Good evening, ladies and gentlemen. Welcome to IRB Infrastructure Developers conference call for discussing the financial results for the quarter ended June 30th, 2026, along with recent developments. We have with us on the call today, Mr. Virendra Mhaiskar, Mr. S.S. Rana, Mr. Anil Yadav, Mr. Tushar Kawedia, Ms. Poonam Nishal, and Mr. Mehul Patel. As a reminder, all participant lines will 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 would 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, over to you, sir. Thank you. Good evening, warm welcome to all the investors and analysts joining us for our earnings call to discuss the result for Q1 financial year 2027. I trust you have had the opportunity to review our detailed financial result and the accompanying investor presentation. Let me briefly walk you through the key development in this quarter. Starting with the business update, IRB Infrastructure Trust, that is our private InvIT, has signed a binding term sheet to transfer two BOT assets with an enterprise value of INR 4,605 crore. This marks the fourth cycle of our base strategy. That is build, execute, stabilize, and transfer after successfully completing less than two quarters back. It reflects the strength of our capital recycling model. By periodically monetizing mature assets owned by the private InvIT and redeployment of that capital into new opportunity, we are building a self-sustaining growth platform that compounds the shareholders' value without requiring additional equity from the sponsor. This transition also benefits the public InvIT. It strengthens the public InvIT's portfolio with seasoned, high-quality, revenue-generating and extends its weighted average life, while the private InvIT capital base is also for investing future opportunity and development. This model reinforces IRB's evaluation into leading sponsor and O&M platform and keeps us on the track towards our goal, building INR 140,000 crore kind of asset base over the period of three to four years. During the quarter, we have successfully completed refinancing of approximately INR 3,700 crore debt of our wholly-owned subsidiary, that is IRB Mumbai-Pune Expressway [Private Limited]. The refinancing has reduced our borrowing cost by 65 basis points, resulting in annual interest saving approximately INR 25 crore. As highlighted earlier, we expect to become net debt-free by 2030, supported by consistent debt repayment, which are already translating into lower interest cost. Interest cost for Q1 of FY 2027 stood at INR 438 crore, including one-time expense of INR 37 crore. Excluding this one-off item, the underlying finance cost was around INR 401 crore, resulting in interest cost saving of approximately INR 61 crore compared to INR 462 crore in Q1 of FY 2026. This reduction reflects the continued deleveraging of the balance sheet and validates our debt reduction strategy. Another key milestone during the quarter was successful completion of our INR 11,000 crore refinancing across the six project SPV in the private InvIT. We have refinanced the debt at AAA-rated trust level, which has significantly strengthened our overall capital structure. As a result, we have reduced our borrowing cost by approximately 160 basis points, translating into annual interest saving of around INR 180 crore. In addition, the transition has also optimized our debt amortization profile, improved tax efficiency, and provided a greater financial flexibility and supported higher return through improved distribution of cash flow over the long term. This refinancing reinforces our focus on proactive balance sheet management and creating sustainable value for our unitholder. On operational front, our 100% subsidiary continued to deliver strong operational performance during the quarter. On a year-on-year basis, the gross toll collection on Mumbai-Pune has increased by 9%, Ahmedabad-Vadodara by 21%, resulting in overall growth of 13% across wholly-owned portfolio. Our private InvIT has also reported a robust performance with an average daily toll collection of around INR 13.35 crore for the quarter ended June 2026, compared to INR 9.2 crore corresponding quarter of the last year, reflecting a growth of 45% on a year-on-year basis. This is excluding the three assets that we transferred second half of the last year. This was driven by the healthy traffic momentum, addition of the new asset, and annual toll tariff revision of approximately 3%. The combined portfolio of 100% subsidiaries, private InvIT and public InvIT, the average daily toll collection has improved to INR 27 crore compared to INR 21.4 crore in corresponding quarter of the previous year, representing a strong 26% year-on-year growth. This performance reflects the resilience of our portfolio, continued traffic growth, and the successful execution of asset expansion strategy. Moving to the distribution, with a strong growth in the toll collection across both InvIT's platform has translated in significantly higher cash distribution, further strengthening IRB's recurring cash flow. The private InvIT has declared a distribution of approximately INR 200 crore for Q1 FY 2027. IRB's 51% stake translates a distribution of INR 102 crore compared to INR 27 crore received in Q1 of FY 2026, representing a robust growth of 278% year-on-year increase, backed by additions of three revenue streams. Newly acquired BOT 17-18, along with the completion of Ganga Expressway during the year. Without any additional funding undertaken by the IRB for the same. This reflects the strength of machine at work now for IRB, continuously increasing the distribution to the company's cash flow while enhancing the overall financial flexibility. Public InvIT declared a distribution of INR 208 crore for Q1 of FY 2027. Based on the IRB's effective holding of approximately 17%, the company is expected to receive nearly INR 35 crore compared to INR 19 crore received in Q1 of FY 2026, representing a healthy 84% growth year-on-year basis. Substantial increase in distribution reflects strong operating performance of the underlying asset, successful integration of the newly acquired asset, and effectiveness of our InvIT-led asset monetization strategy. These recurring cash flow continues to strengthen IRB's financial flexibility and support the long-term shareholders value. In line with our dividend policy, the company has also declared interim dividend of INR 60 crore. Our total order book now stands around INR 44,000 crore, out of which around INR 17,000 crore is the EPC order book. 1,700. 