Indus Infra Trust has informed the Exchange regarding Half-Yearly Full Valuation report for assets for FY ended 2026-27

3rd November 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C‐1, Block G Dalal Street, Bandra‐Kurla Complex, Bandra(E) Mumbai – 400001 Mumbai - 400051 Scrip Code: 544137 Symbol: INDUSINVIT Subject: Valuation Report of all assets of the Indus Infra Trust (“Trust”) as at the end of the Half Year ended 30th September 2026 Dear Ma’am / Sir, Pursuant to Regulation 21 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 read with circulars and guidelines issued thereunder from time to time (“SEBI InvIT Regulations”) please find enclosed the Valuation Report of all assets of the Indus Infra Trust as at the end of the Half Year ended 30th September 2026, issued by Independent Valuer CA Jayesh Kumar Shah having IBBI Registration No. IBBI/RV/07/2020/13066. Pursuant to Regulation 10 of the SEBI InvIT Regulations, the computation of NAV of Units of Indus Infra Trust is arrived at INR 124.22 as at 30th September 2026 as below: Amount Particulars Rs. in Million A. Total Assets (INR Million) 1,41,954.60 B. Total Liabilities (INR Million) 66,058.20 C. Net Assets (A-B) (INR Million) 75,896.40 Outstanding Units (No. of Units) 61,10,05,831 NAV at Fair Value (INR per Unit) 124.22 The intimation is also being uploaded on the website of the Trust at: https://www.indusinvit.com/investor-information.html. You are requested to take the above information on your record. Thanking you, Yours sincerely, Gurugram Office: Mumbai Office: SEBI Registration No: In/InvIT/22-23/0023 Seventh Fl oor, GR One Tower, Plot No. 7B, Unit No. 1111, Eleventh Floor, A Wing, INS Contact No.: +91 22 46611018, +91 124 6435000 Sector – 18, Gurugram, Haryana - 122015 Tower, G Block, BKC, Bandra East, Email: cs@indusinvit.com Mumbai, Maharashtra, - 400051 Website: www.indusinvit.com For Indus Infra Trust Acting through its Investment Manager GR Highways Investment Manager Private Limited Mohnish Dutta Company Secretary & Compliance Officer ICSI M. No. FCS 10411 IDBI Trusteeship Services limited Ground Floor, Universal Insurance Building Sir P.M. Road, Fort, Mumbai, Maharashtra - 400001 Encl: as above Gurugram Office: Mumbai Office: SEBI Registration No: In/InvIT/22-23/0023 Seventh Fl oor, GR One Tower, Plot No. 7B, Unit No. 1111, Eleventh Floor, A Wing, INS Contact No.: +91 22 46611018, +91 124 6435000 Sector – 18, Gurugram, Haryana - 122015 Tower, G Block, BKC, Bandra East, Email: cs@indusinvit.com Mumbai, Maharashtra, - 400051 Website: www.indusinvit.com CA Jayeshkumar Shah Registered Valuer for Securities and Financial Assets Address: B2-601, Kutchi Sarvoday Nagar, Nr. Assisi Nagar, P L Lokhande Marg, Chembur, Mumbai – 400 043 IBBI ReG No:- IBBI/RV/07/2020/13066 GST No. 27BOPPS7411R1ZW 2nd November 2026 Indus Infra Trust (acting through IDBI Trusteeship Services Limited [in its capacity as “the Trustee” of the Trust]) 7th Floor, GR One Tower, Plot 7B, Sector 18, Gurugram, Haryana, 122015 GR Highways Investment Manager Private Limited (acting as the Investment Manager to Indus Infra Trust) GR One Tower, Plot 7B, Sector 18, Gurugram, Haryana, 122015 Sub: Enterprise Valuation as per SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended (“the SEBI InvIT Regulations”) Dear Sir(s)/Madam(s), In accordance with instructions GR Highways Investment Manager Private Limited (“GHIMPL ” or “the Investment Manager ” or “Client ”), I, Mr. Jayeshkumar Shah (“Registered Valuer” or “RV” or “I” or “My” or “Me”), holding IBBI registration number IBBI/RV/07/2020/13066 have performed the work set out in our Engagement Agreement dated 7th October 2026 (“Engagement Agreement”). I have conducted the Fair enterprise valuation of the special purpose vehicles(“SPVs”), as required by the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended (“SEBI InvIT Regulations”). The Investment Manager i.e. GHIMPL , manages Indus Infra Trust (“Trust”), an infrastructure investment trust registered with SEBI on 