Indus Infra Trust (formerly Bharat Highways InvIT) has submitted its quarterly compliance report on corporate governance for Q3 FY26 to stock exchanges on 9th January 2025. The report, filed through its Investment Manager GR Highways Investment Manager Private Limited, covers the quarter ended 31st December 2025 and demonstrates adherence to SEBI Infrastructure Investment Trust regulations.

Board Composition and Leadership Structure

The Investment Manager's board comprises six directors with a balanced composition ensuring independent oversight. The board structure reflects compliance with regulatory requirements for infrastructure investment trusts.

Notably, Mr. Sibanarayan Nayak ceased to be a director on 30th December 2025, reducing the board composition during the quarter. The board maintains three independent directors, ensuring adequate independent oversight as required under SEBI regulations.

Committee Structure and Governance

The trust has established six specialized committees to oversee various aspects of governance and operations. Each committee has designated chairpersons and maintains proper composition with independent director participation.

The committee structure ensures comprehensive oversight across critical areas including audit, risk management, and investment decisions. Independent directors chair most committees, demonstrating strong governance practices.

Board and Committee Meeting Activity

During Q3 FY26, the board conducted three meetings with proper quorum maintained throughout. The meeting schedule demonstrates active board engagement in trust governance.

Committee meetings were held regularly with the Audit Committee meeting twice during the quarter, and the Investment Committee conducting three meetings. The Finance Committee also met twice, ensuring continuous oversight of financial matters.

Regulatory Compliance and Affirmations

The trust has affirmed full compliance with SEBI Infrastructure Investment Trust regulations across all governance parameters. Key compliance confirmations include:

• Board composition meets regulatory requirements
• All committee compositions comply with SEBI regulations
• Committee members are aware of their roles and responsibilities
• Meetings conducted as per prescribed procedures
• Previous quarter reports placed before the board

The report was digitally signed by Mohnish Dutta, Company Secretary & Compliance Officer, confirming the accuracy of all submitted information. The comprehensive governance framework demonstrates the trust's commitment to maintaining high standards of corporate governance and regulatory compliance.

Indus Infra Trust has received a credit rating reaffirmation from CRISIL Ratings Limited, maintaining its AAA/Stable rating for long-term bank facilities worth ₹3,000 crore. The rating action was communicated through official correspondence dated January 7-8, 2026, and disclosed to stock exchanges in compliance with SEBI regulations.

Rating Details and Facility Structure

The reaffirmed rating covers the trust's total long-term bank loan facilities, maintaining the highest credit quality designation. The rating details are summarized below:

The facilities are distributed across multiple banking relationships, with Punjab National Bank and Axis Bank Limited serving as the primary lenders. The bank-wise distribution shows strategic diversification across financial institutions.

Bank-wise Facility Distribution

The ₹3,000 crore facility is structured across several term loans and proposed facilities:

Regulatory Compliance and Disclosure

The rating disclosure was made in accordance with Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, and SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. The trust communicated the rating reaffirmation to both BSE Limited (Scrip Code: 544137) and National Stock Exchange of India Limited (Symbol: INDUSINVIT).

The rating letter from CRISIL was signed by Associate Director Saina S Kathawala and Director Nivedita Shibu, with the trust's disclosure signed by Company Secretary & Compliance Officer Mohnish Dutta. The information has been made available on the trust's website at indusinvit.com under investor information.

Rating Significance

The AAA/Stable rating represents the highest credit quality with the lowest credit risk, indicating strong capacity for timely payment of financial obligations. CRISIL maintains continuous surveillance of all assigned ratings, with the flexibility to revise ratings based on new information or changing circumstances. The stable outlook suggests that the rating is unlikely to change in the near term under current economic and business conditions.