The Board of Shrem Infra Investment Manager Private Limited , acting in its capacity as Investment Manager to Shrem InvIT, met on May 09, 2026, and approved a series of significant resolutions, including the audited financial results for the quarter and financial year ended March 31, 2026, and the declaration of the 20th distribution to unitholders. Separately, pursuant to Regulation 21(4) and 21(6) of SEBI (InvIT) Regulations, 2014, the Investment Manager submitted the Valuation Report for the financial year ended March 31, 2026, as prepared by Mr. Jayesh Shah, Independent Registered Valuer (IBBI Registration No. IBBI/RV/07/2020/13066), to the National Stock Exchange of India Limited.

Distribution Declared for FY26

The Board declared the 20th distribution at an aggregate of ₹0.9294 per unit. The distribution is structured as follows:

The record date for the distribution has been fixed at May 13, 2026, and payment will be made to unitholders within five working days from the record date, subject to applicable taxes.

Net Asset Value as on March 31, 2026

Pursuant to Regulation 10(21) of SEBI (InvIT) Regulations, 2014, the Net Asset Value (NAV) of Shrem InvIT as on March 31, 2026, based on the Valuation Report issued by the Registered Valuer, is presented below:

Valuation Methodology and Key Parameters

The fair enterprise valuation of the special purpose vehicles (SPVs) was carried out using the Discounted Cash Flow (DCF) methodology, specifically the Free Cash Flow to Firm (FCFF) approach, as of March 31, 2026. The valuation was conducted by Registered Valuer Mr. Jayeshkumar Shah (IBBI Registration No. IBBI/RV/07/2020/13066). The Income Approach under the DCF method was selected as the most appropriate methodology, given that all SPVs generate income based on structured concession agreements and the Investment Manager provided financial projections for the remaining concession periods. Market Approach and Cost Approach methods were not applied due to the unlisted nature of the SPVs and the absence of directly comparable listed companies or transactions.

Key parameters used in the valuation are summarised below:

Portfolio Overview and Unitholding Pattern

Shrem InvIT comprises 37 operational road projects with a total length of 11,741 lane kilometers, spread across nine states in India, including Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Jharkhand, Chhattisgarh, Odisha, Karnataka, and Uttar Pradesh. The projects are held through SPVs operating under concessions granted by NHAI, MoRTH, and respective state road development corporations. The portfolio spans three asset categories: Hybrid Annuity Model (HAM) assets (19 SPVs), State Annuity and Toll Model assets (10 SPVs), State Annuity Model assets (6 SPVs), and Toll Model assets (2 SPVs).

As of March 31, 2026, the unitholding pattern of the Trust was as follows:

Key Developments During the Year

The valuation report highlighted the following key developments during the year:

• The final annuity payment for three state annuity plus toll assets was completed during the year. The concession period has not yet expired, and the SPVs will continue collecting toll, transitioning from an annuity revenue phase to a post-revenue phase.
• Changes introduced under the Union Budget 2026 relating to Minimum Alternate Tax (MAT) have been duly considered for SPVs continuing under the old tax regime.
• For JDTL, the Investment Manager revised traffic projections based on actual traffic performance up to March 2026, adopting a conservative approach. This resulted in lower projected revenues and a decline in valuation, primarily due to lower-than-expected Average Annual Daily Traffic (AADT) arising from diversion of traffic to a newly operational nearby expressway.

Key Resolutions Approved by the Board

The Board meeting, which commenced at 02:30 p.m. and concluded at 04:30 p.m., considered and approved the following matters:

• Audited Financial Statements: Standalone and consolidated financial statements of Shrem InvIT for the quarter and financial year ended March 31, 2026, along with the Statutory Auditors' Report.
• Deviation/Variation Disclosure: Statement on utilisation of funds raised for the quarter ended March 31, 2026 (Nil report).
• Investment Manager Financials: Audited financial statements of Shrem Infra Investment Manager Private Limited for the financial year ended March 31, 2026. The Board noted no material erosion in the net worth of the Investment Manager compared to the financial statements of March 31, 2025.
• ROFO and Future Assets Agreement: The Right of First Offer and Future Assets Agreement, subject to unitholder approval.
• Asset Acquisition: Acquisition of one HAM asset (Road Infrastructure Asset) from BSCPL Infrastructure Limited, with execution of definitive agreements. Completion is subject to necessary regulatory and statutory approvals.
• Variation in Use of Proceeds: Variation in terms of use of proceeds raised from the preferential issue, subject to unitholder approval.
• Valuation Report: The Valuation Report of Shrem InvIT and its project SPVs for the year ended March 31, 2026.
• Postal Ballot Notice: Draft postal ballot notice seeking unitholder approvals.
• Appointments: Appointment of Mr. Jayesh Shah (IBBI Registration No. IBBI/RV/07/2020/13066) as Valuer for FY 2026-27 (subject to unitholder approval), M/s. T R Chadha & Co. LLP as Internal Auditor for FY 2026-27, and M/s. KDA & Associates, Practicing Company Secretaries (COP No: 7512) as Secretarial Auditor for FY 2026-27.

The trading window for dealing in units of the InvIT remains closed as per the intimation dated March 31, 2026, and will remain closed until 48 hours after the dissemination of the financial statements for the quarter and year ended March 31, 2026, to the stock exchange.

Source: None/Company/INE0GTI23014/16424123372849aa.pdf

Shrem infrastructure Investment Trust (SHREM INVIT) has reported its Q3 financial results, showing a notable decline in key financial metrics compared to the same period in the previous year. The infrastructure investment trust faced headwinds during the quarter, with both revenue and profitability experiencing significant contractions.

Financial Performance Overview

The company's financial performance for Q3 reflected challenging market conditions, with consolidated figures showing substantial year-on-year declines across major parameters.

Revenue Analysis

SHREM INVIT's revenue performance during Q3 showed a decline to ₹2.30 billion compared to ₹2.94 billion in the corresponding quarter of the previous year. This represents a decrease of ₹640 million year-on-year, indicating reduced income generation during the reporting period.

Profitability Impact

The consolidated net profit figures revealed a more pronounced impact, with earnings falling to ₹1.30 billion from ₹2.40 billion in the previous year's Q3. This decline of ₹1.10 billion demonstrates the significant pressure on the company's bottom line during the quarter.

Investment Trust Performance

As an infrastructure investment trust, SHREM INVIT's performance metrics are closely watched by investors seeking exposure to infrastructure assets. The Q3 results highlight the challenges faced by the trust in maintaining previous year's performance levels, with both operational revenue and net profitability showing substantial contractions during the reporting period.