Thank you everyone for being on the call, and we look forward to catch up with you soon on the next earnings calls as we move forward. Wish you a great week again ahead. Thank you, sir. Ladies and gentlemen, this concludes your conference for today. We thank you for your participation and for using Researchbytes conferencing services. You may please disconnect your lines now. Thank you and have a great day ahead.