Indus Infra Trust

Dear Unitholders,

I am pleased to present our Annual Report, reflecting upon our remarkable journey during the financial year 2024-2025. Guided by the theme ‘progress, purpose and permanence', our teams advanced with unfaltering focus and determination to expand the portfolio of InvIT Assets across diverse geographies. Through these efforts, Indus Infra Trust has established itself as a dependable and respected infrastructure platform in India.

The Indian infrastructure sector is propelled by favourable policies, institutional support momentum and growing investor interest. Roads and highways continue to offer a compelling investment opportunity, driven by a stable return profile and a balanced risk-return profile. At Indus Infra Trust, we believe this is not merely a phase of cyclical growth but the beginning of a structural shift, one that presents durable, value-accretive opportunities over the following decade.

The Bharatmala Pariyojana, PM Gati Shakti National Master Plan (PMGS- NMP) and the National Monetisation Pipeline (NMP) continue to expand the spectrum of investable assets, enhance transparency for private stakeholders and develop a purpose-driven, high-performance ecosystem. In FY25, the National Highways Authority of India (NHAI) surpassed its own projections by constructing 5,614 kilometres of highways. This momentum has been further bolstered by the Union Budget for FY26, which allocates 11.21 lakh crore in capital expenditure, including a substantial allocation of 2.72 lakh crore for the roadways sector.

The successful IPO of Indus Infra Trust, formerly known as Bharat Highways InvIT, has demonstrated the strength and effectiveness of our platform. Following the IPO, the portfolio of InvIT Assets expanded from seven to nine operational road assets. This was due to the acquisition of two Right of First Offer (ROFO) assets, GR Aligarh Kanpur Highway Private limited and GR Galgalia Bahadurganj Highway Private Limited in

March 2025. As on 31^st March 2025, our Asset Under Management stands at

Rs. 70,362 Million with an average residual concession life of approximately at 11.40 years.

On Standalone basis, the total income of the Trust for fiscal year ended 31^st March 2025 stood at Rs. 14,508.74 Million, driven by robust asset performance and the timely receipt of annual payments. Since listing of units of the Trust till today, the Trust has made per unit distribution of Rs. 14.20/- and cumulative distributions payout to Unitholders amounted to Rs. 6,289.70 Million.

This exceeds, the per unit distribution guidance of Rs. 11.50/- given at the time of IPO of Units of the Trust.

All of Trust's Assets are operational and revenue-generating, with zero exposure to construction risk. As part of the Hybrid Annuity Model (HAM), our assets are shielded from traffic-related revenue fluctuations and offer a hedge against interest rate volatility. The sustained revenue growth and operational stability reinforce our ability to deliver consistent, risk-mitigated returns. The sponsor-led nature of our platform provides deep operational expertise, a well-defined acquisition pipeline and proactive supervision, enabling effective performance management across the entire asset lifecycle.

As we continue to scale, we remain anchored to three core guiding principles. The first prioritises efficient capital management within a robust distribution framework, ensuring adequate margins to support inorganic expansion. The second involves effective asset management through enhanced performance, proactive lifecycle planning and stringent regulatory compliance. The third focuses on portfolio diversification, driven by the ROFO pipeline of G R Infraprojects Ltd. and strategic third-party acquisitions aligned with our targeted return thresholds.

I extend my heartfelt thanks to all our stakeholders, who have stood by us with trust and conviction. Your support continues to guide our progress and strengthens our resolve to build not just for today but for the future. Together, we will continue shaping a platform defined by purpose, driven by progress and built for permanence.