1. QIP raised ₹1,250 crore with no deviation in use of funds Delivered - Under a QIP dated December 19, 2025, the Trust raised a total issue size of ₹1,250 crore and committed to use-of-funds compliance. The ₹1,250 crore QIP raise was confirmed in the Q3 FY26 call and FY26 disclosures, with no deviation in use of funds for the quarter ended December 31, 2025.
2. IPO raised ₹1,577.98 crore with no deviation in use of funds Delivered - Under the public issue with date of allotment January 14, 2025, the Trust raised ₹1,577.98 crore. The ₹1,578 crore IPO raise was confirmed at the Q4 FY25 call and in the Q4 FY26 PPT, with no deviation in use of funds for the quarter ended March 31, 2025.
3. Credit rating AAA/Stable maintained Delivered - The FY26 annual report stated the credit rating AAA/Stable was maintained across CRISIL, CARE and ICRA. CRISIL AAA/Stable was confirmed as of 13-04-26 and CARE AAA/Stable was confirmed in an April 2025 announcement.
4. GRHPL COD by March 01, 2026, qualifying as completed by March 01, 2027 On track - An August 2026 announcement stated GRHPL, having achieved COD on March 01, 2026, shall qualify as a completed and revenue-generating project by March 01, 2027. COD was achieved on March 01, 2026 as stated; the March 01, 2027 qualification date has not been reached.
5. H1 FY26 DPU guidance of ₹6.86 per unit Delivered - A November 2025 announcement guided H1 FY26 DPU of ₹6.86 per unit, stated as "in line with the Guidance". H1 FY26 DPU was delivered at exactly ₹6.86 per unit, comprising ₹3.61 for Q1 and ₹3.25 for Q2.
6. DSCR of 1.9-2.1 times over balance tenure of debt Pending - February 2026 announcements stated that following prepayment of external debt, DSCR was expected to be comfortable at 1.9-2.1 times over the balance tenure of the debt. No DSCR actual has been disclosed for FY26 or Q1 FY27; the FY25 DSCR was 1.75 and the balance-tenure horizon is ongoing.
7. External debt at acquired SPVs refinanced at trust level by end FY26 Delivered - February 2026 announcements stated external debt at each of the 3 acquired SPVs would be refinanced with debt at the trust level, expected to be concluded by end FY26. Fresh term debt of ₹1,750 crore at 6.85% refinanced ₹1,100 crore in newly acquired SPVs and redeemed ₹650 crore of dissenting NCD holders; the FY26 annual report confirms the refinancing was concluded.
8. Trust strategy - 90% of AUM through balanced mix of debt and equity Delivered - The FY26 annual report stated the strategy of acquiring fully operational infrastructure assets, targeting 90% of AUM through a balanced mix of debt and equity. The portfolio comprises 12 operational HAM assets, all acquired assets being operational, so the 90% operational AUM target is effectively met.
9. Distribution policy - ≥90% of NDCF Delivered - The FY26 annual report commits to distribute at least 90% of Net Distributable Cash Flow to investors as DPU. Q1 FY27 NDCF of ₹1,140 Mn was fully distributed, Q4 FY26 NDCF of ₹118 crore translated into DPU of ₹2.4, and FY26 distributions of ₹436 crore matched NDCF of approximately ₹436 crore.
10. FY27 project-wise expected annuity receipts of ₹1,233 crore On track - The Q4 FY26 PPT provided FY27 expected annuity receipts of ₹12,330.0 Mn excluding taxes, with Q1 at ₹3,836.8 Mn; the Q1 FY27 PPT restated FY27 expected annuity of ₹12,308.5 Mn. Q1 FY27 total annuities of ₹379.09 crore were received against the ₹383.68 crore expectation, with ₹162.9 crore of late receipts arriving in July 2026; the FY27 horizon is not yet complete.
11. Target leverage of 60% by end FY27 Pending - The Q4 FY26 PPT set a target leverage of 60% by end FY27, subject to unitholder consent, reiterated at the Q1 FY27 PPT. Net debt-to-EV stood at 41.1% as of June 2026; the FY27 horizon has not been reached.
12. Six sponsor ROFO assets acquisition in Q2 or Q3 FY27 (\~₹2,900 crore EV) On track - At the Q1 FY27 call, management anticipated completing technical, legal and financial DD on the six sponsor ROFO assets by mid-August, and the acquisition, subject to approvals, in Q2 or Q3 of FY27, estimating enterprise value at around ₹2,900 crores. Six sponsor ROFO assets were under due diligence as of Q1 FY27 and no acquisition has closed yet; the Q2-Q3 FY27 horizon has not been reached.
