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IRB INFRASTRUCTURE TRUST (IRBIT)

📊 NSE: IRBIT 🏢 Road AssetsToll, Annuity, Hybrid-Annuity 📢 Latest filing: 14 Oct 2026

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, IRB INFRASTRUCTURE's revenue was ₹1,641 Cr (-4.9% year on year, +9.8% on the previous quarter), and net profit ₹-12.0 Cr (a smaller loss than a year earlier); the operating margin was 49.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,641	-4.9%	+9.8%
Operating profit	₹817	+12.8%	+2.7%
Net profit	₹-12.0	loss narrowed	to loss
EPS (₹)	-0.03	loss narrowed	to loss
Operating margin	49.8%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

IRB Infrastructure Trust Files Q2 FY27 Unitholding: Sponsors Hold 51.02%, FPIs Hold 29.49%

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Oct 2026, 04:23 PM

IRB Infrastructure Trust disclosed its unitholding pattern for the quarter ended September 30, 2026. The Sponsor and Sponsor Group hold 598,039,840 units, representing 51.02% of the total 1,172,093,265 outstanding units. Public institutional holding stands at 48.98%, comprised of Foreign Portfolio Investors (29.49%) and Foreign Bodies (19.49%). Of the sponsor holding, 215,165,605 units (35.98% of sponsor units) remain pledged or encumbered.

Total outstanding units stand at 1,172,093,265 as of September 30, 2026
Sponsor & Sponsor Group hold 598,039,840 units or 51.02% of total equity
Pledged/encumbered sponsor units total 215,165,605, accounting for 35.98% of sponsor holding
Foreign Portfolio Investors hold 345,623,181 units (29.49%) and Foreign Bodies hold 228,430,244 units (19.49%)

💡 Track the upcoming Q2 FY2026-27 financial results and distribution declarations from the InvIT manager MMK Toll Road Private Limited.

IRB Infrastructure Trust Reports Zero Investor Complaints for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 14 Oct 2026, 04:15 PM

IRB Infrastructure Trust has filed its quarterly investor grievance report for the quarter ended September 30, 2026. The trust reported zero pending investor complaints at the start of the quarter, zero complaints received, and zero complaints pending at the end of the quarter. This includes complaints via SEBI's SCORES platform as certified by registrar KFin Technologies Limited. The filing is a regular statutory compliance report with no financial impact.

0 complaints pending at the beginning of the quarter ended September 30, 2026
0 complaints received during the quarter (including SCORES)
0 complaints pending resolution at the quarter end
0 complaints pending for the financial year up to September 30, 2026

💡 Track the upcoming Q2 FY27 financial results and distribution declarations for operational performance updates.

IRB Infra Trust September 2026 Toll Revenue Rises ~38% YoY to Rs 390.8 Cr

🟢 POSITIVE ⭐ 5/10

ROUTINE 📅 08 Oct 2026, 06:45 PM

IRB Infrastructure Trust reported gross toll collection of Rs 3,908 million (approx. Rs 390.8 crore) for September 2026, marking a ~38% YoY increase from Rs 2,838 million in September 2025. Growth was significantly driven by three newly commissioned SPVs—IRB Harihara Corridors, IRB Chandibhadra Tollway, and Meerut Budaun Expressway—which collectively contributed Rs 828 million. Among operational brownfield assets, IRB Golconda Expressway remained the highest contributor at Rs 812 million, up 15.3% YoY. On a quarterly context, total revenue for the quarter ended June 2026 stood at Rs 1,641.25 crore.

Gross toll collection for September 2026 reached Rs 3,908 million, up ~38% YoY from Rs 2,838 million.
Three new SPVs (Harihara, Chandibhadra, and Meerut Budaun) added Rs 828 million in toll revenue during the month.
IRB Golconda Expressway generated the highest monthly revenue of Rs 812 million versus Rs 704 million in September 2025.
CG Tollway Limited was the second-highest contributor at Rs 338 million compared to Rs 339 million in September 2025.

💡 Track the upcoming Q2 FY27 distribution announcement and toll revenue momentum as new assets ramp up traffic volumes.

