Indus Infra Trust
📊 Indus Infra Trust FY2026 Highlights: Expansion, Financials & Key Metrics
- Indus Infra Trust released its Third Annual Report for the financial year ended 31st March 2026.
- The Trust manages 13 fully operational HAM road assets across India, with an AUM of ₹94,484 million and a weighted average residual concession life of approximately 11.34 years.
- Total income for FY2026 stood at ₹7,974.04 million on a standalone basis, with EBITDA of ₹4,621.46 million and net profit of ₹2,949.12 million.
- The Trust completed the acquisition of four ROFO assets—GR Bahadurganj Araria Highway, GR Ena Kim Expressway, GR Bilaspur Urga Highway, and GR Ujjain Badnawar Highway—expanding its portfolio.
- Executed Share Purchase Agreements for the acquisition of four additional HAM assets from KNR Constructions Limited.
- Maintained AAA/Stable credit ratings from CRISIL, CareEdge, and India Ratings, reflecting strong financial health.
- Received 87 out of 390 scheduled annuity payments from NHAI as of 31st March 2026, all on time without material deductions.
- DPU (Distribution Per Unit) for FY2025-26 was ₹13.50, with a cumulative DPU of ₹27.7 since listing.
- Net Debt to AUM ratio stood at 43.46% as of 31st March 2026.
- Operating highlights include geographic diversification across eight states and a total lane length of approximately 3,646 km.
- ESG initiatives included environmental compliance, road safety programs, and governance discipline.
- Indus Infra Trust reported consolidated total income of ₹749.1 crore and profit after tax of ₹382.6 crore for FY 2026.
- The Trust declared a total distribution of ₹13.50 per unit, aggregating approximately ₹597.97 crore for FY 2026.
- Indus Infra Trust expanded its portfolio from 9 to 13 operational HAM road assets, increasing AUM to over ₹9,400 crore.
- The Trust signed definitive agreements to acquire four HAM assets from KNR Constructions Limited.
- Outstanding annuity receivables stood at ₹10,695 crore as of 31st March 2026, with an average residual concession life of approximately 11.34 years.
- The Trust maintained a strong credit profile with CARE AAA/Stable ratings and consolidated external borrowings of approximately ₹4,603 crore.
- Cumulative distribution since listing reached ₹27.70 per unit, aggregating approximately ₹1,227 crore.
- The Trust focuses on HAM road assets generating stable annuity-linked cash flows backed by NHAI.
- Indus Infra Trust received CCI approval for the acquisition of four road asset SPVs from KNR Constructions Limited.
- The Trust prioritizes disciplined capital allocation, portfolio expansion through strategic acquisitions, and active asset management.
- Total revenue from underlying projects in 2025-26: H 7,567.22 Million (Interest: H 7,567.22 Million, Dividend: H 194.95 Million).
- Total operating expenses (Consolidated) for 2025-26: H 1,939.01 Million, including Investment Management Fees of H 308.17 Million.
- Five-year revenue trend: Total revenue decreased from H 14,270.13 Million in 2024-25 to H 7,762.17 Million in 2025-26.
- Capital Management: Availed loans totaling H 15.51 Billion (H 2.25 Billion from Punjab National Bank, H 13.26 Billion from HDFC Bank). Net leverage as of March 31, 2026: 43.46%.
- Outstanding borrowings (Standalone as of March 31, 2026): Long-Term Debt H 36,882.26 Million, Deferred Payments H 631.84 Million. Net Debt H 35,138.81 Million.
- Credit Ratings: AAA/Stable from India Ratings and Research Private Limited and CARE Ratings Limited.
- Loans to Project SPVs: Total outstanding loans to SPVs amounted to H 68,247.52 Million with an interest rate of 13.5%.
- Enterprise Valuation: Total Adjusted Enterprise Value of all SPVs as of March 31, 2026: J 94,484 Million.
- Related Party Transactions: Loans given to GR Bahadurganj Araria Highway Private Limited (H 5,489.25 Million) and GR Ena Kim Expressway Private Limited (H 11,242.05 Million).
- Operational Performance: Trust's AUM stands at H 94,484 Million with an average balance life of 11.34 years across 13 Road HAM Assets.
- Material and Price Sensitive Information: Includes acquisitions of GUBHPL, GBUHPL, GEKEPL, and GBAHPL, and availing of loan facilities.
- Distribution Policy: The Trust maintains a policy to distribute at least 90% of Net Distributable Cash Flows to unitholders quarterly.
- Unit Price Performance: Closing Unit Price as of March 31, 2026 - BSE: H 123.32, NSE: H 123.45.
- Distribution Details for 2025-26: Total distribution of H 13.50 per unit (Interest: H 7.74, Dividend: H 0.14, Capital Repayment: H 5.62).
- Surplus cash in InvIT/HoldCos/Project SPVs can be considered for distribution, subject to conditions.
- Capital expenditure includes lease payments and enhancements to existing assets.
- Restricted cash (e.g., CSR balance, DSRA reserve) should not be included in NDCF computation.
- InvIT/Project SPVs cannot distribute cashflows obtained via external debt, except as clarified.
- Proceeds from asset sales can be temporarily parked or used for debt repayment if intended for reinvestment; otherwise, funds can be redrawn for distribution without contravention.
- Debt repayment at Trust or HoldCo/SPV level excluded from NDCF if refinanced via transfers.
- Investment Manager must ensure distributions follow policy, disclose frequency, and distribute ≥90%/100% of NDCF per regulations.
- No divestment of assets in FY 2025-26; acquired 4 SPVs (GBAHPL, GEKEPL, GUBHPL, GBUHPL) from GR Infraprojects Limited.
- Enterprise Values: GBAHPL (₹6,363M), GEKEPL (₹13,570M), GUBHPL (₹4,934M), GBUHPL (₹9,468M).
- Equity Consideration Paid: GBAHPL (₹479M), GEKEPL (₹1,538M), GUBHPL (₹165M), GBUHPL (₹1,029M).
- Post-acquisition Enterprise Values: GBAHPL (₹6,076M), GEKEPL (₹12,780M), GUBHPL (₹4,941M), GBUHPL (₹8,671M).
- Valuation: Enterprise Value (Mar 2026: ₹89,177M), Adjusted EV (Mar 2026: ₹94,484M), Equity Value (Mar 2026: ₹17,507M).
