IRB InvIT Fund (BSE: 540526) Q1 2026 Earnings Call dated Jul. 22, 2025
Corporate Participants:
Rushabh Gandhi — Chief Financial Officer
Unidentified Speaker
Analysts:
Param Vora — Analyst
Satinder Singh — Analyst
Siddesh Choudhary — Analyst
Sonabh — Analyst
Dhiraj Dave — Analyst
Presentation:
Operator
Please wait while you are joined to the conference. The conference is now being recorded hello, ladies and gentlemen. Welcome to the IRB call hosted by the company for discussing the Financial results for the quarter ended June 2025. We have with us on the call today Mr Anil Yada, Mr Gandhi; and Ms Vangulkar from IRB team. And as a reminder, all participant lines will be in the listen-only mode and after the opening remarks by the management, there will be a question-and-answer session. But that the duration of the call would be 45 minutes and any queries left unanswered after the call can be subsequently mailed to the management for adequate response and resolution. Please note that this conference is being recorded. I now request Mr Rishabh to give an overview of the significant development during the quarter. Over to you, sir.
Rushabh Gandhi — Chief Financial Officer
Thank you. Good morning to all. I would like to welcome all the investors and the analysts on the call. Hope you have reviewed our detailed numbers as well as the presentation. Coming to the total revenue performance, during the quarter, we have witnessed a year-on-year total revenue growth of approximately 8% across the portfolio despite a relatively softer June month due to the early onset of the monsoon. This performance was primarily driven by strong growth in key projects with Tomku project recording a 14% increase and Jaipur project reporting 8% growth. On the tariff revision, for the current financial year, we have received tariff revision of approximately 3.5% across all of our projects, that is project, Project, Jaipur Diwali and Patangar project. These revisions are in-line with the annual WPI linked adjustment mechanism and supports stable cash-flow generation. Coming to the distribution part. For the quarter ended June 30, 2025, the Trust has declared a distribution of INR2 per unit, consistent with previous trends. This distribution comprises of 1.57 per unit as interest, 0.28 per unit as dividend, which will be exempt in the hands of unitholders, 0.15 per unit as written of capital. Since the IPO in 2018, the Trust has cumulatively distributed INR4,432 crores, which is INR76.35 per unit, equivalent to approximately 75% of the total capital raised. Now the update on the acquisition part. As of June 30, 2025, the net-debt to value of the trust stood at a healthy 0.3, indicating significant headroom for leveraging and new acquisitions the Board of Directors of the Investment Manager has approved the binding term sheet to acquire three revenue-generating road assets from IRB Infrastructure Trust Private Invity. The three projects are: IRB Hapur Limited, Kaital Tolway Limited and Kishandar Gulapura Tolway Limited. Under the approved structure, the Trust will acquire 100% of equity interest in the target SPV in one or more tranches and also provide shareholder’s loan to facilitate the repayment of existing sub-debt unsecured loan from private. The aggregate equity value for the transaction is INR4,905 crores with a minimum implied enterprise value of INR8,436 crores. This acquisition is subject to regulatory and third-party approvals as well as other conditions precedent. The unit holders have overwhelmingly supported the transaction with 96% voting in favor of the resolutions related to the asset accretion and allied matters.
Coming to the rationale for this particular acquisition, with the concession for the MBR asset ending in financial year ’26, ’27 and its FY ’25 contribution to NDCL standing at approximately INR110 crores or 16% of the total cash-flow generation, the proposed acquisition will enable a seamless transition. This move will help maintain operational continuity, extend the weight and average life of the trust portfolio and reduce the impact of revenue concentration risk. Further, today’s con-call is focused execute exclusively on the financial and operational performance for the first-quarter of FY ’26. In-line with the legal and regulatory guidance, we will not be discussing any forward-looking statements, including potential fundraising activity or projections related to future performance. We request all participants to kindly restrict their questions accordingly. Now coming to the financial performance. The total consolidated income for the quarter ended June 2025 stood at INR292 crores as compared to INR275 crores for the corresponding quarter of previous year. The total — total revenue for the current quarter increased to INR254 crores as against INR236 crores for the corresponding quarter of previous year. EBITDA for the current quarter stood at INR246 crores as against INR228 crores for the corresponding quarter of previous year. Interest cost, which includes interest on premium deferment for the current quarter stood at INR72 crores as against INR76 crores for the corresponding quarter of previous year. Depreciation, including amortization for the current quarter stood at INR71 crore as against INR63 crores for the corresponding quarter of previous year. Profit-after-tax for the current quarter stood at INR100 crores as against INR86 crores for the corresponding quarter of previous year.
