Indus Infra Trust

- Future fundraising is anticipated as part of the acquisition strategy, especially related to KNR assets. - Complete leverage cannot be used for acquisitions, so fundraising through equity is expected to manage leverage levels. - Capital raised will help reduce overall leverage, aiming for an LTV around 50-53% post acquisitions. - Some acquisitions may require lender and regulatory approvals, affecting timing and fundraising decisions. - Fundraising details and guidance on distribution per unit will be clearer after asset acquisitions and are expected to be shared in the next quarter's earnings call (around April-May 2026). - The Trust is actively exploring additional asset acquisitions beyond those with signed agreements, which may potentially require further fundraising.

- Indus Infra Trust is actively engaged in portfolio expansion through acquisitions, in line with its investment strategy focused on yield accretive assets. - Recently executed Share Purchase Agreement (SPA) for acquisition of 4 HAM assets owned by KNR Constructions Limited. - Added one Right of First Offer (ROFO) asset from G R Infraprojects Limited and evaluating more assets from GR Infra intended to be added before March 31, 2026. - Exploring 2-3 additional non-GR asset acquisition opportunities, with potential SPA signings by end of current quarter or Q1 FY '27. - Acquisition timelines depend on approvals from lenders, NHAI, and meeting conditions precedent. - Fundraising could be involved for leveraging acquisitions; attempts to maintain Loan-to-Value (LTV) around 50-53%. - Next acquisition guidance expected post Q4 FY '26 results, around May 2026.

- Indus Infra Trust expects growth driven by ongoing acquisitions, including 4 HAM assets from KNR Constructions and additional assets from G R Infra, planned before March 31, 2026. - The portfolio expansion is yield accretive, aiming to increase stable distributions and extend the life of the InvIT by over a year. - Continued focus on the road infrastructure sector in India with robust execution under Bharatmala Pariyojana ensures long-term visibility of annuity-based cash flows. - Total income and EBITDA experienced fluctuations due to acquisitions and dividend upstream variations, but the Trust maintains a stable operating environment. - Future guidance on Distribution Per Unit (DPU) and revenue is expected post-acquisition clarity, likely by Q4 FY '26 results (around May 2026). - The Trust monitors interest rate movements, asset quality, capital market conditions, and acquisition timelines to guide growth. - Incremental borrowings cost is expected between 6.85% to 7.1%, supporting funding of new assets and acquisitions.

- Indus Infra Trust expects yield-accretive acquisitions, particularly from KNR and GR Infraprojects assets, contributing positively to future earnings. - Post-acquisition guidance for Distributions Per Unit (DPU) for FY '27 to be provided by Q1 FY '27 (around May 2026), with expectations at least maintaining or improving current distribution levels (~13.4 per unit). - Growth dependent on successful completion and integration of asset acquisitions; clarity on financial impact to improve after asset acquisitions conclude. - Operating environment remains structurally strong due to continued government infrastructure spending and highway expansion under Bharatmala Pariyojana. - Long-term stable, annuity-based cash flows expected, supported by steady portfolio performance and asset monetization pathways. - Incremental borrowing costs expected to range between 6.85% to 7.1%, influencing financing expenses. - Capital repayment likely to remain substantial (~30-35%), with dividends expected to be 10-15% of distributions overall.

The transcript does not provide specific details on the current or expected order book or pending orders for Indus Infra Trust. However, relevant points related to acquisitions and pipeline include: - Executed share purchase agreement for acquisition of 4 HAM assets owned by KNR Constructions Limited. - Added one ROFO asset (GR Bahadurganj Araria Highway Private Limited) from G R Infraprojects Limited. - Evaluating a few more assets from G R Infra expected to be added before March 31, 2026. - Exploring 2-3 more non-GR asset acquisition situations, with possible SPA signing by end of current quarter or Q1 next year. - Acquisition timelines depend on lender approvals, regulatory approvals (NHAI), and performance of the counterparties. No explicit value or volume of order book/pending orders disclosed.