- NAV per Unit: Book Value (₹107.22), Fair Value (₹116.81).
- Standalone borrowings increased to ₹36,882.26M; consolidated borrowings at ₹46,028.79M.
- Credit Ratings: CRISIL (AAA/Stable), CARE (AAA/Stable), India Ratings (IND AAA/Stable).
- Directorship changes at Trustee and Investment Manager levels (resignations/appointments).
- No material litigation against InvIT/Sponsor/Investment Manager; pending cases in SPVs (e.g., ₹9.36M penalty for GR Sangli Solapur).
- GR Infraprojects involved in multiple arbitrations (claims up to ₹3,856.43M).
- Investor grievances: 504 complaints resolved; average redressal time: 1 day.
- Governance compliance maintained except D&O Insurance for Independent Directors (now obtained post-FY 2025-26).
- Arbitral award passed on April 2, 2025, entitling Claimant to ₹1,064.49 million; settlement application under Vivad se Vishwas III Scheme filed for ₹491.16 million (pending).
- GRIL filed FIR on August 24, 2019, alleging fraud by former GM (misappropriation of ₹15 million, threats, obstruction; pending).
- FIR by Mining Dept, MP (Dec 2020) against GRIL for illegal storage of 'pathar-gitti'; penalty of ₹2.01 million imposed (dismissed by HC Madhya Pradesh).
- Another FIR (Dec 2020) against GRIL for illegal sand storage; penalty of ₹0.52 million (pending).
- Notice (June 2021) to GRIL for illegal mining of murram; pending.
- FIR (June 2018) against GRIL for illegal demolition leading to death & injuries (pending).
- FIR (April 2022) against GRIL for theft of solar lights under Bharatmala Project (pending).
- FIR (May 2022) against GRIL employees for misappropriation of truck with MS materials (pending).
- FIR (May 2022) for non-payment of ₹0.62 million by GRIL (closed due to lack of evidence).
- CBI FIR (June 2022) against GRIL employees for bribery & conspiracy (stayed by court; pending).
- Notice (May 2022) to GRIL for illegal excavation without permit (pending).
- GRIL filed FIR (Nov 2022) for property damage by unknown persons (under investigation).
- GRIL filed FIR (Nov 2023) against scrap vendors for theft via weighbridge tampering (pending).
- Complaint (July 2023) against GRIL/NHAI for highway construction negligence (pending).
- Notice (Aug 2022) to GRIL for illegal demolition (HC Allahabad stay on coercive action; pending).
- FIR (March 2025) against GRIL for unauthorized excavation near gas pipeline (pending).
- Electricity dues notice (Nov 2013) to GRIL for ₹2.40 million (pending).
- Mining penalty of ₹10.18 million against GRIL for illegal soil mining (pending).
- Summon (Oct 2022) to GRIL for ₹10.00 million compensation claim under PLI Act (pending).
- Summon (Oct 2022) for ₹7.69 million Land Revenue dues (pending).
- Show-cause notice (July 2023) to GRIL for illegal excavation of 18,005.08 cubic metres soil (pending).
- Show-cause notice (July 2023) for illegal excavation of 5,289.024 cubic metres soil (pending).
- Notice (Jan 2024) to GRIL for royalty shortfall of ₹55.05 million (pending).
- Penalty of ₹6.12 million (March 2021) for illegal excavation (pending).
- Show-cause notice (June 2024) proposing ₹171.60 million penalty for illegal excavation (pending).
- Order (Sept 2021) for ₹2.86 million dues for illegal mining (appeal filed; pending).
- Order (Aug 2021) for ₹0.14 million dues for illegal mining (appeal filed; pending).
- Order (Oct 2020) for ₹0.08 million dues for illegal mining (appeal filed; pending).
- Order for ₹0.57 million dues for illegal mining (appeal filed; pending).
- Order (Nov 2021) for ₹0.55 million dues for illegal mining (appeal filed; pending).
- Order (Oct 2021) for ₹0.64 million dues for illegal mining (appeal filed; pending).
- Notice (Dec 2021) for ₹1.05 million dues for illegal mining (appeal filed; pending).
- Notice (May 2022) for ₹0.34 million dues for illegal mining (appeal filed; pending).
- Show-cause notice (June 2021) & penalty of ₹249.60 million for illegal murram excavation (pending).
- Penalty of ₹5.62 million (March 2020) for illegal murram excavation (appeal filed; pending).
- Penalty of ₹88.59 million (Feb 2020) for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹23.55 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹49.14 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹53.26 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹82.67 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹101.04 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹114.31 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹117.52 million penalty for illegal murram excavation (appeal filed; pending).
- Order (Nov 2025) for ₹120.46 million penalty for illegal murram excavation (appeal filed; pending).
- Notice (May 2022) & order (Nov 2025) for ₹22.90 million penalty (appeal filed; pending).
- Notice (June 2022) & order (Nov 2025) for ₹29.26 million penalty (appeal filed; pending).
- Notice (May 2022) & order (Nov 2025) for ₹14.20 million penalty (appeal filed; pending).
- Notice (Dec 2021) & order (Aug 2024) for ₹217.85 million penalty (appeal filed; pending).
- Writ petition (May 2018) against GRIL for land acquisition without compensation (pending).
- Writ petition (Oct 2019) against GRIL for soil excavation rendering land infertile (pending).
- Writ petition (April 2018) against GRIL for inadequate land compensation (pending).
- Writ petition against GRIL for ₹162.99 million stamp duty dispute (pending).
- Writ petition (July 2020) against GRIL for inadequate compensation (pending).
- Writ petition (June 2025) against GRIL for alleged religious rights violation in ropeway project (pending).
- Writ petition (Feb 2026) against GRIL/Railways over bid rejection (pending).
- Writ petition (Feb 2026) challenging GRIL’s contract award over bid rejection (pending).
- CCI investigation (2024) against Trustee for alleged cartelization (pending).
- Suit against Trustee for USD 103,699,976 damages over investment loss (pending).
- Multiple defendants, including ICICI Venture Funds Management Company Limited, have raised preliminary jurisdiction objections to the ongoing suit.
- Trustee opposed the suit on 17th July 2025, stating that as a government company, it is an instrumentality of the State under Article 12 of the Constitution of India and cannot be a party to the proceedings.
- Pawan Kapoor and Amri Resorts Private Limited have filed a writ petition against the Trustee alleging non-compliances and failure to act against Karvy Data Management Services Limited for defaults in interest and principal payments.
