Roadstar Infra Investment Trust has informed the Exchange regarding Disclosure of material issue

Roadstar Investment Managers Limited The IL&FS Financial Centre, 6th Floor, Plot C-22, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400 051. November 5, 2026 Corporate Relationship Department Listing Department, BSE Limited, National Stock Exchange of India Limited P.J. Tower, Dalal Street, 'Exchange Plaza', Bandra Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai - 400 051 Scrip ID: 544374 NSE Symbol: ROADSTAR Subject: Valuation Report for assets of Roadstar Infra Investment Trust as at September 30, 2026 Dear Sir/ Madam, Pursuant to applicable provisions of SEBI (Infrastructure Investment Trusts) Regulations, 2014 read with SEBI Master circulars and guidelines issued thereunder, and as amended from time to time (“InvIT Regulations”), we hereby submit the Valuation Report of the Roadstar Infra Investment Trust (“Trust ”) as at September 30, 2026, as issued by from Ernst & Young Merchant Banking Services LLP, Registered Valuer having IBBI Registration Number: IBBI/RV-E/05/2021/155. Pursuant to Regulation 10(21) of SEBI InvIT Regulation, the Net Asset Value (“NAV”) of the units of Trust as at September 30, 2026, based on the computation carried out by the Management in accordance with Valuation Report issued by the Independent Valuer is Rs. 99.33 per unit, as calculated below: Particulars Details as at September 30, 2026 Total Assets (A) 72,630.29 Mn Total Liabilities (B) 27,385.47 Mn Net Assets (A – B) (C ) 45,244.82 Mn Numbers of outstanding units (D) 45,54,77,143 NAV (Rs. Per Unit) (C/D) 99.33 The said information is also being uploaded on the website of the Trust i.e. www.roadstarinfra.com You are requested to take the same on record and oblige. Thanking you, For Roadstar Investment Managers Limited (in the capacity as the Investment Manager of Roadstar Infra Investment Trust) Jyotsna Matondkar Company Secretary & Compliance Officer ICSI Membership No. A19792 Encl: As above T : 022 2653 3333 | E : riml@roadstarinfra.com | W : www.roadstarinfra.com | CIN : U67100MH2001PLC163992 Ernst & Young Merchant Banking Services LLP Tel: +91 22 61920000 Registered Valuer Fax: +91 22 61920000 Registration No. IBBI/RV-E/05/2021/155 ey.com 5th Floor, Block B-2, Nirlon Knowledge Park, Off. Western Express Highway, Goregaon (E), Mumbai, Maharashtra, 400064, India 30 October 2026 Roadstar Investment Managers Limited (acting as the Investment Manager of Roadstar Infra Investment Trust) The IL&FS Financial Centre, 3rd Floor, G Block, Plot C-22, Bandra Kurla Complex, Bandra (E) | Mumbai 400 051 Re: Report on Enterprise Valuation of Specified Assets of Roadstar Infra Investment Trust as per SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended (“SEBI InvIT Regulations”) as at 30 September 2026. Dear Sir/Madam, In accordance with instructions of Roadstar Investment Managers Limited (“Client” or “you” or “RIML” or “Investment Manager”), Ernst & Young Merchant Banking Services LLP (“EYMBSLLP”) has performed the work set out in our Engagement Agreement dated 23 June 2026 (“Engagement Agreement”). We are pleased to present the following report (“Report”) in connection with the Enterprise Valuation of Specified Assets (defined later) of Roadstar Infra Investment Trust (“RIIT” or “Trust” or “InvIT”) as at 30 September 2026 (“Valuation Date”). It may be noted that for carrying out the valuation, we have relied upon information provided by the management of RIIT (“Management”). We have been given to understand that the information provided is correct and accurate and that the Management was duly authorized to provide us the same. Purpose of our Report and restrictions on its use EYMBSLLP has been appointed by Roadstar Investment Managers Limited as an independent valuer as per Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended and the circulars, notifications and guidelines issued thereunder (“SEBI InvIT Regulations”), to undertake an independent Enterprise Valuation of Specified Assets (defined later) as on 30 September 2026 for internal management analysis, disclosure to unit holders and regulatory filings under Chapter V Regulation 21(4) and Regulation 21(5) of the SEBI InvIT Regulations (“Purpose”). This Report was prepared solely for the above Purpose and should not be used or relied upon for any other purpose. We accept no responsibility or liability to any person other than to the Client, or to such party to whom we have agreed in writing to accept a duty of care in respect of the Report, and accordingly if such other persons choose to rely upon any of the contents of the Report, they do so at their own risk. Nature and scope of the services The nature and scope of the services, including the basis and limitations, are detailed in the Engagement Agreement. The contents of our Report have been reviewed by the Client, who have confirmed to us the factual accuracy of the Report. Whilst each part of our Report may address different aspects of the work we have agreed to perform, the entire Report should be read for a full understanding of our findings and advice. Please note that the Report must be read in conjunction with the Statement of limiting conditions contained in Section 4 of this Report. This letter, the Report and the summary of valuation included herein can be provided to Trust’s advisors and may be made available for the inspection to the public and with the SEBI, the stock exchanges and any other regulatory and supervisory authority, as may be required. The valuation analysis should not be construed as investment advice; specifically, EYMBSLLP does not express any opinion on the suitability or otherwise of entering into any financial or other transaction with the Trust. The valuation conclusion included here-in and the Report complies with the SEBI InvIT Regulations and guidelines, circular, guidance, clarification or notification issued by the Securities and Exchange Board of India (“SEBI”) thereunder. This letter should be read in conjunction with the attached Report. Yours faithfully, Nilesh Jain Partner Membership No. IBBI/RV/05/2024/15540 Ernst & Young Merchant Banking Services LLP Registration No. IBBI/RV-E/05/2021/155 LLPIN: AAO-2287 Date: 30 October 2026 Report No. EYMBS/RV/2026-27/108 Page 2 of 87 Table of Contents I. Executive Summary 4 II. Valuation Analysis 7 III. Sources of Information 9 IV. Statement of Limiting Conditions 11 V. Industry Overview 13 VI. Background of the SPVs 13 VII. Procedures Adopted 29 VIII. Valuation Methodology 30 IX. Valuation Assumptions 36 X. Basis and Premise of Valuation 38 XI. Valuation Conclusion 39 Page 3 of 87 I. Executive Summary Roadstar Infra Investment Trust (“RIIT” or “Trust” or “InvIT”) is registered as an infrastructure investment trust with Securities and Exchange Board of India ("SEBI") pursuant to the SEBI (Infrastructure Investment Trusts) Regulations, 2014, as amended and the circulars, notifications and guidelines issued thereunder (“SEBI InvIT Regulations”). It was registered on December 22, 2020 [Registration No.: IN/InvIT/20- 21/0015]. The InvIT owns and operates a portfolio of 6 road SPVs; which are involved in operating and managing road assets under concession agreements with NHAI and respective state authorities. The InvIT Assets have an aggregate length of approximately 685 km (3,145 lane kms) spread across 6 states. The following are InvIT Assets owned by the Trust: 1. Moradabad Bareilly Expressway Limited (“MBEL”) 2. Sikar Bikaner Highway Limited (“SBHL”) 3. Pune Sholapur Road Development Company Limited (“PSRDCL”) 4. Barwa Adda Expressway Limited (“BAEL”) 5. Hazaribagh Ranchi Expressway Limited (“HREL”) 6. Thiruvananthapuram Road Development Company Limited (“TRDCL”) Assets from Sr. No 1 – 4 operate under the Design, Build, Finance, Operate and Transfer model and are hereinafter referred to as “BOT Toll Assets”. Assets from Sr. No 5 - 6 operate under Annuity Model and are hereinafter referred to as “BOT Annuity As [Showing first 8,000 characters — download PDF for full document]