IRB Infrastructure Trust Completes 100% Equity Transfer of Two SPVs to IRB InvIT Fund

🟡 NEUTRAL ⭐ 6/10

M&A 📅 30 Sep 2026, 06:43 PM

IRB Infrastructure Trust has concluded the transfer of 100% of the equity share capital in two project SPVs—Solapur Yedeshi Tollway Limited and CG Tollway Limited—to IRB InvIT Fund (a publicly offered and listed InvIT). This follows earlier disclosures including the update on September 22, 2026. The transaction value and consideration details were not disclosed in this filing. The portfolio restructuring shifts these road assets to the public InvIT structure.

Transferred 100% equity share capital of Solapur Yedeshi Tollway Limited to IRB InvIT Fund
Transferred 100% equity share capital of CG Tollway Limited to IRB InvIT Fund
Filing follows prior disclosure dated September 22, 2026
Transaction consideration and financial terms not disclosed in document

💡 Monitor upcoming quarterly disclosures to assess the cash consideration received, any resulting debt reduction, and the revenue impact from derecognizing these two toll projects.

IRB Infra Trust Secures IND AAA/Stable Rating for Rs 12,000 Cr Facilities; Rs 9,661 Cr Affirmed

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 25 Sep 2026, 05:17 PM

India Ratings and Research has assigned a top-tier 'IND AAA/Stable' rating to IRB Infrastructure Trust's fresh bank loan facilities of INR 1,20,000 million (Rs 12,000 crore). Additionally, existing bank loan facilities amounting to INR 96,610 million (Rs 9,661 crore) and the Issuer Rating have been affirmed at 'IND AAA/Stable'. This reinforces strong creditworthiness and low borrowing risk across an aggregate debt facility base of Rs 21,661 crore.

New bank loan facilities of INR 1,20,000 million (Rs 12,000 crore) assigned 'IND AAA/Stable'
Existing bank loan facilities of INR 96,610 million (Rs 9,661 crore) affirmed at 'IND AAA/Stable'
Issuer rating affirmed at 'IND AAA/Stable' by India Ratings and Research
Filing made pursuant to SEBI InvIT regulations on September 25, 2026

💡 Track how the newly rated Rs 12,000 crore facilities are deployed towards project refinancing or toll-asset acquisitions, and monitor distribution yields in upcoming quarterly updates.

IRB Infra Trust signs SPA to sell two tollway SPVs to IRB InvIT Fund for ₹2,744 cr equity value

🟢 POSITIVE ⭐ 9/10

M&A 📅 22 Sep 2026, 11:00 PM

IRB Infrastructure Trust has executed a Share Purchase Agreement on September 22, 2026, to sell 100% equity in Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL) to IRB InvIT Fund. The transaction values the equity at an aggregate of ₹2,744 crore in cash, with an enterprise value of ₹4,605 crore after accounting for external gross debt of ₹1,861 crore. The two SPVs contributed approximately ₹306.59 crore (~3.5%) to the Trust's consolidated turnover for FY 2025-26 and represent ~6.7% of its Enterprise Value. Completion is targeted on or prior to September 30, 2026, with a long stop date of December 31, 2026.

Agreed equity value of ₹2,744 crore to be received in cash
Enterprise value pegged at ₹4,605 crore, net of ₹591 crore debt in SYTL and ₹1,270 crore debt in CGTL
Target SPVs contributed ₹306.59 crore (~3.5%) to FY26 turnover and ~6.7% (₹4,663 crore) to the Trust's EV
Target closing date is on or before September 30, 2026, with a long stop date of December 31, 2026

💡 Track the completion of closing formalities and cash receipt by September 30, 2026, along with subsequent disclosures on debt reduction or distribution to unitholders.

IRB Infra Releases Pledge on 1.17 Cr Units (1.00% of Total Outstanding) of IRB Infrastructure Trust

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 06:46 PM

Sponsor IRB Infrastructure Developers Limited has released a pledge over 1,17,26,974 units of IRB Infrastructure Trust, representing 1.00% of the Trust's total outstanding units and 1.96% of the sponsor's unitholding. The encumbrance was originally placed in favour of Barclays Bank PLC for long-term working capital and general corporate purposes. Following this release effective September 18, 2026, the sponsor's encumbered stake in the Trust has reduced. The sponsor maintains a total holding of 59,80,39,840 units, representing 51.02% of total outstanding units.

