- Home
- Results news
- IRB Infrastructure Developers
- Q2 FY27 results
IRB Infrastructure Developers Q2 FY27 results: net profit up 84.9% to ₹260.31 crore, revenue up 8.3%
IRB Infrastructure Developers Limited reported Q2 FY27 consolidated revenue of ₹1,897 crore, up 8.3% from a year earlier, and a net profit of ₹260.31 crore against ₹140.82 crore in Q2 FY26. EBITDA rose to ₹1,055 crore, with the margin at 55.6%. Against the previous quarter, revenue and profit were lower, while the EBITDA margin was higher. On a standalone basis, revenue was ₹1003.1 crore and profit after tax was ₹233.34 crore.
Key points
- Consolidated revenue of ₹1,897 crore in Q2 FY27 rose 8.3% from ₹1,751 crore a year earlier and fell 11.2% from ₹2,137 crore in Q1 FY27.
- EBITDA was ₹1,055 crore, up 14.1% from a year earlier, with the margin at 55.6% against 52.8% in Q2 FY26.
- Net profit of ₹260.31 crore was up 84.9% from ₹140.82 crore in Q2 FY26 but down 15.0% from ₹306.27 crore in Q1 FY27.
- Basic EPS was ₹0.22 in Q2 FY27, against ₹0.23 a year earlier and ₹0.25 in the previous quarter.
- For H1 FY27, revenue was ₹4034.36 crore and profit after tax was ₹566.59 crore, while basic EPS was ₹0.47.
How did IRB Infrastructure Developers perform in Q2 FY27?
IRB Infrastructure Developers reported consolidated revenue of ₹1,897 crore for Q2 FY27, up 8.3% from ₹1,751 crore in Q2 FY26 and down 11.2% from ₹2,137 crore in Q1 FY27. Total income was ₹1944.51 crore, up 8.0% from a year earlier and down 10.5% from the previous quarter. The EBITDA margin was 55.6%, compared with 52.8% a year earlier and 53.9% in Q1 FY27.
Consolidated EBITDA for the quarter was ₹1,055 crore, up 14.1% from ₹924.60 crore in Q2 FY26 and down 8.5% from ₹1,153 crore in Q1 FY27. Profit before tax was ₹385.30 crore against ₹260.81 crore a year earlier and ₹416.55 crore in the previous quarter. Net profit was ₹260.31 crore, against ₹140.82 crore a year earlier and ₹306.27 crore in Q1 FY27.
Basic EPS was ₹0.22 for the quarter, against ₹0.23 in Q2 FY26 and ₹0.25 in Q1 FY27. On a standalone basis, revenue for the quarter was ₹1003.1 crore, down 5.8% from a year earlier, and profit after tax was ₹233.34 crore against ₹188.37 crore in Q2 FY26. The company filed both consolidated and standalone unaudited results for the quarter and six months ended September 30, 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,897 | 2,137 | 1,751 | +8.3% | −11.2% |
| Other income | 47.42 | 35.39 | 49.28 | −3.8% | +34.0% |
| Total expenses | 1,559 | 1,756 | 1,539 | +1.3% | −11.2% |
| EBITDA | 1,055 | 1,153 | 924.60 | +14.1% | −8.5% |
| EBITDA margin | 55.6% | 53.9% | 52.8% | +2.8 pp | +1.7 pp |
| Profit before tax | 385.30 | 416.55 | 260.81 | +47.7% | −7.5% |
| Tax | 124.99 | 110.28 | 119.98 | +4.2% | +13.3% |
| Net profit | 260.31 | 306.27 | 140.82 | +84.9% | −15.0% |
| EPS (₹) | 0.22 | 0.25 | 0.23 | −4.3% | −12.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in IRB Infrastructure Developers' costs and profit?
Finance costs fell to ₹387.69 crore from ₹450.96 crore in Q2 FY26, a difference of ₹63.27 crore, and employee cost fell to ₹106.87 crore from ₹119.74 crore, a difference of ₹12.87 crore. Cost of materials declined to ₹145.01 crore from ₹154.34 crore, a difference of ₹9.33 crore. Other income was ₹47.42 crore, lower by ₹1.86 crore than a year earlier, and there was no exceptional item.
Total expenses were ₹1,559 crore, up ₹19.72 crore from ₹1,539 crore in Q2 FY26. Within that, depreciation rose to ₹329.03 crore from ₹262.12 crore, a difference of ₹66.91 crore, and other expenses rose to ₹590.61 crore from ₹552.33 crore, a difference of ₹38.28 crore. Tax was ₹124.99 crore, up ₹5.01 crore from ₹119.98 crore, and the profit margin was 13.7% against 8.0% a year earlier.
Against Q1 FY27, total expenses were lower by ₹196.90 crore, with cost of materials down ₹84.15 crore, finance costs down ₹50.33 crore and other expenses down ₹55.67 crore. Other income rose by ₹12.03 crore to ₹47.42 crore, while tax rose by ₹14.71 crore. The filings state the figures for the quarter and the six months ended September 30, 2026 but do not give reasons for these movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 145.01 | 154.34 | −9.33 | −6.0% |
| Employee cost | 106.87 | 119.74 | −12.87 | −10.7% |
| Finance costs | 387.69 | 450.96 | −63.27 | −14.0% |
| Depreciation | 329.03 | 262.12 | +66.91 | +25.5% |
| Other expenses | 590.61 | 552.33 | +38.28 | +6.9% |
| Total expenses | 1,559 | 1,539 | +19.72 | +1.3% |
| Other income | 47.42 | 49.28 | −1.86 | −3.8% |
| Tax | 124.99 | 119.98 | +5.01 | +4.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹4034.36 crore, up 4.8% from ₹3849.98 crore in H1 FY26, and total income was ₹4117.18 crore, up 3.8% from ₹3964.87 crore. Profit before tax was ₹801.85 crore, up 46.5% from ₹547.19 crore.