- SEBI informed the Delhi High Court that complaints regarding unlisted NCDs issued on private placement basis have been forwarded to the Ministry of Corporate Affairs (MCA) for necessary action.
- A suit has been filed to declare the deed of mortgage dated 15th June 2021 as void and seeks permanent injunction against selling the suit property.
- Credit Opportunities III PTE Limited has initiated arbitration proceedings against IIFL Management Services Limited and others under SIAC rules, with an arbitrator appointed and submissions filed.
- Francis Cassian Mendis has filed a suit challenging the conveyance deed dated 18th May 1981 and subsequent mortgages, seeking to restrain construction activities on the disputed property.
- Spanhaus Traders LLP has filed a suit alleging fraudulent sale of land by JLS Realty Private Limited to Spenta Suncity Private Limited, seeking cancellation of the mortgage deed.
- Pawan Kapoor and others have filed a criminal revision petition alleging breach of trust by the Trustee and collusion with Karvy.
- Various tax disputes involve amounts up to INR 2,122.58 million in indirect taxes and INR 3.67 million in direct taxes across different entities.
- Key risks include the InvIT's dependency on annuity income from NHAI, potential cost increases, and legal proceedings involving Project SPVs and associates.
- The InvIT's financial statements for the year ended 31st March 2026 show total income of INR 7,974.04 million and profit before tax of INR 3,039.64 million.
- Audit highlights key matters such as impairment assessment of investments and fair value computations under SEBI InvIT Regulations.
- The standalone financial statements for Indus Infra Trust (formerly Bharat Highways InvIT) for the year ended 31st March 2026 were approved on 29th April 2026.
- The InvIT's unit capital remained unchanged at 44,29,38,605 units, with an amount of ₹43,761.52 million.
- Repayment of unit capital during the year was ₹1,492.70 million, bringing the total to ₹1,576.86 million.
- Profit for the year was ₹2,949.12 million, contributing to total comprehensive income of ₹2,949.12 million.
- Distribution to unitholders during the year amounted to ₹3,933.30 million, reducing retained earnings to ₹(505.79) million.
- The Board approved a distribution of ₹3.50 per unit (₹1.01 as interest and ₹2.49 as capital repayment) for the year, payable within 5 working days from the record date.
- Net cash flows from operating activities were negative at ₹(488.45) million, while financing activities generated ₹12,372.82 million.
- Cash and cash equivalents at the end of the year stood at ₹1,387.28 million, up from ₹54.68 million at the beginning.
- Net Distributable Cash Flows (NDCF) at the InvIT level were ₹11,305.18 million, with cash flows available for distribution at ₹6,042.72 million.
- The InvIT acquired four new SPVs during the financial year 2025-26, maintaining 100% ownership in all its subsidiaries.
- The financial statements comply with Indian Accounting Standards (Ind AS) and SEBI InvIT Regulations, with no significant changes in accounting policies.
- Provisions are measured based on the investment manager's estimate to settle obligations at the balance sheet date, with expenses presented net of reimbursements.
- Contingent liabilities are possible obligations from past events, not recognized but disclosed as per Ind AS 37.
- Contingent assets are possible assets from past events, not recognized but disclosed if inflow of economic benefits is probable.
- The InvIT is required to distribute at least 90% of net distributable cash flows to unitholders annually.
- Unit capital is classified as equity despite containing a liability element, in compliance with SEBI regulations.
- Basic Earnings Per Unit is calculated by dividing net profit by weighted average units outstanding.
- The InvIT's principal activity is owning and investing in infrastructure assets, primarily in the road sector.
- Cash and cash equivalents include short-term deposits with original maturity of three months or less.
- Events after the reporting period are assessed for impact on financial statements, with adjustments made for adjusting events.
- Fair value measurements are regularly reviewed by the investment manager, with independent valuers involved.
- Impairment of non-financial assets is assessed based on recoverable amount, calculated as higher of fair value less costs of disposal or value in use.
- Tax uncertainties exist due to complex regulations, with provisions based on reasonable estimates.
- New and amended standards effective from April 01, 2025, include changes to Ind AS 21, Ind AS 1, Ind AS 7, and Ind AS 107.
- Investments in subsidiaries include equity instruments valued at cost, with significant impairment recorded.
- Loans to subsidiaries are interest-bearing, secured, and repayable in installments over 18 to 28 half-yearly periods.
- Other financial assets include deposits with banks and security deposits, with no expected credit loss provisions.
- Income tax assets (net) include tax receivable, with no significant changes reported.
- Other assets include prepaid expenses and advances to suppliers, with minimal amounts involved.
- Cash and cash equivalents total H 2,227.37 million, including earmarked balances for IPO proceeds and unclaimed distributions.
- Unit capital stands at H 43,761.52 million, with no changes in the number of units outstanding.
- Distributions to unitholders include repayment of unit capital and income distributions, totaling H 3,933.30 million for the year.
- Borrowings include secured term loans from banks, totaling H 36,882.26 million, with current maturities of H 2,395.61 million.
- Trade payables total H 25.26 million, with dues to micro and small enterprises at H 4.35 million.
- Principal amount unpaid to suppliers: ₹4.35 lakhs (March 2026) vs ₹5.27 lakhs (March 2025).
- No interest unpaid to suppliers reported for both years.
- Deferred consideration payable: ₹631.85 crores (March 2026) vs none (March 2025).
- Unclaimed distribution payable: ₹0.31 lakhs (March 2026) vs ₹0.17 lakhs (March 2025).
- Statutory dues payable: ₹16.68 lakhs (March 2026) vs ₹9.20 lakhs (March 2025).
- Revenue from operations (interest income): ₹7,567.21 crores (2026) vs ₹6,381.31 crores (2025).
- Other income totals: ₹406.83 crores (2026) vs ₹8,127.43 crores (2025), primarily driven by dividend income.
- Investment management fees: ₹308.17 million (2026) vs ₹265.17 million (2025).
- Finance costs: ₹1,581.82 crores (2026) vs ₹1,150.57 crores (2025).
- Profit before tax: ₹3,039.64 crores (2026) vs ₹5,515.83 crores (2025).
- Effective tax rate: 2.98% (2026) vs 1.17% (2025).
- Earnings per unit (EPU): ₹6.66 (2026) vs ₹12.31 (2025).
