Financial Results for Quarter and year ended March 31, 2026
IRB · price
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On the reaction day the stock moved 4.8 pts more than Nifty Smallcap 250 and 5.1 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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IRB Infrastructure reported consolidated revenue of Rs 76,482 million for FY26 (vs Rs 78,224 million in FY25), a slight decline of ~2.2%. Net profit after tax was Rs 8,504 million, though this compares to Rs 64,807 million in FY25 which included a one-time fair value gain of Rs 58,041 million from reclassifying InvIT investments to FVTPL. Excluding that anomaly, underlying PAT grew ~26%. EBITDA margin expanded from 14.9% to 16.4%, reflecting improved operational efficiency. The company declared a 4th interim dividend of Rs 0.05 per share (5%) and completed a 1:1 bonus issue post-year-end. Auditors issued an unmodified opinion. The Board also approved related party arrangements with IRB Infrastructure Trust project SPVs for O&M and project management services worth up to INR 19,502 crore.
Revenue was flat to slightly negative, but underlying profitability improved meaningfully with EBITDA margin expansion. The massive related party transaction (INR 19,502 crore) requires shareholder approval and adds governance scrutiny. The clean audit opinion is reassuring. Bonus shares (doubled share count) will compress per-share metrics going forward.