IRB Infrastructure Developers Limited (IRB)
₹17.62 +0.28% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, IRB Infrastructure's revenue was ₹2,137 Cr (+1.8% year on year, +10.9% on the previous quarter), and net profit ₹306 Cr (+51.3% year on year); the operating margin was 53.9%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,137 | +1.8% | +10.9% |
| Operating profit | ₹1,153 | +21.1% | +6.4% |
| Net profit | ₹306 | +51.3% | +3.5% |
| EPS (₹) | 0.25 | +47.1% | +0.0% |
| Operating margin | 53.9% | — | — |
EPS restated for the 1:1 bonus of Mar 2026: Q1 FY26 ₹0.34 to ₹0.17.
IRB delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 37.22% of the IRB shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.15%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 27.9% · 37.0% · 36.9% · 46.1% · 37.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
IRB Infrastructure Developers reported aggregate toll collections of ₹773 Cr (₹7,725 million) for September 2026, marking an increase of ~24% YoY compared to ₹622 Cr (₹6,223 million) in September 2025. Toll revenue from wholly-owned subsidiaries grew 17% on a like-for-like basis, led by the IRB MP Expressway Private Limited at ₹162.1 Cr. The overall growth was boosted by newly commissioned assets, including IRB Harihara Corridors (₹49.3 Cr), IRB Chandibhadra Tollway (₹20.4 Cr), and Meerut Budaun Expressway (₹13.1 Cr). Monthly toll receipts run at ~10% of TTM revenue (₹7,686 Cr), reflecting steady operational momentum ahead of the festive season.
- Gross toll collection reached ₹773 Cr (₹7,725 Mn) in September 2026, up ~24% YoY from ₹622 Cr (₹6,223 Mn)
- Wholly-owned subsidiaries toll revenue grew 17% YoY on a like-for-like basis
- IRB MP Expressway contributed the highest collection among projects at ₹162.1 Cr (₹1,621 Mn) vs ₹139.6 Cr in September 2025
- New assets added to revenue include IRB Harihara Corridors (₹49.3 Cr), IRB Chandibhadra (₹20.4 Cr), and Meerut Budaun Expressway (₹13.1 Cr)
IRB Infrastructure Developers Limited has received new credit ratings from CARE Ratings Limited for bank facilities aggregating Rs 509.00 crore. The agency assigned 'CARE AA; Stable' for Long Term Bank Facilities worth Rs 459.00 crore and 'CARE A1+' for Short Term Bank Facilities worth Rs 50.00 crore. Relative to the company's existing total debt of Rs 11,798 crore, the rated facilities represent approximately 4.3%. These high investment-grade ratings affirm the company's financial flexibility and creditworthiness for operational debt.
- CARE Ratings assigned 'CARE AA; Stable' to Long Term Bank Facilities of Rs 459.00 crore
- Assigned 'CARE A1+' to Short Term Bank Facilities of Rs 50.00 crore
- Total bank facilities rated stand at Rs 509.00 crore
- Rated facilities comprise approximately 4.3% of the company's total debt of Rs 11,798 crore
Fitch Ratings has affirmed IRB Infrastructure Developers Limited's Long-Term Issuer Default Rating at 'BB+' with a Stable Outlook. Additionally, the rating on its US-dollar senior secured notes was affirmed at 'BB+'. With total debt standing at Rs 11,798 Cr against a net worth of Rs 15,961 Cr (D/E of 0.74), the reaffirmed rating underscores ongoing credit stability for its international debt instruments.
- Fitch Ratings affirmed Long-Term Issuer Default Rating at 'BB+'
- Fitch Ratings affirmed US-dollar senior secured notes at 'BB+'
- Rating outlook maintained as Stable
- Affirmation provides stability across IRB's outstanding debt profile (total debt at Rs 11,798 Cr)
Moody's Investors Service has issued an update reaffirming IRB Infrastructure Developers Limited's long-term Corporate Family Rating (CFR) at Ba1. Additionally, the instrument rating for its USD senior secured notes due 2032 was reaffirmed at Ba2. The rating outlook remains Stable, indicating steady credit metrics against its total debt of Rs 11,798 Cr.