- Net assets at fair value: ₹51,738.27 crores (2026) vs ₹51,295.42 crores (2025).
- NAV per unit: ₹116.81 (2026) vs ₹115.81 (2025).
- Total return at fair value: ₹5,868.85 crores (2026) vs ₹6,040.76 crores (2025).
- Net debt to capital ratio: 42.85% (2026) vs 25.94% (2025).
- Interest rate sensitivity: Impact of ±100 bps change on profit before tax is ±₹368.82 crores (2026) vs ±₹175.02 crores (2025).
- Related party transactions involve subsidiaries like Varanasi Sangam Expressway Pvt Ltd, GR Phagwara Expressway Pvt Ltd, etc.
- IPO proceeds utilization: Total amount utilized is INR 24,560.65 million out of INR 24,999.99 million, with INR 439.34 million unutilized.
- Key financial ratios for 31 March 2026: Current Ratio at 1.93 (down from 5.09 in 2025), Debt Equity Ratio at 0.78 (up from 0.35 in 2025), and Return on Equity at 0.06% (down from 0.11% in 2025).
- Distributions made during the year: Total distributions were INR 5,426.00 million, including dividend paid of INR 527.10 million and interest paid of INR 3,406.20 million.
- Acquisition of 100% equity stake in four subsidiaries (KRGIPL, KRTIPL, KGIPL, KPIPL) from KNR Constructions Limited for an aggregate consideration of INR 3,211.52 million.
- Post-reporting period event: Distribution of INR 3.50 per unit approved, comprising INR 1.01 per unit as interest and INR 2.49 per unit as capital repayment.
- Auditor's report highlights key audit matters including finance income on receivable under service concession, impairment of receivable, and acquisition of road infrastructure assets.
- Consolidated financials: Total assets at INR 95,770.59 million, total liabilities at INR 48,280.80 million, and total unitholders' equity at INR 47,489.79 million as of 31 March 2026.
- Profit for the year ended 31 March 2026 was INR 3,826.40 million, down from INR 4,816.66 million in the previous year.
- Cash and cash equivalents at the end of the year stood at INR 2,990.39 million, up from INR 1,686.15 million in the previous year.
- The InvIT has not engaged in any transactions with companies struck off, nor has it traded or invested in cryptocurrency or virtual currency during the financial year.
- The corporate announcement details changes in liabilities from financing activities under Ind AS 7, with specific figures for non-current borrowings and others.
- Net cash flow from operating activities includes CSR spending: H 10.22 million for the year ended March 2026, compared to H 11.53 million for March 2025.
- No non-cash financing and investing activities were reported for the years ended March 2026 and March 2025.
- Significant figures include non-current borrowings as of March 2026 at INR 46,028.79 million, up from INR 21,442.66 million as of April 2025.
- The announcement includes detailed financial statements and notes, highlighting the InvIT's compliance with SEBI regulations and accounting standards.
- Key personnel changes and approvals are noted, including the role of Sukrut Mehta as a partner and other board members' positions.
- The financial summary includes a comprehensive breakdown of cash flows, assets, liabilities, and equity, indicating the financial health and operational results of the entities involved.
- Financial assets impairment is assessed using the expected credit loss (ECL) model under Ind AS 109, with trade receivables measured at lifetime expected credit losses.
- Financial liabilities are classified based on contractual terms, with equity instruments recognized at proceeds received net of costs.
- Revenue recognition for construction contracts is based on the stage of completion, using the input method to measure progress.
- Service concession arrangements are classified as financial assets or intangible assets, with consideration from NHAI recognized as unconditional contractual rights.
- The Group uses independent valuers for fair value measurements, with assets categorized into Level 1, 2, or 3 based on input observability.
- Property, plant, and equipment are carried at cost less depreciation, with a useful life of 25 years for plant and equipment.
- Receivables under service concession arrangements totaled INR 74,464.23 million (non-current) and INR 5,986.77 million (current) as of March 31, 2026.
- Other financial assets include deposits with banks (INR 302.06 million non-current, INR 2,040.09 million current) and security deposits (INR 17.09 million non-current, INR 1.00 million current).
- The Group follows SEBI InvIT Regulations, distributing at least 90% of net distributable cash flows to unitholders annually.
- Taxation policies include current tax expenses and deferred tax adjustments, with provisions for uncertain tax treatments evaluated periodically.
- Provisions and contingent liabilities are recognized based on management estimates, with disclosures for unresolved litigations.
- New accounting standards effective from April 1, 2025, include amendments to Ind AS 21, Ind AS 1, and Ind AS 7, with no material impact expected.
- The Group’s functional currency is INR, with no foreign operations or transactions reported.
- Fair value hierarchy levels are applied (Level 1 for quoted prices, Level 2 for observable inputs, Level 3 for unobservable inputs).
- Cash distributions to unitholders are recognized upon approval by the Board of Directors of the Investment Manager.
- Deposit with bank includes ₹411.44 million (31st March 2025: ₹369.80 million) as Initial Public Offer proceeds.
- Deposit with bank includes ₹8.86 million (31st March 2025: ₹8.00 million) held under lien against a corporate credit card facility.
- Deposit with bank includes ₹150.06 million (31st March 2025: Nil) held under lien against a bank guarantee facility.
- No expected credit loss (ECL) provisions on financial assets.
- Income tax receivable (net of provision) stands at ₹298.99 million (31st March 2025: ₹397.41 million).
- Trade receivables total ₹282.75 million (31st March 2025: ₹58.93 million), with significant credit-impaired amounts.
- Cash and cash equivalents total ₹5,839.70 million (31st March 2025: ₹1,952.22 million), including earmarked funds for IPO, CSR, and DSRA/MMRA.
- Unit capital remains unchanged at 44,29,38,605 units, valued at ₹43,761.52 million.
- Borrowings stand at ₹46,028.79 million (31st March 2025: ₹21,442.66 million), secured by various charges on assets.
- Undrawn borrowing facility amounts to ₹6,139.40 million (31st March 2025: ₹8,450.00 million).
- Revenue from operations for the year ended 31st March 2026 is ₹6,768.82 million (31st March 2025: ₹7,445.96 million).
- Finance costs for the year amounted to ₹1,679.75 million (31st March 2025: ₹1,290.95 million).
- Income tax expense reported is ₹45.51 million (31st March 2025: ₹211.92 million).
