IRB Infrastructure Trust reported gross toll revenue of ₹4,171 million for May 2026, representing an increase of approximately 44% year-on-year from ₹2,898 million in May 2025. The significant revenue growth was driven by the commencement of toll collection at three project SPVs, which began operations during the current financial year. The operational data was disclosed to the National Stock Exchange of India Limited by MMK Toll Road Private Limited in its capacity as the Investment Manager to the trust.

Revenue Performance by SPV

The revenue figures for May 2026 include contributions from 15 project SPVs. IRB Golconda Expressway Private Limited remained the top contributor with revenue of ₹826 million, up from ₹730 million in the prior year. IRB Harihara Corridors Private Limited, which started toll collection following its Appointed Date on January 23, 2026, contributed ₹615 million. IRB Lalitpur Tollway Private Limited recorded revenue of ₹440 million, while CG Tollway Limited generated ₹354 million.

Operational Updates

Three SPVs began toll operations during the year, adding to the revenue base. IRB Harihara Corridors Private Limited received its Appointed Date on January 23, 2026. IRB Chandibhadra Tollway Private Limited started toll collection on April 01, 2026, contributing ₹241 million. Meerat Budaun Expressway Private Limited commenced toll collection effective May 17, 2026, and added ₹64 million to the total revenue for the month.

Financial Breakdown

The following table details the gross toll revenue for each SPV for the month of May 2026 compared to May 2025:

*The Project SPV received Appointed Date on January 23, 2026 and started toll collection.

**The Project SPV received Appointed Date on April 01, 2026 and started toll collection.

***The Project SPV Commenced toll collection on the project w.e.f. May 17, 2026.

IRB Infrastructure Trust announced that its project special purpose vehicle (SPV), Meerut Budaun Expressway Limited, has commenced toll collection on the Ganga Expressway (Group 1) Project effective May 17, 2026. This update follows the Trust's previous disclosures regarding the project's operational readiness.

Operational Milestones

The commencement of toll collection comes shortly after the SPV received the Provisional Certificate (PCOD) for the project. Earlier disclosures on April 28, 2026, and April 29, 2026, had detailed the receipt of this certificate and the subsequent start of trial run traffic operations. The transition to commercial toll operations indicates the completion of trial phases and the readiness of the expressway for full-scale revenue generation.

Project Details

The Ganga Expressway (Group 1) Project is being executed by Meerut Budaun Expressway Limited, which acts as the Project SPV. The Investment Manager to irb infrastructure trust is MMK Toll Road Private Limited. The project represents a key asset within the Trust's infrastructure portfolio.

The notification regarding the toll collection commencement was signed by Kaustubh Shevade, Company Secretary and Compliance Officer, on behalf of the Investment Manager.