IRB Infrastructure Trust reported a gross toll revenue of Rs. 3,931 million for April 2026, marking an approximately 43% increase on a year-on-year basis compared to Rs. 2,744 million recorded in April 2025. The disclosure was made by MMK Toll Road Private Limited, acting in its capacity as Investment Manager to IRB Infrastructure Trust, and submitted to the National Stock Exchange of India Limited on May 08, 2026.

Project-Wise Toll Revenue Performance

The revenue for April 2026 was collected across 14 project Special Purpose Vehicles (SPVs), including two newly operational entities that were not contributing in the corresponding period of the previous year. The following table presents the project-wise gross toll revenue for April 2026 and April 2025:

*IRB Harihara Corridors Private Limited received its Appointed Date on January 23, 2026 and commenced toll collection thereafter.

**IRB Chandibhadra Tollway Private Limited received its Appointed Date on April 01, 2026 and commenced toll collection thereafter.

Key Highlights Across SPVs

Among the established SPVs, several recorded notable revenue growth in April 2026 compared to April 2025:

• IRB Golconda Expressway Private Limited remained the highest revenue contributor at Rs. 790 million, up from Rs. 683 million.
• IRB Lalitpur Tollway Private Limited collected Rs. 410 million, compared to Rs. 353 million in the prior year period.
• Palsit Dankuni Tollway Private Limited recorded Rs. 249 million against Rs. 153 million, reflecting a significant increase.
• Samakhiyali Tollway Private Limited was the only SPV to report a decline, with revenue at Rs. 99 million versus Rs. 120 million in April 2025.

New SPVs Drive Incremental Revenue

Two project SPVs made their first contributions to the trust's toll revenue in April 2026. IRB Harihara Corridors Private Limited, which received its Appointed Date on January 23, 2026, contributed Rs. 572 million during the month. IRB Chandibhadra Tollway Private Limited, which received its Appointed Date on April 01, 2026, added Rs. 237 million to the total. Together, these two new SPVs accounted for Rs. 809 million of the April 2026 gross toll revenue, and had no corresponding contribution in April 2025, making them a significant driver of the year-on-year growth reported by the trust.

IRB Infrastructure Developers has reported a 12% year-on-year growth in aggregate toll revenue for December 2025, demonstrating sustained traffic momentum across its highway portfolio. The infrastructure developer disclosed total toll collections of ₹753.80 crores across its parent company and sponsored Infrastructure Investment Trusts (InvITs) for December 2025, compared to ₹674.70 crores in December 2024.

Financial Performance Overview

The company's toll revenue performance reflects strong operational execution across its diversified highway network:

Management Commentary and Market Performance

Mr. Amitabh Murarka, Deputy CEO of IRB Infrastructure, attributed the growth to sustained economic activity: "IRB Group continues to see strong and consistent traffic growth, driving robust toll revenue growth for the month of December 2025, supported by healthy GDP expansion." He emphasized that the underlying demand trend remains strong and is expected to accelerate further as revenue from new toll-operate-transfer (TOT) projects and completed BOT assets begins to flow in the coming months.

Shares of IRB Infrastructure Developers ended 1.15% higher at ₹42.37 on the NSE ahead of the announcement, reflecting positive investor sentiment.

Corporate Structure and Reporting Changes

The IRB Group comprises the parent company IRB Infrastructure Developers Limited and two sponsored InvITs - IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT). The group operates across 13 states with a comprehensive highway portfolio.

From October 2025, IRB has started reporting combined toll revenues of the parent company and its sponsored InvITs, following its increased investment in the public InvIT and the transfer of certain assets as part of its asset-rotation strategy. This change provides enhanced transparency into the group's consolidated performance.

Strategic Asset Management

The company has implemented an active asset rotation strategy, transferring assets between its InvITs to optimize capital allocation and enhance returns. This strategic approach, combined with IRB Infrastructure's additional investment through preferential allotment in the Public InvIT's fund raise, demonstrates the company's commitment to maximizing shareholder value while maintaining operational excellence across its highway network.