IRB InvIT Fund Secures Rs 375.20 Crore Arbitral Award Against NHAI for Kaithal Tollway Project

1 min read Updated on 27 Feb 2026, 08:16 PM

Reviewed by

Jubin VScanX News Team

Overview

IRB InvIT Fund's SPV Kaithal Tollway Limited has won a unanimous arbitral award of Rs 375.20 crore against NHAI, covering construction delay claims and Force Majeure events. The award includes a concession period extension of 582.77 days, with Rs 273.54 crore and 136.77 days extension to be transferred to sponsor IRB Infrastructure Developers Ltd under transaction documents.

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IRB InvIT Fund has secured a significant arbitral victory with its Special Purpose Vehicle receiving a substantial monetary award against India's highway authority. The development marks a major milestone in resolving long-standing disputes related to infrastructure project delays.

Arbitral Award Details

Kaithal Tollway Limited (KTL), an SPV under IRB InvIT Fund, received a unanimous arbitral award dated February 27, 2026, from proceedings against the National Highways Authority of India (NHAI). The award addresses multiple claims including monetary relief and concession period extensions stemming from construction delays and Force Majeure events.

Award Component	Amount/Period
Total Monetary Award	Rs 375.20 crore
Interest Coverage	Up to award date
Concession Extension	582.77 days
Post-Award Interest	Until realization date

Financial Distribution Structure

The award includes specific provisions for fund distribution under existing transaction documents. A significant portion of the awarded amount will be transferred to the project sponsor and manager.

Distribution Details	Amount/Period
Amount to Sponsor	Rs 273.54 crore
Interest Applicability	Up to realization date
Concession Extension to Sponsor	136.77 days
Recipient Entity	IRB Infrastructure Developers Ltd

Claims Background

The arbitration proceedings addressed construction delays specifically attributable to NHAI along with other Force Majeure related claims. The tribunal's decision validates KTL's position on project delays and their financial impact on the concession operations.

Regulatory Compliance

The announcement was made under Regulation 30 requirements, with formal notifications sent to both BSE Limited and National Stock Exchange of India Limited on February 27, 2026. The disclosure ensures transparency regarding material developments affecting the InvIT's operations and financial position.

Historical Stock Returns for IRB InvIT Fund

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.18%	+0.68%	-0.29%	-2.23%	+12.43%	+13.28%

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IRB InvIT Fund Board Approves Q3FY26 Results, Declares Rs 1.50 Distribution Per Unit

2 min read Updated on 06 Feb 2026, 10:30 PM

Reviewed by

Ashish TScanX News Team

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Overview

IRB InvIT Fund completed its February 11, 2026 board meeting, approving Q3FY26 consolidated and standalone financial results showing 60% revenue growth to Rs 4,510.83 million. The board declared 3rd distribution of Rs 1.50 per unit (Rs 0.95 interest + Rs 0.44 return of capital + Rs 0.11 dividend) with February 16 record date. The Trust expanded significantly through acquisitions of four SPVs for Rs 54,180 million total consideration and re-appointed Mr. Rushabh Gandhi as Executive Director.

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IRB InvIT Fund has successfully completed its board meeting and announced comprehensive Q3FY26 results along with distribution declaration following the previously scheduled February 11, 2026 board meeting.

Board Meeting Outcomes and Financial Results

The Investment Manager's board meeting concluded with approval of consolidated and standalone unaudited financial information for the quarter and nine months ended December 31, 2025. The board also declared the 3rd distribution for financial year 2025-26.

Financial Metric:	Q3FY26	Q3FY25	Change
Revenue:	Rs 4,510.83 million	Rs 2,821.11 million	+60%
EBITDA:	Rs 3,684.01 million	Rs 1,880.12 million	+96%
Profit After Tax:	Rs 826.82 million	Rs 940.99 million	-12%
Distribution Per Unit:	Rs 1.50	Rs 2.00	-25%

Distribution Declaration Details

The board declared a comprehensive distribution structure for the 3rd distribution of Rs 1.50 per unit, comprising multiple components:

Distribution Component:	Amount Per Unit
Interest:	Rs 0.95
Return of Capital:	Rs 0.44
Exempt Dividend:	Rs 0.11
Total Distribution:	Rs 1.50
Record Date:	February 16, 2026
Payment Date:	On or before February 23, 2026

Portfolio Expansion and Strategic Acquisitions

The Trust has significantly expanded its portfolio through strategic acquisitions during the quarter. Effective November 1, 2025, the Trust acquired 100% equity share capital of three project SPVs from IRB Infrastructure Trust for Rs 49,050.00 million, resulting in an enterprise value of Rs 84,360.00 million.

Acquired Entity:	Acquisition Details
IRB Hapur Moradabad Tollway Limited:	November 1, 2025
Kaithal Tollway Limited:	November 1, 2025
Kishangarh Gulabpura Tollway Limited:	November 1, 2025
VM7 Expressway Private Limited:	December 1, 2025
Total Purchase Consideration:	Rs 54,180.00 million

Corporate Governance and Leadership Changes

The board also approved the re-appointment of Mr. Rushabh Gandhi (DIN: 08089312) as Executive Director for a three-year term effective March 31, 2026, subject to shareholder approval. He will continue serving as Chief Financial Officer of the Investment Manager.

Nine-Month Performance Summary

For the nine months ended December 31, 2025, the Trust demonstrated strong operational performance with total income of Rs 10,213.02 million compared to Rs 8,277.56 million in the corresponding previous period. The cumulative distribution for 9MFY26 reached Rs 5.00 per unit, including previous distributions of Rs 2.00 per unit and Rs 1.50 per unit.

Source: IRB InvIT Fund regulatory filing

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