Now I will request the moderator to open the session for Q&A.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on your touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. All participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles the first question is from the line of Param from Asset Managers. Please go-ahead.
Param Vora
Hello, good morning. The one question which I wanted to ask was regarding the dividend yield. So could the management elaborate on the sustainability of the distribution, particularly in light of fluctuating profits and past high dividend payout percentages, for example, 1,500% in March ’22 and then it followed by 0% in recent years. So can you give a roadmap regarding the dividend yield?
Unidentified Speaker
So I think in the past also, we have highlighted that dividend as per Company’s Act, we can pay a dividend based on the profit as per Company’s Act. Now the MBR, as has already highlighted that MBR is towards the fag end of their concession. There is a book profit as per company is at. And whatever there is a book profit to that extent, we are paying the dividend. And I think the unitholder has to look at the total distribution in the totality and for a product like where the yield matters the most. The form of distribution definitely as far as taxation is concerned, taxations are governed by the form of distribution. But it’s unitholder should be more concerned on the total distribution than in the form — on the form of the distribution. And whenever there will be a book profit in the company, to that extent, we can pay a dividend. This is based on the company’s regulation.
Rushabh Gandhi
Just to add, the current dividend could be exempt in the hands of unit holders since this MBR SPV is following the old.
Param Vora
Okay, so you cannot you know, give any percentage or you know exact number.
Unidentified Speaker
Yes, it’s difficult to project that what will be the dividend in the future?
Param Vora
Okay, okay, understood. Thank you.
Rushabh Gandhi
Thank you.
Operator
Thank you. The next question is from the line of Singh from Infotec Limited. Please go-ahead.
Satinder Singh
Yeah. Thanks, and congratulations team IRB for getting the unitholder content for the acquisitions. So I wanted to understand now what are the next steps in the acquisition process and indicative timelines for completion of the same now that you have the unit concept.
Unidentified Speaker
I think certainly, as we have discussed, the process in involves certain approvals, that is the bank’s approval, NHAI approval, which is already in-process. And once the approvals are in-place, then definitely we will — we will be going ahead with the transition. And I think based on our interaction and in terms of follow-up what is going on, probably by this month-end or first week of August, we should be able to able to get the approval. This is the timeline what we are basically have a clarity. But these are the two key approvals, which is pending in terms of IRB.
Satinder Singh
Right, sir. And sir, this reduction of 50 bps in the repo rate recently, I presume would have led to increased investor interest in terms of the new units that we have to offer, okay? So any color you could give on that?
Unidentified Speaker
I think if you look at the reduction in the repo rate or even the — there is a reduction in the CLR rate of the bank. Definitely those are positive or positive for the InvIT. And as we have discussed in the past also that considering we are acquiring the asset also and the total debt, what is based on the information in the public domain, the total debt will be around INR7,500 crores to INR8,000 crores. And as you have highlighted that 0.5 basis-point kind of reduction can lead almost INR40 crores kind of impact on the interest cost. So I think this is the kind of impact. I think in terms of the investor’s appetite, definitely if the interest-rate is going down, but as you rightly highlighted, that can definitely increase the interest in terms of the investor and their threshold require — IRR requirement should also come down. This is the general for. Since the discussion and discussion and active discussion with the investors are on and we can provide more color once we move ahead with the transition.
