Detailed Rationale

Crisil Ratings has reaffirmed its ‘Crisil AAA/Stable’ rating on the long-term bank facilities of IRB Infrastructure Trust (IRB Trust), an infrastructure investment trust (InvIT) sponsored by IRB Infrastructure Developers Ltd (IRBIDL, ‘Crisil AA-/Stable/Crisil A1+’).

 

Crisil Ratings notes the announcement by IRB Trust on May 14, 2026, regarding the issuance of a non-binding offer by IRB Trust to IRB InvIT Fund (a publicly listed InvIT sponsored by IRBIDL, Public InvIT) for sale of two projects namely Solapur Yedeshi Tollway Ltd (SYTL, ‘Crisil AAA/Stable’) and CG Tollway Ltd (CGTL). The assets are valued at Rs 4,663 crore as on March 31, 2026, as per external valuation. The sale is subject to, amongst others, execution of definitive documents and receipt of necessary approvals and is expected to conclude in 4-6 months. This proposed sale is in line with management’s strategy of continued asset recycling. The equity proceeds will be utilised by IRB Trust for future asset acquisitions. Previously, IRB Trust monetised three projects to IRB InvIT Fund in November 2025 for enterprise value of Rs 8,436 crore.

 

The assets will be transferred out of the InvIT alongwith its liabilities (including debt of Rs 1,897 crore outstanding as of March 31, 2026). Thus, the debt protection metrics of IRB Trust are expected to remain stable with Crisil Ratings adjusted average debt service coverage ratio (DSCR) of 1.7-1.9 times post the proposed sale as well. Crisil Ratings will continue to engage with IRB Trust’s management on these developments.

 

The rating continues to reflect the trust’s diversified asset portfolio of 15 special purpose vehicles (SPVs) across nine states with adequate track record and strong counterparty profile. For the existing 12 SPVs (excluding the recently operational Meerut Budaun Expressway Ltd [MBEL, part of Ganga Expressway] and the recently won two toll, operate, transfer [TOT] projects) of the InvIT, toll collections grew by 12.9% in fiscal 2026 following toll collection growth of 51.2% on-year, in fiscal 2025, primarily driven by the addition of new projects[1] in the portfolio. Toll collection growth on a like-to-like basis[2] was subdued in the last fiscal 2025 vis-à-vis earlier expectations owing to general elections and subsequent slowdown in government spending, heavy monsoon in some regions as well as the impact of network developments on some of the stretches. Some impact on toll collections is also on account of delay in toll rate hike in the last fiscal. Over the near to medium term, toll collections are expected to improve substantially with gradual resolution of these issues, and this will remain a key monitorable.

 

Alongside strong debt protection metrics, financial risk profile is supported by provisions for maintenance of debt service reserve account (DSRA) equivalent to 3-6 months and major maintenance reserve account (MMRA) in line with financing agreements. Liquidity will also be supported by the cash trap provision if the DSCR falls below 1.3 times for the trailing 12 months (TTM). IRB Trust also benefits from financial flexibility arising out of the long tail at the end of the debt tenure, ability and track record of the sponsors in refinancing, and healthy toll revenue potential of the stretch.

 

IRB Trust acquired 80.4% stake in a greenfield build-operate-transfer (BOT) toll road project, MBEL, in December 2024 from IRBIDL. The project commenced tolling recently on May 17, 2026 and ramp up in collections will remain monitorable for MBEL going forward. With Palsit Dankuni Tollway Pvt Ltd (PDTPL) having achieved completion and MBEL also expected to start tolling, the implementation risk in the portfolio is substantially reduced. Furthermore, in the near term, the trust is focused on adding TOT projects requiring limited upfront construction, thus keeping implementation risk minimal, resulting in predictable cash flows adding to the strength of the portfolio.

 

The rating also derives strength from the long experience of the sponsor, IRBIDL, in managing and maintaining road assets. These strengths are partially offset by susceptibility of toll revenue to volatility in traffic volume, development or improvement of alternative routes or modes of transportation that could impact revenue and in turn the DSCR. The DSCR will also remain susceptible to volatility in interest rate and operations and maintenance (O&M) cost; however, the presence of 10 to 20 years fixed price O&M and major maintenance (MM) contract with IRBIDL, which are expected to be renewed, mitigates the risk to some extent.

