Roadstar Infra Investment Trust has received a significant credit rating milestone with Acuite Ratings assigning a long-term rating of 'ACUITE AA (Stable)' for its proposed Rs. 3,300 crore borrowing program. The rating, communicated on March 25, 2026, supports the trust's strategic initiative to refinance existing debt from Special Purpose Vehicle (SPV) level to trust level, streamlining capital arrangements and centralizing debt servicing.

Rating Details and Strategic Refinancing

The rating assignment covers the trust's comprehensive borrowing program designed to refinance debt currently held at individual SPV levels. This refinancing strategy aims to simplify the capital structure, eliminate refinancing risks at individual SPV levels, and enable centralized debt servicing through pooled surplus cash flows.

Portfolio Strength and Diversification

The trust operates a well-diversified infrastructure portfolio comprising approximately 3,145 lane kilometers across six operational projects. The portfolio includes four BOT Toll projects and two BOT Annuity projects strategically spread across six states, providing geographic diversification and revenue stability.

Key Portfolio Metrics

Financial Performance and Structure

The trust demonstrates strong operational performance with toll revenue increasing to Rs. 817.13 crore in FY25 from Rs. 611.84 crore in FY24. During the nine months of FY26, toll revenues reached approximately Rs. 769 crore. The trust maintains a favorable capital structure with a net debt-to-enterprise value ratio of approximately 36.1% as of December 31, 2025.

Financial Highlights

Structural Safeguards and Risk Mitigation

The rating incorporates several structural features designed to protect lenders and ensure debt servicing capability. These include a Debt Service Reserve Account covering two quarters of both principal and interest payments, escrow account mechanisms with waterfall provisions, and cash sweep/cash trap arrangements.

Key protective features include:

• Two quarters DSRA coverage for principal and interest
• Escrow account with waterfall mechanism prioritizing lenders
• Cash sweep provisions when DSCR exceeds 1.5x
• Cash trap mechanisms when DSCR falls below specified thresholds
• Full fungibility of cash flows across the portfolio

Risk Considerations and Constraints

While the rating reflects the trust's strengths, Acuite has identified several risk factors. These include historical penalties and deductions at SPV level, with Rs. 29 crore in penalties levied by NHAI on PSRDCL (currently contested) and Rs. 15.2 crore in proposed penalties by Independent Engineer at SBHL. The trust also faces pending completion costs of approximately Rs. 80 crore at Barwa Adda Expressway Limited and contingent liabilities totaling Rs. 320.05 crore as of December 31, 2025.

Future Outlook and Monitoring Factors

The stable outlook reflects Acuite's expectation of consistent performance from the trust's diversified asset base. Key monitoring factors include sustained toll collections, completion of pending construction work, resolution of contingent liabilities, and maintenance of adequate debt service coverage ratios. The trust's ability to demonstrate operations without penalties or deductions remains crucial for rating stability.

Roadstar Infra Investment Trust has announced that its investment manager, Roadstar Investment Managers Limited, will convene a board meeting on February 10, 2026, to review and approve crucial financial results for the third quarter of fiscal year 2026.

Meeting Details and Agenda

The board meeting has been scheduled in accordance with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and Master Circular No. SEBI/HO/DDHS-PoD 2/P/CIR/2025/102 dated July 11, 2025. The primary agenda includes consideration and approval of unaudited standalone and consolidated financial results for specific reporting periods.

Trading Window Restrictions

In compliance with regulatory requirements, the company has implemented trading restrictions for designated persons. The trading window closure affects specific stakeholders and their immediate family members during the sensitive period surrounding financial result announcements.

Regulatory Compliance and Communication

The announcement demonstrates the trust's commitment to maintaining transparency and regulatory compliance. The company has formally notified both major stock exchanges about the scheduled meeting, ensuring all stakeholders receive timely information about upcoming financial disclosures.

The information has been communicated to:

• BSE Limited (Scrip ID: 544374)
• National Stock Exchange of India Limited (NSE Symbol: ROADSTAR)
• Trust website at www.roadstarinfra.com

This board meeting represents a standard quarterly review process for infrastructure investment trusts, allowing investors and stakeholders to assess the trust's financial performance during the specified reporting periods.