- Unused tax losses as of March 31, 2026: Carry forward losses available - ₹1,273.81 million (AY 2026-27: ₹934.80 million, AY 2025-26: ₹339.01 million).
- Basic and diluted earnings per unit (EPU) for the year ended March 31, 2026: ₹8.64 (previous year: ₹10.87).
- Profit attributable to unitholders for the year ended March 31, 2026: ₹3,826.40 million (previous year: ₹4,816.66 million).
- Contingent liabilities as of March 31, 2026: Total ₹1,726.64 million (Direct tax matters: ₹3.67 million, Indirect tax matters: ₹1,722.97 million).
- Related party transactions: Investment management fees paid to GR Highways Investment Manager Private Limited: ₹308.17 million (previous year: ₹265.17 million).
- Sub-contractor charges to G R Infraprojects Limited: ₹401.23 million (previous year: ₹1,117.59 million).
- Distribution to unitholders: Aadharshila Infratech Private Limited: ₹590.08 million, G R Infraprojects Limited: ₹1,713.30 million.
- Financial instruments: Fair value of investments as of March 31, 2026: ₹1,449.27 million (previous year: ₹4,572.27 million).
- Receivable under service concession agreements as of March 31, 2026: ₹80,451.00 million (previous year: ₹59,535.24 million).
- Borrowings as of March 31, 2026: ₹46,028.79 million (previous year: ₹21,442.66 million).
- Net debt to equity ratio as of March 31, 2026: 47.54% (previous year: 28.70%).
- Revenue from contracts with customers for the year ended March 31, 2026: ₹1,327.85 million (previous year: ₹1,951.53 million).
- Segment information: The Group operates in a single segment in India, with one major customer contributing ₹6,768.82 million to revenue.
- Service concession arrangements: Details of 13 concessions provided, including BPC cost, O&M cost, and concession periods.
- Interest is due and receivable on the reducing balance of completion cost at an interest rate specified in the concession agreement, receivable in half-yearly annuity payments.
- Operation and maintenance (O&M) costs per year consist of first-year amounts specified under the concession agreement, with subsequent years adjusted using a price index.
- Investment grant from concession grantor: No; Infrastructure return at the end of concession period: Yes; Investment and renewal obligation: Nil.
- IPO proceeds utilization: Rs 24,000.00 million for loans to SPVs, Rs 532.34 million for issue expenses, and Rs 467.65 million for general purposes.
- Acquisition of subsidiaries: GR Bahadurganj Araria Highway Private Limited (Rs 479.33 million), GR Bilaspur Urga Highway Private Limited (Rs 1,029.30 million), GR Ena Kim Expressway Private Limited (Rs 1,537.80 million), and GR Ujjain Badnawar Highway Private Limited (Rs 165.09 million).
- Previous year acquisitions: GR Aligarh Kanpur Highway Private Limited (Rs 986.09 million) and GR Galgalia Bahadurganj Highway Private Limited (Rs 463.68 million).
- Fair value of net assets acquired for GR Bahadurganj Araria Highway Private Limited: Rs 479.33 million.
- Net Assets at fair value as at 31 March 2026: Rs 51,738.27 million (book value Rs 47,489.79 million).
- NAV per unit as at 31 March 2026: Rs 116.81 (fair value) and Rs 107.22 (book value).
- Project-wise fair value of assets includes Varanasi Sangam Expressway (Rs 10,646.82 million), Porbandar Dwarka Expressway (Rs 6,734.93 million), and others.
- Total Comprehensive Income for the year ended 31 March 2026: Rs 5,868.84 million, including Rs 3,826.40 million from profit and Rs 2,042.44 million from fair value changes.
- Net borrowing ratio as at 31 March 2026: 43.46% (48.17% after adjusting for debt service and O&M expenses).
- Ratios for the year ended 31 March 2026: Debt-equity ratio 0.97, Debt service coverage ratio 1.54, Interest service coverage ratio 3.37, Asset cover 2.08 times.
- Distributions made during the year: Dividend paid Rs 527.10 million, Interest paid Rs 3,406.20 million, Repayment of unit capital Rs 1,492.70 million.
- Future distributions approved: Rs 3.50 per unit (Rs 1.01 interest, Rs 2.49 capital repayment) payable after 31 March 2026.
- Auditor's report emphasizes the compliance with SEBI InvIT Regulations and fair presentation in accordance with Ind AS.
- The Board of directors approved a distribution of ₹3.50 per unit to unitholders, consisting of ₹1.01 as interest and ₹2.49 as capital repayment, payable within 5 working days from the record date.
- Previously, on 7th May 2025, the Board approved a distribution of ₹2.25 per unit, comprising ₹0.96 as interest, ₹1.05 as dividend, and ₹0.24 as capital repayment.
- The InvIT's standalone financial results for the year ended 31st March 2026 show a profit before tax of ₹3,039.64 million, compared to ₹5,515.83 million in the previous year.
- Total comprehensive income for the year ended 31st March 2026 was ₹2,949.12 million, down from ₹5,451.19 million in the previous year.
- The InvIT acquired several subsidiaries, including GR Bilaspur Urga Highway Private Limited, GR Ena Kim Expressway Private Limited, and GR Ujjain Badnawar Highway Private Limited, with total consideration amounts specified.
- Impairment of non-financial assets was recorded at ₹2,955.01 million for the year ended 31st March 2026.
- The InvIT's net distributable cash flows for the year ended 31st March 2026 amounted to ₹11,305.18 million.
- Distributions to unitholders for the year ended 31st March 2026 totaled ₹5,979.67 million.
- The InvIT's name was changed from 'Bharat Highways InvIT' to 'Indus Infra Trust' following SEBI's advisory, effective from 11th November 2024.
- The Investment Manager is entitled to fees @ 1.65% p.a. of aggregate cash flow received from each subsidiary per annum, subject to escalation of 10% each year.
- The audit report covers the financial results for the quarter and year ended 31st March 2026.
- The consolidated financial statements include results from 13 subsidiaries, with total assets of INR 88,771.82 million as of 31st March 2026.
- Revenue from operations for the year ended 31st March 2026 was INR 6,768.82 million, compared to INR 7,445.96 million in the previous year.
- Total income for the year ended 31st March 2026 was INR 7,490.67 million, down from INR 8,555.97 million in the previous year.