[1] IRB Trust had added two TOT projects, TOT-12 and TOT-13, in fiscal 2024 which commenced operations on April 1, 2024 boosting the InvIT’s revenue significantly in fiscal 2025.

[2] On a like-to-like basis (includes seven SPVs which were acquired prior to fiscal 2024), toll collection growth stood at 1.8% on-year in fiscal 2025.

Analytical Approach

Crisil Ratings has combined the business and financial risk profiles of IRB Trust and its underlying SPVs. This is because the trust has a strategy of gradually consolidating the entire debt at InvIT level by refinancing the current SPV level debt, resulting in high fungibility of cash flows. Further, the trust has direct control over these SPVs and has infused/will infuse funds in them (in the form of loans to repay outstanding debt. Furthermore, the SPVs will distribute their entire surplus cash flow to the InvIT in the form of interest and repayment (on debt provided by the InvIT/debentures), dividend or return of capital through capital reduction, leading to highly fungible cash flow. Also, the cap on borrowings has been defined at a consolidated level as per the regulations.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers - Strengths

Geographically diversified portfolio with adequate track record and strong counterparty: The InvIT comprises 12 operational toll road SPVs (including 12 stretches) and benefits from asset and geographical diversification. The InvIT added a greenfield toll road project, MBEL, in December 2024 that is expected to commence operations in the last quarter of fiscal 2026. Recently, the InvIT has won two TOT projects with 20-year concession life from NHAI. Out of these 15 SPVs, 13 have a strong counterparty, NHAI with remaining two being Hyderabad Metropolitan Development Authority (HMDA) for IRB Golconda Expressway Pvt Ltd (IGEPL) and Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for MBEL. These projects have adequate tolling track record and a combined length of ~2,150 km. Toll revenue for 12 existing SPVs stood at Rs 3,154 crore in fiscal 2025 and Rs 3,559 crore in fiscal 2026. Further, going forward, the trust is not expected to add any under construction assets that will lead to stronger quality of the portfolio.

 

All the assets are key routes connecting arterial cities with most stretches being the shortest routes between destinations, across nine states. These projects have a good mix of commercial and passenger traffic at a consolidated level with commercial share of around 70%. While a few stretches have alternate routes, the traffic diversion is already reflecting in the current traffic plying on them. These projects have an annual toll rate escalation with a fixed increase of 3% and a variable portion equal to 40% change in wholesale price index (WPI), thereby limiting dependence on WPI, and supporting revenue.

 

For the existing 12 SPVs of the InvIT, toll collections reported growth of 12.9% in fiscal 2026. This is followed by toll collection growth of 51.2% on-year, in fiscal 2025, primarily driven by the addition of new projects in the portfolio. Toll collection growth on a like-to-like basis was subdued in the last fiscal 2025 vis-à-vis earlier expectations due to general elections and subsequent slowdown in government spending, heavy monsoon in some regions as well as the impact of network developments on some of the stretches. Further, project specific issues were also experienced for some of the projects. Toll collections for SYTL and Yedeshi Aurangabad Tollway Ltd (YATL) declined by 2.8% and 5.3%, respectively, in fiscal 2025 due to restriction on movement of heavy traffic through the feeder route (Kannad/Autram Ghat section) by the Aurangabad High Court Bench to prevent frequent traffic congestion in the region from August 11, 2023. The matter continues to remain sub-judice and resolution of the same is a key monitorable. Meanwhile, toll collections for SYTL and YATL have started improving substantially since September 2025 and grown by 23.4% during the second half of fiscal 2026. Collections for PDTPL also reported 2% decline in toll revenue in fiscal 2025 on a year-on-year basis due to diversion of traffic to alternate routes as project was under construction leading to long traffic jams on the stretch. Nevertheless, toll collections have witnessed significant increase in fiscal 2026 as the project received completion certificate on July 14, 2025 resulting in ~47% toll revision. While toll collections for CGTL grew by 2.2%, it increased by 7.8% for Udaipur Tollway Ltd (UTL) in fiscal 2025 supported by healthy growth in traffic on the stretch. Toll collections are expected to continue to improve further in the current fiscal and this will remain a key rating sensitivity factor.

