Dear Partners, Stakeholders, and Team Members,

FY 2026 was a year of disciplined execution. As traffic volumes grew and operational intensity increased across the portfolio, our focus stayed consistent: strengthen fundamentals, sharpen operational precision, deepen technology integration, and raise standards across every asset.

Strengthening Toll Operations and Revenue Realization

During FY 2026, one of the most significant interventions came at the Ghaziabad-Aligarh corridor. We introduced a split plaza configuration to address revenue leakage from diversion routes and local exemption misuse. The restructured traffic flow reduced queue pressure, cut open-boom instances from failed RFID reads, and improved net revenue realization.

Alongside this, we continued to strengthen our in-house Automatic Number Plate Recognition (ANPR) platform, developed specifically for Indian road conditions and non-standard vehicle plate formats. The system now achieves approximately 95% accuracy in plate identification, materially improving reconciliation and revenue recovery capabilities where RFID-based collection is incomplete.

The Government’s Annual Pass scheme, effective August 15, 2025, was integrated seamlessly across our toll plazas. The scheme allows private car users up to 200 prepaid trips annually, with NHAI compensating the concessionaire for each qualifying transaction. Portfolio-wide adoption grew steadily from approximately 2% in August 2025 to 29% by March 2026, with the monthly trajectory reflecting consistent month-on-month uptake.

Cube InvIT also continues to work closely with NHAI and banking partners on the testing and operational validation of Multi-Lane Free Flow tolling systems. Through live transaction testing across toll plazas, including e-challan generation, bank integration, and reconciliation workflows, we are building operational familiarity with a tolling framework that is expected to meaningfully transform highway mobility in the years ahead.

Asset Management Driven by Precision

Rather than applying blanket overlays across entire stretches, our approach evaluates road condition at a granular level before determining the appropriate intervention. Milling and drilling methodologies targeting specific areas of distress have become central to how we manage pavement quality across the portfolio. When these practices were initially introduced, they differed meaningfully from conventional industry approaches. Over time, however, the performance outcomes demonstrated their effectiveness, and many of these methods are now increasingly adopted across the industry.

During the year, we deployed micro-milling technology across select sections of the network. By removing only the distressed upper layer of pavement while retaining stable structural layers beneath, the technology reduced material usage, lowered maintenance costs, and minimized reconstruction requirements. This focus on innovation-led asset management, complemented by initiatives such as mini-equipment deployment and remote monitoring, was recognized at the Build India Infra Awards 2026, where Cube Highways received the award for Best O&M (Operations & Maintenance) Practices.

Digital Integration across the Operating Lifecycle

As the portfolio continues to scale, operational consistency increasingly depends on digital integration, real-time visibility, and data-driven decision-making across the asset lifecycle.

RoadAid has evolved into the central operating platform across the portfolio, enabling structured monitoring of maintenance activities, safety observations, contractor workflows, and issue resolution. By providing end-to-end visibility from identification through closure, the platform has strengthened operational accountability, improved response timelines, and enhanced oversight across assets.

To reinforce operational discipline across all 27 assets, HiRate continues to function as our internal O&M rating framework, establishing measurable benchmarks and encouraging continuous improvement across the portfolio. These platforms are further supported by a centralized monitoring team based in Hyderabad, providing integrated visibility and coordination across maintenance, safety, and operational functions.

During the year, we expanded the use of artificial intelligence within roadside asset monitoring. Camera-enabled patrol vehicles now support automated identification of damaged or misaligned roadside infrastructure, allowing faster intervention and more proactive maintenance planning across the network.

Safety as a Core Operating Principle

Central to this philosophy is the recognition that during the critical golden hour following an accident, rapid and effective intervention can significantly influence outcomes for road users.

During FY 2026, several assets transitioned from Basic Life Support to Advanced Life Support ambulance coverage, equipping emergency response units with enhanced medical infrastructure and centralized clinical support capabilities, representing meaningful upgrade in life-safety capability across portfolio

We also continued to strengthened work zone safety monitoring through geofencing technology integrated with GPS-enabled patrol systems and live camera visibility. These tools allow centralized safety teams to monitor whether barriers, PPE compliance, and work zone configurations remain properly maintained as field activity progresses.

To reinforce operational discipline, monthly safety rankings across all 27 assets continue to create measurable accountability and encourage continuous improvement across the network. Encouragingly, incident trends during the year continued to move in a positive direction, reflecting the combined impact of stronger enforcement, improved monitoring capability, and more responsive field management.

MINDS—Innovation from the Ground Up

At Cube InvIT, innovation is embedded into operational practice rather than treated as a standalone initiative. Through our MINDS platform, employees across projects regularly share operational learnings, field innovations, and process improvements. These discussions, held consistently throughout the year, create a structured mechanism for identifying scalable solutions and transferring knowledge across assets.

Our technical capabilities in pavement engineering and material science have also continued to deepen over time through sustained collaboration with leading academic institutions, including IIT Chennai.

To support faster testing and evaluation of materials, we established our own internal laboratory capabilities for bitumen, aggregates, and mix design testing. This has improved both technical rigor and operational responsiveness in material qualification and pavement design processes.

During the year, these capabilities also resulted in a significant institutional collaboration with NHAI. Following visits to our facility and technical engagement with our teams, Cube InvIT entered into an MOU to train NHAI officers in pavement engineering, material science, and related disciplines through structured programs at our laboratory facilities. The first batch commenced training during the year, with over 400 officers expected to participate through phased programs in the months ahead.

Sustainability through Engineering Discipline

Our sustainability approach is closely linked to engineering efficiency and responsible resource utilization. Reclaimed Asphalt Pavement (RAP), a sustainable construction material that enables the reuse of existing pavement material while reducing dependence on virgin aggregates and bitumen plays an increasing role in our maintenance philosophy. This has meaningfully reduced material costs on relevant maintenance sections while lowering waste generation across the portfolio.

Micro-milling has further strengthened sustainability outcomes by reducing material removal volumes and minimizing waste generation across maintenance activity.

During FY 2026, operational initiatives across the portfolio resulted in a reduction of over 9,000 tCO2e in GHG emissions, driven by LED transition, solar energy generation, electric vehicle deployment, and the use of Reclaimed Asphalt Pavement in major maintenance works. RAP utilization reached approximately 80,000 tonnes across three assets, meaningfully reducing dependence on virgin aggregates and bitumen. Solar installations were operationalized across DATRPL’s toll plazas.

On safety, the portfolio recorded 15.8 million safe work hours with an LTIFR of 0.7. Community outreach programs touched over 10,000 beneficiaries through health, road safety, and welfare initiatives during the year. We also successfully closed NAMEL Livelihood Enhancement Program in line with IFC PS. Total plantation across the portfolio crossed 4,00,000 saplings, including Miyawaki afforestation across five assets. These outcomes reflect the operating discipline that runs through every layer of the portfolio.

Looking Ahead

The priorities guiding the year ahead remain consistent with the principles that have shaped this platform over the past decade.

Safety and sustainability will continue to remain embedded within day-to-day operations rather than treated as standalone initiatives. Operationally, our focus will remain on improving precision, reducing manual dependencies, strengthening technology integration, and increasing visibility across the O&M ecosystem.

The operating model has scaled. The task ahead is to continue deepening capability across every layer of the portfolio with the same discipline and long-term perspective that have defined Cube InvIT’s journey so far.

On behalf of the entire Project Management team, I would like to thank our unitholders, partners, consultants, contractors, regulators, and employees for their continued commitment and support.

Warm regards,

Bovin Kumar

Chief Executive Officer, Project Manager