- Corporate Family Rating (CFR) maintained at Ba1
- Instrument rating on USD senior secured notes due 2032 retained at Ba2
- Rating outlook assigned as Stable
IRB Infrastructure Developers announced the completion of the transfer of 100% equity stake in two project SPVs—Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL)—from its Private InvIT (IRB Infrastructure Trust) to its Public InvIT (IRB InvIT Fund). The transfer executes an intra-platform capital recycling transaction under IRB's asset-light InvIT framework. Transaction values were not disclosed in this specific filing, though it finalizes disclosures previously made on September 22 and September 29, 2026. This reorganization aids portfolio management and liquidity across its trust platforms.
- 100% equity share capital of Solapur Yedeshi Tollway Limited (SYTL) transferred to IRB InvIT Fund
- 100% equity share capital of CG Tollway Limited (CGTL) transferred to IRB InvIT Fund
- Transfer executed between IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT)
- Announcement dated September 30, 2026 confirms deal completion following earlier September 2026 disclosures
IRB Infrastructure Developers has executed Project Implementation / Management Agreements (PIA) with IRB InvIT Fund to act as the Project Manager for two Project SPVs: Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL). The total contract value is approximately Rs 2,663 crore on a fixed price basis (inclusive of taxes) over the balance concession period, which has a weighted average life of about 18 years. This agreement follows the 100% transfer of equity in both SPVs from IRB Infrastructure Trust to IRB InvIT Fund. The contract provides steady, long-term operational inflows, representing ~42.8% of IRB's TTM revenue of Rs 6,226 crore spread across 18 years (~Rs 148 crore annually).
- Executed Project Implementation Agreements valued at approximately Rs 2,663 crore on a fixed price basis inclusive of taxes.
- Weighted average concession life covers approximately 18 years.
- Scope covers two assets: SYTL (98.717 km design length on NH-211) and CGTL (km 90.000 to km 214.870 of NH-79).
- Agreements follow 100% equity transfer of both SPVs from IRB Infrastructure Trust to IRB InvIT Fund.
IRB Infrastructure Developers' sponsored public InvIT, IRB InvIT Fund, has completed a fund-raise of ₹2,351 Cr via an institutional placement (₹2,000 Cr) and preferential allotment (₹351 Cr). To maintain its ~16% stake, IRB Infra subscribed to ₹351 Cr of units. The proceeds will partially fund the acquisition of two BOT highway assets from IRB Infrastructure Trust (Private InvIT), which in turn will receive approximately ₹2,744 Cr as equity consideration to fund new expansion projects.
- IRB InvIT Fund raised ₹2,351 Cr, comprising a ₹2,000 Cr QIP and ₹351 Cr preferential allotment
- IRB Infra invested ₹351 Cr to maintain its ~16% unitholding in the Public InvIT
- Proceeds support acquiring Solapur Yedeshi (NH211) and Chittorgarh Gulabpura (NH79) BOT assets
- IRB Infrastructure Trust (Private InvIT) expects to receive ~₹2,744 Cr in equity proceeds upon completion
- Post-acquisition, Public InvIT portfolio increases to 11 highway assets with enterprise value >₹20,000 Cr
IRB Infrastructure Developers informed exchanges that its private InvIT (IRB Infrastructure Trust) executed a share purchase agreement to transfer 100% equity in Solapur Yedeshi Tollway (SYTL) and CG Tollway (CGTL) to IRB InvIT Fund (Public InvIT). The transaction values the two SPVs at an equity value of ₹2,744 crore and an enterprise value of ₹4,605 crore (including ₹1,861 crore external debt). The entire equity consideration will be received in cash, facilitating capital recycling. Expected completion is on or prior to September 30, 2026, with a long stop date of December 31, 2026.