 

Strong debt protection metrics, with provision for cash trap and creation of DSRA and MMRA: Financial risk profile is expected to be comfortable supported by Crisil Ratings adjusted average DSCR of 1.7-1.9 times through the balance tenure of the debt as well as long life of assets, moderate leverage as reflected in net debt to enterprise value of the InvIT at 45% (based on the InvIT debt and external valuation as on March 31, 2026)[3]. While the near term DSCRs are expected to remain subdued, these are expected to improve materially going forward with resolution of traffic related issues on some of the key stretches. Debt protection metrics will also be backed by the presence of 10 to 20 years fixed price O&M and MM contract with IRBIDL, and expectation of extension of these contracts through the life of assets.

 

IRB Trust has 35% of the overall debt at the InvIT level as on March 31, 2026, while the remaining debt is at underlying SPVs. Cash flows from AE Tollway Ltd, IRB Westcoast Tollway Ltd, IRB Harihara Corridors Pvt Ltd and IRB Chandibhadra Tollway Pvt Ltd are directly available for debt servicing at the InvIT level. While cash flows from remaining SPVs are will be available for upstreaming only after meeting debt obligation at the SPV level and reserve requirements of the SPV lenders, IRB Trust is in process of refinancing its debt at the SPVs with debt at the InvIT level, gradually improving cash flow fungibility and reducing subordination of cash flows. In line with this, IRB Trust raised Rs 9,316 crore debt for TOT-17 and TOT-18 at InvIT level.

 

Terms of the financing documents stipulate maintenance of DSRA equivalent to 3-6 months and MMRA in line with financing agreements and full cash trap if DSCR falls below 1.30 times, providing liquidity cushion. Cash trap is stipulated if DSCR falls below 1.30 times. In case of such scenario, all the proceeds in the surplus account would be mandatorily transferred to the restricted debt service sub account and released only if DSCR for the next two consecutive months exceeds 1.30 times.

 

Experienced management team: The asset pool will benefit from being part of IRB’s private InvIT, which in turn benefits from the strong sponsor and investors and IRBIDL’s asset management team having significant experience of over 25 years in Indian roads and highways space having sponsored two InvIT platforms. Government of Singapore Investment Corporation and its affiliates (GIC) and Cintra Investments (Cintra) with 25% and 24% unitholding in the trust have extensive experience in the infrastructure space, including in India. GIC and Cintra also have stake in IRBIDL. Further, GIC and Cintra have also invested in various other assets / platforms of IRBIDL in the past few years.

[3]Calculated as per SEBI guidelines

Key Rating Drivers - Weaknesses

Susceptibility of toll revenue to volatility in traffic or development/improvement of alternative routes: The stretches remain vulnerable to variations in traffic volume owing to the seasonal variations in vehicular traffic, diversion of traffic to any alternate routes or development of alternative routes/modes. Susceptibility to economic downturns could adversely impact the traffic volumes on the project stretch. While the stretches face some threat from alternate routes as of now, improvement of existing alternate routes or development of new alternate routes may affect traffic further. While Crisil Ratings has adequately sensitised toll collections for risks emanating from foreseeable development of alternate routes or alternate modes of transport, higher than expected diversion on account of any of these will be key rating sensitivity factor.

 

Toll collection is the only source of revenue, and hence, any volatility because of factors such as toll leakage, lack of timely increase in rates, and fluctuation in WPI-linked inflation could adversely impact cash flow. Toll rate hike remained subdued in this fiscal due to low WPI. IGEPL’s toll rate revision for fiscal 2026 which was applicable from April 1, 2025 is yet to happen and resolution of this issue will be a key monitorable. Force majeure events can impact cash flow and, consequently, debt protection metrics of the projects till the time these are resolved, and tolling is resumed. For two of the SPVs – SYTL and YATL, traffic remained impacted from August 2023 due to the occurrence of force majeure event (restriction on movement of heavy traffic through the feeder route [Kannad/Autram Ghat section] by the Aurangabad High Court Bench to prevent frequent traffic congestion in the region). These risks are mitigated by remedies for force majeure events as defined in the concession agreement (CA), however, these are typically in the form of extension of concession period and do not address possible cash flow mismatches during such events. In certain force majeure events, cash compensation is also available to the concessionaire as per the terms of the concession agreement.

