Press Release August 29, 2026 ROADSTAR INFRA INVESTMENT TRUST Rating Assigned and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	3300.00	Not Applicable | Withdrawn	-	RBI
Issuer Rating (IR)	0.00	0.00	Provisional | ACUITE AAA | Stable | Assigned	-	-
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	3300.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has assigned its long-term Issuer Rating (IR) of ‘Provisional ACUITE AAA’ (read as Provisional ACUITE triple A) to Roadstar Infra Investment Trust (RIIT). The outlook is ‘Stable’. The rating on Issuer Rating (IR) is provisional and its conversion to final rating is subject to receipt of the following pending documentation: Final sanction letters of debt to be raised at InvIT level Deed of Hypothecation / Pledge and other security creation documents Document related to Security (Debt Service Reserve Account - DSRA) which shall be created upfront out of the proceeds Execution of Trusteeship Agreement with the InvIT Trustee Receipt of No Dues Certificates (NDCs) from all existing lenders against the current SPV level borrowings. Further, Acuité has also withdrawn its long-term rating on Rs. 3300.00 Cr. bank loan facility of Roadstar Infra Investment Trust (RIIT) without assigning any rating as the same is a proposed facility. The rating has been withdrawn on account of the request received from the Issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for rating The provisional rating factors the refinancing of SPV debts and accordingly raising of a cumulative debt of ~Rs 3,300 crores at trust level thereby streamlining cashflows and centralizing debt servicing. The rating assigned also factors the receipt of National Highways Authority of India (NHAI) claims amounting to Rs. 500 crores (Rs. 473.72 crore received net of TDS) pertaining to Pune Sholapur Road Development Company Limited (PSRDCL) which shall be utilised in prepaying the SPV’s external debt thereby reducing the quantum of refinanced debt to Rs.2827 crores. This along with expectation of better interest rate terms has led to enhancing coverage metrics, with an average DSCR of ~2.09x over the loan tenure providing additional comfort. Acuite expects liquidity to be further bolstered by long-tenor, ballooning repayment schedules, with only 29% of total debt obligations due in the first four years of an eight-year tenure proposed debt, alongside full fungibility of cash flows amongst the SPVs. Further, in the refinanced debt, the presence of structural safeguards including DSRA mechanism (covering both principal and interest), escrow account with a waterfall mechanism, and cash sweep/cash trap provisions, provides additional liquidity cushion to the lenders. The management has highlighted that the final sanction and disbursements are expected by end of Q2FY27, any material changes with respect to timelines and loan terms and conditions impacting cash outflows shall remain a key rating sensitivity.  Further, rating factors the benefits RIIT derives from having a well-diversified portfolio comprising approximately 3,145 lane kilo meters across four operational BOT Toll and two operational BOT Annuity projects spread across six states. The portfolio’s stability is underpinned by long concession tenures and a weighted average operating track record of over a decade, which ensures consistent toll and annuity income. The toll collections improved in FY26 to Rs. 1,039.06 crore from Rs. 817.13 crore in FY25 and the SPVs are also receiving timely compensation from NHAI under the Annual pass scheme. The trust’s financial profile is further supported by a favourable capital structure, reflected in a net debt-to enterprise value ratio of ~37.7% as on June 30, 2026. It also takes into account the significant prepayments over the past one year by the road special purpose vehicles (SPVs), demonstrating strong cash flow generation and proactive debt management. The liquidity remains strong with a cash balance (including DSRA/ Major Maintenance Reserve Account - MMRA)  of Rs. 565.7 crores as on June 30, 2026. The rating however remains exposed to traffic and maintenance risks associated with the underlying road assets, contingent liabilities at the SPV level, and interest rate risk arising from floating-rate borrowings. Further, any future debt-funded acquisitions or crystallisation of contingent liabilities affecting the trust's financial risk profile and debt servicing ability, remains a key monitorable.

About the Company

RIIT is a Mumbai based infrastructure investment trust established under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, with an objective of owning, operating, and managing a portfolio of revenue-generating road assets in India. RIIT was incorporated on 06th October of 2020. Having a network of ~3145 lane Kms with a mix of 6 completed and revenue generating road assets in India of which 4 are Toll Assets and 2 are Annuity Assets across 6 Indian States. The Trust was created as a part of the resolution framework for Infrastructure Leasing & Financial Services Limited (IL&FS) group's debt, pursuant to the directions of the National Company Law Appellate Tribunal (NCLAT). The initiative aimed to resolve outstanding debt by monetising mature road assets and providing value recovery to creditors through a regulated investment vehicle. Currently, Roadstar Infra Private Limited (RIPL) (holding 15.11 % of the units) is the sponsor of the trust, Roadstar Investment Managers Limited (RIML) is the investment manager looking after the management and administration of the trust’s Road infrastructure assets and Elsamex Maintenance Services Limited (EMSL) is the Project Manager specializing in road operations and maintenance of the assets. The current Board of Directors comprises Dr. J. N. Singh, Ms. Preeti Grover, Mr. S. K. Mitra, Dr. Rajeev Uberoi, Ms. Lubna Usman, Mr. Dhanraj Tawade and Mr. Sanjay Kumar Gupta.