Satinder Singh
Right, sir. And you said the approvals are expected maybe by this month-end or beginning August. So in terms of consumation of the transaction, getting investors on-board, so is it fair to assume that maybe by August end, all of this should be in or latest by the end of this quarter, current quarter. Is that a reasonable assumption?
Unidentified Speaker
Yeah. We expect to conclude this transition soon. And since there are certain approvals where the do not have direct control on those activity. We — that is the estimated timeline which we have shared with you. On that basis, it looks likely that we may be able to conclude the transition as the timeline mentioned by you.
Satinder Singh
Right, sir. Okay. Just one question on the interest rates. I have a few more. I’ll come back later in queue. On interest rates, so, what is the current interest-rate? How much of this 100 bps reduction has already flown into our current trade? And assuming if there are no reductions hereafter, what is the kind of exit-rate of interest we are looking at as of 31st March ’26 exit-rate for this year?
Rushabh Gandhi
So currently, in the current month itself, the MCLR rate was reduced by-20 bps and we expect some reduction in future period also on the MCLR bid. And we also requested the bank for reduction of rate. So we’ll just get clarity on that in a coming quarter.
Unidentified Speaker
So I think,, to put the things in the right prospect, I think if you look at last three or three times the RBI has reduced the rate, but transformation, those reduction in MCLR has took some time. And I think the first reduction in MCLR we have seen — seen very recently. But just to share with you, historically, the was paying around 7%, 7.25% interest-rate historically, that was the lowest rate. And as of now, if you look at the rate is around 8.8.8% 8.8% to 8.9%. And I think whatever applications and whatever the rate is prevailing, I think AAA comps are trading today around 7.5% to 7.55%. So if one wants to basically convert the entire debt on the fixed-rate, so that is the typical rate which is prevailing in the market and that is the one option available with the also. But we believe that there may be a further reduction in the interest-rate. We may not be converting the entire debt in the fixed-rate. I think around 25% to 30% debt, we will be shifting to the fixed-rate and around 65% to 70% debt will be on the floating basis. This is the thought process on which we will be moving ahead.
Satinder Singh
And any prepayment costs linked to this, okay, in case we look at that shift because I think that’ll be great idea. But any in cost that we’ll have to kind of pay-out?
Rushabh Gandhi
There won’t be any repayment cost if we are shifting somewhere near the reset date, which is on quarterly basis.
Unidentified Speaker
So let’s say in the loan agreement, there is a clause that on the reset debt, if you want to prepay the entire debt with a relevant notice period, you can use the notice that rate is not acceptable and you can entirely prepay the entire debt without any prepayment charges. And this is the terms in our loan document. And as has highlighted that recent debt is on every quarterly basis. So we have right to pay the existing debt in every quarter if we want to raise the debt through other sources.
Satinder Singh
Right. That’s very clear. I think that’s a great idea. I’ve got a few more questions. I’ll come back-in the queue. Thank you. Thank you. Thank you.
Rushabh Gandhi
Thank you.
Operator
Thank you. The next question is from the line of Sidish Choudhary from Maximum Capital. Please go-ahead.
Siddesh Choudhary
On the acquisition part, so how are you planning the fundraising? Will the promoters also step-in with the capital which will be required for the same? Have they indicated any?
Unidentified Speaker
Yeah. So I think whatever implication we have got as an promoter has also said that they are also evaluating apart from the other investors also evaluating those. And once we get a firm confirmation, we’ll be sharing this detail in the.
Siddesh Choudhary
Okay. And what has been the valuation metrics in terms of the project IRR and EB2 EBITDA at which the three acquisition has been done.
Unidentified Speaker
So I think in terms of the valuation, as per the regulations, the valuation is done by the independent. In any way, these assets were part of the private where the valuer is already KPMD. So I think valuation is determined on the basis of the independent consultant and thereafter applying a certain percentage of the discount to the independent valuation report.
Siddesh Choudhary
And our net-debt will not exit 49% after will not exit 49%.
Unidentified Speaker
Yeah, that’s right.