 

Susceptibility to volatility in O&M and MM costs and interest rates: The trust is exposed to risks related to maintenance of the projects in the underlying SPVs as per the specifications and within budgeted costs. While IRB Trust is expected to maintain MMRA in line with financing agreements, any significant dip in toll collection or unplanned maintenance activity could result in cash flow shortfall during years of such maintenance and will remain a rating sensitivity factor. Nevertheless, volatility is mitigated in the near-to-medium term given the presence of 10 to 20 years fixed price O&M and MM contracts signed by all SPVs with IRBIDL.

 

Majority of the debt has a floating interest rate linked to the benchmark, which exposes the trust to volatility in interest rates. Although the cushion in cash flow will partially absorb the impact of such fluctuations, it will remain a rating sensitivity factor.

Liquidity Superior

Crisil Ratings adjusted average DSCR is expected to remain healthy around 1.7-1.9 times over the balance tenure of the debt. The long life of assets also adds strength to the financial risk profile. Toll collections will be adequate to meet the operational expenses and debt obligation. DSRA equivalent to 3-6 months of interest and principal obligations and MMR of 3-6 months on floating basis will be maintained. Liquidity will also be supported by the cash trap provision if the DSCR falls below 1.3 times for the trailing 12 months (TTM). IRB Trust also benefits from financial flexibility arising out of the long tail at the end of the debt tenure, ability and track record of the sponsors in refinancing, and healthy toll revenue potential of the stretch.

Outlook Stable

Crisil Ratings believes toll collection for the InvIT will continue to improve over the medium term, backed by good traffic potential on the project stretches.

Rating sensitivity factors

Downward factors

• Lower than expected toll revenue on a sustained basis or materially higher maintenance cost resulting in weaker than expected DSCR
• Higher than expected incremental borrowing significantly impacting the debt protection metrics
• Non-adherence to the structural features of debt or non-maintenance of adequate liquidity reserve in the form of DSRA of 3-6 months and MMRA as stipulated in financing agreements
• Acquisition or addition of weak assets with high debt or low revenue potential impacting debt protection metrics

About the trust

IRB Trust is registered as an irrevocable trust under the Indian Trust Act, 1882, and as an InvIT under the Securities and Exchange Board of India (SEBI) Infrastructure Investment Trust Regulations, 2014, since August 27, 2019. It is holding roads sector assets sponsored by IRBIDL with MMK Toll Road Pvt. Ltd as its investment manager, IRBIDL acting as the project manager and IDBI Trusteeship Services Ltd being the trustee. IRBIDL holds 51% of the trust’s units with the remaining 25% and 24% held by GIC and Cintra, respectively.

 

The trust has been listed on the National Stock Exchange since April 3, 2023. It currently has a portfolio of 11 operational toll projects and one under-construction road projects (four-six laning projects and partial tolling is underway), one proposed under-construction greenfield toll project and two recently won TOT projects spread across nine states.

 

The broad details of the assets that are held by the IRB Trust are as follows:

 

IRB Westcoast Tollway Ltd

The project is a 187.2 km four-lane operational toll road on national highway (NH) 17 connecting Panvel and Kanyakumari in Goa Karnataka border on a BOT-toll basis. It has been operational since February 2020 with more than three years of tolling history. The project stretch operates under a 28-year concession awarded by NHAI in 2012 for strengthening and widening of two-lane road to a four-lane divided carriageway and has remaining concession life of close to 19 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered a compound annual growth rate (CAGR) of 9.6% between fiscals 2022 and 2024. The project reported 10% and 3% increase in toll revenue in fiscals 2024 and 2025 respectively on a y-o-y basis. There are no alternate routes to the project road. Toll collections improved by 10.2% in fiscal 2026 on y-o-y basis.

 

AE Tollway Ltd

The project is a 124.5 km six-lane operational toll road on NH-2 (Agra-Etawah Bypass) in Uttar Pradesh on a BOT toll basis. It has been operational since August 2016 with more than seven years of tolling history. The project stretch operates under a 24-year concession awarded by NHAI in 2015 for strengthening and widening of four-lane road to a six-lane divided carriageway and has remaining concession life of close to 17 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered a CAGR of 7.3% between fiscals 2020 and 2024. The project reported 9% and 6% increase in toll revenue in fiscals 2024 and 2025 respectively on a y-o-y basis. There are three alternate routes to the project road, however, the impact is already reflecting in the existing traffic. Toll collections improved by 9.9% in fiscal 2026 on y-o-y basis.

