IRB Infrastructure Developers Limited — Interim / Quarterly Report 2025

Nov 12, 2025

November 12, 2025

To, Corporate Relationship Department, BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001.

Listing Department, National Stock Exchange of India Limited Exchange Plaza, C-1 Block G Bandra Kurla Complex, Bandra (E), Mumbai 400 051

Dear Sir,

Ref.: Scrip Code: 532947, Symbol: IRB

Subject: Outcome of the Meeting of the Board of Directors held on November 12, 2025

Please note that the Board of Directors of the Company (the "Board") at its meeting held today i.e. November 12, 2025, has inter-alia, approved the following:

• 1. Consolidated & Standalone Unaudited Financial Results for the quarter and six months ended September 30, 2025. A copy of the results along with the Limited Review Report is enclosed herewith.
• 1. Declared 2 nd Interim dividend of 7% (Re. 0.07/- per equity share of face value of Re. 1/- each) for financial year 2025-26. The record date for the purpose of payment of dividend is November 18, 2025. The 2 nd Interim dividend shall be paid / dispatched to the eligible shareholders on or before December 11, 2025.

The Board Meeting commenced at 12:15 pm and concluded at 1:15 pm.

You are requested to kindly take note of the same.

For IRB Infrastructure Developers Limited

Mehul Patel Mehulkuma r Natwarlal Patel Digitally signed by Mehulkumar Natwarlal Patel Date: 2025.11.12 13:17:43 +05'30'

Company Secretary

MSKA &t Associates Chartered Accountants

HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200

Independent Auditor's Review Report on consolidated unaudited financial results of IRB Infrastructure Developers Limited for the quarter and year to date pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of IRB Infrastructure Developers Limited

• 1. We have reviewed the accompanying Statement of consolidated unaudited financial results of IRB Infrastructure Developers Limited (hereinafter referred to as 'the Holding Company'), its subsidiaries, (the Holding Company and its subsidiaries together referred to as the 'Group') for the quarter ended September 30, 2025 and the year-to-date results for the period from April 1, 2025 to September 30, 2025 ('the Statement') attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations').
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder (' Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33 (8) of the Regulations, to the extent applicable.

• 1. This Statement includes the results of the Holding Company and the entities stated in Annexure 1.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 to 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclb or that it contains any material misstatement.

MSKA & Associates Chartered Accountants

1. We did not review the interim financial information of nineteen subsidiaries included in the Statement, whose interim financial information reflects total assets of Rs. 3, 73,869 million (before consolidation adjustment) as at September 30, 2025 and total revenues of Rs. 18,677 million (before consolidation adjustment) and Rs. 38,418 million (before consolidation adjustment), total net profit/ (loss) after tax of Rs. (65) million (before consolidation adjustment) and Rs. 542 million (before consolidation adjustment) and total comprehensive income/ (loss) of Rs. (61) million (before consolidation adjustment) and Rs. 552 million (before consolidation adjustment), for the quarter ended September 30, 2025 and for the period from April 1, 2025 to September 30, 2025, respectively, and cash flows (net) of Rs. 2,652 million (before consolidation adjustment) for the period from April 1, 2025 to September 30, 2025, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of the above matter with respect to our reliance on the work done by and report of the other auditors.

1. The Statement includes the interim financial information of one subsidiary which has not been reviewed by their auditors, whose interim financial information reflect total assets of Rs. 662 million (before consolidation adjustment) as at September 30, 2025 and total revenue of Rs. 25 million (before consolidation adjustment) and Rs. 50 million (before consolidation adjustment), total net profit/ (loss) after tax of Rs. (0) million (before consolidation adjustment) and Rs. 7 million (before consolidation adjustment) and total comprehensive income / (loss) of Rs. (0) million (before consolidation adjustment) and Rs. 7 million (before consolidation adjustment) for the quarter ended September 30, 2025 and for the period from April 1, 2025 to September 30, 2025, respectively, and cash outflows (net) of Rs. 29 mil ion (before consolidation adjustment) for the period from April 1, 2025 to September 30, 2025, as considered in the Statement. This interim financial information have been furnished to us by the Management and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on such management prepared unaudited interim financial information. According to the information and explanations given to us by the Management, this interim financial information are not material to the Group.

Our conclusion is not modified in respect of the above matter with respect to our reliance on the financial result certified by the management.

For M S K A & Associates Chartered Accountants ICAI Firm Registration No.105047W

gbe2'

Nitin Tiwari Partner Membership No.: 118894 UDIN: D5118s9)23r11YGr t517

MS KA Et Associates Chartered Accountants

Annexure 1

List of subsidiaries included in the consolidated unaudited financial results of IRB Infrastructure Developers Limited.

Sr No	Na Of E it nt m e y	Re la ti hi it h o ns p w Co Ho ld in g m pa ny
1	IR B A hm ed ab ad V ad od S To llw P riv Li it ed Ex at a ra up e r pr es s ay e m	Su bs id ia ry
2	M od R d M ak Pr iv Li it ed at e rn oa er s e m	Su bs id ia ry
3	M ha is ka In fr P riv Li it ed tr tu at r as uc re e m	Su bs id ia ry
4	Id l Ro ad B ui ld P riv Li it ed at ea e rs e m	Su bs id ia ry
5	IR B In fr In du rie Pr iv Li it ed (F rl kn IR B Ko lh st at a s e m or m e y ow n as ap ur C ) In ed R d De lo P riv Li it ed te at nt at gr oa ve pm e om pa ny e m	Su bs id ia ry
6	IR B Go To llw P riv Li it ed at a ay e m	Su bs id ia ry
7	AT R In fr P riv Li it ed tr tu at as uc re e m	Su bs id ia ry
8	IR B Si nd hu du A ir P riv Li it ed rt at rg po e m	Su bs id ia ry
9	Ar To ll Ro ad P riv Li it ed at ya n e m	Su bs id ia ry
10	A I nf In Pr iv Li it ed st ct st nt at ry an ra ru ur e ve m e s e m	Su bs id ia ry
11	Th Gh od b de To ll Ro ad P riv Li it ed at an e un r e m	Su bs id ia ry
12	IR B M P Ex P riv Li it ed at pr es sw ay e m	Su bs id ia ry
13	A H pi lit Pr iv Li it ed ta at ry an os y e m	Su bs id ia ry
14	IR B In fr P riv Li it ed tr tu at as uc re e m	Su bs id ia ry
15	M RM M in in Pr iv Li it ed at g e m	Su bs id ia ry
16	VM Ex P riv Li it ed 7 at pr es sw ay e m	Su bs id ia ry
17	GE 1 Ex P riv Li it ed at pr es sw ay e m	Su bs id ia ry
18	IR B PS H i gh P riv Li it ed at w ay e m	Su bs id ia ry
19	Pa th ko M di H i gh P riv Li it ed t at an an w ay e m	Su bs id ia ry
20	Ch it T ha ch H i gh P riv Li it ed to at or ur w ay e m	Su bs id ia ry

MSKA & Associates Chartered Accountants

List of joint ventures included in the consolidated unaudited financial results of IRB Infrastructure Developers Limited (Refer Note A below)

Sr No	f ti Na O En ty m e		Re la ti hi it h o ns p w Co Ho ld in g m pa ny
1	M M K To ll Ro ad P riv Li it ed at e m		Jo in Ve t nt ur e
2	IR B In fr T tr tu st as uc re ru		Jo in Ve t nt ur e
Su bs id	ia ri of IR B In fr T tr tu st e s as uc re ru
1	A E To llw L im it ed ay
2	Ye de sh i A ba d To llw L im it ed ur an ga ay
3	IR B W T ol lw L im it ed tc st es oa ay
4	Ka it ha l T ol lw L im it ed ay
5	So la Ye de sh i T ol lw L im it ed pu r ay
6	CG T ol lw L im it ed ay
7	Ud ai T llw L im it ed o ay p ur
8	Ki sh rh G ul ab T ol lw L im it ed ay an ga pu ra
9	IR B Ha M ad ab ad T ol lw L im it ed pu r or ay
10	Pa ls it D ku ni T ol lw P riv Li it ed at an ay e m
11	IR B Go lc da E P riv Li it ed at on xp re ss ay e m w
12	Sa kh i li To llw P riv Li it ed at m a ya ay e m
13	IR B P riv Lim it ed La lit To llw at pu r ay e
14	IR B Ko T llw P riv Li it ed ta at o ay e m
15	IR B Gw al io To llw P riv Li it ed at r ay e m
16	M Bu da E L im it ed t ee ru un xp re ss w ay

(A) As stated in Note 7 to the accompanying Statement of consolidated unaudited financial results, with effect from quarter ended December 31, 2024, these joint ventures are measured at fair value through profit and loss account ("FVTPL") as per Ind AS 28, "Investment in Joint ventures and Associates".