Siddesh Choudhary
Okay. But — but overall, sir, I mean, mean since we have a sense of the cash flows, so will we be able to maintain this or increase the distribution per unit of INR8 rupees post-acquisition?
Unidentified Speaker
Sir, as in the beginning of the call, Vishab has highlighted that we will not be able to comment anything on the calculation statement. In fact, on the transaction side also, that is the best effort on which we are trying to conclude the transition. Once the transition is concluded, we will be able to share the nuances because the payout and other thing will be also dependent on the — at what price we are going to issue the units. So considering there are too many variables, I think this will not be right forum or even the right time to guide in terms of the future distribution. First we conclude the transition, definitely will be transparently sharing with the unit holders that based on the valuation report based on the projections, which is in the public domain, what will be the payout per unit it will be translating. And anyway in FY ’27, one of the assets that is MDR is going out. I think today, as Reshav has highlighted, it’s contributing almost 18% of the distribution. So that will be going-in FY ’27. Anyway, there will be a reset FY ’27 once the MDR goes off the table. But I think considering all these facts and the acquisition, we will be sharing with the unit holder what kind of distribution is expected once the capital is raised
Siddesh Choudhary
Understood, sir. And sir, one question on the NAV. So see, earlier when we used to do our NAV calculations for the entire InvIT, we used to assume around 4%, 5% each of inflation as well as the toll — the vehicle volume increase. But what we have been seeing that A inflation is coming down and B, the overall revenue increase that we are getting from the toll is in the vicinity of 6%, 7%, 8%, 6%, 7% rather than 9%, 10%. So would we need to revise our energy in the upcoming calculations in the September quarter, sir going to the recent trends and the inflation numbers?
Unidentified Speaker
So I think in terms of the, if I will just go by the — what the way the value-added traffic consultants project the total revenue for the future. Every period which is gone by and if the base itself has got corrected or basically there is not a sufficient growth, automatically, they will revise the base and thereafter whatever the growth is actually achievable on that basis, they predict the future number. But just to highlight that as you have highlighted that the inflation is coming down. So I think inflation also acts as one of the benefit. If I can share with you inflation in terms of the rate remain, it’s a 30% fixed plus 40% of the WPI. Even if the WPI remains at zero, I will be getting at least 3% rate revision every — on the 1st April every year. And in terms of the — in terms of the interest cost, if the similar kind of 100 basis — 100 basis-point of benefit I will get on the interest cost. So I think the saving in the interest cost will be at least 2x of what we will be losing on the revenue side. So I think it’s — this WPI acts as a hedging for the lower realization on account of lower — lower tariff provision due to lower WPI. So I think they balances each other very well. So I think there is nothing to lose for the unitholder considering the maths what we have seen in the past as well.
Siddesh Choudhary
And formula, can you please tell us again what was the fixed component 3% plus 40% of WPA.
Unidentified Speaker
Yeah. So rate revision happens, the formula for rate revision is 3% fixed and plus 40% of the WPI. If WPI is zero, then also I will be getting 3%. Even the WPI remains at 2% or 3%, then it will be at 3% plus 40% of 2%. It translates around the 3.8%. So then your impact on the revenue will be 100 to 120 basis-points. But even if you get 100 basis-point benefit on the interest side, your entire debt is around INR2,500 crores. 100 basis-point saving in the interest cost will result around INR25 crores of saving and 120 basis-point reduction in the tariff growth will result around INR10 crore to INR12 crores of impact on the revenue. On the saving will be almost double than whatever we will be losing on the revenue side.
Siddesh Choudhary
Okay. And just like some assets like etc have shown good growth, while others, you know, let’s say, and some others have gone for a flattish revenue or something like that. So given this formula, let’s say, we would have got 4% odd rate revision so the vehicle movement would have reduced. So normally when you see reduced vehicle movement in some of the assets, is it normally because of a road which has come up, which is probably better for commuters compared to the road that we are operating or does it normally indicate sluggishness? It’s more like a general question, which I wanted to understand why vehicle movement might be lower in some of the assets.
