NSE: IRB · BSE: 532947
IRB INFRA DEV LTD.
Builds and operates toll road infrastructure across India, earning from three main segments in FY26. The Construction segment covers highway construction contracts, BOT/TOT Projects run toll road concessions, and InvITs & Related Assets handle infrastructure trust operations and project management services. Total revenue for FY26 stood at Rs 7,648.15 cr. Other operating expenses form the largest cost line at 33.6% of revenue, followed by depreciation at 14.9%, with materials at 8.8% and employee costs at 5.5%. The company also acts as Project Manager for highway SPVs held under the IRB Infrastructure Trust, with a related-party extension arrangement covering 12 project SPVs currently under shareholder consideration. The group is also transferring two BOT SPVs (Solapur Yedeshi and CG Tollway) into the publicly listed IRB InvIT Fund, with a combined enterprise value of Rs 4,605 cr and an equity value of Rs 2,744 cr targeted for closing by September 30, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (47%), BOT/ TOT Projects (35%), InvITs & Related Assets (17%). Asset-heavy road infrastructure combining construction contracts, long-tenor toll road concessions held via SPVs, and InvIT vehicles.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,804 | 6,402 | 7,409 | 7,613 | 7,648 |
| EBITDA (ex other income) | 2,797 | 3,229 | 3,332 | 9,410 | 3,939 |
| margin % | 48.2 | 50.4 | 45.0 | 123.6 | 51.5 |
| Owners' profit | 361 | 720 | 606 | 6,481 | 850 |
| EPS, as reported (₹) | 8.69 | 1.19 | 1.00 | 10.73 | 0.70 |
| ROE % · ROCE % | 2.9 · 6.7 | 5.4 · 7.0 | 4.4 · 7.6 | 32.7 · 17.5 | 4.1 · 6.0 |
| Debt / equity (x) | 1.33 | 1.25 | 1.36 | 1.04 | 0.96 |
| Cash from operations | 364 | 1,764 | 4,054 | 1,971 | 2,098 |
| Capex | (247) | (49) | (29) | (113) | (64) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,586 | 2,025 | 2,149 | 2,099 | 1,751 | 1,871 | 1,927 | 2,137 |
| Profit before tax | 267 | 6,127 | 323 | 286 | 261 | 295 | 406 | 417 |
| Net profit | 100 | 6,026 | 215 | 202 | 141 | 211 | 296 | 306 |
| EPS (₹) | 0.17 | 9.98 | 0.35 | 0.34 | 0.23 | 0.35 | 0.25 | 0.25 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| BOT/ TOT Projects | 2,692 | 35.2 |
| InvITs & Related Assets | 937 | 12.3 |
| Construction | 3,622 | 47.4 |
| Unallocated corporate | 16 | 0.2 |
| InvITs & Related Assets # | 381 | 5.0 |
| Total, before eliminations | 7,648 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. ◆ | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.9 | 13.5 | 57 of 101 | 44% |
| P/B | 0.9 | 1.3 | 32 of 85 | 63% |
| ROCE | 2.5 | 10.0 | 80 of 107 | 26% |
| ROE | 4.1 | 9.1 | 60 of 87 | 31% |
| Debt / Equity | 1.0 | 0.4 | 76 of 87 | 13% |
| EBITDA margin | 55.6 | 12.4 | 3 of 88 | 98% |
| Revenue growth | 1.8 | 6.2 | 51 of 86 | 41% |
| Profit growth | 51.3 | 2.7 | 19 of 84 | 78% |
| Market cap | 19421 | 456 | 5 of 107 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · IRB Group reports 24% YoY rise in September toll revenue to 773 Cr | business updates | medium | — | — |
| 6 Oct 2026 · CARE assigns AA and A1+ ratings to IRB bank facilities | credit debt | medium | — | — |
| 5 Oct 2026 · Fitch affirms BB+ rating with stable outlook for IRB Infrastructure | credit debt | medium | — | — |
| 1 Oct 2026 · Moody's reaffirms IRB Infrastructure ratings at Ba1 and Ba2 with stable outlook | credit debt | medium | — | — |
| 30 Sept 2026 · Two tollway SPVs transferred from Private InvIT to listed IRB InvIT Fund | strategic transactions | medium | — | — |
| 29 Sept 2026 · IRB Infra executes Project Management Agreements with IRB InvIT Fund for two toll SPVs | business updates | medium | — | — |
| 29 Sept 2026 · IRB InvIT Fund raises Rs 2,351 Cr via institutional placement and preferential allotment | fund raising | high | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · IRB Infra Trust to transfer two toll SPVs to IRB InvIT Fund for Rs 2,744 Cr | strategic transactions | high | — | — |
| 22 Sept 2026 · IRB Infra 28th AGM: All 4 resolutions passed with over 99.8 percent majority | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.