3rd Floor, IRB Complex, Chandivali Farm, Chandivali Vil age, Andheri (E), Mumbai - 400 072. Tel: 91 - 22 -6640 4220 / 4880 4200 • Fax: 91 - 22-2857 3441 e-mail: info@irb.co.in www.irb.co.in CIN: L65910MH1998PLC115967

				(R	in mi llio s. n ex	nin pt ce ear gs pe	ha da ta) r s re
Sr . N o.	Pa rti lar cu s		Qu de d ter ar en		Six th m on	Ye de d ar en
		30 .09 .20 25	30 .06 .20 25	30 .09 .20 24	30 .09 .20 25	30 .09 .20 24	31 .0 3.2 02 5
		(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(A ud ite d)
I	e f ati Re ve nu ro m op er on s
	e f ice a) Re ve nu rom se rv s	14, 47 6.0 6	18, 65 9.0 4	15, 85 8 4 4	33 ,13 5.1 0	34 ,38 7 80	70 ,61 9.9 9
	b) Ga in ln vlT s & ela ted A r f air R ts on sse as pe	2,7 84 .85	1,5 55 .56	-	4,3 40 .41	-	5,1 30 .62
	lue t ( ref 7(i i)) te va m ea sur em en er no
	c) Di vi de nd / inc fro lnv !T Int s & st ere om e m	24 9.2 5	5.0 77 6	-	1,0 24 .31		38 4 06
	Re lat ed A (re fer 7(i ii) ) ts te sse no
	To tal R fr ati ev en ue om op er on s	17 ,51 0. 16	20 ,98 9.6 6	15 ,85 8.4 4	38 ,49 9.8 2	34 ,38 7.8 0	76 ,13 4.6 7
	(( a) (l e) ) to
2	Ot he r i nc om e	49 2.7 9	65 6.1 0	1,6 57 .76	1,1 48 .89	2,8 45 .22	4,1 80 .80
3	To l I (1) (2 ) + ta nc om e	18 ,00 2.9 5	21 ,64 5.7 6	17 ,51 6.2 0	39 ,64 8.7 1	37 ,23 3.0 2	80 ,31 5.4 7
4	Ex pe ns es
	a) Co of ria l c d st ate m on su me	1,5 43 .43	2,9 95 .59	58 9.5 4	4,5 39 .02	2,0 14 .46	6,0 09 .14
	b) Ro ad ork d sit w an e e xp en se s	4,4 64 .01	6,4 95 .20	5,7 60 76	10, 95 9.2 1	11, 95 4.9 0	24 ,92 4.7 4
	c) Em pl be fit oy ee ne s e xp en se	I, 1 97 .44	1,0 42 .78	1,0 74 .88	2,2 40 .22	2,0 82 .22	4,2 56 .43
	d) Fin sts an ce co	4,5 09 .62	4,6 20 .0 1	4,3 42 .07	9,1 29 .63	8,7 29 .22	17 ,91 9. 35
	iat ion d tis ati e) De pr ec an am or on ex pe ns e	2,6 21 .15	2,6 92 .09	2,3 12 .04	5,3 13 .24	4,8 62 .14	10, 37 6.2 5
	he ) Ot r e xp en se s	1,0 59 .24	93 6.2 4	76 5.7 8	1,9 95 .48	2,0 98 .60	4,8 85 .86
	To ta l E (( 4a ) t o ( 40 )) xpe ns es	15 ,39 4.8 9	18, 78 1.9 1	14, 84 5.0 7	34 ,17 6.8 0	31 ,7 41 .54	68 ,37 1.7 7
5	ofi be for sh of t / of Pr ofi (l s) jo int t e ar e pr os	2,6 08 .06	2,8 63 .85	2,6 71 .13	5,4 71 .9 1	5,4 91 .4 8	11, 94 3.7 0
	l i d tio ( )- (4 ) nt te tax ve ur es , e xc ep na ms an
6	(Lo ss) fr int (ne t) Jo V tur om en es			(83 7.2 4)	-	(1, 37 1.0 8)	( I ,37 1.0 8)
7	ofi efo ite Pr t b ion al d tax pt re ex ce m an	2,6 08 .06	2,8 63 .85	1,8 33 .89	5,4 71 .9 1	4,1 20 .40	10 ,57 2.6 2
8	(5) + (6 ) Ex io l it G ain ef te						58 ,04 1.2 8
9	(n et) (r 7(i )) pt ce na em s - er no Pr ofi t b ef (7) (8 ) ta + ore x	2,6 08 .06	2,8 63 .85	- 1,8 33 .89	5,4 71 .91	4,1 20 .40	68 ,61 3. 90
to	Ta ex ns es x
	pe Cu nt tax rre	48 9.2 0	24 6.9 3	50 9.7 7	73 6.1 3	1,0 08 .90	1,6 35 .52
	De fer red ta x	710 .62	59 2.1 0	32 5.4 3	1,3 02 .72	712 .97	2,1 71 .54
	To l t ta ax ex pe ns es	1,1 99 .82	83 9.0 3	83 5.2 0	2,0 38 .85	1,7 21 .8 7	3,8 07 .06
II	Ne t P fit af ter ta (9) --( 10 ) ro x	1,4 08 .24	2,0 24 .82	99 8.6 9	3,4 33 .06	2,3 98 .53	64 ,80 6.8 4
12	Ot he he ive in / (lo ss) r c om p re ns co me :
	A. Ite ha wi ll las sif ied t t t be t ms no r ec o
	of ofi d los in sub sta tem t t t en pr an s se qu en
	rio d / y pe ea r
	Ma rk rke in / (lo ss) fai lue t t o ma ga o n r va	I 34 .42	1,0 74 .45	(25 3.0 8)	1,2 08 .87	(38 9.3 6)	(1, 38 5.0 1)
	of in (ne f t ) nt stm ts t o me asu re me ve en ax
	Re of ain / (l s) d efi d t -m ea sur em en os on ne g	5.1 4	5.1 4	(7. 25 )	10. 28	(15 .30 )	20 .14
	be fit lan s ( f t ) t o ne ne p ax
	B. Ite wi ll tha be las sif ied t to ms rec
	of fit nd lo in bs sta te nt nt me p ro a ss su eq ue
	rio d / pe ye ar Ef fec tiv rti f sh flo in/	83 1.3 2	47 7.6 0	97 1.3 7	1,3 08 .92	1,1 25 .80	(20 5.6 3)
	(lo ss) e po on o ga o n ca w he dg e ( f t ) t o ne ax
	Ot in / (lo ss) fo he he ive the r co mp re ns co me r	97 0.8 8	1,5 57 .19	711 .04	2,5 28 .07	72 1.1 4	(1, 0) 57 0.5
	rio d / y f t ( A+ B) t o pe ea r, ne ax
13	l c e i for th / To eh siv rio d ta om pr en nc om e e pe	2,3 79 .12	3,5 82 .01	1,7 09 .73	5,9 61 .13	3,1 19 .67	63 ,23 6.3 4
	( 11 ) + (1 2) ye ar
	At tri bu tab le to:
	Eq uit ho lde rs y	2,3 79 .12	3,5 82 .01	1,7 09 .73	5,9 61 .13	3,1 19 .67	63 ,23 6.3 4
	No oll in g i ntr nte t n- co res	-	-	-	-	-	-
14	id uit ha pit al (fa lue Pa y s re ce va -up eq ca -	6,0 39 .0 0	6,0 39 .00	6,0 39 .00	6,0 39 .00	6,0 39 .00	6,0 39 .00
	Re . I ha re) pe r s
15	he Ot ity r e qu						1,9 2,2 26 .79
16	ing sha (of R I e h) ba sic nd Ea re e. ac a rn s pe r dil ed (R s.) ( lis ed ) ut t a no nn ua	02 3°	03 4	0.1 7	0.5 7	0.4 0	10. 73