 

Yedeshi Aurangabad Tollway Ltd

The project is a 189 km four-lane operational toll road on the Yedeshi-Aurangabad section of NH-211 (new NH-52) in Maharashtra on a BOT toll basis. It has been operational since March 2019 with more than four years of tolling history. The project stretch operates under a 26-year concession awarded by NHAI in 2014 and has remaining concession life of over 18 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 11% between fiscals 2020 and 2024. Toll revenue declined 1% and 5% in fiscals 2024 and 2025 respectively on a y-o-y basis due to the restriction on movement of heavy traffic through the feeder route (Kannad/Autram Ghat section) from August 11, 2023, by the Aurangabad High Court Bench to prevent frequent traffic congestion in the region. Toll collections improved by 17.6% in fiscal 2026 on y-o-y basis.

 

Solapur Yedeshi Tollway Ltd

The project is a 98.7 km four-lane operational toll road on the Solapur-Yedeshi section of NH-211 (new NH-52) in Maharashtra on a BOT toll basis. It has been operational since March 2018 with more than five years of tolling history. The project stretch operates under a 29-year concession awarded by NHAI in 2013 and has remaining concession life of over 20 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 8.7% between fiscals 2020 and 2024. Toll revenue declined 2% and 3% in fiscals 2024 and 2025 respectively on a y-o-y basis due to the restriction on movement of heavy traffic through the feeder route (Kannad/Autram Ghat section) from August 11, 2023, by the Aurangabad High Court Bench to prevent frequent traffic congestion in the region. Toll collections improved by 20.6% in fiscal 2026 on y-o-y basis.

 

CG Tollway Ltd

The project is a 124.9 km six-lane operational toll road on Chittorgarh-Bypass section of NH-79 in Rajasthan on a BOT toll basis. It has been operational since November 2017 with over five years of tolling history. The project operates under a 20-year concession awarded by NHAI in 2016 and has remaining concession life of around 15 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 5.3% between fiscals 2020 and 2024. The project reported 7% and 2% increase in toll revenue in fiscals 2024 and 2025 respectively. This growth slowed because of impact of network developments. Toll collections improved by 10.6% in fiscal 2026 on y-o-y basis.

 

Udaipur Tollway Ltd

The project is a 113.8 km six-lane operational toll road on the Udaipur-Bypass section of NH-8 in Rajasthan on a BOT toll basis. It has been operational since September 2017 with more than six years of tolling history. The project stretch operates under a 21-year concession awarded by NHAI in 2016 and has remaining concession life of around 15 years without considering any modification in the concession period due to target traffic clause of the CA. Traffic registered CAGR of 3% between fiscals 2020 and 2024. The project reported 16% and 8% increase in toll revenue in fiscals 2024 and 2025 respectively on a y-o-y basis. There are two alternate routes to the project road, though the impact is already reflecting in the existing traffic. Toll collections improved by 6.4% in fiscal 2026 on y-o-y basis.

 

Palsit Dankuni Tollway Pvt Ltd

The project is a 63.8-km under-construction toll road on NH-19 in West Bengal on a BOT toll basis. Being a four-to-six laning project, tolling commenced since April 2022. The project stretch operates under a 17-year concession awarded by NHAI in 2021 and has remaining concession life of around 16 years without considering any modification in the concession period due to target traffic clause of the CA. The project reported 15% and 2% decline in toll revenue in fiscals 2024 and 2025 respectively on a y-o-y basis due to diversion of traffic to alternate routes as project is under-construction leading to long traffic jams on the stretch. The project received completion certificate on July 14, 2025 resulting in ~47% toll revision. Toll collections improved by 50.4% in fiscal 2026 on y-o-y basis.

 

IRB Golconda Expressway Pvt Ltd

IGEPL is an SPV incorporated in May 2023 to implement Hyderabad Outer Ring Road (ORR) project. It has executed CA with HMDA TOT project of ORR (from Km 0+000 to km 158+010) in Hyderabad, Telangana. The concession period of the project is for 30 years from the appointed date (August 12, 2023). The total length of the project is 158 km and it has 22 toll plazas (21 entry-exit points in operation and one under construction) with close loop tolling. The project generated daily toll revenue of Rs 2.15 crore in fiscal 2025. Toll collections improved by 13.1% in fiscal 2026 on y-o-y basis.