13. Rights issue consideration for future equity raise Pending - At the Q4 FY26 call, management said it will consider a rights issue as a source of capital when it reaches the equity fundraise stage ("for sure, we are going to consider rights issues this time"). No equity fundraise has been undertaken in FY27 as of Q1 FY27; management committed to minimizing dilution and funding acquisitions through debt, and the fundraise stage has not been reached.
14. Debt mix target of 30%-40% debentures, residual floating Delivered - At the Q4 FY26 call, management guided a debt mix target of around 30% to 40% through debentures of varying tenor, with the residual floating rate (mix of repo and 3-month T-bill). As of June 2026, debentures of ₹12,127 Mn out of ₹29,278 Mn gross borrowings represented \~41.4%, with 58.6% floating and 41.4% fixed rate.
15. FY27 non-taxable distribution component of 25%-30% On track - At the Q4 FY26 call, management guided that around 25% to 30% of FY27 distributions would be non-taxable, primarily return of capital, stable on a full-year basis; at Q1 FY27 this was revised to 20% to 25%, increasing over subsequent distributions. The Q1 FY27 split shows capital repayment of ₹0.19 of ₹2.32 DPU, or \~8.2% non-taxable; the FY27 horizon has not been reached.
16. FY27 major maintenance target of ₹170 crore Pending - At the Q4 FY26 call, management guided a FY27 major maintenance target of ₹170 crores (one asset this year), with a schedule of \~₹90 crores in FY28, ₹100 crores in FY29 and \~₹140 crores in FY30. No FY27 major maintenance expenditure has been disclosed in the record as of Q1 FY27; the FY27 horizon has not been reached.
17. FY27 DPU to increase by at least 10% in FY28 Pending - At the Q4 FY26 call, management guided FY27 DPU of ₹9 to ₹9.25 to "increase by at least 10% in FY28", with potential further upside if interest rates rise; at Q1 FY27 this was revised to an anticipated 7% to 10% increase. No FY28 DPU guidance has been formally provided and the FY28 horizon has not been reached.
18. FY27 DPU guidance of ₹9.00-9.25 per unit (13%-13.5% cash yield) On track - At the Q4 FY26 call, management guided FY27 DPU of ₹9 to ₹9.25 per unit, a 13% to 13.5% cash yield on the March 26 price, reiterated at Q1 FY27 as "pretty much on track" and restated in the FY26 annual report. Q1 FY27 DPU of ₹2.32 per unit was declared, annualizing to ₹9.28, within the guided range; the FY27 horizon has not been reached.
19. Effective interest rate reduction to 7.35% by March 2026 Delivered - At the Q3 FY26 call, management stated that by March end the effective interest rate per annum would reduce to 7.35% from 7.82% in September '25, a saving of 47 basis points. The effective annualized interest rate was 7.33% as of March 2026, slightly better than the 7.35% target, and further reduced to 7.24% currently.
20. GST CIL indemnity claim of ₹60.6 crore realized between Q4 FY26 and Q2 FY28 On track - At the Q3 FY26 call, management stated the ₹60.6 crore GST CIL indemnity claim from NHAI was fully contractually protected and expected to be realized between Q4 FY26 and Q2 FY28; this was later revised to a ₹24 crore indemnity value expected by Q2 FY28. The sponsor indemnified the Trust ₹66 crore in Q4 FY26 and ₹10.41 crore was received in Q1 FY27; the Q2 FY28 horizon for the remaining ₹24 crore has not been reached.
21. FY26 AUM of \~₹6,800 crore (over 60% growth) Partial - At the Q2 FY26 call, management stated the three ROFO acquisitions would increase AUM by over 60%, from ₹4,282 crores to approximately ₹6,800 crores by FY26; a November 2025 announcement targeted 6,800+ Cr AUM in FY26. FY26 AUM closed at ₹6,611.4 crore, a 42% YoY increase from ₹4,668.3 crore, short of the ₹6,800 crore target by \~₹189 crore.
22. Medium-term leverage 45-47%, revisit after six distributions On track - At the Q2 FY26 call, management stated the medium-term strategy is to keep leverage between 45% to 47%, revisiting after six distributions with a possible increase to 55% to 60%; the trigger was later revised to a post-June target of 57.5%-60%. The six-distribution milestone was reached with the Q1 FY27 distribution, with net debt-to-EV at 41.1% as of June 2026; the revised target is actionable but not yet executed.