1,700 is the EPC order book. With that, I conclude my opening remarks. I will now request Sri Tushar to cover the financial highlight of Q1 of FY 2027. Over to you, Tushar. Thank you, sir. I take you to the financial analysis of Q1 FY 2027 versus Q1 FY 2026. The total consolidated income for Q1 FY 2026 has increased to INR 2,173 crores from INR 2,165 crores, up by 0.5%. The income from InvIT and related segment for Q1 FY 2027 have increased to INR 437 crores from INR 233 crores, registering a growth of 87%. The income from BOT segment for Q1 FY 2027 have increased to INR 733 crores from INR 646 crores, registering a growth of 14%. The income from construction segment for FY 2027 has decreased to INR 967 crores from INR 1,220 crores, down by 21%. EBITDA for Q1 FY 2027 has increased to INR 1,188 crores from INR 1,018 crores, registering a growth of 17%. Interest cost decreased to INR 438 crores in Q1 FY 2027 from INR 462 crores, a decrease of 5%. Depreciation has increased to INR 333 crores from INR 269 crores, an increase of 24%. PBT has increased to INR 417 crores from INR 286 crores, an increase of 45%. Tax has increased to INR 110 crores from INR 84 crores, PAT has increased to INR 306 crores in Q1 FY 2027 from INR 202 crores, registering a growth of 50%. I request moderator to open the session for question and answers. I request moderator to open the session for Q&A. Thank you. We will 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 Financial Services Limited. Please go ahead. Hi, good evening. Just had couple of questions. Mr. Deora, sorry for interrupting. Can you speak a little louder? Yeah. Can you hear me? Yes, please go ahead. Yes, Alok. Yeah, good evening. Just had couple of questions. First is on the order inflow. Have you won any orders in the current quarter or any material order? Alok, during the quarter, we have not bagged any order because there was no award activity during the quarter. I think probably as we have witnessed historically also, what we have seen, the second half is typically robust in terms of the order inflow. Secondly, apart from the order, we have bagged a few CoS work. I think that is ranging close to INR 800 crores-INR 900 crores kind of CoS work for our various assets which are under execution. Got it. Any update on the TOT projects which were kind of active in the bidding pipeline, specifically TOT 2021? Any update there? Where are they in the bidding, and when can we expect some awarding on that part? Yeah. The TOT 2021 and 2022, I think there NHAI has increased the initial CapEx to be carried out on the project, and the bidding has postponed latter part of August. I think as and when we are evaluating that, and on the basis of our evaluation, whenever the project will come for bidding, we'll bid for the same. Can you just throw some light? I mean, what exactly is the change? I mean, CapEx has increased upfront, meaning. Yeah. I think there are certain. Yeah. Please. Yeah. Certain works to be executed on the project highway, which is included to be done by the TOT operator. That automatically will increase your initial CapEx requirement on the project, and you have to do that CapEx along with the tolling right from day one, and you have to commit the upfront payment to the NHAI. Okay. It does not change our bidding or we are evaluating whether we will bid or not for these projects, the returns will be accordingly captured? I think the change is for everyone, we have execution capability. I don't think so the CapEx will put any kind of hindrance in terms of our bidding. I think with respect to MLFF, that there are certain clarification is required. That is also in process. Depending upon the viability of the project and other thing, we'll bid for the project. Got it. Sir, have we seen I know it's the first quarter, it's any which way pretty dull for awarding. Have we seen any change in the awarding pattern of NHAI in terms of whether we'll see some awards coming in terms of construction across HAM and EPC, and even BOT toll, for that matter, or it will be very muted like it has been over the last, maybe almost two years plus. Anything you are witnessing in discussion with them or how are they looking about it going ahead, it just kind of continues the way it is? I think, Alok, primarily we are focusing on TOT and followed by some viable BOT. We are not on day-to-day basis tracking HAM or EPC. Your observation is correct that in Q1, the award was pretty slow. Got it. Any momentum BOT toll project also on that side which you are tracking? I think in terms of the pipeline for TOT and BOT, TOT, the total number, basically the overall pipeline identified by the Government of India is around INR 4.4 lakh crore for four to five years. Out of that, roughly INR 40,000 crore -INR 50,000 crore kind of order book TOT award is expected every year. They have already identified certain projects which we have put on our website. Apart from that TOT list, there are BOT lists also identified by the NHAI. That list is also available in our presentation. Got it. Just one last question. These toll collections have been pretty healthy. If we look at across private InvIT, public InvIT, and toll is active, as a collection has been pretty good across the industry. Do you see this kind of momentum continuing and how do we see the toll collection on a stable state basis? Should it be a 15%-20% kind of a compounding, which could kind of continue over the next few years, if I just were to take a slightly longer view? I think, Alok, you might have observed that last two years, the inflation was pretty low. Last year we got roughly 3.5% kind of tariff revision. This financial year from 1st of April, we got roughly 2.5% because of the rounding of nearest to INR 5. Right. Anyway, if there are a couple of years of low inflation, we typically see high inflation. I think considering the inflation numbers are tracking around