- Profit before tax for the year was INR 3,871.91 million, compared to INR 5,028.58 million in the previous year.
- Net profit for the year was INR 3,826.40 million, down from INR 4,816.66 million in the previous year.
- Basic and diluted earnings per unit for the year were INR 8.64, compared to INR 10.87 in the previous year.
- Total assets as of 31st March 2026 were INR 95,770.59 million, up from INR 71,120.21 million in the previous year.
- Total liabilities as of 31st March 2026 were INR 48,280.80 million, compared to INR 22,030.82 million in the previous year.
- The fair value of total assets as of 31st March 2026 was INR 1,00,019.07 million, compared to INR 73,326.25 million in the previous year.
- Total comprehensive income for the year was INR 3,826.40 million, down from INR 4,816.66 million in the previous year.
- Net Distributable Cash Flows (NDCF) at the InvIT level for the year were INR 11,305.18 million, compared to INR 10,700.56 million in the previous year.
- The Board approved a distribution of INR 3.50 per unit for the year, comprising INR 1.01 per unit as interest and INR 2.49 per unit as capital repayment.
- Key subsidiaries contributing to the fair value of assets include Varanasi Sangam Expressway Private Limited (INR 10,646.82 million), GR Aligarh Kanpur Highway Private Limited (INR 10,213.45 million), and GR Ena Kim Expressway Private Limited (INR 14,181.17 million).
- Net distributable cash flows for SPV as per the statement:
- - Quarter ended 31st March 2026 (Audited): 201.22
- - Quarter ended 31st December 2025 (Unaudited): 1,083.88
- - Quarter ended 31st March 2025 (Audited): 164.13
- - Year ended 31st March 2026 (Audited): 2,444.66
- - Year ended 31st March 2025 (Audited): 2,105.44
- Cash surplus at the beginning of the period/year end for SPV:
- - Quarter ended 31st March 2026 (Audited): 1,616.43
- - Quarter ended 31st December 2025 (Unaudited): 1,677.30
- - Quarter ended 31st March 2025 (Audited): 1,675.87
- - Year ended 31st March 2026 (Audited): 1,191.05
- - Year ended 31st March 2025 (Audited): 738.94
- Release of encumbered cash (adjusted for accrued interest):
- - Year ended 31st March 2025 (Audited): 1,618.87
- Retained towards debt servicing and O&M expenses obligations of SPV:
- - Quarter ended 31st March 2026 (Audited): (246.43)
- - Quarter ended 31st December 2025 (Unaudited): (1,611.65)
- - Quarter ended 31st March 2025 (Audited): (1,167.41)
- - Year ended 31st March 2026 (Audited): (246.43)
- - Year ended 31st March 2025 (Audited): (1,167.41)
- Cash flows available for distribution (E) = (A+B+C+D):
- - Quarter ended 31st March 2026 (Audited): 1,571.22
- - Quarter ended 31st December 2025 (Unaudited): 1,149.53
- - Quarter ended 31st March 2025 (Audited): 672.59
- - Year ended 31st March 2026 (Audited): 3,389.28
- - Year ended 31st March 2025 (Audited): 3,295.84
- Less: Distribution to InvIT (F):
- - Quarter ended 31st March 2026 (Audited): (1,567.32)
- - Quarter ended 31st December 2025 (Unaudited): (1,144.75)
- - Quarter ended 31st March 2025 (Audited): (648.95)
- - Year ended 31st March 2026 (Audited): (3,385.38)
- - Year ended 31st March 2025 (Audited): (3,272.20)
- Net cash flow available with SPV after distribution (G) = (E+F):
- - Quarter ended 31st March 2026 (Audited): 3.90
- - Quarter ended 31st December 2025 (Unaudited): 4.78
- - Quarter ended 31st March 2025 (Audited): 23.64
- - Year ended 31st March 2026 (Audited): 3.90
- - Year ended 31st March 2025 (Audited): 23.64
- Cash surplus at the closing of the period/year end (H) = (G-D):
- - Quarter ended 31st March 2026 (Audited): 250.33
- - Quarter ended 31st December 2025 (Unaudited): 1,616.43
- - Quarter ended 31st March 2025 (Audited): 1,191.05
- - Year ended 31st March 2026 (Audited): 250.33
- - Year ended 31st March 2025 (Audited): 1,191.05
- Net distributable cash available with SPV after considering surplus cash for the quarter ended March 31, 2026 (Audited), is ₹879.64 million.
- Cash surplus at the beginning of the period/year end for the quarter ended March 31, 2026 (Audited), is ₹413.76 million.
- Retained towards debt servicing and O&M expenses obligations of SPV for the quarter ended March 31, 2026 (Audited), is ₹636.51 million.
- Cash flows available for Distribution for the quarter ended March 31, 2026 (Audited), is ₹656.89 million.
- Distribution to InvIT for the quarter ended March 31, 2026 (Audited), is ₹654.09 million.
- Net cash flow available with SPV after distribution for the quarter ended March 31, 2026 (Audited), is ₹2.80 million.
- Cash surplus at the closing of the period/year end for the quarter ended March 31, 2026 (Audited), is ₹639.31 million.
- Investment management fees payable to GR Highways Investment Manager Private Limited for the quarter ended March 31, 2026 (Audited), is ₹129.00 million.
- Project management fees payable to Aadharshila Infratech Private Limited for the quarter ended March 31, 2026 (Audited), is ₹1.66 million.
- Sub-contractor charges payable to G R Infraprojects Limited for the quarter ended March 31, 2026 (Audited), is ₹115.95 million.
- Shared service charges payable to G R Infraprojects Limited for the quarter ended March 31, 2026 (Audited), is ₹7.93 million.
- Purchase of equity share of subsidiaries (including assignment of loans) from G R Infraprojects Limited for the quarter ended March 31, 2026 (Audited), is ₹2,710.53 million.
- Distribution to unitholders by Aadharshila Infratech Private Limited for the quarter ended March 31, 2026 (Audited), is ₹95.69 million.
- Distribution to unitholders by G R Infraprojects Limited for the quarter ended March 31, 2026 (Audited), is ₹277.83 million.
- Repayment of unit capital by Aadharshila Infratech Private Limited for the quarter ended March 31, 2026 (Audited), is ₹130.24 million.
- Repayment of unit capital by G R Infraprojects Limited for the quarter ended March 31, 2026 (Audited), is ₹378.16 million.
