Digital Fibre Infrastructure Trust has filed its quarterly valuation report as at December 31, 2025, with BSE Limited, fulfilling regulatory requirements under SEBI (Infrastructure Investment Trusts) Regulations, 2014. The comprehensive valuation exercise was conducted by Ernst & Young Merchant Banking Services LLP, a registered valuer with IBBI registration number IBBI/RV-E/05/2021/155.

Valuation Summary

The independent valuation report presents significant financial metrics for the Trust's investment portfolio:

Trust Structure and Holdings

Digital Fibre Infrastructure Trust, registered as an infrastructure investment trust on March 20, 2019, maintains a diversified unitholding pattern as at the valuation date. The Trust's investment portfolio centers on Jio Digital Fibre Private Limited (JDFPL), where it holds a 51.0% equity stake alongside substantial loan investments.

Key Investment Details

JDFPL Business Operations

Jio Digital Fibre Private Limited operates a comprehensive pan-India optical fibre cable network spanning approximately 30.1 million fibre pair kilometers. The company's infrastructure business encompasses nationwide coverage across all 22 circles, including owned and indefeasible right to use underground cables and ducts with embedded dark fibre.

Reliance Jio Infocomm Limited serves as the anchor tenant under an Amended and Restated Fiber and Duct Use Agreement for a 30-year period commencing September 2020. For the year ended March 31, 2025, JDFPL reported operating revenue of ₹18,553 cr.

Valuation Methodology

Ernst & Young employed the income approach using discounted cash flow methodology for determining fair values. The valuation analysis incorporated:

• Discount Rate: Weighted Average Cost of Capital of 11.6%
• Forecast Period: January 1, 2026 to September 29, 2050
• Cost of Equity: 17.73% based on Capital Asset Pricing Model
• Market Risk Premium: 7.0%

Financial Projections

The business plan projects JDFPL's revenue growth through diversification beyond the anchor tenant. Revenue from other tenants is estimated to commence from FY28, contributing 29.8% of revenue share initially and stabilizing at 25.1% from FY30 onwards.

Regulatory Compliance

The valuation report addresses all disclosure requirements under SEBI InvIT Regulations, including project details, asset statements, and regulatory clearances. JDFPL maintains Infrastructure Providers Category-I registration obtained on March 6, 2019, with no pending periodic clearances required.

The complete valuation report has been uploaded on the Trust's website at digitalfibreinfrastructure.com/Financial-results.html for stakeholder access and transparency.

Digital Fibre Infrastructure Trust has announced a board meeting scheduled for February 6, 2026, to review and approve its unaudited financial results for the third quarter and nine months ended December 31, 2025. The meeting will be conducted by the Board of Directors of Infinite India Investment Management Limited, which serves as the Investment Manager of the Trust.

Meeting Details and Regulatory Compliance

The board meeting has been scheduled in accordance with the applicable provisions of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, along with related circulars and guidelines. The meeting will focus on considering and approving both standalone and consolidated unaudited financial information for the specified periods.

Corporate Structure and Management

The announcement was made by Infinite India Investment Management Limited in its capacity as the Investment Manager of Digital Fibre Infrastructure Trust. Jayanti Chaurasia Naita, serving as the Compliance Officer, signed the regulatory filing dated January 29, 2026.

Regulatory Framework

The Trust operates under the regulatory framework established by the Securities and Exchange Board of India (SEBI) for Infrastructure Investment Trusts. The scheduled board meeting represents part of the Trust's regular quarterly financial reporting obligations to ensure transparency and compliance with regulatory requirements.

The Trust has requested BSE Limited to disseminate this information on its website, ensuring proper disclosure to stakeholders and the investment community. This announcement follows standard corporate governance practices for listed infrastructure investment trusts in India.