1. Trust-level debt refinancing - A ₹3,300 Cr trust-level facility has been rated ACUITE AA (Stable), designed to replace SPV-level external debt with a single eight-year balloon structure. Lower blended cost, centralized servicing, and an average DSCR of \~1.8x directly expand the cash flow available for unitholder distributions.
2. PSRDCL arbitration settlement - NHAI has offered a ₹499 Cr one-time settlement against the ₹569.80 Cr arbitration award won in 2017, and the SPV has submitted a proposal under the Vivad Se Vishwas-III Scheme. Receipt of this lump sum would represent a material cash inflow against an asset with a residual concession life to September 2035.
3. Sponsor exit and unit unlock - IL&FS has received 15 EOIs for its 22.44% stake in the Trust, including the 15.1% sponsor block and 6.94% of units held for contingent claims, with Axis Capital appointed as transaction advisor. A new strategic sponsor removes the distressed-seller overhang and clears the path for the 31.6 mn locked contingent units to be distributed to creditors or sold.
4. BAEL first full-year contribution - BAEL, acquired in October 2024, delivered ₹3,245 Mn in toll revenue for FY26 and drove consolidated revenue up 24% year-on-year. FY27 will be the first full year of BAEL earnings, adding roughly ₹300 Cr of annualized toll revenue with a 12.2-year residual concession life.
5. Organic toll revenue growth - Portfolio toll revenue rose from ₹9,627 Mn in FY25 to ₹10,390 Mn in FY26, and management projects 6-8% toll revenue growth for FY27, supported by a \~2.54% tariff revision and 3-4% traffic growth. At an 83% EBITDA margin, incremental toll revenue drops almost entirely to distributable cash flow.
6. De-leveraging and coverage improvement - Combined gross debt has fallen 29% from ₹4,681 Cr in FY22 to ₹3,306 Cr in FY26, bringing the Debt/EBITDA ratio from 6.7x to 3.3x and lifting interest coverage to 2.87x. A sub-3.3x leverage ratio and fully funded ₹162.55 Cr major maintenance reserve give the Trust capacity to fund acquisitions without stressing distributions.
7. TRDCL arbitration settlement - A ₹139.20 Cr arbitration award was received in February 2025, and the SPV has proposed an amicable settlement for ₹110 Cr. Even the discounted settlement adds a one-time cash payment to an annuity asset whose Phase IV concession runs to May 2031.