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.
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · IRB reports about 25% YoY rise in August 2026 toll revenue | business updates | medium | — | — |
| 9 Sept 2026 · IRB Group toll revenue rises 25% YoY to Rs.807 Cr in August 2026 | business updates | medium | — | — |
| 28 Aug 2026 · Newspaper ad for 28th AGM notice and e-voting details | compliance | minimal | — | — |
| 27 Aug 2026 · IRB Infra dispatches AGM Notice and Annual Report FY26 weblink to shareholders | compliance | minimal | — | — |
| 27 Aug 2026 · IRB Infra files BRSR for FY26 with sustainability disclosures | compliance | minimal | — | — |
| 27 Aug 2026 · Notice of 28th AGM and Annual Report for FY 2025-26 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · IRB Infra 28th AGM on Sep 22, 2026 via VC; director re-appointment on agenda | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Newspaper advertisement for 28th AGM notice | compliance | minimal | — | — |
| 27 Aug 2026 · IRB Infra to meet analysts at Elara India Conference on Sep 1 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · IRB Infra: Director continuation approved, 28th AGM on Sept 22 | management changes | medium | — | — |
| 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 |
| LARSEN & TOUBRO LTD. |
| 5,40,766 |
| 32.6 |
| 4.21 |
| 19.5 |
| 14.7 |
| 11.9 |
| 16.0 |
| 12.5 |
| RAIL VIKAS NIGAM LIMITED | 42,722 | 47.5 | 4.35 | 30.4 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. ◆ | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.2 | 14.9 | 63 of 107 | 42% |
| P/B | 1.1 | 1.4 | 34 of 86 | 60% |
| ROCE | 2.5 | 10.0 | 81 of 109 | 26% |
| ROE | 4.1 | 9.2 | 63 of 91 | 31% |
| Debt / Equity | 1.0 | 0.3 | 80 of 91 | 12% |
| 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 | 23770 | 485 | 4 of 108 | 97% |
| 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 |
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.