close to 6%-7%, probably we will have a higher tariff growth for the next financial year. Traffic remains robust. Considering those things, I think the traffic momentum has been continued, we are not seeing any kind of impact of geopolitical tension. It's largely driven by India's consumption, the traffic remains robust. Got it, sir. Yeah, that's all from my side. Thank you, sir. All the best. Thank you, Alok. Thank you. A reminder to all the participants that you may press star one to ask a question. Next question comes from the line of Bhavin Modi with Anand Rathi. Please go ahead. Hi. Thank you for the opportunity. My first question is with respect to the long-term revenue composition, how we should see it. For example, this time the construction revenue is almost fallen down to 42% from the 57% last year, right? The share of the InvIT revenue is increasing. How should we see this composition going forward? Because I believe that also has the impact on the margin. This time the margins have improved, saying that the margins for the InvIT has improved. Because the composition of InvIT has income has improved, that is why margins overall has improved. Just wanted to understand how we should see this going forward. Bhavin, you are right. This quarter we have seen a dip in the construction revenue. That was mainly on account of completion of the under construction projects which we had in the last year. Looking to the numbers, if you see O&M contribution is increasing quarter-on-quarter for us. This O&M is coming from both private and public sector. From a going forward perspective, for next two years, with the existing order book, we will be doing it somewhere around INR 4,200 - INR 4,300. Majorly it will be contributed from our O&M order book. If you see the contribution going forward from the existing order book, it should reach to 50/50 in next two to three years' time where O&M will contribute roughly 40%-50% from our construction revenue or segment revenue. Got it. I think on InvIT related segment, that is consistently will track on quarter-on-quarter basis. I think it's largely tracking on the similar level. As you rightly mentioned that if the EPC is gradually reducing, then automatically the BOT segment and InvIT segment EBITDA margin is higher. You have seen the improved EBITDA margin in terms of current quarter as compared to the previous quarter of the last year. Your BOT segment this time give almost 91% margin and the InvIT almost give 94% margin. Should we see this continuing the same in the same manner? Bhavin, yes you are right. For BOT, this is dependent on any major maintenance activity falling in the particular year. This 90%, 91% what you are seeing from a BOT segment will be continuing going forward. Also the InvIT segment which is generally in the range of 90%-94%. Presently it is 94%, will continue to remain in the similar trajectory going forward as well. Okay, sir. Got it. One more question was with respect to the order book. We already have around INR 41,000 crore worth order book. How should we see O&M book going this year? I assume that the two assets that you are going to transfer, you are going to get somewhere around INR 2,500 crore worth additional O&M contract. How should we see going forward? Should we assume around INR 5,000 crore worth of orders coming in this year? Yes, Bhavin, as we will bag the more TOTs, the order accretion will be always to the O&M. If you'll track the last year apart from the whatever O&M order book we are getting from the two asset which is getting transferred. Last year also we bagged TOT 17 and TOT 18. Almost INR 8,000 crore kind of order book got added, considering the initial CapEx and the O&M order book. Depending upon the TOT win, I think order accretion of INR 4,000-INR 5,000 every year should happen as far as O&M order book increase is concerned. Got it. In the month of May, the government came out with a list of monetization of assets through TOT and InvIT. Does that list also include the TOT 2021-2022 or is it distinct from the existing live tenders? Yeah. If you look at the first three TOT published on slide 34 of our corporate presentation, that also goes in the state of Bihar. That is TOT 2021-2022. That is already included in that particular list. There are other host of project which will be coming on the TOT. Got it. With respect to the BOT projects, the government came out with that the net worth criteria has changed to 25%, and for the private equity player it has changed to 50%. Do you see the competition going down? Obviously, the tenders right now for the BOT are also bigger, big project worth somewhere between INR 5,000 crore-INR 9,000 crore. Do you see the competition going down, especially in the BOT space? I think, Bhavin, we expect a healthy competition to continue in TOT for the viable project. In fact, few of the project, there was no bidders because on the basis of the toll collection projects were not viable. I think depending upon the kind of projects which are up for the bidding, there is expected to be a moderate kind of competition for the BOT project. Typically in the past we have seen five to seven players bidding for the BOT and we don't expect that there may be increase in those number of players. Got it. Any talks with respect to the state level coming out with a TOT project? Last year I believe Tamil Nadu came out with a TOT project. Any state coming out with a TOT project apart from NHAI? I think as of now, right now there is nothing on the radar whenever any state will announce because all the states are doing the development, sooner or later there may be a project as of now there is no project on TOT basis up for bidding. Okay, got it. Thanks. That's it from my side. Thank you, Bhavin. 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. Thank you. 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 Mr. Virendra Mhaiskar for closing comments. Thank you everyone for taking time out and joining this call to understand how the business has progressed and look forward to connect with you again soon with the next quarterly results. Thank you. Thank you. On behalf of IRB Infrastructure Developers Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.