23. Repo-linked borrowings instead of fixed-cost debentures Delivered - At the Q2 FY26 call, management stated the Trust intends to opt for repo-linked borrowings (term loans) rather than fixed-cost debentures, noting 100% of current debt was NCDs. Fresh borrowings of ₹1,100 crore in January 2026 and ₹1,750 crore in Q4 FY26 were completed at floating 6.85% linked to the 3-month T-bill/repo rate; as of June 2026, 58.6% of borrowings were floating rate.
24. At least one to three third-party HAM assets in next financial year (FY27) On track - At the Q2 FY26 call, management targeted acquiring at least one to three third-party HAM assets in FY27, later expanded to around 5 to 7 assets by FY27 including 2 to 3 third-party. No third-party acquisition has been completed as of Q1 FY27, but management is confident of closing one or two assets over the next six to nine months with advanced discussions underway; the FY27 horizon has not been reached.
25. NAV to increase to ₹73-75 after three-asset acquisition Delivered - At the Q2 FY26 call, management estimated NAV of \~67.48/unit would rise to around 69/unit after the preferential allotment, and to ₹73 to ₹75 once the equity raise, debt raise and asset purchase were complete. NAV reached ₹72.31 in Q3 FY26, improved to ₹74.7 per unit in Q4 FY26, and is estimated at \~₹74.8 per unit in Q1 FY27, within the guided range.
26. 4-5 ROFO assets ready by June-July next year; 2-3 more by end FY27 Partial - At the Q2 FY26 call, management stated four to five ROFO assets would be ready for acquisition by June to July next year, with an additional two to three by end FY27; later revisions scaled this to 8 assets at advanced stages for FY27 and six under diligence. The June-July 2026 readiness window passed with no completed acquisition; six sponsor ROFO assets are under due diligence with acquisition targeted for Q2-Q3 FY27.
27. Refinance existing NCD series due March 2026 at \~7.1%-7.2% Delivered - At the Q2 FY26 call, management anticipated a cost of around 7.1% to 7.2% for additional borrowing for the three ROFO assets and wanted to refinance the series due in March 2026 in the same range; this was later firmed up at 6.85% PAPM. External debt of ₹2,000 crore was refinanced/raised at 6.85% during Q4 FY26, one NCD coupon revised from 7.6% to 6.85% effective March 5, 2026, and the effective rate stood at 7.33% as of March 2026.
28. Portfolio cash yield of 10% to 12% going forward Delivered - At the Q2 FY26 call, management projected the portfolio can sustain a cash yield of 10% to 12% going forward, later guiding normalized annualized cash yields of 11% to 12% for FY26. FY26 cash yield was delivered at 13.1%, exceeding the 10%-12% projection, and FY27 guidance was raised to 13%-13.5%.
29. AUM of at least ₹10,000 crore by FY27 On track - At the Q2 FY26 call, management's clear roadmap targeted AUM of at least ₹10,000 crores by FY27 through 17 ROFO assets from the sponsor plus third-party acquisitions, with later revisions reaffirming the trajectory and requiring ₹3,500 crores of assets over the next 12 months. AUM at Q1 FY27 is \~₹6,634.8 crore, with six sponsor ROFO assets under diligence at a tentative EV of \~₹2,900 crore; the FY27 horizon has not been reached.
30. Repay ₹420 crore of existing borrowings by December 2025 Delivered - At the Q2 FY26 call, management planned to repay ₹420 crores of existing borrowings by December 2025, comprising ₹345 crores from preferential allotment plus ₹75 crores from internal accruals. The ₹345 crore preferential issue completed in November 2025 and proceeds plus ₹75 crore of internal accruals prepaid external NCD debt of ₹420 crore, with the Q3 FY26 call confirming debt rationalized by ₹420 crore.
31. Maintain or increase DPU - FY26 delivered, FY27 guidance reset Pending - At the Q1 FY26 call, management stated the objective is to maintain or increase the DPU, hoping it will be maintained despite equity dilution. FY26 DPU was delivered at ₹11.60 per unit, but FY27 guidance of ₹9.00-9.25 per unit sits below that, framed as a normalized sustainable level with acquisitions potentially adding upside and \~10% growth in FY28; with FY27 incomplete as of September 2026, the outcome is not yet settled.
32. 17 ROFO assets giving headroom for next four years of growth On track - At the Q1 FY26 call, management stated 17 ROFO assets from the sponsor in the filed document give headroom for the next four years of growth, later noting 7 ready by FY27 and the residual 7 by H1 FY29. The ROFO pipeline stands at 17 assets, three acquired in FY26 and six under diligence for FY27; the four-year headroom window remains open.