3rd August 2022, under registration number IN/InvIT/22-23/0023, with IDBI Trusteeship Services Limited acting on behalf of the Trust. Pursuant to change in name from Bharat Highways InvIT to Indus Infra Trust the Trust was issued a revised registration certificate by SEBI with effect from 13th December 2024, bearing registration number IN/InvIT/22-23/0023. Attached is the Report providing my opinion on the fair enterprise value of the SPVs as defined hereinafter on a going concern basis as of 30th September 2026 (“Valuation Date”). Enterprise Value (“EV”) is described as the total value of the equity in a business plus the value of its debt and debt related liabilities, minus any cash or cash equivalents to meet those liabilities. The Report outlines the valuation methodologies used, calculations performed, and the final conclusions. This analysis should be considered in its entirety. Selecting only portions of the analysis or factors without considering all components together may lead to a misleading interpretation of the valuation process. Valuation is a complex process and cannot be accurately captured in a partial or summary form. Isolating individual elements could unduly emphasize particular factors or analyses. The valuation provided by me, as the Registered Valuer (“RV”), along with the valuation conclusion, is included in this Report, which complies with the SEBI InvIT Regulations, as well as the relevant guidelines, circulars, or notifications issued by the Securities and Exchange Board of India (SEBI) time to time. I also draw your attention to the limitation of liability clauses in “Section 7” of this Report, including those related to Limitation and Uncertainty in Valuation. This letter should be read in conjunction with the attached Report. Yours faithfully, CA Jayesh Kumar Shah Registered Valuer IBBI Registration No.: IBBI/RV/07/2020/13066 Asset Class: Securities or Financial Assets Place: Mumbai UDIN: 26147216WHDBLC5730 Table of Contents Section Particulars Page 1 Executive Summary 3 2 Overview of the Industry 9 3 Overview of the InvIT & the SPVs 14 4 Valuation Methodology 33 5 Procedures adopted for Valuation and Key Assumptions 36 6 Valuation Conclusion 42 7 Exclusion & Limitations 45 Appendices 8 Appendix 1: Brief about Registered Valuer 49 9 Appendix 2: Valuation of SPVs as on 30th September 2026 50 10 Appendix 3: Calculation of Beta 67 11 Appendix 4: Weighted Average Cost of Capital of the SPVs as on 30th September 2026 69 12 Appendix 5: Site Visits 70 13 Appendix 6: Sources of Information 81 14 Appendix 7: Additional procedures for compliance with InvIT Regulations 82 15 Appendix 8: Statement of Assets 84 16 Appendix 9: Breakup of Operating Expenses FY 28 85 17 Appendix 10: WACC for Previous Valuation- 31st March 2026 86 18 Appendix 11: WACC Sensitivity 87 19 Appendix 12: Expense Sensitivity 91 20 Appendix 13: Disclosures of Interest of InvIT in SPVs 95 21 Appendix 14: Summary of Approvals and Licenses 96 22 Appendix 15: Summary of Ongoing Litigation & Arbitration Matters 113 23 Appendix 16: Summary of Tax Assessments 117 Page 2 of 117 Executive Summary Background of the Trust Indus Infra Trust (“Indus Infra Trust” or “the Trust”) was established as an irrevocable trust on 16th June, 2022 under the provisions of the Indian Trusts Act, 1882. It is registered as an Indian Infrastructure Investment trust with the Securities and Exchange Board of India ("SEBI") since 3rd August 2022, under registration number IN/InvIT/22-23/0023, in accordance with the SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended. Pursuant to change in name from Bharat Highways InvIT to Indus Infra Trust the Trust was issued a revised registration certificate by SEBI with effect from 13th December 2024, bearing registration number IN/InvIT/22-23/0023. The Trust primarily invests in infrastructure assets in India through a portfolio of Hybrid Annuity Mode (HAM) road projects. Currently, the [Showing first 8,000 characters — download PDF for full document]