Pledge released on 1,17,26,974 units representing 1.00% of total outstanding units
Units released constitute 1.96% of the sponsor's total holding in the Trust
Total sponsor holding stands at 59,80,39,840 units (51.02% of outstanding units)
Pledge in favor of Barclays Bank PLC was initiated in two tranches on July 06, 2023 (1,11,62,912 units) and July 21, 2025 (5,64,062 units)

💡 Track subsequent quarterly shareholding patterns and encumbrance disclosures to verify any further release or creation of sponsor pledge.

IRB Infra Trust Aug 2026 Toll Revenue Up 42% YoY to ₹405.8 Cr

🟢 POSITIVE ⭐ 5/10

ROUTINE 📅 09 Sep 2026, 05:00 PM

IRB Infrastructure Trust reported gross toll revenue of ₹4,058 million (~₹405.8 crore) across 15 project SPVs for August 2026, representing a ~42% year-on-year increase compared to ₹2,863 million in August 2025. Growth was substantially driven by three new operational project SPVs—IRB Harihara Corridors, IRB Chandibhadra Tollway, and Meerut Budaun Expressway—which collectively contributed ₹843 million. Existing assets also saw stable growth, led by IRB Golconda Expressway with ₹879 million in collections versus ₹737 million a year ago.

Gross toll collection reached ₹4,058 million in August 2026, rising ~42% YoY from ₹2,863 million in August 2025
Three newly operational SPVs contributed ₹843 million: IRB Harihara Corridors (₹417 mn), IRB Chandibhadra (₹200 mn), and Meerut Budaun (₹226 mn)
IRB Golconda Expressway remained the single largest contributor at ₹879 million, up 19.3% YoY from ₹737 million
IRB Kota Tollway was the only asset seeing a notable YoY decline, falling to ₹63 million from ₹71 million

💡 Track the ramp-up trajectory of the three new road assets and monitor overall monthly toll run-rates to gauge quarterly distribution capacity for unit holders.

IRB Infrastructure Trust: Statutory Auditor Gokhale & Sathe Converts to LLP

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 02 Sep 2026, 06:52 PM

IRB Infrastructure Trust has informed the exchanges that one of its joint-statutory auditors, Gokhale & Sathe Chartered Accountants, has converted into a Limited Liability Partnership under the Limited Liability Partnership Act, 2008. The firm is now known as Gokhale & Sathe LLP, Chartered Accountants. The auditor will continue to serve and fulfill its statutory auditing obligations for the remainder of its tenure.

Joint-statutory auditor Gokhale & Sathe Chartered Accountants converted into an LLP on or before September 2, 2026
Firm renamed to Gokhale & Sathe LLP, Chartered Accountants under the Limited Liability Partnership Act, 2008
Auditor will continue discharging statutory audit obligations for its remaining tenure with no change in appointment

💡 No action required. This is a purely administrative update regarding the corporate structure of the Trust's joint-statutory auditor.

46% Y-o-Y Growth in July 2026 Toll Revenue to Rs 4,056 Million

🟢 POSITIVE ⭐ 6/10

ROUTINE 📅 10 Aug 2026, 04:40 PM

IRB Infrastructure Trust (IRBIT) reported a 46% year-on-year increase in gross toll revenue for July 2026, totaling Rs 4,056 million compared to Rs 2,769 million in July 2025. The growth is significantly bolstered by three new project SPVs—Harihara Corridors, Chandibhadra Tollway, and Meerut Budaun Expressway—which were not contributing in the previous year's period. The largest asset, IRB Golconda Expressway, saw a robust 21% growth, reaching Rs 858 million for the month.

Total gross toll revenue rose to Rs 4,056 million in July 2026 from Rs 2,769 million in July 2025.
Three new SPVs commissioned in 2026 contributed a combined Rs 839 million to the total revenue.
IRB Golconda Expressway remains the top contributor with Rs 858 million, up from Rs 709 million Y-o-Y.
IRB Harihara Corridors, which started tolling on January 23, 2026, contributed Rs 514 million.
Meerut Budaun Expressway, the newest addition (May 17, 2026), contributed Rs 121 million.