See accompanying notes to the unaudited consolidated financial results

1101, Hiranandani Knowledge Park, 11' Floor, Technolgy ire~lHilSl ^~venue, Opp. Hiranandani Hospital, Powai, Mumbai - 400 076 Tel: 91-22-6733 6400 / 4053 6400 Fax: 91-22-4053 6699 e-mail: inlo@irb.co.in www.irb.co.in

ISO 45001, ISO 27001

AA44A4

Certifcate Number 23725

Certifcate Number 23725

Part -- II: Unaudited Consolidated Balance Sheet as at September 30, 2025

		(R in mi lli ) s. on
	As at	As at
Pa rti lar cu s	30 .09 .20 25	31 .03 .20 25
	(U ud ite d) na	(A ud ite d)
AS SE TS
No t a ts n- cu rr en sse
Pro lan nd rty t a uip nt pe , p eq me	9,2 47 .64	9,6 39 .71
Ca pit al rk in wo pro gr ess	29 5.9 7	7.7 3
Ri gh t to t us e a sse	193 .35	215 .31
Go od wi ll oli da tio on co ns n	78 04	78 .04
Ot he ibl r I nta ets ass ng e	2,3 1,2 69 .73	2,3 6,2 26 .34
Int gib le de r d elo ets t an ass un ev pm en	3,4 87 .26
Fin cia l a ts an sse
i) Inv est nt me s
inv in jo int est nt ntu a. me -ve re s	1,7 3,8 89 .83	1,6 6,1 62 .76
b. oth inv est nts er me	5,8 33 .27	4,6 42 .83
ii) Tr ad eiv ab les e r ec	4, f 80 .08	4,1 80 .08
iii) O the r f in cia l a ts an sse	61 ,47 6.9 6	58 ,24 0.6 7
fer red De ta ets x ass	410 .15	47 4.3 7
Ot he nt ets r n on -cu rre ass	7.9 2	4.5 2
To l n (A ) ta t a ts on -cu rr en sse	4,9 0,3 70 .20	4,7 9,8 72 .36
Cu t a ts rr en sse
Inv ies tor en	3,0 28 73	3,3 85 .84
Fin cia l a ts an sse
i) Inv est nt me s	4,8 05 .28	167 .24
ii) Tr ad eiv ab les e r ec	4,1 68 .99	3,3 09 .50
iii) C ash d sh uiv ale nt an ca eq s	3,8 94 .75	18, 59 5.3 1
iv) B k ba lan the ha (iii ) a bo r t an ce s o n ve	15, 46 1.8 2	15, 86 1.6 1
v)L oa ns	32 5.0 1	40 3.2 3
vi) the r f ina ial O set nc as s	11 57 6 0 0	5,2 59 .74
Cu s ( t) nt tax set rre as ne	79 4.5 8	61 1.2 6
Ot he t a ts r c ur ren sse	9,0 34 .81	11, 49 3.6 2
To l c ta nt ts (B ) ur re as se	53 ,08 9.9 7	59 ,08 7.3 5
TO TA L AS SE TS (A +B )	5,4 3,4 60 .17	5,3 59 .71 8,9
EQ A IA ES UI TY ND L BI LI TI
Eq ui ty
uit ha ita l Eq y s re cap	6,0 39 .00	6,0 39 .00
Ot he ity r e qu	1,9 7,7 65 .19	1,9 2,2 26 .79
(A ) To tal ui ty eq	2,0 3,8 04 .19	1,9 8,2 65 .79
Lia bi lit ies
No t l iab ili tie n- cu rr en s
Fin cia l l iab ili tie an s
i) Bo win rro gs	1,8 5,2 19 . 17	1,8 6,9 48 .42
ii) Le lia bil iti ase es r f li ili	170 .96	19 1.8 3
iii) O the ina ial ab tie nc s Pro vis ion	92 ,07 2.7 8	95 ,14 7.6 3
s De fer red lia bil iti	177 .97	75 .48
ta x es To tal N t l iab ilit ies	22 ,54 9.7 8 90 .66	20 ,86 8.1 5 31 .5 1
(B ) on -cu rr en Cu t l iab ili tie	3,0 0,1	3,0 3,2
rr en s Fin cia l li ab ili tie
an s i) wi Bo	23 ,08 8.0 8	18, 82 4.7 9
rro ng s ii) e l iab ilit ie Le as s	37 .62	28 .16
iii) rad ab les T
e p ay al din g d f m icr ris d ll ise tot tst nte ter a. ou an ue s o o e es an sma en s	40 2.2 8	1,1 55 .92
rp pr b. al din g d f c red ito oth tha mi ris d all ise tot tst nte ter ou an ue s o rs er n cr o e es an sm en s	2,4 34 .41	4,0 61 .59
rp pr iv) O the r f ina ial li ab ili tie nc s	10, 63 3.0 9	10, 88 5.9 3
Ot he t li ab ili tie r c ur ren s	2,4 16 .89	2,4 19 .47
Pro vis io ns	128 .79	84 .54
Cu lia bil iti (n et) nt tax rre es	32 4.1 6	2.0 1
To l C lia bi lit ies (C ) ta nt ur re	39 ,46 5.3 2	37 ,46 2.4 1
TO TA L LI AB IL IT IE S (D =B +C )	3,3 9,6 55 .98	3,4 0,6 93 .92
TO TA L EQ UI TY A ND L IA BI LI TI ES (A ) +D	5,4 3,4 60 .1 7

Certifcate Number 23725

Part III- Unaudited Consolidated Statement of cash flows for the six months ended September 30, 2025