- No external financing was obtained for the acquisition of equity shares by the InvIT.
- There are no fees or commissions received or to be received by any associate of the related party in relation to the transaction.
- Total borrowings for Term loans were ₹46,028.78 million as of 31st March 2026 (Audited).
- Total deferred payments were ₹631.84 million as of 31st March 2026 (Audited).
- Total cash and cash equivalents were ₹8,080.83 million as of 31st March 2026 (Audited).
- Aggregate borrowings and deferred payments net of cash and cash equivalents were ₹38,579.79 million as of 31st March 2026 (Audited).
- Total value of InvIT assets was ₹88,778.68 million as of 31st March 2026 (Audited).
- Net borrowings ratio (D/E) was 43.46% as of 31st March 2026 (Audited).
- Debt-equity ratio was 0.97 times as of 31st March 2026 (Audited).
- Debt service coverage ratio was 1.36 times for the quarter ended 31st March 2026 (Audited).
- Interest service coverage ratio was 3.33 times for the quarter ended 31st March 2026 (Audited).
- Asset cover available was 2.08 times as of 31st March 2026 (Audited).
- Net worth (unitholders funds) was ₹47,489.79 million as of 31st March 2026 (Audited).
- Distribution per unit approved was ₹3.50 for the quarter ended 31st March 2026 (Audited).
- EBITDA margin was 68.84% for the quarter ended 31st March 2026 (Audited).
- Net profit margin was 56.55% for the quarter ended 31st March 2026 (Audited).
- Current ratio was 3.47 times as of 31st March 2026 (Audited).
- The InvIT has been renamed from 'Bharat Highways InvIT' to 'Indus Infra Trust', with SEBI issuing a revised Certificate of Registration on 13th December 2024.
- The Trust owns 13 SPVs as of the valuation date, each with HAM road assets.
- Valuation Approach: The valuation of SPVs was conducted using the Discounted Cash Flow (DCF) method exclusively, as Market Price, Comparable Companies, and Comparable Transactions methods were deemed inapplicable.
- Enterprise Values: The total Enterprise Value (EV) of all SPVs is INR 89,177 Mn, with Adjusted Enterprise Value (including cash) at INR 94,484 Mn.
- SPV Valuations: Notable SPVs include GEKEPL with the highest EV at INR 13,504 Mn and GPEPL with the lowest at INR 3,575 Mn.
- WACC Sensitivity: The valuation includes sensitivity analyses for WACC adjustments (±1.0% and ±0.5%), impacting total EV by significant margins (e.g., +1.0% WACC reduces total EV to INR 85,269 Mn).
- Corporate Actions: Indus Infra Trust acquired 100% stakes in GBAHPL, GBUHPL, GEKEPL, and GUBHPL during FY26, with transactions totaling INR 32,467.07 Mn.
- Project Details: SPVs operate under the Hybrid Annuity Model (HAM) with concession periods typically lasting 15 years post-construction completion.
- Industry and Economic Risks: The valuation acknowledges uncertainties in future cash flows and credit risks, with sensitivity to expense variations (±10% and ±20%) showing potential EV fluctuations up to INR 91,275 Mn.
- VSEPL shareholding: Indus Infra Trust holds 3,88,89,990 shares (100%); Amit Kumar Singh holds 10 shares (0%). Nominee of Indus Infra Trust.
- GSSHPL incorporated on 26th April 2018 as private limited company. Registered office at GR House, Udaipur, Rajasthan.
- GSSHPL project: 4-lane project of Sangli - Solapur (Package-III: Watambare to Mangalwedha) NH-166, 45.60 Km.
- GSSHPL received PCOD on 28th June 2021, COD on 1st March 2023.
- GSSHPL project details: Total Length 182.4 Lane Kms, Bid Project Cost INR 9,570 Mn, Model PPP, Type HAM.
- GSSHPL shareholding: Indus Infra Trust holds 1,49,99,990 shares (100%); Amit Kumar Singh holds 10 shares (0%). Nominee of Indus Infra Trust.
- GDDHPL project: 4-lane project of Dwarka - Khambhaliya - Devariya NH 151A, 71.890 Km.
- GDDHPL received PCOD on 2nd August 2022.
- GDDHPL project details: Total Length 287.56 Lane Kms, Bid Project Cost INR 11,010 Mn, Model PPP, Type HAM.
- GDDHPL shareholding: Indus Infra Trust holds 94,99,990 shares (100%); Amit Kumar Singh holds 10 shares (0%). Nominee of Indus Infra Trust.
- GAKHPL project: 4-lane Aligarh Kanpur NH-91, 70.977 Km.
- GAKHPL received PCOD on 24th February 2023, COD on 9th August 2024.
- GAKHPL project details: Lane Length 347.296 Lane Kms, Bid Project Cost INR 22,000 Mn, Model Hybrid Annuity Mode.
- GAKHPL shareholding: Indus Infra Trust holds 6,29,99,990 shares (100%); Amit Kumar Singh holds 10 shares (0%). Nominee of Indus Infra Trust.
- GGBHPL project: 4-lane Galgalia to Bahadurganj NH-327E, 49 Km.
- GGBHPL received PCOD on 6th April 2024, COD on 27th February 2025.
- GGBHPL project details: Total Length 196 Lane kms, Bid Project Cost INR 10,510 Mn, Model HAM.
- GGBHPL shareholding: Indus Infra Trust holds 89,99,990 shares (100%); Amit Kumar Singh holds 10 shares (0%). Nominee of Indus Infra Trust.
- GBAHPL project: 4-lane Bahadurganj to Araria NH-327E, 44.983 Km.
- GBAHPL received PCOD on 10th August 2024, COD on 1st January 2025.
- GBAHPL project details: Total Length 179.932 lane kms, Bid Project Cost INR 10,810.0 Mn, Model HAM.
- GBAHPL shareholding: Indus Infra Trust holds 89,99,990 shares (100%); Amit Kumar Singh holds 10 shares (0%). Nominee of Indus Infra Trust.
- GBUHPL project: 4-lane Bilaspur - Urga NH-130A, 70.200 Km.
- GBUHPL received PCOD on 12th August 2024, COD Under Progress.
- GBUHPL project details: Total Length 280.80 Lane Kms, Bid Project Cost INR 15,270.0 Mn, Model HAM.