💡 Investors should track the monthly stabilization of revenue from the three new SPVs and monitor if the 21% growth in the Golconda Expressway is sustained through the monsoon season.

₹325.53 NAV per unit: IRB Infrastructure Trust discloses ₹71,025 Cr Enterprise Value

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 28 Jul 2026, 06:37 PM

IRB Infrastructure Trust (IRBIT) has disclosed its periodic valuation report as of June 30, 2026, conducted by KPMG Valuation Services LLP. The report values the Trust's portfolio of 15 Special Purpose Vehicles (SPVs) at an Enterprise Value of ₹71,025 crore. The resulting Equity Value is ₹38,155 crore, which translates to a Net Asset Value (NAV) of ₹325.53 per unit. This disclosure is a mandatory regulatory requirement under SEBI InvIT Regulations to provide transparency on the fair value of underlying toll assets.

Enterprise Value (EV) for the 15 SPVs is pegged at ₹71,025 crore as of June 30, 2026
Net Asset Value (NAV) at Fair Value stands at ₹325.53 per unit based on 117.21 crore outstanding units
Total Equity Value of the Trust is calculated at ₹38,155 crore
Revenue projections for major assets like MBEL show growth reaching ₹5,010 crore by FY2058
Valuation was conducted by KPMG using generally accepted methodologies including Discounted Cash Flow (DCF)

💡 Investors should compare the reported NAV of ₹325.53 per unit against the current market price to determine if the Trust is trading at a premium or discount. The detailed revenue projections for SPVs like MBEL and ILTPL serve as benchmarks for future performance monitoring.

₹1.70 Distribution Declared; Q1 Revenue at ₹1,641 Cr and ₹4,605 Cr Asset Sale Update

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 28 Jul 2026, 06:31 PM

IRB Infrastructure Trust (IRBIT) has declared its first distribution for FY 2026-27 at ₹1.70 per unit, with a record date of July 31, 2026. The Trust reported Q1 FY27 revenue from operations of ₹1,641.24 crore. A major strategic update includes a binding term sheet to sell two project SPVs (SYTL and CGTL) to the Public InvIT for an enterprise value of ₹4,605 crore. The Net Asset Value (NAV) as of June 30, 2026, is reported at ₹325.53 per unit.

Declared 1st distribution of ₹1.70 per unit for FY 2026-27, to be paid as interest.
Reported Q1 FY27 consolidated revenue from operations of ₹1,641.24 crore.
Updated Net Asset Value (NAV) to ₹325.53 per unit as of June 30, 2026.
Signed binding term sheet for asset sale of SYTL and CGTL at an enterprise value of ₹4,605 crore.
Distribution payment to be completed on or before August 7, 2026.

💡 Investors should track the successful closure of the asset sale to the Public InvIT by the September 30, 2026 deadline, as this capital recycling is key to the Trust's valuation.

₹1.70 Distribution & ₹2,744 Cr Asset Sale: IRB Infrastructure Trust Q1 Results

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 28 Jul 2026, 06:30 PM

IRB Infrastructure Trust (IRBIT) reported a total consolidated income of ₹1,663.96 cr for the quarter ended June 30, 2026. The Board declared the first distribution for FY27 at ₹1.70 per unit, entirely as interest, with a record date of July 31, 2026. Significantly, the Trust has entered a binding term sheet to sell two project SPVs (SYTL and CGTL) to the Public IRB InvIT for an equity value of ₹2,744 cr and an enterprise value of ₹4,605 cr. The Net Asset Value (NAV) as of June 30, 2026, is reported at ₹325.53 per unit.

Declared 1st distribution of ₹1.70 per unit for FY 2026-27, payable as interest by August 7, 2026
Binding term sheet signed for asset sale of SYTL and CGTL at an enterprise value of ₹4,605 crore
Net Asset Value (NAV) reported at ₹325.53 per unit as of June 30, 2026
Total consolidated income for Q1 FY27 stood at ₹1,663.96 crore
Transfer of assets will result in the removal of ₹1,861 crore in external gross debt from the Trust's books

💡 Monitor the completion of the asset transfer to the Public InvIT by the September 30, 2026 deadline, as delays may trigger valuation adjustments.

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