Unidentified Speaker
So I think there are specific reason — project-specific reason. And I think having a portfolio of the asset makes sense. So then on a portfolio basis, if you are getting around 9% to 10% kind of growth, I think then that basically hedges the air on the certain asset which will perform better than expectations, there will be a certain asset, which will be basically having some impact. Just to highlight, since you have highlighted the Amrishar Patankur, due to geopolitical tension, the growth in the project was not as we have projected, the growth was lower or due to the geopolitical tension during this — during the last quarter. We have not seen any kind of reduction in terms of revenue, but growth has remained muted.
Siddesh Choudhary
Okay. Okay. No, sir, my question was mainly from the point of NSAI. So when they give these BOT toll loads, they are giving a lot of risk to the developer. Ultimately, we are taking out the risk, right? We are bearing the risk. So do they also present somehow that a competitive road should not come up for some time in general, maybe not as per the law, but in general practices that they prevent risk by not taking out another road between the same region. Does it normally happen or not?
Unidentified Speaker
I think that is very good question. I think you are talking about the regard which is available in the concession agreement or even if the safeguard is not there whether those are factors in the reality or not. So I think we can only talk whatever the safeguards are available in the concession agreement. In the concession agreement, this force major kind of event is covered in the concession agreement. There is political force measure. Because of the political force measure, if the revenue is impacted and then you will be getting 100% of interest in O&M and plus equivalent extension in the concession period. If it is not direct political — if it is indirect political event, you will get 50% of interest in O&M and 100% extension in the concession period. There is indirect political event scenario like pandemic, etc. So those were like COVID cases where we got extension in the concession period. Now coming to your specific question with respect to the parallel facility, there is a — there is a provision in the concession agreement that NHAI will not be constructing any kind of payroll facility. And now the reser can be pushioned if NHAI is not constructive, whether state can construct the payroll facility. Typically — typically, I think it’s a standard mechanism that NHAI also the state support agreement for all these states. Considering the state support agreement is there, then there will not be any direct facility, which will be coming in. I think there is specified period is there in the concession agreement. And even after that a specified period, if there are some facilities coming, the toll road will — the toll charges for that facility will be at least 3x as compared to the total road on this highway. So I think there is enough safeguard provided in the concession agreement for all the events. So it’s not that all the — all the risk is transferred to the concession. There is further provision in the concession agreement on the target rate if your traffic is not up to the mark, you can get extension in the concession period. And extension also works like an automated formula for every 1% shortfall in the revenue, you will get 1.5% extension in the concession period. And it works as a floor and cap model. There can be a reduction also in the concession agreement, but since you are able to realize the revenue faster. So considering that if every 1% increase in the revenue, we’ll have only 0.75% reduction in the concession period. So I think on the protection side, the concession period can extended by 20% on — if it is concession period has to reduce, it will be reduced 91 by 10%. So I think the concession agreement, the way it’s drafted, it’s a protect to the interest of the investor, whether those are the lenders or those are the owner of the concession agreement.
Siddesh Choudhary
Understood, sir. Thank you and all the best.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to answer questions from all participants, please limit your questions to two per participant. The next question is from the line of Sonabh, an Individual Investor. Please go-ahead.
Sonabh
Hi, am I audible?
Unidentified Speaker
Yes, you’re audible. Good.
Sonabh
Hi. Okay. The couple of questions regarding debt. So have our debt completely like completely sort of repriced to new interest-rate scenario or it will take one more quarter?
Rushabh Gandhi
It will take 1/4 because the breakeven debt is still at level,
Sonabh
But going to save, you know money on that. So what is the thought process? Will it be distributed as part of DPU or will it be retained at a trust level for acquisitions?