Pa rti lar cu s	Six nth nd ed mo s e 30 .09 .20 25 (Un dit ed ) au	(Rs illi ) . Il l m on Six nth nd ed mo s e 30 .09 .20 24 (Un dit ed ) au
Ca sh flo fr tiv itie ing rat ws om o pe ac s
Pr ofi t b efo tax re	5,4 71 91	4,1 20 40
ash flo Ad ju cil e b efo stm ts to tax to t c rec on re ne ws : en
De cia tio nd isa tio ort n a am n pre	5,3 13 .24	4,8 62 14
Pro vis ion fo r R rfa cin esu g e xp en ses	115 .33	388 .65
Co of h f low st he dg cas e	98. 24	614 .93
Ne t (g ain ) o ale of lan nd uip nt n s rty t a pr ope , p eq me	(12 .88 )
air Ne )/ L inv lue of Pr ofi nd t (g ain nt est nt at th gh sta tem ent t a oss on cu rre me va rou	(5 37)	83 1
(G ain ) o n f air val of oth eiv abl nt ue m eas ure me er rec es		(1, 22 7.7 0) 1 0 8
Sh of los s f jo int (n et) ntu are rom ve res Ne ale of inv ain nt est nt	(SJ 99 )	1,37 (31 34 )
t (g ) o n s cu rre me Fin ost anc e c s	9,1 29 .63	8,7 29 22
Ga in Inv lT and lat ed r f air lue ets nt on re ass as pe va m eas ure me	(4, 340 .41 )
inc Int st ere om e	(1, 02 7 8 6)	(1, 44 9 5 9)
Int inc ind ing of loa st ere om e o n u n nw	(45 0.7 6)	(24 .42 )
Div ide nd in n i est nts com e o nv me		(54 .71 )
Op tin fit bef ork ing pit al cha era g p ro ore w ca ng es	14, 23 7.0 8	17, 30 6.9 7
s in pit al Ch ork ing ca an ge w
ia (In ) / De ade cei vab les tr cre ase cre ase re	(85 9. 19)	1,2 69 .09
De / ( Inc se) in in rie nto cre ase rea ve s in lo De / ( Inc se)	357 11 6 2 6	(36 5.6 3) (33 28 )
cre ase rea an s (In ) in her fin ial ot set anc as s cre ase	(2, 32 8.7 5)	(4, 512 72 )
/ ( se) in he De Inc ot ts cre ase rea r a sse	2,4 58 .8	(1, 812 .93 )
in de abl (D e) tra ecr eas pay es	(2, 38 0.8 4)	(1, 29 5.3 3)
Inc / (D in e) vis ion rea se ecr eas pro s	44 .58	(74 7 5 0)
(D e) in oth fin ial lia bil itie ecr eas er anc s	(40 6.0 1)	(35 6 4 8)
in oth liab ilit ies (D e) ecr eas er	(2.5 8) 12 6.1 7	(78 1 5 7) 8,6 70 .62
Ca sh ted fr ion rat om o pe s gen era Ta aid (n et) xe s p	11, (59 7 .2 9)	(82 2 5 8)
ash flo tiv itie Ne d fro ati t c ate (A) ws m ac s gen er op er ng	10, 52 8.8 8	7,8 48 .04
Ca sh flo fro inv ing tiv itie est ws m ac s Ad dit ion und d c api tal to in gib le ets in clu din g i ibl ts dev elo tan nta ent ass ng e a sse er pm an adv anc es	(4, 59 2 18)	(34 5 0 6)
rch of pla and uip Pu ert nt nt ase pr op y, eq me ds fro sal and Pro nt	(36 8 0 0) 162 .76	(84 9 6 8) 31 0
f p pla uip ert nt cee m e o rop eq me y, Pro ds fro sal f n inv nt est nts cee m e o on -cu rre me	341 48	1l 539
in j Inv est nt oin ent t v me ure	(3, 39 4.7 6)	(65 1 4 0)
Lo giv to j oin t v ent an ure s en	(54 1.6 5)	(2, 20 1.6 5)
Lo by jo int aid ntu an rep ve res	613 .6l	2,3 05 23
(In in ) / Pro ds fro (n et) stm ent t stm ent ve cee m cur ren ve	7 4 4) (9, 06	2,6 25 66.
fr Pro ds / (I in) rity of ba nk de sits (h avi igi l m rity of est nt atu atu cee om mo re nv me m po ng or na tha hre ths ) (n et) n t e m on	40 0.2 7	(27 9.9 6)
Int and di vid end cei d st ere re ve	2,5 .95 66	1,37 2.5 0
Ne ash flo (u sed in fr cti vit ies (IJ) t c ) / ted in stin ws gen era om ve g a	(13 ,87 8.9 6)	2,5 58 .44
Ca sh flow s f fi ing tiv itie rom na nc ac s
Pro ds fro nt bor ing cee m non -cu rre row s	40 0.3 4	4,7 30 28
Re of tib le deb ent ent no n-c on ver ure s pa ym Re of bo wi ent	(39 7 4 9) (6, 934 .99 )	(54 7 4 1) (5, 46 9.9 3)
ent no n-c urr rro ng s pa ym ds f c Pro / (R ) o bo wi s (n et) ent ent cee urr ep aym rro ng	3,1 34 .93	(1, 30 1 5 6)
of lea liab ilit ies Pay nt se me	(21 61 )	(25 00 )
Fin id ost anc e c pa	(7, 10 8. 9 3)	(7, 512 47 )
Div ide nd id ity sh on are s pa equ	(42 2.7 3)	(1, 20 7.8 0)
Ne ash flo (u sed fi ing tiv itie (C) t c in ) f ws rom na nc ac s	(11 ,35 0.4 8)	(11 ,33 3.8 9)
Ne t in / ( de ) in sh d c ash uiv ale (4A +B +C J nts cre ase cre ase ca an eq Ca sh and sh he of the rio d iva len inn ts at t ca	(14 ,70 0.5 6) 18, 59 5.3 1	(92 7.4 1) 2,3 26 .73
beg ing pe equ Ca sh and sh iva len the d o f th eri od ts at ca equ en e p	3,8 94 .75	1,3 99 .32
h a nd sh Co of iva len ts ts cas ca mp on en equ
Ba lan ith ba nk ces w s
- E nts scr ow ac cou	193 18	30 84
- C ent nts urr ac cou - In wit h b ank ith l m le tha n 3 nth de sit atu	667 .36 2,9 27 97	I,1H I2 5 146 79
igi rity s w or na ss mo s po Ca sh han d on	106 .24	110 .44
To tal sh and sh iva len ts	3,8 94 .75	1,3 99 .32

Certifcate Number 23725

Part IV: Report on Unaudited Consolidated Segment Revenue, Segment Results and Capital Employed for the quarter and six months ended September 30, 2025

						(R in mi llio n) s.
Pa rti lar cu s		Qu de d ter ar en		Six nth mo	nd ed s e	Ye de d ar en
	30 .09 .20 25 (Un dit ed ) au	30 .06 .20 25 (Un dit ed ) au	30 .09 .20 24 (U ud ite d) na	30 .09 .20 25 (Un dit ed ) au	30 .09 .20 24 (Un dit ed ) au	31. 03 .20 25 (Au dit ed )
I. S t R ev en ue egm en
BO T/ TO T Pro jec ts a.	6,2 74 .64	6,4 60 24	5,8 11. 00	12, 73 4 8 8	11, 95 0 3 8	24, 83 8.7 8
b Inv lT s & Re lat ed As set s ##	3,0 34 11	2,3 30 .62	1,2 89 .09	5,3 64 .73	2,0 89 17	7,6 03 .85
Co cti tru c. ns on	8,1 55 11	12 142 42	9,9 99 .78	20, 29 7 5 3	22, 33 9 5 6	45 ,60 6.7 6
d Un all d c ate te oc orp ora	46 .30	56 .38	47 .66	102 .68	97 .86	174 .45
To tal	17, 510 .16	20 ,98 9.6 6	17, 147 .53	38 ,49 9.8 2	36 ,47 6.9 7	78 ,22 3.8 4
Le Int nt ss er seg me rev enu e				-	-
Re e f O ion rat ve nu rom pe s	17, 510 .16	20 ,98 9.6 6	17, 14 7.5 3	38 ,49 9.8 2	36 ,47 6.9 7	78 ,22 3.8 4
2. Re sul Seg ts nt me
BO T/ TO T Pro jec ts a	3,0 33 79	3,1 72 21	2,8 91 53	6,2 51 54	5,8 21 50	I 1, 70 2.1 5
b. s # Inv lT s & Re lat ed As set	2,7 52 64	2,1 10 13	1,2 89 09	4,8 62 .77	2,0 89 .17	90 6,9 .79
Co tio nst c. ruc n	1,3 67 28	2,0 42 .49	2,5 28 .58	3,4 09 .77	6,0 84 .74	11, 04 7.5 1
d. Un all d c ate te oc orp ora	(89 .37 )	(46 .96 )	(52 ) .76	(13 6.3 3)	(89 .42 )	(22 4.5 1)
To tal	7,1 09 .88	7,2 77 .87	6,6 56 .44	14, 38 7.7 5	13, 90 5.9 9	29 ,51 5.9 4
Le In ter est ss:	(4, 50 9.6 2)	(4, 62 0.0 1)	(4, 34 2.0 7)	(9, 12 3) 9.6	(8, 72 9.2 2)	(17 ,91 9.3 5)
Oth -al loc abl e i off -al loc ab le et dit er un nc om e n un exp en ure	7 8 0	205 .99	356 .76	213 .79	314 .71	347 09
l it s (r efe 7( i)) Ex tio ote cep na em r n						58, 04 1.2 8
(Lo ss) fr Jo int V s ( t) ent om ure ne			(83 7.2 4)		(1, 37 1 .0 8)	(1, 37 1.0 8)
3. fit be for Pro e t ax	2,6 08 .06	2,8 63 .85	1,8 33 .89	5,4 71 .91	4,1 20 .40	68, 613 .90
Seg As set nt me s
BO T/ TO T Pro jec ts a.	2,3 5,7 17 53	2,3 6,0 42 81	2,4 2,7 52 .82	2,3 5,7 17 53	2,4 2,7 52 82	2,3 7,0 80 .42
b. Inl & lat ed Ts Re As set s	2,2 0,6 51 67	2,1 5,9 81 57	1,3 5,1 87 .46	2.,2 0,6 51 .67	1.3 5,1 87 46	2,1 3,0 37 .00
Co tio nst c. ruc n	42 ,12 4 9 0	45 ,84 9.0 8	41, 64 1 5 3	42 ,12 4 9 0	41, 64 1 5 3	43 ,21 2.4 6
d Un all d c ate te oc orp ora	44 ,96 6.0 7	45 ,99 2.3 1	28 ,63 9.5 8	44, 96 6.0 7	28, 63 9.5 8	45 ,62 9.8 3
To tal (A )	5,4 3,4 60 .17	5,4 3,8 65 .77	4,4 8,2 21 .39	5,4 3,4 60 .17	4,4 8,2 21 .39	5,3 8,9 59 .71
Seg Lia bil itie nt s me
BO T/ TO T Pro jec ts a	,05 8.5 99 1	1,0 0,3 41 .44	1,0 4,1 69 33	,05 8 5 99 1	1,0 4,1 69 .33	1,0 1,8 88 .72
s & b. Inv lT R ela ted A ts sse
Co cti tru c. ns on	9,3 70 . 80	10, 53 2.1 6	12, 27 0 5 0	9,3 70 80	12, 27 0 5 0	12, 12 4.0 6
d. Un all d c ate te oc orp ora	2,3 1,2 26 .67	2,3 1,1 44 .37	1,9 2,4 24 .64	2,3 1,2 26 .67	1,9 2,4 24 .64	2,2 6,6 81. 14
To tal (B J	3,3 9,6 55 .98	3,4 2,0 17 .97	3,0 8,8 64 .47	3,3 9,6 55 .98	3,0 8,8 64 .47	3,4 0,6 93 .92
To tal (A )-- (B )	2,0 3,8 04 .19	2,0 1,8 47 .80	1,3 9,3 56 .92	2,0 3,8 04 .19	1,3 9,3 56 .92	1,9 8,2 65 .79