- GBUHPL shareholding: Indus Infra Trust holds 4,09,99,990 shares (100%); Amit Kumar Singh holds 10 shares (Negligible).
- GEKEPL project: 8-lane Vadodara Mumbai Expressway (Ena to Kim), 36.930 Km.
- GEKEPL received PCOD on 30th November 2024, COD Under Progress.
- GEKEPL project details: Total Length 295.44 Lane Kms, Bid Project Cost INR 21,870 Mn, Model HAM.
- GEKEPL shareholding: Indus Infra Trust holds 89,99,990 shares (100%); Amit Kumar Singh holds 10 shares (Negligible). Nominee of Indus Infra Trust.
- GUBHPL project: 4-lane Ujjain-Badnawar NH-752D, 69.1 Km.
- GUBHPL received PCOD on 3rd January 2025, COD on 1st February 2025.
- GUBHPL project details: Total Length 276.4 Lane Kms, Bid Project Cost INR 9,070 Mn, Model HAM.
- GUBHPL shareholding: Indus Infra Trust holds 89,99,990 shares (100%); Amit Kumar Singh holds 10 shares (Negligible). Nominee of Indus Infra Trust.
- National highway network grew by 60% from 91,287 km in 2014 to 146,195 km in 2025.
- Government plans to construct 10,000 km of national highways including 5,800 km of high-speed corridors in 2025.
- NHAI's FY24-25 capex reached Rs 2.50 lakh crore, enabling 5,614 km construction.
- National Highway network in India is the second largest road network in the world.
- Under Bharatmala Pariyojana, Ministry approved 34,800 km of national highways with outlay of Rs. 5,35,000 crore.
- MoRTH's allocation for FY26-27 stands at Rs 3.10 lakh crore, 8% increase from FY26 RE of Rs 2.87 lakh crore.
- FY26-27 capex projected to stabilize at Rs 2.4-2.6 lakh crore.
- Bharatmala Pariyojana aims to develop 26,000 km of Economic Corridors with a cost of INR 38,50,000 Mn (sub-total).
- Bharatmala projects distribution: 60% Hybrid Annuity Mode (HAM), 10% BOT (Toll), 30% EPC.
- Char Dham Vikas Mahamarg Pariyojna to develop 889 km route at an estimated cost of INR 12,000 Crores.
- NH-544G Bengaluru-Vijayawada Economic Corridor approved for development worth US$ 157 million (Rs. 1,292.65 crores).
- Government allocated Rs. 2.87 lakh crore (US$ 33.07 Billion) to MoRTH in Union Budget 2025-26.
- Capex allocation proposed to increase by 10.1% to Rs. 11.21 lakh crore (US$ 129.0 billion) in FY26.
- MoRTH awarded 3,100 kms of highways in FY25 (up to December).
- 501 Wayside Amenities (WSAs) awarded; 94 operational, with 700+ targeted by FY2028-29.
- Asset Monetization via TOT, InVIT, and SPV models raised Rs. 3,70,000 Mn through DME.
- Digital Highways development includes 1,367 km on Delhi-Mumbai Expressway and 512 km on Hyderabad-Bangalore Corridor.
- BOT Toll, BOT Annuity, and HAM models utilized for road development and maintenance.
- Major projects approved include 166.80 km NH-06 (Rs. 22,864 crore) and 19.2 km Zirakpur Bypass (Rs. 1,878.31 crore).
- Passenger vehicle sales hit all-time high of ~4.64 million units in FY26.
- Land acquisition costs increased by >30% since 2017 due to regulatory changes.
- Government initiatives include Bhoomi Rashi portal, FASTag, and PM Gati Shakti for infrastructure growth.
- OPEC Fund provided US$100 million loan for Chennai Peripheral Ring Road Project.
- Asian Development Bank ranks India first in PPP operational maturity.
- DCF Method used for SPV valuation due to predetermined revenue streams.
- Total Book Enterprise Value of SPVs stands at INR 81,157 Mn (Adjusted EV: INR 86,464 Mn).
- The Investment Manager has provided projected Working Capital information for all SPVs, relying on the same data.
- GST Claim: SPVs are eligible for GST reimbursement from NHAI due to changes in GST laws, including Annuity, Interest on Annuity, and adjustments for increased GST rates from 12% to 18%.
- Cost of Equity (CoE) calculated using CAPM model: K(e) = Rf + [ERP* Beta] + CSRP, with risk-free rate at 6.90% and equity risk premium around 6% to 8%.
- Debt-Equity Ratio considered at 70% for HAM projects, aligned with industry benchmarks.
- Weighted Average Cost of Capital (WACC) used as discount rate for SPVs, averaging 7.01%.
- Enterprise Value (EV) calculations provided for each SPV, detailing Fair EV and Adjusted Enterprise Values.
- Valuation concludes with total EVs for all SPVs: Fair EV at INR 89,177 Mn and Adjusted EV at INR 94,484 Mn.
- Detailed valuation methodologies include Discounted Cash Flow (DCF) analysis, sensitivity analyses on WACC and expenses, and consideration of terminal values.
- Calculation of Unlevered Beta for IRB InvIT Fund (0.30) and PG InvIT (0.15) resulting in an average Unlevered Beta of 0.18.
- Re-Levered Beta calculated for multiple SPVs (GPEPL, PDEPL, GDHPL, etc.) with a consistent value of 0.49.
- Justification provided for using IRB InvIT Fund and PG InvIT as comparables due to their relevance in the Indian infrastructure sector.
- Summary of approvals and licenses for various SPVs (GPEPL, PDEPL, GDHPL, etc.) including labor licenses and pollution control board consents.
- Ongoing litigations detailed for GDHPL, PDEPL, GAKHPL, and VSEPL with tax amounts involved ranging from INR 0.87 Mn to INR 1474.4 Mn.
- Forecasted major repairs for SPVs from Mar 27 to Mar 39, with amounts varying by SPV and year.
- Professional details of the Valuer, Mr. S. Sundararaman, including qualifications and contact information.
- Notice of the Third Annual General Meeting (AGM) of Indus Infra Trust scheduled for 24th July 2026 at 11:00 AM IST via Video Conference.
- Resolutions to be considered at the AGM include adoption of audited financial statements, approval of valuation report, and appointment of a Valuer.
- Instructions for remote e-voting provided, including commencement (21st July 2026) and end (23rd July 2026) times, and contact details for technical assistance.