Unidentified Speaker
So I think regulation is very clear that your 90% minimum you have to distribute. The management has very limited rights in terms of the retention. Anyway, we can — we have to distribute minimum 90%. And typically, if you look at the history of the public inventory, we have always trial — we have tried to pay at least 94% to 97% to the unitholder. And considering that few quarters because second-quarter is typically monsoon affected, during first-quarter, we tried to retain something so that the distribution can be even out for the second-quarter, which will be impacted from the multiple. Apart from that, we always try to distribute the maximum to the unit holder. Whatever the benefits trust is getting, we will try to pass-on to the unit.
Sonabh
Okay. No, got it, got it. Let me rephrase the question. I mean, that move the needle? I mean repricing of the debt, will that move the needle in terms of increase in DPU?
Unidentified Speaker
Yes. Definitely that will basically mathematically that will increase the but as Risham has already highlighted, we are adding the asset and considering that once the addition of the asset happens and that also we are adding the asset with increasing the unit capital. So based on increased unit capital, what will be the payout that will be also depending upon what price the units are issued. So once the new units are issued and we have a revised capital base, we can discuss with the unitholder what will the payout.
Sonabh
Okay. Okay. Got it. Thank you and all the best.
Rushabh Gandhi
Thank you.
Operator
Thank you. Thank you. The next question is from the line of Diraj Dave from Financial Services. Please go-ahead
Dhiraj Dave
Yeah, can I — can you hear me?
Unidentified Speaker
Yes.
Dhiraj Dave
Okay. So my one question and the first question is basically we had discussion in last con-call where most of investors have requested management to consider right issue in case they intend to issue new capital while the shareholders or unit holders have approved the new transaction, but if management can give some indication because the resolution which sought approval, they may not have any mention of right issue. So can management give some confidence why I understand you need to plan in finance and kind of it, but at least because since there was no mention of right issue. In fact, I voted against the resolution because there was no mention of right issue. It was giving complete kind of approval in the hand of management and now such a critical issue when almost four to five investors requested you to please give us right, you may carve-out at least that right is missing kind of it is not even appearing kind of as a prominent one. So just wanted a management’s view on that.
Unidentified Speaker
Sir, being a unit holder for the public, I think you have invested for last several years and you are consistently holding the units. And in terms of the rise, I think what paid back we are getting from the — most of the unit holders and we have engaged with the — in terms of even we have interacted more than 500 plus unitholders. And in fact, in terms of the participation also, we have seen a larger participation this time coming from the HNI family offices and the — even from voting from the small unit holders also, whether they have quoted for the transition or voted against the transition, but it was a large number base of unitholder has voted for the transition. And people have voted for the transaction and if you want to issue the rights issue, then typically the rights issue will be always a discount to the current market price. This is what we have seen in the past. And if you want to issue the right set lower to the current market price, then typically if you want to raise the money to preferential or through QIP, then those investors will also seek a similar kind of treatment what is given to the existing unitholder. So we have not yet concluded and based on since 20 so I think these were the challenges with the management. And we thought it — we thought it will be more prudent to — for the existing unitholder to maximize the price at which unit can be issued.
And if we will try to incorporate the rise issue in this, the existing unit holder basically dilution may be higher as compared to what will happen in QIP or. In any way — anyway, the currently the units are frequently traded and if existing unit holder wants to add, they can add from the market. But definitely, we have not concluded so-far anything on that. We can discuss and debate out whether right will be also one of the valid options available for the management in terms of the issuance of the users.
Dhiraj Dave
So the past instance I would not generally like to give a competitive name, but you have India Git transmission line which did invite which is the second invite listed. So you can time it out. If that is an issue, you can immediately do a right issue. And after the period, you can do whatever QIP or whatever kind of that’s the one solution. Second part, when you are saying that the new investor would have objection, you also need to consider what is our NAV and what price will be. If we are going to issue units, if you can give us assurance or kind of indication that unit issue would be happening higher than NAV, I’m perfectly fine. I don’t want that issue. So if you are going to, let us say NAV is INR80 and if we are doing even if you are at INR79, actually is it kind of hit in the existing unit holders kind of it. So that’s why I appreciate what you are saying, you would not get sufficient fund, probably you and my suggestion would be to take — you can it out. Anyway, you don’t require money immediately or even if it’s required immediately, you can put it in 15 days windows or 20 days windows whereby. And I doubt that somebody will say that I want the same treatment as well as the right issue. I think that is something which is very — it’s kind of clear. A new investor let him come out at a premium to NAV if he wants to get a QIP, QIP are so convinced. Because otherwise you are diluting the existing investors.