- Agreement executed on September 22, 2026, to sell 100% equity in SYTL and CGTL to IRB InvIT Fund
- Aggregate Enterprise Value fixed at ₹4,605 crore with an aggregate equity value of ₹2,744 crore in cash
- External debt included in EV totals ₹1,861 crore (₹591 crore for SYTL and ₹1,270 crore for CGTL)
- Target SPVs contributed ~₹306.59 crore (~3.5%) to the Private Trust's FY26 turnover and ~₹4,663 crore (~6.7%) to EV
- Indicative completion target set on or before September 30, 2026, with a long stop date of December 31, 2026
IRB Infrastructure Developers has received in-principle board approval to monetize non-core assets. The initiative includes phased development of ~350 acres out of ~1,100 acres held by subsidiary AIIPL in Pune district, and redevelopment/rehabilitation of ~3,500 sq. mts. held by subsidiary IRBPL in Chandivali, Mumbai. Management stated this will generate substantial cash flows without incremental capital costs to the company, aiding liquidity alongside its ₹11,798 Cr debt pile. Definitive values and cash realization timelines remain subject to regulatory approvals and finalized documentation.
- Board approved phased development of ~350 acres out of ~1,100 acres at Pune (owned by subsidiary AIIPL)
- Approved redevelopment of ~3,500 sq. mts. land parcel at Chandivali, Mumbai (owned by subsidiary IRBPL)
- Management expects substantial cash flow contribution without any incremental cost to the company
- Company manages 27 highway assets (~₹940 billion portfolio) targeting expansion to ~₹1,400 billion by FY2029
IRB Infrastructure Developers reported aggregate gross toll revenue of ₹807.4 crore (₹8,074 million) for August 2026 across its subsidiaries and InvITs, marking a ~25% YoY increase from ₹646.2 crore in August 2025. Growth was supported by organic traffic growth, FY27 toll tariff revisions, and the addition of three new corridors (Harihara, Chandibhadra, and Meerut Budaun). The monthly run-rate equates to approximately 13% of IRB's TTM consolidated revenue of ₹6,226 crore.
- Gross toll collection rose ~25% YoY to ₹807.4 crore in August 2026 vs ₹646.2 crore in August 2025
- IRB MP Expressway (Mumbai-Pune) remained the largest single contributor at ₹172.1 crore, up 19% YoY
- Newly operational projects contributed ₹84.3 crore combined: Harihara Corridors (₹41.7 cr), Meerut Budaun (₹22.6 cr), and Chandibhadra (₹20.0 cr)
- August 2026 toll revenue of ₹807.4 crore represents ~13.0% of TTM revenue (₹6,226 crore)
IRB Infrastructure Developers Limited has notified stock exchanges regarding the dispatch of physical letters containing web-links to the FY 2025-26 Integrated Annual Report to shareholders without registered email addresses. The 28th Annual General Meeting (AGM) is scheduled for September 22, 2026, at 11:30 a.m. via video conferencing. The disclosure is made pursuant to Regulation 30 and Regulation 36(1)(b) of the SEBI LODR Regulations.
- 28th Annual General Meeting scheduled for September 22, 2026, at 11:30 a.m. IST
- Meeting to be conducted via Video Conferencing / Other Audio-Visual Means (VC/OAVM)
- Weblink provided for FY 2025-26 Integrated Annual Report access to non-registered email holders
- Filing in compliance with SEBI LODR Regulations 30 and 36(1)(b)
IRB Infrastructure Developers Limited has issued a communication under Regulation 36(1)(b) of SEBI LODR providing web-links to the 28th Annual Report for FY 2025-26 and AGM Notice. The company's 28th Annual General Meeting is scheduled to take place on Tuesday, September 22, 2026, at 11:30 a.m. via video conferencing. The physical intimations are being dispatched to shareholders whose email IDs are not registered with the company or depository participants.
- 28th Annual General Meeting scheduled for Tuesday, September 22, 2026, at 11:30 a.m. via VC/OAVM
- Notice and Integrated Annual Report released for Financial Year 2025-26
- Weblink and access path dispatched to members whose email addresses are unregistered
IRB Infrastructure Developers has issued the notice for its 28th Annual General Meeting scheduled for September 22, 2026. The accompanying Annual Report outlines FY26 consolidated income of ₹7,854 crore (down 2% YoY) and an order book standing at ₹44,858 crore as of March 31, 2026. Shareholders will vote on standard items including the re-appointment of Non-Executive Director Ravindra Dhariwal upon reaching age 75 and cost auditor remuneration. The report also highlights the post-FY26 transfer of two toll assets to IRB InvIT Fund at an enterprise value of ₹4,605 crore.