refer note d below

⁺Segment revenue and results do not include fair value gain (loss) in [RI hnlT Fund as it continues to be measured at fair value through other comprehensive income (FTOC]")

Notes:

a Pursuant to Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has opted to publish only the consolidated segments Segment reporting of IRB Infrastructure Developers Limited and its subsidiaries (together, 'the Group') has been prepared in accordance with Indian Accounting Standard 108 "Operating Segment" (Ind AS 108)

b. Ind AS 108 requires operating segments to be determined based on information that is regularly reviewed by the Chief Operating Decision Maker ("CODM") for the purpose of allocating resources to the segment and to assess its performance. Accordingly, the Group has identified below operating segments

i.Built, Operate and Transfer ('BOT')/ Toll, Operate and Transfer ('TOT') segment consist of operation and maintenance of roads

ii [nvlTs & Related Assets segment consists of investments in units of IRB Infrastructure Trust, IRB InvlT Fund and other related assets (refer note c & d)

iii Construction segment consists of development and maintenance of roads

c. With regulatory changes relating to operations of Infrastructure Investment Trust, coupled with changes in business environment and emerging business opportunities, the Group aligned its business model with respect to its investment in IRB Infrastructure Trust, IRB InvIT Fund and related assets ("InvlTs & Related Assets") Consequently, during the quarter ended December 3I, 2024, the Group identified "InvlTs & Related Assets"as a new operating segment

d As per Ind AS 108, certain segment related disclosures for comparative periods have been recast to confirm with the presentation in the current period and to reflect the reliable and relevant comparable segment based on the available information.

e. Construction segment includes other operating revenue on annuity related to Hybrid Annuity Model (HAM) projects

Certifcate Number 23725

ISO 9001, ISO 14001, ISO 45001, ISO 27001

NOTES:

Consolidation Reporting:

I. Investors can view the results or the Group and its joint ventures on the Company's website (www.irb.co.in) or on the websites of BSE

2.The above published unaudited consolidated financial results have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.

1. In accordance with Regulation 33 or the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, the Statutory Auditor of the Company have carried out limited review of the above unaudited results.

2. The unaudited results for the quarter ended and six months ended September 30, 2025 have been reviewed by the Audit Committee at their meeting held on November 12, 2025 and thereafter approved by the Board of Directors at their meeting held on November 12, 2025. The statutory auditor have expressed an unqualified review opinion.

3. The Company has fully redeemed its Secured, Redeemable, Listed, Rated, Non-Convertible Debentures on June 28, 2025. Accordingly, there is no outstanding as of September 30, 2025.

4. The Board of Directors at its meeting held on November 12, 2025 has declared interim dividend of Re. 0.07 per equity share of face value of Re.I/- each.

5. For the reasons stated in Notes to Part IV related to segment results -

i) the Group aligned its business model with respect to its investments in InvlTs & Related Assets. Consequently, during the quarter ended December 31, 2024, the Group assessed its eligible investments, including interest in joint ventures meeting the required conditions under Ind AS 28, "Investment in Joint ventures and Associates", for measurement at fair value through profit and loss account (FVTPL"). Accordingly, on initial recognition, fair value gain of Rs 58,041.28 million (net of deferred tax of Rs 16,254.35 million) was recognised and presented as Exceptional items'.

ii) Subsequent gain on measurement of these investments at fair value has been recognised and presented as "Gain on lnvlTs & Related Assets as per fair value measurement'" under revenue from operations in the Statement or unaudited consolidated financial results.

iii) "Dividend/ Interest income from lnvlTs & Related Assets" have been presented separately under revenue from operations from the date or initial recognition on account of the above change.

8. Key numbers or standalone financial results of the Company for the quarter and six months ended September 30, 2025 are as under:-

						(R in mi lli ) s. on
		Qu te nd ed ar r e		Six th nd ed Ye de m on s e ar en
Pa icu la rt rs	30 .09 .20 25	30 .06 .20 25	30 .09 .20 24	30 .09 .20 25	30 .09 .20 24	31 .03 .20 25
	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(A ud ite d)
Re fro ati ve nu e m op er on s	10 ,6 47 .2 4	12 ,9 39 .8 2	9,9 37 .4 5	23 ,5 87 .0 6	22 ,4 81 .5 3	50 ,6 33 .4 2
Pr of it for th rio d /ye be fo ta e pe ar re x	2,9 55 .8 6	1,8 64 .0 4	2,0 02 .3 6	4, 81 9. 90	3,6 17 .2 8	58 ,13 0. 25
Ne t P fit . fo he iod fte /y r t r t ro p er ea r a ax	1,8 83 .7 3	1,3 97 .7 2	1,5 98 .9 0	3,2 81 .4 5	3,0 17 .3 1	56 ,14 0. 58

1. Figures for the previous periods have been regrouped/reclassified to confirm to the classification of the current periods.

For IRB Infrastructure Developers Limited

Virendra D. Mhaiskar Chairman and Managing Director

MSKA &t Associates Chartered Accountants

HO 602, Floor 6, Raheja Titanium Western Express Highway, Geetanjali Railway Colony, Ram Nagar, Goregaon (E) Mumbai 400063, INDIA Tel: +91 22 6974 0200

Independent Auditor's Review Report on Standalone unaudited financial results of IRB Infrastructure Developers Limited for the quarter and year to date pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To The Board of Directors of IRB Infrastructure Developers Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial results of IRB Infrastructure Developers Limited (hereinafter referred to as 'the Company') for the quarter ended September 30, 2025 and the year-to-date results for the period from April 1, 2025 to September 30, 2025 ('the Statement') attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('the Regulations').
• 1. This Statement, which is the responsibility of the Company's Management and has been approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'Interim Financial Reporting', prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder ('Ind AS 34') and other recognised accounting principles generally accepted in India and is in compliance with the Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Act and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 and other recognised accounting principles generally accepted in India has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For M S K A & Associates Chartered Accountants ICAI Firm Registration No.105047W

jaw.'