About the Group

Moradabad Bareilly Expressway Limited (MBEL) MBEL is a special purpose vehicle incorporated in January 2010, to expand the existing two lane road to a four-lane road in the Moradabad-Bareilly section of National Highway 24 from 148.00 Km to 269.80 Km (design length of ~122 Km) in the state of Uttar Pradesh under National Highway Development Program Phase III on a Design-Build-Finance-Operate-Transfer basis (DBFOT) basis. A concession agreement dated February 19, 2010, was entered between the NHAI and MBEL. It has two toll plazas, namely, Niyamatpur Ekrotiya at ~Km 172 and Triyakhetal at ~Km 228. The toll plazas have been operational since January 2015. The project achieved its Commercial Operation Date (COD) on July 30, 2019. Barwa Adda Expressway Limited (BAEL) BAEL is a special purpose vehicle incorporated in April 2013, for the construction of six lane highway in Barwa Adda-Panagarh Section of National Highway 2 from 398.24 km to 521.12 km (design length of ~123 Km) in the state of Jharkhand and West Bengal under NHDP. Currently, ~99.3% of the project cost is incurred and operational. Phase V is to be executed at remaining cost of ~Rs.20 Cr as BOT (toll) on DBFOT pattern. A concession agreement dated May 8, 2013, was entered between the NHAI and BAEL. It has two toll plazas, namely, Beliyad at ~438.50 Km and Banskopa at ~507.00 Km. Pune Sholapur Road Development Company Limited (PSRDCL) PSRDCL is a special purpose vehicle incorporated in August 2009 to operate a four-lane highway project of Pune-Sholapur Section of National Highway 9 from 144.40 km to 249.00 Km (design length of ~101 Km) in the state of Maharashtra under NHDP phase III on DBFOT basis. The company entered into a concession agreement on September 30, 2009, with NHAI. It has two toll plazas, namely, Warwade at ~Km 178.00 and Sawaleshwar at ~229.00 Km. The project achieved its COD on February 03, 2016. Sikar Bikaner Highway Limited (SBHL) SBHL is a special purpose vehicle incorporated in April 2012 to operate a two/four lane highway project with paved shoulders on Sikar Bikaner Section of NH-11 providing connectivity between Jaipur and Bikaner along with Eastern and Western region of Rajasthan on DBFOT basis. Sikar-Bikaner section of NH11 has 168.585 km of two-laned with paved shoulder and 32.29 km of four-laned configuration. The concession agreement dated June 29, 2012, was entered into between the Government of Rajasthan and SBHL. It has four toll plazas, namely, Rashidpura at Km 362.48 (closer to Sikar), Tidiyasar at ~Km 419.00 (closer to Churu), Lakhasar at ~506.878 Km (closer to Bikaner) and Udairamsar at ~Km 1.15 (closer to Bikaner). The project achieved its COD on April 28, 2015. Hazaribagh Ranchi Expressway Limited (HREL) HREL is a special purpose vehicle incorporated in March 2009 to operate a four-lane road project which is a ~73.50 Km Road stretch from Hazaribagh to Ranchi section of NH-33 in Jharkhand on Build-Operate-Maintain-and Transfer Annuity Model basis, under the National Highways Development Program of NHAI. The concession agreement dated October 8, 2009, was entered into between NHAI and HREL. The project achieved its COD on April 01, 2015. Thiruvananthapuram Road Development Company Limited (TRDCL) TRDCL was set up as a 50:50 joint venture between IL&FS Transportation Networks Limited (ITNL) and Punj Lloyd Limited on March 29, 2004 for implementation of First City Roads Improvement Project (FCRIP) under Build-Operate-Maintain-and Transfer Annuity Model. The scope of the project includes improvement of 43 km of city roads in Thiruvananthapuram. The concession agreement dated March 16, 2004, was entered into between Kerela Road Fund Board (KRFB) into between and TRDCL. The project was executed in four phases, with COD achieved in January 2008, February 2012, February 2015, and May 2016, respectively.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuite has considered consolidated business and financial risk profile of RIIT