- 28th Annual General Meeting scheduled for September 22, 2026, via Video Conferencing.
- Order book reported at ₹44,858 crore (₹448,579 million) as on March 31, 2026.
- FY26 consolidated income reported at ₹7,854 crore (₹78,540 million), down 2% YoY.
- Special resolution sought for continuation of Non-Executive Director Ravindra Dhariwal after turning 75 in September 2027.
- Approved transfer of Solapur Yedeshi and CG Tollway assets to IRB InvIT Fund at an aggregate enterprise value of ₹4,605 crore.
IRB Infrastructure Developers Limited announced that its senior management will participate in investor and analyst group meetings at the Ashwamedh 2026 - Elara India Flagship Conference. The meetings are scheduled to take place on September 01, 2026. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the sessions.
- Senior management attending Ashwamedh 2026 - Elara India Flagship Conference
- Investor and analyst meetings scheduled for September 01, 2026
- Company confirmed that no UPSI will be shared during the conference
IRB Infrastructure Developers Limited has announced the outcome of its Board meeting held on August 26, 2026. The Board approved the continuation of Mr. Ravindra Dhariwal as a Non-Executive, Non-Independent Director, who will attain the age of 75 years in September 2027, subject to shareholder approval. Additionally, the company scheduled its 28th Annual General Meeting (AGM) for Tuesday, September 22, 2026, to be held via video conferencing. This is a routine corporate governance and administrative filing.
- Continuation of Mr. Ravindra Dhariwal as Non-Executive, Non-Independent Director approved, subject to shareholder approval.
- Mr. Ravindra Dhariwal attains the age of 75 years in September 2027.
- The 28th Annual General Meeting (AGM) is scheduled for Tuesday, September 22, 2026, via video conferencing.
- Board meeting commenced at 3:00 pm and concluded at 4:10 pm on August 26, 2026.
Financial Performance
Revenue Growth by Segment
Consolidated total income for FY25 was INR 8,031.55 Cr, a 2% decrease from INR 8,201.76 Cr in FY24. Toll revenue grew 4% to INR 2,483.88 Cr, while contract revenue declined 8% to INR 4,560.68 Cr. In Q1FY26, BOT/TOT revenue grew 5% YoY to INR 646.0 Cr, and the new InvITs & Related Assets segment contributed INR 233.1 Cr, up from INR 80.0 Cr in Q1FY25.
Geographic Revenue Split
100% of revenue is generated in India, with key projects located in Maharashtra (Sindhudurg Airport, Mumbai-Pune Expressway), Gujarat (Ahmedabad-Vadodara), Madhya Pradesh, and Uttar Pradesh (NH-75/NH-44 corridor).
Profitability Margins
Net profit margin (after exceptional items) surged to 85% in FY25 from 8% in FY24 due to a INR 5,804.1 Cr exceptional gain. Excluding exceptional items, net profit margin was 9% in FY25 vs 8% in FY24. Operating profit margin improved to 47% in FY25 from 45% in FY24.
EBITDA Margin
Consolidated EBITDA margin stood at 50% for FY25, consistent with FY24. Segment-wise EBITDA margins in Q1FY26 were 88% for BOT/TOT, 91% for InvITs & Related Assets, and 18% for Construction (down from an adjusted 26% in Q1FY25).
Capital Expenditure
Proceeds from the USD 540 million (INR 4,502 Cr) Senior Secured Notes issuance were utilized for capital expenditure and refinancing existing loans. The company maintains a comprehensive equipment pool to support integrated project execution.
Credit Rating & Borrowing
IRB is rated Ba2 by Moody's and BB+ by Fitch for its USD notes. Domestic ratings are supported by a healthy financial risk profile with a TOL/TNW ratio below 1.0x. USD notes carry a coupon of 7.11% with final maturity in FY 2031-32.
Operational Drivers
Raw Materials
Bitumen, steel, cement, and aggregates are the primary raw materials for road construction, though specific cost percentages for each are not disclosed.
Import Sources
Sourced primarily from domestic suppliers within India to support projects across various states including Maharashtra, Gujarat, and Uttar Pradesh.
Key Suppliers
Not specifically named in the documents, but the company maintains healthy relationships with leading banks and financial institutions for project financing.