Nitin Tiwari Partner Membership No.:118894 UDIN: 2.5)18894)G01kYL 7ci+)

Corporate Office :

3rd Floor, IRB Complex, Chandivali Farm, Chandivali Village, Andheri (E), Mumbai - 400 072. Tel: 91-22- 6640 4220 / 4880 4200 • Fax: 91 - 22 - 2857 3441 e-mail: info@irb.co.in www.irb.co.in CIN: L65910MH1998PLC115967

Part I: Statement of Unaudited Standalone Financial Results for the Quarter and Six months ended September 30, 2025

					in mi lli ha da (R nin ta) pt on r s re s. ex ce ear gs pe
Pa icu rt	lar s	Qu de d ter ar en			Six th nd ed m on s e		Ye de d ar en
		30 .09 .20 25	30 .06 .20 25	30 .09 .20 24	30 .09 .20 25	30 .09 .20 24	31 .0 3.2 02 5
		(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(U ud ite d) na	(A ud ite d)
l	Re fro ati ve nu e m op er on s
a	Re e f ice ve nu rom se rv s	13 .14 7,6	11, 05 9.9 6	37 .45 9,9	18, 3.1 0 67	22 ,48 1.5 3	45 ,14 3.0 2
b	Ga in vlT s & ela ted r f air lue In R A ts nt on sse as va me asu re me pe	2,7 84 .85	1,5 55 .56	-	4,3 40 .41		5,1 30 .62
	(re fer 7(i i)) te no
C	Di vid d / In in fr In vlT s & R ela ted A ter est ts en co me om sse	24 9.2 5	32 4.3 0		57 3.5 5	-	35 9.7 8
	(re fer 7(i ii) ) te no
	To ta l R fr at ion s ( (la ) t (le )) ev en ue om op er o	10 ,64 7.2 4	12, 93 9.8 2	9,9 37 .45	23 ,58 7.0 6	22 ,48 1.5 3	50 ,63 3.4 2
2	Ot he r i nc om e	1,0 73 .80	1.9 5 76	2,5 64 .09	1,8 35. 5 7	4,6 20 .15	7,4 71 .0 0
3	To tal In (1 )+ 02 ) co me	11, 72 1.0 4	13, 70 1.7 7	12, 50 1.5 4	25 ,42 2.8 1	27 ,10 1.6 8	58 ,10 4.4 2
4	Ex pe ns es
a	Co nd si ntr t a te ac ex pe ns e	6,5 00 .08	9,5 80 .79	8,6 14 .84	16, 08 0.8 7	19, 57 5.1 3	39 ,32 4.3 9
b	pl be fit Em ne s e oy ee xp en se	164 .93	143 .58	183 .22	30 8.5 1	38 7.2 7	9.2 0 69
C	Fin sts an ce co	1,5 30 .39	i ,5 72 .0 I	1,2 99 .77	3,1 02 40	2,6 70 .96	5,7 74 23
d	Ot he r e xp en se s	56 8 9.7	54 1.3 5	40 1.3 5	I, 1 11 .13	85 1.0 4	2,1 25 .47
	To l E s ( (4a ) t (4d )) ta xp en se o	8,7 65 .18	11, 83 7.7 3	10 ,49 9.1 8	20 ,60 2.9 1	23 ,48 4.4 0	47 ,92 3.2 9
5	ofi t b efo ion al ite d Pr (3 )- (4 ) pt tax re m an ex ce	2,9 55 .86	1,8 64 .04	2,0 02 .36	4,8 19 .90	3,6 17 .28	10 ,18 1.1 3
6	ite Ga in pti al (ne t) (re fer 7( )) Ex te ms no ce on -	-	-		-		47 ,94 9.1 2
7	Pr ofi t b ef (5 ) + (6 ) e t or ax	2,9 55 .86	1,8 64 .04	2,0 02 .36	4,8 19 .90	3,6 17 .28	58 ,13 0.2 5
8	Ta x ex pe ns es
	Cu nt tax rre	(60 20 )	81. 20	140 .00	21 00	194 .90	29 5.0 1
	De fer red ta x	1,1 32 .33	38 5.1 2	26 3.4 6	1,5 17 .45	40 5.0 7	1,6 94 .66
	To tal ta x ex pe ns es	1,0 72 .13	46 6.3 2	40 3.4 6	1,5 38 .45	59 9.9 7	1,9 89 .67
9	Ne t P fit af ter ta (7) (8) ro x -	1,8 83 .73	1,3 97 .72	1,5 98 .90	3,2 81 .45	3,0 17 .31	56 ,14 0.5 8
JO	Ot he eh siv e i e/ (lo ss) r c om pr en nc om :
	A. Ite th ill be las sif ied of nd at ot to st ate nt ofi t a ms w n r ec me pr
	los s i bs nt rio d / y n su eq ue pe ea r
	I rk in (lo ss) fai val of Ma rke t t t ma ga o n r ue m ea su rem en o	134 .42	1,0 74 45	(25 3.0 8)	1,2 08 .87	(38 36 ) 9.	(1, 38 5.0 1)
	inv (n of x) est nts et ta me
	/ (lo ss) de fin ed be fit Re ain pl t g -m ea su rem en on ne an s	0.3 0	03 2	(3. 17 )	0.6 2	(6 35 )	I2 5
	(ne f t ) t o ax wi ll ssi fie
	B. Ite th be cla d t f p fit d los at ms re o sta tem t o an s ro en in rio d/ bs nt su ue ar
	eq pe ye Ef fec tiv tio of in/ (lo ss) sh fl he dg e ( f t ) t o e p or n ga on ca ow ne ax	83 1.3 2	47 7.6 0	97 1.3 7	1,3 08 .92	1,1 25 .80	(20 5.6 3)
	Ot he siv inc / (l s) for th rio d / eh r c om pr en e om e os e pe ye ar ,	96 6.0 4	1,5 52 .37	715 .12	2,5 18 .41	73 0.0 9	(1, 58 9.3 9)
	f t (A ) t o +B ne ax
II	To l c e i e f the rio d/ (1 0) ta eh siv (9 ) + nc om or pe ye ar om pr en	2,8 49 .77	2,9 50 .09	2,3 14 .02	5,7 99 .86	3,7 47 .40	54 ,55 1.1 9
12	id- uit ha pit al (fa lue -R e.I sha re) Pa up eq y s re ca ce va p er	6,0 39 .00	6,0 39 .00	6,0 39 .00	6,0 39 .00	6,0 39 .00	6,0 39 .0 0
13	Ot he ity r e						140 ,93 9.2 2
14	qu sha (of Re . I ch ) b asi d dil ed -( .) Ea rni Rs ut re ea c an ng s p er	0.3 1	0.2 3	0.2 7	0.5 4*	0.5 0*	9.3 0
	(n ali d) ot an nu se
Se e ac	yin he dit ed da lon e f ina ial lts ote s t o t st co mp an g n un au an nc re su

ISO 9001, ISO 14001,

Registered Office:

1101, Hiranandani Knowledge Park, 11 Floor, Technolgy Street, Hill Side Avenue, Opp. Hiranandani Hospital, Powai, Mumbai - 400 076 Tel: 91-22-6733 6400 / 4053 6400 Fax: 91-22-4053 6699 e-mail: info@irb.co.in www.irb.co.in

Certifcate Number 23725

Certifcate Number 23725

Part II: Unaudited Standalone Statement of Assets and Liabilities as at September 30, 2025