Key Rating Drivers

Strengths

Diversified asset base of the InvIT RIIT manages a road network of ~3145 lane Kms with a mix of 6 completed assets developed under BOT Toll and BOT Annuity frameworks. The asset diversity is reflected from its location in 6 different states. Further at present all the 6 assets are operational and revenue generating for the trust. The trust currently has 10 toll plazas through which it collects toll revenue. The trust’s toll revenue increased to Rs. 1,039.06 crore in FY26 from Rs. 817.13 crore in FY25, driven by growth in traffic volumes across the portfolio and the full-year contribution of toll income from Barwa Adda Expressway Limited (BAEL), which was acquired by the trust in October 2024. During 4MFY26, the trust reported toll collections of approximately Rs. 360 crore. Further, while the Government of India introduced the FASTag-based Annual Pass Scheme during FY26, the trust's toll revenues have not been adversely impacted as NHAI is currently compensating for the resultant revenue loss in a timely manner. The trust recognized revenue of Rs. 46.34 crore under the scheme during FY26. Further the trust also receives the annuity income for the BOT (annuity) project. The trust’s asset have a weighted average operational track record of ~10 years and an average residual concession life of ~12 years. Acuité observes that there is no significant concentration of revenues from any particular road asset and post achievement of the COD for the WIP projects, the composition of revenues is not likely to change materially. The long-term agreements ranging from 20 to 25 years for all 6 projects are also in place. Further, SBHL, PSRDCL and BAEL have requested for an extension in the concession period, which, if approved by the respective authorities, could provide additional cash flow visibility Going ahead, Acuité expects these projects to generate healthy and steady cash flows from toll collection on account of diversified geographic location and strategically located tolls. Favourable debt repayment mechanism and presence of structural features As on June 30, 2026, the SPVs collectively have an outstanding external debt of approximately Rs. 3,249 crore, against an adjusted enterprise value of Rs. 7,637 crore. On this date, the InvIT’s net debt to enterprise value ratio stood around 37.7%. Further, the four debt-funded SPVs have been making timely repayments since the lifting of their moratorium, following the transfer of each SPV to RIIT (MBEL — December 2021, SBHL — March 2022, HREL — December 2022, TRDCL — December 2022, PSRDCL — May 2023, BAEL — October 2024). RIIT proposes to refinance the existing project-level debt by raising InvIT-level debt for a period of 8 years, which would result in simplification of the capital structure, elimination of refinancing and covenant risks at individual SPV levels, and centralized debt servicing through pooled surplus cash flows. At present there is no debt at the InvIT Level for the trust and the project-level debt servicing is met from operating cash flows of that particular SPVs. Further at the InvIT level, pooled cash flows from - Toll surplus (post O&M and statutory outflows), and annuity surplus from debt-free SPVs, provide a strong base for servicing proposed InvIT-level obligations. The trust expects final sanction and disbursement of proposed debt by Q2FY27. Additionally, in the refinanced debt, DSRA (principal and interest) along with presence of escrow account and waterfall mechanism is expected to provide adequate comfort. The presence of waterfall mechanism shall ring fence the cash flows from the toll collection and prioritize the lenders after O&M and major maintenance expenses. The structure further is expected to include provisions for cash sweep and cash trap providing comfort to lenders. Claim realisation leading to reduction in external debt One of the trust's SPV, PSRDCL, has settled a long-pending litigation matter with NHAI for Rs.500 crore, pursuant to which it has already received Rs.473.72 crore (net of TDS) from the authority. The proceeds are proposed to be utilised towards prepayment of PSRDCL's existing external debt, for which the SPV has already intimated its lenders regarding the proposed prepayment. The claim realisation is expected to accordingly reduce the trust's refinancing requirement, resulting in an improved leverage profile and stronger debt coverage metrics. Considering this, the average DSCR for the proposed debt over its tenure is projected to remain 2.09 times, providing an indication of adequate debt servicing ability.