Capacity Expansion
Current order book stands at INR 30,500 Cr as of March 31, 2025. The construction EPC order book of INR 2,400 Cr is planned for execution over the next two to three years.
Raw Material Costs
Total expenditure for FY25 was INR 6,837.18 Cr, down 1.4% from INR 6,935.47 Cr in FY24. Procurement is managed through an integrated execution model to optimize costs.
Manufacturing Efficiency
Efficiency is driven by a professionally managed team and a comprehensive equipment pool, enabling the completion of all BOT project phases within timelines.
Logistics & Distribution
Toll revenue growth of 20% (aggregate INR 7,400 Cr) reflects traffic growth on prime economic corridors, serving as a macro-economic indicator for the regions of operation.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth is driven by the 'InvIT and Related Assets' segment, capital recycling through public and private InvITs, and bidding for new BOT and TOT projects. The company recently acquired 80.4% of MBEL for INR 1,715 Cr through its Private InvIT.
Products & Services
BOT (Build-Operate-Transfer) road projects, TOT (Toll-Operate-Transfer) road projects, HAM (Hybrid Annuity Model) projects, Toll O&M services, and Project Management for InvITs.
Brand Portfolio
IRB Infrastructure Developers Ltd., IRB InvIT Fund (Public InvIT), IRB Infrastructure Trust (Private InvIT).
New Products/Services
The new 'InvIT and Related Assets' segment reported under Ind AS 108 is expected to provide regular inflows and management fees (INR 10 Cr earned in FY25).
Market Expansion
Focus remains on the domestic roads and highways sector, targeting prime economic corridors in India with a robust pipeline of BOT and TOT projects.
Market Share & Ranking
Market leader with the largest domestic portfolio in the roads and highways sector in India.
Strategic Alliances
Strategic partnership with GIC for the Private InvIT and acting as the Sponsor and Project Manager for the IRB InvIT Fund.
External Factors
Industry Trends
The industry is shifting toward capital recycling through InvITs and increased private participation in TOT/BOT models. Aggregate toll revenue for IRB and its InvITs grew 20% YoY to INR 7,400 Cr.
Competitive Landscape
High entry barriers in BOT/TOT segments limit competition to serious players with significant financial and execution capabilities.
Competitive Moat
Moat is built on a proven track record of timely BOT completion, financial strength to meet high entry barriers for TOT projects, and the largest domestic road portfolio. These are sustainable due to the capital-intensive nature of the sector.
Macro Economic Sensitivity
Toll revenue is highly sensitive to regional economic growth and traffic trends, which are currently showing robust growth in line with macro-economic indicators.
Consumer Behavior
Increased traffic on prime highway corridors reflects growing commercial and passenger vehicle movement in India's economic hubs.
Geopolitical Risks
Primarily domestic focus limits direct geopolitical exposure, though global interest rate trends affect the cost of international debt like the USD notes.
Regulatory & Governance
Industry Regulations
Compliant with NHAI guidelines, Companies Act 2013, and SEBI Listing Regulations. Secretarial audit for FY25 confirmed adherence to applicable statutory provisions.
Environmental Compliance
Committed to Science-Based Targets initiative (SBTi) for net zero by 2050. Target to reduce Scope 1 and 2 emission intensity by 30% and fossil fuel use by 50% by 2040.
Taxation Policy Impact
Not specifically disclosed; however, the company underwent internal reorganization in FY25 to align with its business model.
Legal Contingencies
No significant or material orders passed by Regulators or Courts that would impact the going concern status or future operations of the company.
Risk Analysis
Key Uncertainties
Traffic growth volatility, interest rate fluctuations, and the ability to arrange long-term debt financing for capital-intensive projects.
Geographic Concentration Risk
100% of revenue is concentrated in India, specifically across major highway corridors in 4-5 key states.
Third Party Dependencies
Dependency on NHAI for project awards and regulatory approvals, and on financial institutions for project-level debt.
Technology Obsolescence Risk
Mitigated by SAP implementation across all business functions and ISO 27001:2022 certification for Information Security Management.
Credit & Counterparty Risk
Debtor turnover ratio improved to 5.35 in FY25 from 4.02 in FY24, indicating high quality of receivables and efficient collection.