Unidentified Speaker
Sir, just to highlight since you have highlighted a case of one other investor, typically, what we understand from the lawyer, you may have a better prospect and better understanding of the rights than the management. But just wanted to share that we have internally checked with the lawyers. And typically the rights issue takes around five to six months’ time. That is the window for the right issuance.
Dhiraj Dave
So — but we have been discussing this transaction also for six months.
Unidentified Speaker
Let me complete. Sir, let me complete. I will revert on this question as well. So right issue timelines basically is typically five to six months. There is a faster process for faster process, you have to approach to the saving. And if SEBI allows, you can try to wrap-up the issuance at a faster speed as well. And as you have rightly highlighted that since we are discussing these things from last three to four months’ time and — but just to share with you that we have received the unitholders’ approval very recently. And before unit holders approval, I think regulatory also regulatory also, we should — we would not have been able to do a rights issue before the getting their unitholders approval.
Dhiraj Dave
So that’s fine, but only humble. So just please consider us. Yeah.
Rushabh Gandhi
Hello. Could you please come back-in the queue for further questions, please?
Dhiraj Dave
I have just asked one question, which was about right and that was the discussion. I just want one more question and I will complete. Sir, one more thing which I want is that in in the presentation on NCDF, we basically find that there has been a INR91.57 crore of something like which to line the — NCDF. I’m referring to the PDF Page 13 Q1 FY ’26 season. So this 91.57, how much is the premium? And I would suggest if you specifically mention that in reason.
Unidentified Speaker
Sure. So that amount pertains to premium itself and that in the new NDCF formula that is considered as a capital expenditure.
Dhiraj Dave
That is perfectly fine. But at least mentioned in most, you have given a major maintenance kind of indication in that distribution. Secondly, when you give three months, six months, 12 months and this has been my constant request, please give us comparable period. But I can’t you give Q1 of last year even if regulation — regulation stops you from basically providing minimum. It doesn’t stop you from giving maximum. Which investor will like to open last year? In fact, I opened that last year results, I didn’t found the distribution detail of kind of it. So why don’t you give us Q1 Six-Month whatever is the period comparable, at least give last quarter and comparable quarter last year. And this has been my constant request and I would be just suggesting management please check that feedback and that’s from my side and wish you all the best. Thank you.
Unidentified Speaker
Yes. Just to highlight on Page 23 of the corporate presentation, we have given the NDCF, which is Q1 FY ’26 and Q1 of FY ’23, so there is comparable for FY ’25 and FY ’26 as well.
Dhiraj Dave
Now how it will do for example, a simple question, you see it’s 14% growth in quarter-on-quarter total revenue. We don’t find anything translating into NCDF.
Unidentified Speaker
So I think, hope you will
Dhiraj Dave
So that’s what I’m saying is individual NCDF, please provide quarter-wise. You have that, right?
Rushabh Gandhi
I fully agree with your point. The only point was the previous year, the first-quarter was not reviewed, the NDCF was not reviewed. And from current financial year, we have started as per the norms and as suggested by the unit also, we are providing NDCA for each SPV on quarterly basis. So way forward the would be available, sir.
Operator
Thank you, sir. That was the last question for today’s conference call. I now hand the conference over to the management for their closing comments.
Unidentified Speaker
Thank you for joining this call. We appreciate your participation. If you have any further questions, please feel free-to reach-out to us. Thank you.
Operator
Thank you. Ladies and gentlemen, this concludes your conference for today. We thank you for your participation and for using conferencing services. You may now please disconnect your line. Thank you. Have a great day-ahead.