1. Q1 FY27 distribution of ₹2.50 per unit Delivered - At the Q1 FY27 call, the board approved a Q1 FY27 distribution of ₹2.50 per unit, taking cumulative distribution since listing to ₹7.5 per unit. The distribution of ₹2.50 per unit was approved, with cumulative distributions of ₹7.50 per unit totalling ₹163.1 crore.
2. Q4 FY26 distribution of ₹2.50 per unit Delivered - At the Q4 FY26 call, the Board approved a Q4 distribution of ₹2.50 per unit, made up of ₹0.4141 interest, ₹2.08 dividend and ₹0.003 other income. The Q4 FY26 distribution of ₹2.50 per unit was approved and disclosed, taking cumulative distributions since listing to ₹5.0 per unit.
3. First quarterly distribution of ₹2.50 per unit Delivered - At the Q3 FY26 call, the first quarterly distribution was declared at ₹2.50 per unit, totalling ₹54.4 crores, representing the Trust NDCF for the quarter. The first distribution of ₹543.75 million (₹2.50 per unit) was declared and paid on February 19, 2026, comprising interest ₹234.93 million, other income ₹0.98 million and repayment of unit capital ₹307.84 million.
4. NAV of around ₹120 as of December 2025 Missed - At the Q3 FY26 call, management estimated NAV as of December 2025 at ₹120, with the next valuation report due March '26; the June '25 valuation had shown NAV around ₹114. NAV as of March 31, 2026 per independent valuation stood at ₹115.80 per unit on a fair value basis, below the ₹120 estimate.
5. Revenue yield on AUM of around 18% Delivered - At the Q3 FY26 call, management stated the revenue yield on the ₹4,500 crores AUM is around 18%, correcting an analyst's 15-16% estimate. Actual yields have varied by quarter: Q3 FY26 annualized \~11%, Q4 FY26 annualized \~20.5% on ₹224.5 cr revenue, and Q1 FY27 annualized \~14.5% on ₹158.7 cr revenue.
6. Cost of debt for next quarter to see "a slight increase" Delivered - At the Q4 FY26 call (May 21, 2026), management said that as T-bills had moved up from 7.5%, the cost of debt for the next quarter would see "a slight increase". Cost of debt instead came in at 7.46% p.a. as of 30 June 2026 - a slight decrease rather than an increase, a favorable beat of guidance.
7. Distribution composition to change over time - return of capital to play a role Delivered - At the Q4 FY26 call, management said "over a period of time, the composition of the distribution will change. You will see return of capital play a role," with the mix becoming a combination of taxable and tax-free. Composition moved from no dividend in Q3 FY26 to ₹2.08 dividend in Q4 FY26 and ₹1.3464 dividend in Q1 FY27; of the ₹7.5 cumulative, roughly half was interest and around ₹1.1 capital return.
8. Open to pursuing BOT and TOT projects, not fixated on HAM Pending - At the Q3 FY26 call, management stated it is open to pursuing BOT and TOT projects, provided acquisitions are accretive and meet sufficient risk-adjusted return for investors. At Q4 FY26 management committed to a balanced approach across HAM, annuity and toll with accretion to unitholders as the first principle, but no BOT or TOT acquisition has been announced in our record.
9. O&M under fixed-price contracts frozen for the duration of the InvIT/concession Delivered - At the Q3 FY26 call, management stated O&M is under fixed-price contracts frozen for the duration of the InvIT/concession, removing cash-flow volatility. All SPVs have entered a fixed-price O&M and major maintenance contract with DBL for the entire concession period, and fixed O&M is in place per the Q4 FY26 PPT.
10. Debt repayments around ₹125-150 crore per annum Delivered - At the Q3 FY26 call, management stated the debt repayment schedule is moderately rising over time, with regular repayments around ₹125 crores to ₹150 crores per annum. FY 2025-26 loans repaid were ₹2,101.74 mn, and Q1 FY27 debt and interest payment was ₹2,145 mn with ₹1,617 mn repaid on the SBI facility during the period, exceeding the stated annual range.
11. ROFO arrangement over DBL and Alpha group road assets for 5 years from listing Delivered - The ROFO arrangement over road assets of Dilip Buildcon and Alpha group entities runs for 5 years from the date of listing, providing visibility for scalable long-term growth. The pipeline comprises 11 identified DBL assets plus 4 Alpha Alternatives assets, and the arrangement was utilized for the proposed acquisition of 4 Dilip Buildcon and 3 non-Dilip Buildcon assets.
12. Operating cash flows sufficient to fully cover loan repayments Delivered - Management states operating cash flows are sufficient to fully cover loan repayments, with MCLR/Bank Rate-linked interest on annuities as a natural hedge and no maturity concentration. Q1 FY27 operating activities of ₹2,261 mn covered debt and interest payment of ₹2,145 mn, and the Ind-Ra base case DSCR is over 1.70x.
13. Trust not paying any taxes for the next few years Pending - Management stated the Trust is not paying any taxes for the next few years given SPV-level depreciation and capital structure, with the new tax regime's impact starting only after a couple of years. The effective tax rate for SPVs in the new regime has gone a little over 28% with the increased surcharge, but no Trust-level tax payment disclosure exists in our record.
14. Residual construction work undertaken by EPC contractors at no cost to InvIT Delivered - Management stated any residual construction work in the acquired projects will be undertaken by the respective EPC contractors, with the InvIT bearing no cost. Balance work has been completed and final COD applications submitted; a fly-ash claim from the December quarter is a pass-through item to Dilip Buildcon, with construction-period contractor claims covered by a pass-through mechanism across SPVs.