		in mi lli (R ) s on
Pa rt icu lar s	As at	As at
	30 .09 .20 25	31 .03 .20 25
	ud ite d) (U na	(A ud ite d)
AS SE TS
No t a ts n- cu rr en sse
Fin cia l a ts an sse
i) Inv est nts me
Inv in bs id iar ies d j oin est nt t-v tur a. me su an en es	215 ,60 2.0 8	199 ,34 6.3 8
b. oth in stm ts er ve en	5,8 32 .43	4,6 41 .9 8
ii) Tr ad eiv ab les e r ec	4,1 80 .08	4,1 80 .08
iii) L oa ns	11, 82 4.7 4	11, 82 4.7 4
iv) O the r f ina ial ts nc as se	42 ,87 2.3 0	39 ,04 8.8 2
To l n s ( A) ta t a et on -cu rr en ss	28 0,3 11 .6 3	25 9,0 42 .00
Cu t a ts rr en sse
Fin cia l a ts an sse
i) Inv est nts me	4,8 05 .28
ii) ad eiv ab les Tr e r ec	3,5 09 .50	2,7 84. 93
iii) C ash d sh uiv ale nts an ca	27 3 11	17,6 25 .37
eq iv) k ba lan the ha n ( iii ) a bo B r t an ce s o ve	13, 38 9.5 2	13, 80 7.9 9
v) Lo an s	1,5 60 .80	1,0 88 .21
vi) O the r f ina ial ts nc as se	95 .90	78 .14
Cu s ( t) nt tax set rre as ne	5,9 77 2.0 4	1,3 53 5.4 4
Ot he t a ts r c ur ren sse	11 .65	70 .54
To ta l c nt ts (B ) ur re as se	5,3 35 7. 80	7,3 44 0.6 2
TO TA AS SE TS L (C =A +B )	,61 315 ,92 9.4 3	,59 30 3,6 32 .62
EQ A IA ES UI TY ND L BI LI TI
ui
Eq ty uit ha al	39 .00
pit Eq y s re ca Ot he	6,0	6,0 39 .00
ity r e qu To l e ta	146 ,31 6.3 6 152 5.3 6	140 ,93 9.2 2
(A ) ity qu iab ili tie No t l	,35	146 ,97 8.2 2
n- cu rr en s Fin cia l li ab ili tie
an s
i) Bo ing rro w s Pr isi	69 ,34 1.6 2	67 ,93 3.5 8
ov on s De fer red lia bil iti	15.3 1	21 .06
(n et) ta x es	21, 05 4.2 5	19, 09 6.3 5
To l N lia bi lit ies (B ) ta nt on -c ur re Cu t l iab ili tie	90 ,41 1.1 8	87 ,05 0.9 9
rr en s Fin cia l li ab ili tie
an s
i) Bo wi rro ng s	49 ,07 0.3 0	40 ,20 9.2 8
ii) Tr ad ab les e p ay		-
al din du of icr ris d all tot tst ise nte ter a. ou an g es m o e rp es an sm en pr s	0.1 8	0.7 1
b. al din du of ed ito oth tha mi nd ise tot tst ou an g es cr rs er n cro ter s a en pr
all ise ter sm en pr s	15, 59 6.3 7	20, 93 8.6 2
iii) O the r f ina ial li ab ili tie nc s Pr isi	7,9 53. 03	7,5 98 .34
ov on s ili	45 62	23 .81
Ot he t l iab tie r c ur ren s	49 7.3 9	83 2.6 5
To l C lia bi lit ies ta nt (C ) ur re	73 ,16 2.8 9	69 ,60 3.4 1
To l L iab ili tie s ( C) ta D= B+ TO TA L UI TY A ND L IA BI LI TI ES	163 ,57 4.0 7	15 6,6 54 .40
EQ (A ) +D	31 5, 92 9.4 3	30 3,6 32 .62

Certifcate Number 23725

Part -- IIE: Unaudited Standalone Statement of Cash flows for the six months ended September 30, 2025

		(R in mi llio n) s.
	Six th nd ed m on s e 30 .09 .20 25 ud ite	Six th nd ed m on s e 30 .09 .20 24 ud ite
Ca sh fl fr tiv iti at ing ow om ac es op er	(U d) na	(U d) na
Pr ofi t b ef e t or ax	4,8 19 .90	3,6 17 .28
cil e b efo h flo Ad ju stm ts to ta to t c rec on re ne as ws : en x
Ne t ( in) le of inv nt est nts ga on sa cu rre me	(39 .23 )	(15 .74 )
Ne t ( in) /lo inv t f air lue th h fit lo nt est nt ga ss on cu rre me s a va ro ug pro or ss	(5 64 )	1 7.6
Co of sh flo he dg st ca w e	98 .24	614 .93
Ga in ln vlT s & R ela ted A r f air lue ts t on sse as va m ea su rem en pe	(4, 34 0.4 1)
Ga in fa ir lue f o the eiv ab les t o on va m ea su rem en r r ec		(1, 22 7.7 0)
Fin sts an ce co	3,1 02 .40	2,6 70 .96
Int in est er co me	(1, 36 8.1 1)	(2, 12 1.8 2)
Di vid d inc fro lon inv in sub sid iar ies /ot he g t est nt en om e m er m me rs	(42 2.7 3)	(1, 26 2.5 0)
Di vid d inc inv nt est nt en om e o n cu rre me s	(0 04 )
ofi t b efo s i Op ati ch rk ing pit al pr re n er ng an ge wo ca	1,8 44 .38	2,2 83 .02
s i rk ing pit al Ch n wo ca an ge
De /(I ) in lo cr ea se nc re ase an s	2.7 4	(29 .8 3)
) / De in de iva ble (In tra cr ea se re ce s cr ea se	(72 4.5 7)	1,4 90 .65
(In )/D in oth fin cia l a ts cr ea se ec rea se er an sse	(29 5.6 6)	38 .59
/(I ) in he De ot ts cr ea se nc re ase r a sse ad	2,0 58 .89 34 2.7	(73 1.8 1) 9.6
(D ) in ab les tr ec rea se e p ay Inc in he r f ina ial li ab ili tie ot re ase nc s	(5, 8) 35 4.2 1	(14 8) 59 8.4 0
Inc in isi rea se pr ov on s	16. 89	5.0 1
(D ) in he r l iab ili tie ot ec re ase s	(33 5.2 6)	(19 4.9 3)
Ca sh (u d fr in) /g ed ati at se om en er op er on s	(2, 42 1.1 6)	3,3 09 .42
Ta aid (n et) xe s	(25 7.5 7)	(37 4.2 7)
Ne h flo (u d in) /ge d fro tin tiv iti (A ) t c te as ws se ne ra m ope ra g ac es	(2, 67 8.7 3)	2,9 35 .15
Ca sh fl s f inv tin cti vit ies ow ro m es g a
Inv in sub sid iar ies est nt me	(8, 52 8.6 4)	(80 85
in jo int Inv est nt nt me ve ur e	(3 ,39 4.7 6)	(65 1.4 0)
ed s f le of t in Pro stm ts ce rom sa no n-c ur ren ve en	34 1.4 8	26 0.6 7
lnv in inv est nt nt est nts me cu rre me	(10 9.4 4) ,99
Pro ed s f le of inv nt est nts ce rom sa cu rre me	1,7 50 .17	2,4 20 .51
Inv t in ba nk de sit s ( ha vin rig ina l m rit f m ha hr nth s) tm atu e t n t es en po g o y o or ee mo	(3, 78 5.1 9)	(3, 24 3.2 5)
ed s f of ba nk f m ha thr ths ) Pro rit de sit s ( ha vin rig ina l m rit atu atu e t ce rom y o or n ee m on m y po g o	4,2 04 .14	3,0 79 .21
Lo gi o j oin n t t v tur an ve en es	(54 1.6 5)	(2, 20 1.6 5)
Lo id by jo in t v tur an en es re pa	613 .61	2.,3 05 .23
Lo gi sub sid iar ies n t an ve o	(58 9.9 1)	(51 2.7 9)
Re eiv ed fo r lo ive sub sid iar ies n t ts pa ym en rec an s g o	42 .62	196 .57
Int iv ed est er re ce	1,5 34 .76	1,5 36 .31
Di vid d eiv ed fr bs idi ari en rec om su es	42 2.7 3	1,2 62 .50
Di vid d eiv ed the r in stm ts en rec on o ve en (u in) (B ) Ne t c h flo d /g ate d fro inv est ing tiv iti as ws se en er m ac es	0.0 4 (18 ,93 0.0 4)	4,3 71 .0
Ca sh fl s f tiv iti fi ing ow rom ac es na nc
f l bo wi Re g-t t o on er m rro ng s pa ym en	(1, 13 4.6 1)	(60 9.0 3)
f n ibl e d eb Re t o ert tur on -co nv en es pa ym en	(22 0.0 0)	(41 00 0)
ed s/( t) of bo wi s ( t) Pro Re nt ce pa ym en cu rre rro ng ne	3,0 99 .67	(1, 49 6.8 6)
Lo ke fro sub sid iar ies ta an n m	11, 66 0.4 1	3,0 19 .50
sub sid iar ies Lo t t an o re pa ym en	(5, 59 0.5 5)	(3, 56 0.7 0)
Fin id st an ce co pa	(3, 13 5.6 8)	(3, 26 6.9 8)
Di vid d aid uit sha en on e res	(42 2.7 3)	(1, 20 7.8 0)
Ne h flo d fro m/ (us ed in ) f ina ing tiv iti t c te (C ) as ws g ene ra nc ac es	4,2 56 .51	(7. 53 1.8 7)
Ne t ( de ) in sh d sh (A +B +C ) ui len ts cr ea se ca an ca eq va	(17 ,35 2.2 6)	(22 5.6 6)
Ca sh d sh iv ale he be gin ni of th iod nt t t an ca eeu s a ng e per	17, 62 5.3 7	1,0 25 .11
Ca sh d sh uiv ale he d of the rio d nt t t an ca et s a en pe	27 3.1 1	79 9.4
of C h d Ca sh Co ts E iv ale nt as an mp on en qu s
lan ith ks Ba B ce s w an
- O nt ts n cu rre ac co un	23 3.0 4	78 8.4
- O de sit ts n ac co un po	31 .88	2.7
Ca sh ha nd on	8.1 9
To l C h d sh uiv ale ta nt as an ca es s	27 3.1 1