33. Current DPU level sustainable for three to four years On track - At the Q1 FY26 call, management stated the current DPU level should be able to survive for three to four years at least; at Q4 FY26 this was revised to FY27 DPU guidance holding for the next two to three years from the current 12 assets. FY26 DPU was delivered at ₹11.60 per unit, FY27 guidance stands at ₹9.00-9.25, and Q1 FY27 DPU of ₹2.32 was declared; the three-to-four-year window is still open.
34. FY26 acquisition IRR of 11% to 11.5% Pending - At the Q1 FY26 call, management stated the expected IRR for the three FY26 acquisitions was a ballpark 11% to 11.5%. No disclosed IRR actual for the completed acquisitions exists in the record; the assets were acquired at a 9.3% discount to adjusted enterprise value, with no post-acquisition IRR disclosure.
35. Long-term leverage strategy - maintain \~49%, then 45-47% short term Partial - At the Q1 FY26 call, management stated a long-term strategy to keep debt leverage around 49%, then guided 45% to 47% in the short term at Q2 FY26; later revisions moved to a medium-term 45-47% net debt-to-EV range and then a post-June target of 57.5%-60%. Net debt-to-EV was 40.9% as of March 2026 and 41.1% as of June 2026, below the short-term 45-47% range; the revised target is not yet due.
36. Debt-to-AUM breach rectification within six months Delivered - At the Q1 FY26 call, management committed to the trustee to rectify the debt-to-AUM breach above 49% within six months. Leverage fell from \~55% in June 2025 to 45.6% as of November 14, 2025, within the six-month window, and further to 43.3% in December 2025 and 40.9% by March 2026.
37. FY26 acquisition funding - ₹900 crore equity raise, debt resized below 49% Delivered - At the Q1 FY26 call, management anticipated an equity fundraise of around ₹900 crores with the sponsor also taking units, and debt resized below 49% (say 45% to 46%) to fund the ₹2,500 crore acquisition; at Q2 FY26 this was revised to \~₹1,250 crore equity plus \~₹1,150 crore debt. The ₹345 crore preferential issue completed in November 2025 and ₹1,250 crore QIP in December 2025 took total equity to ₹1,595 crore, with net debt-to-EV at 43.34% in Q3 FY26 and 40.9% by March 2026.
38. Quarterly distribution policy Delivered - At the Q4 FY25 call, management stated the trust will make quarterly distributions (board-approved), with the next June-quarter distribution around August; the FY26 annual report confirms the quarterly choice. Quarterly distributions were made consistently: ₹3.61 in Q1 FY26, ₹3.25 in Q2, ₹2.34 in Q3, ₹2.40 in Q4 and ₹2.32 in Q1 FY27.
39. Three to four sponsor assets in Q2-Q3 FY26 adding \~80% AUM (\~₹3,000 crore) Delivered - At the Q4 FY25 call, management committed to adding three to four sponsor assets in Q2-Q3 FY26 (September-October timeframe), increasing AUM by \~80% (\~₹3,000 crores); this was later narrowed to three sponsor assets by Q3-Q4 FY26, closing "within the next 60 to 90 days". The three HAM acquisitions (Jodhpur Ring Road, Hasanpur-Bakhtiyarpur, Champa-Korba) completed in December 2025 for ₹2,350 crore at a 9.3% discount, with AUM expanding 57% from ₹4,282 crore in September 2025 to ₹6,733 crore in December 2025.
40. FY26 distribution guidance of ₹14.61 per unit (14.75% yield on issue price) Partial - At the Q4 FY25 call, management guided FY26 distribution of around ₹14.61 per unit, a \~14.75% yield on the ₹99 issue price, board-approved and reiterated at Q1 FY26; at Q3 FY26 this was replaced with a normalized 11%-12% cash yield target attributed to RBI rate cuts, capital raise and asset additions. FY26 actual DPU was ₹11.60 per unit against the original ₹14.61 guidance, while the cash yield of 13.1% exceeded the revised 11%-12% target.
41. AUM of \~USD 5 billion by 2030 On track - At the Q4 FY25 call, management committed to AUM of around USD 5 billion by 2030 as part of its "growth" pillar, reiterated at Q1 FY26 and in the Q4 FY25 PPT; the Q2 FY26 roadmap set an intermediate ₹10,000 crores AUM by FY27. Current AUM at Q1 FY27 is \~₹6,634.8 crore, with FY26 closing at ₹6,611.4 crore and six assets under diligence; the FY27 milestone is not yet due and no disclosed read on the 2030 target exists beyond it.