Weaknesses

Inherent risk in projects RIIT, established in 2020, operates through SPVs that hold long-term concession agreements with NHAI, MoRTH, and KRFB under the BOT Toll and Annuity model. The four toll-based SPVs within the trust are responsible for toll collection, road asset upkeep, and major maintenance as stipulated in the agreements. Since their revenues are entirely toll-dependent, cash flows are vulnerable to fluctuations in traffic volumes, which are closely tied to regional and national economic activity. Any adverse development, such as the commissioning of alternate routes like the Ganga Expressway impacting MBEL, or regulatory interventions affecting traffic flow, could put pressure on toll revenues and thereby weaken the trust’s cash flows. In such scenarios, the affected SPVs may need to depend on InvIT for funding support. Similarly, the two annuity-based SPVs depend on strict adherence to project maintenance requirements under their concession agreements to ensure uninterrupted and timely receipt of semi-annual annuities. Any lapses in maintenance could result in deductions from annuity payments ultimately straining InvIT’s cash flows. Further on a consolidated basis, the trust remains exposed to contingent liabilities of Rs.335.29 crore as on March 31, 2026. While management does not expect these obligations to crystallize, any materialization adversely impacting cash flows remains a key monitorable. Exposure to interest rate risk and any increase in leverage from further asset acquisitions RIIT is exposed to interest rate risk, as the project borrowings are linked to floating interest rates, making its cash flows and returns susceptible to fluctuations in lending rates. Additionally, the trust could face changes in its operational and financial risk profile arising from any future asset acquisitions. Any acquisition of new assets or incremental debt undertaken by the trust will be assessed for its impact on the trust's credit profile. Further, regulatory developments that could alter the financial risk profile will continue to be closely monitored.

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)

RIIT is expected to maintain a DSRA equivalent to average 6 months debt servicing for the loan tenor along with escrow mechanism. Presence of Escrow Mechanism - All free cashflows from the Project SPVs escrow shall be transferred to the InvIT Escrow Account, which shall be subject to the waterfall mentioned below: Revenue Account Debt Payment Account Transfer of funds to SPVs to meet any shortfall/ requirement Support for Project SPVs level debt Other Payments and transfer to Distribution Account Stress Case scenario Acuité has sensitised its cashflows during the bank loan tenure with higher interest rates (by 100 bps) and increase in O&M costs (by 10%), even after which the interest and debt service coverage ratios are expected to remain comfortable to meet the debt obligations.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

­Not Applicable

Potential triggers (individual or collective) for a downward rating action:

Lower-than-anticipated toll collections or higher-than budgeted O&M costs leading to in deterioration in DSCR below 1.5 times. Any material changes with respect to the final sanction impacting the cash outflows. Crystallisation of any contingent liabilities impacting liquidity.

Liquidity Position

Adequate

The liquidity is to be supported by the improving toll collections, thereby enabling the build-up of operating cash flows to service the ballooning debt structure building an expected average DSCR of ~2.09 times over the debt tenure. The refinanced proceeds at InVIT level are expected to have an expected door-to-door tenor of 8 years. The debt repayments are scheduled to be ballooning with only 29% repayment to be made in first 4 years with presence of DSRA of 2 quarter repayment (principal and interest) and waterfall mechanism. Post refinancing, debt servicing in FY28 is expected at ~Rs.437 crore which shall be sufficiently met against net cashflow generation of Rs.971 crore. Additionally, the trust has Rs.565.7 crore of cash and cash equivalents (including DSRA/MMRA) as on June 30, 2026. However, any significant outflows on contingent liabilities remains a key rating monitorable.  Acuité derives comfort from the financial flexibility to be available through cash flow fungibility under the new debt structure, which can be utilized to support liquidity requirements across SPVs, if needed.

Outlook - Stable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	1190.28	943.13
PAT	Rs. Cr.	(273.49)	(11.12)
PAT Margin	(%)	(22.98)	(1.18)
Total Debt/Tangible Net Worth	Times	0.85	0.80
PBDIT/Interest	Times	1.23	1.72

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

Any Other Information

Supplementary disclosures for Provisional Ratings A. Risks associated with the provisional nature of the credit rating In case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the disbursement (corresponding to the part that has been disbursed). Acuite will withdraw the existing provisional rating and concurrently, assign a fresh final rating in the same press release, basis the revised terms of the transaction. B. Rating that would have been assigned in absence of the pending steps/ documentation Acuite would not have been able to assign any rating in absence of the pending steps/documentation, as the transaction structure as articulated does not exist. C. Timeline for conversion to Final Rating for a debt instrument proposed to be issued The provisional rating shall be converted into a final rating within 90 days from the date of disbursement of the loan(s). Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of disbursement of the loan(s).

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Infrastructure Investment Trust (InvIT): https://www.acuite.in/view-rating-criteria-72.htm • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 25 Mar 2026 Proposed Long Term Loan Long Term 3300.00 ACUITE AA | Stable (Assigned)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No. Name of Companies 1 Roadstar Infra Investment Trust (RIIT) 2 Barwa Adda Expressway Ltd (BAEL) 3 Pune Sholapur Road Development Expressway Ltd (PSRDCL) 4 Sikar Bikaner Highway Ltd (SBHL) 5 Moradabad Bareilly Expressway Limited (MBEL) 6 Hazaribagh Ranchi Expressway Limited (HREL) 7 Thiruvananthapuram Road Development Company Limited (TRDCL)

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Parth Patel Senior Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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