Certifcate Number 23725

Note:

• 1 The Company is engaged in the business of road infrastructure development and investments in lnvlTs & Related Assets. The Company secures contracts by submitting bids in response to tenders, in terms of which it is required to form Special Purpose Vehicle ("SPV") companies ("subsidiary companies") to execute the awarded projects. In so conducting its business, its revenues include income from road infrastructure projects, income from Investments in lnvlTs & Related Assets and other income.
• 2 As permitted by paragraph 4 of Indian Accounting Standard (Ind AS) 108 "Operating Segments", notified under Section 133 of the Companies Act, 2013, read together with the relevant rules issued thereunder, if a single financial report contains both consolidated financial statements and the separate financial statements of the parent, segment information need to be presented only on the basis of the consolidated financial statements. Thus, disclosure required by Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 on segment wise revenue results and capital employed are given in consolidated financial results.
• 3 In accordance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, the Statutory Auditor of the Company have carried out limited review of the above unaudited results.
• 4 The unaudited results for the quarter ended and period ended September 30, 2025 have been reviewed by the Audit Committee at their meeting held on November 12, 2025 and thereafter approved by the Board of Directors at their meeting held on November 12, 2025. The statutory auditor has expressed an unqualified review conclusion.
• 5 The results of the Company are available for investors at www.irb.co.in, www.nseindia.com and www.bseindia.com.
• 6 The above published unaudited standalone financial results have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015.
• 7 With regulatory changes relating to operations of Infrastructure Investment Trust, coupled with changes in business environment and emerging business opportunities, the Company aligned its business model with respect to its investments in IRB Infrastructure Trust, IRB lnvlT Fund and related assets ("InlTs & Related Assets").

i) Consequently, during the quarter ended December 31, 2024, the Company assessed its eligible investments, including interest in joint ventures meeting the required conditions under Ind AS 28, "Investment in Joint ventures and Associates" read with Ind AS 27 "Separate Financial Statements", for measurement at fair value through profit and loss account ("FVTPL"). Accordingly, on initial recognition, fair value gain of Rs. 47,949.12 million (net of deferred tax of Rs. 16,126.57 million) has been recognised and presented as 'Exceptional items'.

ii) Subsequent gain on measurement of these investments at fair value has been recognised and presented as "Gain on lnvlTs & Related Assets as per fair value measurement" under revenue from operations in the Statement of unaudited Standalone Financial Results.

iii) "Dividend/ Interest income from lnvlTs & Related Assets" have been presented separately under revenue from operations from the date of initial recognition on account of the above change.

• 8 The Company has fully redeemed its Secured, Redeemable, Listed, Rated, Non-Convertible Debentures on June 28, 2025. Accordingly, there was no outstanding as of September 30, 2025.
• 9 The Board of Directors at its meeting held on November 12, 2025 has declared interim dividend of Re.0.07 per equity share of face value of Re.1/- each.

For IRB Infrastructure Developers Limited

Virendra D. Mhaiskar Chairman and Managing Director

Press Release

IRB Infra reports Y-O-Y rise of 41% in Q2FY26 Net Profit; declares 2 nd Interim Dividend 7% for FY26

Mumbai, November 12, 2025: IRB Infrastructure Developers Limited, India's leading and the largest Multi-national Transport Infrastructure Developer in the Roads and Highways Sector, has reported Y-O-Y growth of 41% in Net Profits for the quarter under review from Rs.100Crs in Q2FY25 to Rs.141Crs in Q2FY26. Company's total Income has gone up Y-O-Y by 3% from Rs.1,752 Crs in Q2FY25 to Rs. 1,800 Crs in Q2FY26.

The Company has also declared an Interim Dividend of 7% in a Board Meeting held today to announce the Financial Results for Q2FY26.

While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, "The first half of the year, particularly Q2, continued to demonstrate strong momentum in toll revenue growth, despite a severe and extended monsoon period. We have also successfully completed the sale of three assets, in line with our B.E.S.T. (Bid, Execute, Stabilize, Transfer) strategy of efficient asset churn and sustainable growth without any dilution. This has enabled us to unlock approximately ₹5,000 crore of equity in the Private InvIT, positioning us to pursue further opportunities of around ₹15,000 crore in the sector. These developments keep us firmly on track to achieve an asset base of ₹1.4 trillion over the next three years." He added, "This robust performance strengthens our confidence that growth will further accelerate in the coming quarters, supported by the ongoing pace of consolidation".

Financial Performance:

Particulars	Q2FY26 (In Rs Cr)	Q2FY25 (In Rs Cr)	% Change
Total Income	1,800	1,752	3%
EBITDA	974	933	4%
Profit Before Tax	261	267	-2%
Profit After Tax	141	100	41%

Business Updates:

• 1. Company sponsored two InvITs successfully closed the deal of assets switchover from IRB Infrastructure Trust (Private InvIT) to IRB InvIT Fund (Public InvIT); thus, unlocking the equity value of approx. Rs.5,000Crs, allowing Company to explore opportunities of around Rs.15,000Crs and keeping the Company on growth track to achieve Rs.1.4Tn asset base in next three years.
• 1. During the quarter under review, the Toll Revenue registered Y-O-Y growth of around 11%, i.e., Rs.1,667Crs in Q2FY6 as against Rs.1,503Crs in Q2FY25.

Press Release

• 1. IRB Infrastructure Trust, the private InvIT JV of Company, received COD for Palsit Dankuni BOT allowing SPV to collect Toll fees at revised rate with 47% increase.
• 1. Company received the Provisional COD for its 8 Lane Gandeva Ena Expressway project, which is being implemented under the Hybrid Annuity Model, in the State of Gujarat, which parts Delhi Mumbai Greenfield Expressway; thus, enabling the Project SPV to receive the Biannual Annuity payment from NHAI for the Concession period of 15 years.

About IRB Infrastructure Developers Ltd:

IRB Infrastructure Developers Ltd (IRB) is India's first Integrated Multi-National Transport Infrastructure Developer in Roads & Highways segment. The Company has acquired ISO Certification in Quality (ISO 9001); Environment Management (ISO 14001), Occupational Health and Safety (ISO 45001) and IT Security (ISO 27001) from the ISOQAR, United Kingdom.

As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of Rs.80,000Crs in 12 States across the parent company and two InvITs.

The Company has strong track record of constructing, tolling, operating, and maintaining around 19,000 lane Kms pan India in its existence of more than 25 years in India; of which 15,500 Lane Kms are under operations at present. The group commands market share of 33% in the TOTs awarded, the largest by any private player in the sector. It also comprises 12% share in India's North South highway connectivity.

After successfully completing 13 Concessions and handing over them to the nodal agencies, at present, IRB Group's project portfolio (including Private and Public InvIT) has now 26 road projects that include 18 BOT, 4 TOT, and 4 HAM projects.

For further details, please contact:

• Parikshit Sharma, Concept PR, 88989 39833, parikshit.s@conceptpr.com
• Vivek Devasthali, Head, Corporate Communications, 99300 80099, vivek.devasthali@irb.co.in

Disclaimer:

Except for the historical information contained herein, statements in this communication and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would', 'believe', 'may', 'expect', 'will continue', 'anticipate', estimate', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', 'likely', 'project', 'on-course', 'should', 'potential', 'pipeline', 'guidance', 'will pursue' 'trend line' and similar expressions or variations of such expressions may constitute 'forwardlooking statements'.

The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.

These risks and uncertainties include but are not limited to the IRB Infrastructure Developers Limited and/ or its Associates' ability to successfully implement its strategy, its growth and expansion plans, obtain regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, exposure to market risks as well as other risks. In addition, the consummation of the transactions described herein is subject to various conditions precedent.

IRB Infrastructure Developers Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

Press Release

These materials are not a prospectus, a statement in lieu of a prospectus, an offering circular, an invitation or an advertisement or an offer document under the Indian Companies Act, 2013 together with the rules and regulations made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India.