15. Acquire only projects that have achieved PCOD with minimal residual construction risk Delivered - Management represented that the InvIT intends to acquire only projects that have achieved PCOD with minimal residual construction risk. All seven existing SPVs achieved PCOD before acquisition; of the proposed six assets, BEPL and KEPL achieved final COD on 31 May 2024 and 17 November 2025, and PHL, DEPPL, RVHL and BGHL achieved PCOD on 16 May 2025, 26 September 2024, 8 April 2025 and 9 May 2025.
16. Maintain additional liquidity reserve before quarterly distributions Delivered - Management planned to maintain additional liquidity reserve before quarterly distributions and a major maintenance reserve sufficient for the next three months, with liquidity a key rating monitorable. As of 31 March 2026, AHT held free cash and bank balance of around ₹207 crore plus DSRA of ₹102.1 crore, with overall InvIT liquidity of ₹309.13 crore, up from around ₹105 crore free cash as of 27 December 2025.
17. Raise capital through primary and offer-for-sale routes over next 12-18 months On track - At the Q4 FY26 call, management committed to raising capital through both primary and offer-for-sale routes over the next 12 to 18 months to broad-base the investor base and improve liquidity. A preferential issue of \~₹1,893.72 cr via 16.48 cr units at ₹104.76 was announced, but the allotment was not completed as of Q1 FY27 pending SEBI clarity, and no offer-for-sale has been disclosed.
18. Medium-term equity IRR of 12%-14% or higher for investors Pending - At the Q3 FY26 call, management stated static-portfolio equity IRRs are in the 10%-12% level, with the medium-term objective to generate 12% to 14% or higher via distributions plus accretive acquisitions. YTM at the IPO price of ₹100 was around 11.3% pre-tax, and the CEO said in August 2026 that figure reflected the situation at the first call and would have changed; no updated medium-term IRR figure has been disclosed.
19. Consistent and increasing distributions for unitholders On track - At the Q3 FY26 call, management targeted consistent and increasing distributions alongside NAV growth through accretive acquisitions, declining to give distribution guidance for FY27-28. Management later said the DPU "will not go down" (Q4 FY26) and reaffirmed "consistent and growing distributions" (Q1 FY27); distributions have held at ₹2.50 per unit for three consecutive quarters, totalling ₹163.1 crore.
20. Maintain AAA credit rating Delivered - At the Q3 FY26 call, management stated the Trust maintains an AAA Stable credit rating, reaffirmed at Q1 FY27 and by the CEO in August 2026. The rating was AAA/Stable as of Q3 FY26, Q4 FY26 and Q1 FY27; ICRA reaffirmed [ICRA]AAA (Stable) on the existing term loan and India Ratings assigned Provisional IND AAA/Stable to proposed facilities.
21. Maintain leverage below 49% debt-to-EV Delivered - At the Q3 FY26 call, management noted the regulatory cap of up to 49% debt-to-EV for the first six distributions and said it will remain conservative and not go to the maximum. Debt-to-EV was 42.11% in Q3 FY26, around 42% at Q4 FY26, and 39.30% as of 30 June 2026, trending down and comfortably below the cap.
22. Cost of debt reduction from 7.5% - trend down in coming quarters On track - At the Q3 FY26 call, management stated a plan to pursue bond market raises and lower-cost bank debt to bring down the 7.5% cost of debt, saying "in the coming quarters you will see us basically trending this debt cost down". Cost of debt was 7.5% p.a. as of 31 March 2026 and 7.46% p.a. as of 30 June 2026, a marginal decline consistent with the stated direction.
23. Seven ROFO assets acquisition - phased completion in June and December 2026 Partial - At the Q4 FY26 call, management confirmed ROFO acquisition dates in two tranches in June and December 2026, with new assets accruing DPU from Q2 and Q4 FY27; the Jun-26 tranche was PHL 75%, BGHL 100%, RVHL 100%, MHHL 49%, BEPL 100%, DPEPL 100%, KEPL 100%. The preferential allotment was not completed as of Q1 FY27, with the Trust awaiting SEBI clarity; no tranche completion has been disclosed.
24. Seven ROFO assets acquisition - NAV and DPU accretive, at discount to independent valuation On track - At the Q4 FY26 call, management committed the 7 ROFO assets would be acquired at a discount to independent valuation, within a floor of the market price and cap of the valuation report, and would be NAV and DPU accretive. The proposed discount is around 17.5% to 18% on equity value, and pricing of ₹104.76 per unit is below NAV, but the allotment was not completed as of Q1 FY27 pending SEBI clarity.
25. Double InvIT size (AUM) by H1/second quarter FY27 Partial - At the Q3 FY26 call, management guided visibility of doubling the InvIT size (AUM) by H1/second quarter FY27, with the next round of assets in "the next six to nine months". The seven-asset acquisition was Board-approved, but the \~₹1,893.72 cr preferential issue was not completed as of Q1 FY27 pending SEBI clarity; AUM remained at ₹43,827 mn as of 30 June 2026.
26. Scale AUM to \~₹25,000 crore by 2029 On track - At the Q3 FY26 call, management stated an ambition to scale AUM to around ₹25,000 crores by 2029, implying near 5x growth over three years, value accretive for investors. AUM stood at ₹43,827 mn (\~₹4,383 cr) as of 31 March 2026; the proposed seven-asset acquisition would add an estimated ₹91,657 mn (\~₹9,166 cr), but the preferential allotment was pending SEBI clarity as of Q1 FY27.