 

Samakhiyali Tollway Pvt Ltd

SPV incorporated on March 14, 2023, for the upgradation of four lane to six lane with paved shoulder of NH-27 from Samakhiyali to Santalpur section from km 339+200 to km 430+100 in Gujarat on BOT basis. The project stretch operates under a 20-year concession from appointed date (December 28, 2023) including 2 years of construction period. The project generated daily toll revenue of Rs 0.39 crore in fiscal 2025. Toll collections improved by 5.0% in fiscal 2026 on y-o-y basis.

 

IRB Lalitpur Tollway Pvt Ltd

ILTPL is an SPV incorporated on TOT mode. The CA was executed by NHAI on November 24, 2023. The project stretch starts from km 99.005 of NH-44 in Lalitpur in Uttar Pradesh and ends at km 415.089 of NH-44 in Lakhnadon in Madhya Pradesh. The length of the project stretch is 316.084 km and has a four-lane configuration with four toll plazas. Project has started operations from April 1, 2024. The project generated daily toll revenue of Rs 1.14 crore in fiscal 2025. Toll collections improved by 7.8% in fiscal 2026 on y-o-y basis.

 

IRB Gwalior Tollway Pvt Ltd

IGTPL is an SPV incorporated in January 2024 to operate one out of two road stretches of TOT-13 bundle. It has executed CA with NHAI for the project of tolling, operation, maintenance and transfer of Gwalior-Jhansi stretch in Madhya Pradesh and Uttar Pradesh. The concession period of the project is 20 years from the appointed date (April 1, 2024). The total length of the project stretch is 82.455 km and has one toll plaza. Toll collections improved by 8.7% in fiscal 2026 on y-o-y basis.

 

IRB Kota Tollway Pvt Ltd

IKTPL is an SPV incorporated in January 2024 to operate one out of two road stretches of TOT-13 bundle. It has executed CA with NHAI for the project of tolling, operation, maintenance and transfer of Kota Bypass stretch in Rajasthan. The concession period of the project is 20 years from the appointed date (April 1, 2024). The total length of the project stretch is 27.88 km and has one toll plaza. Toll collections remained stagnant in fiscal 2026 on y-o-y basis.

 

Meerut Badaun Expressway Ltd

MBEL is an SPV incorporated to implement the six laning of 130 km package-I of the Ganga Expressway, an access-controlled, six-lane greenfield expressway, from Meerut to Badaun in Uttar Pradesh on the design, finance, build-operate-transfer basis. The concession for the project is 30 years awarded by UPEIDA. The CA was executed on January 6, 2022. IRB Trust acquired 80.4% stake in MBEL from IRBIDL in December 2024. The project commenced tolling on May 17, 2026 against SCOD of October 10, 2025.

 

IRB Harihara Corridors Pvt. Ltd

IHCPL is an SPV incorporated for tolling, operation, maintenance and transfer of Lucknow-Ayodhya section of NH-27, Ayodhya-Gorakhpur section of NH-27 and Lucknow-Sultanpur section of NH-731 in the state of Uttar Pradesh. The concession period of the project is 20 years from the appointed date of January 23, 2026. The total length of the project stretch is 366 km and has one toll plaza. Total project cost of Rs 10,099 crore was funded through debt of Rs 6,930 crore and equity of Rs 3,169 crore.

 

IRB Chandibhadra Tollway Pvt Ltd

ICTPL is an SPV incorporated for tolling, operation, maintenance and transfer of Chandikhole-Bhadrak section of NH-16 in the state of Odisha. The concession period of the project is 20 years from the appointed date of April 1, 2026. The total length of the project stretch is 74.5 km and has one toll plaza. Total project cost of Rs 3,321 crore was funded through debt of Rs 2,386 crore and equity of Rs 936 crore.

Key Financial Indicators^

Particulars – Consolidated	Unit	2025	2024
Revenue	Rs crore	5,335	3,893
Profit after tax (PAT)	Rs crore	(305)	(665)
PAT margin	%	(5.7)	(17.0)
Adjusted debt/adjusted net worth	Times	1.28	1.61
Adjusted interest coverage	Times	1.13	1.05

^Crisil Ratings adjusted financials