Profit after tax for H1 FY27 was ₹566.59 crore, up 65.0% from ₹343.31 crore in H1 FY26. Basic EPS for the half year was ₹0.47, down 17.5% from ₹0.57 a year earlier.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,034 | 3,850 | +4.8% |
| Profit before tax | 801.85 | 547.19 | +46.5% |
| Net profit | 566.59 | 343.31 | +65.0% |
| EPS (₹) | 0.47 | 0.57 | −17.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At September 30, 2026, total assets were ₹54044.14 crore against ₹54053.61 crore at March 31, 2026, and total equity was ₹21286.42 crore against ₹20948.78 crore. Borrowings were ₹19975.17 crore compared with ₹20008.1 crore, while cash fell to ₹174.01 crore from ₹346.31 crore. Inventories were ₹292.88 crore against ₹366.96 crore, trade receivables ₹144.22 crore against ₹155.38 crore, and trade payables ₹140.21 crore against ₹256.85 crore.
For H1 FY27, operating cash flow was ₹1332.93 crore, against ₹1052.89 crore in H1 FY26. Investing cash flow was an outflow of ₹239.01 crore, compared with an outflow of ₹1387.9 crore a year earlier, and financing cash flow was an outflow of ₹1266.2 crore against ₹1135.05 crore. Capital expenditure was nil for the half year, against ₹36.8 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 54,044 | 54,054 |
| Total equity | 21,286 | 20,949 |
| Borrowings | 19,975 | 20,008 |
| Cash and equivalents | 174.01 | 346.31 |
| Inventories | 292.88 | 366.96 |
| Trade receivables | 144.22 | 155.38 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 1,333 | 1,053 |
| Cash from investing | −239.01 | −1,388 |
| Cash from financing | −1,266 | −1,135 |
| Capital expenditure | 0 | 36.80 |
Source: Company's results filing (XBRL).
How has IRB Infrastructure Developers done over the last 8 quarters?
Across the last eight quarters, revenue was highest at ₹2137.27 crore in Q1 FY27 and lowest at ₹1751.02 crore in Q2 FY26, with Q2 FY27 at ₹1897.09 crore. Revenue rose year on year in each of the last two quarters. Profit reached a high of ₹306.27 crore in Q1 FY27 after a low of ₹140.82 crore in Q2 FY26, and stood at ₹260.31 crore in Q2 FY27, having risen year on year in each of the last three quarters.
The EBITDA margin peaked at 56.2% in Q4 FY26 and bottomed at 45.4% in Q1 FY26. It was 55.6% in Q2 FY27, against 53.9% in the previous quarter, while revenue and profit were both lower than in Q1 FY27.
Which businesses drove the quarter?
The BOT/ TOT Projects segment reported revenue of ₹720.54 crore, up 14.8% from ₹627.46 crore in Q2 FY26, with EBIT of ₹338.22 crore against ₹307.93 crore. The segment's EBIT margin was 46.9%.
InvITs & Related Assets recorded revenue of ₹355.92 crore, up 17.3% from ₹303.41 crore a year earlier, and EBIT of ₹333.65 crore against ₹275.26 crore, with an EBIT margin of 93.7%. Construction revenue was ₹817.55 crore, up 0.3% from ₹815.51 crore, with EBIT of ₹111.91 crore against ₹136.73 crore and an EBIT margin of 13.7%.
Unallocated corporate showed revenue of ₹3.07 crore, down 33.7% from ₹4.63 crore, and EBIT of negative ₹7.82 crore against negative ₹8.94 crore a year earlier.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| BOT/ TOT Projects | 720.54 | +14.8% | 338.22 | 46.9% |
| InvITs & Related Assets | 355.92 | +17.3% | 333.65 | 93.7% |
| Construction | 817.55 | +0.3% | 111.91 | 13.7% |
| Unallocated corporate | 3.07 | −33.7% | −7.82 | -254.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
In its filing dated November 05, 2026, the company said the Board approved the consolidated and standalone unaudited financial results for the quarter and six months ended September 30, 2026, along with the limited review report. The Board also declared the second interim dividend of Re.0.05/- per equity share of face value of Rs.1/- each, at 5% of face value, for financial year 2026-27.
The record date for the dividend is November 12, 2026, and the company said payment or dispatch to eligible shareholders is to happen on or before December 04, 2026. In its November 02, 2026 intimation, the company had earlier said the board would meet on November 05, 2026 to consider the results and to consider a declaration of the second interim dividend for financial year 2026-27, if any.
How did other Civil Construction companies do?
Twenty-six other Civil Construction companies had filed for this quarter, with a median revenue growth of 8.5%. Of these, 13 grew revenue slower than IRB Infrastructure Developers and 13 grew faster. Nineteen of the 26 reported higher profit.
| IRB Infrastructure Developers revenue growth (YoY) | +8.3% |
|---|---|
| Median of 26 other Civil Construction companies | +8.5% |
| Companies with slower revenue growth than IRB Infrastructure Developers | 13 of 26 |
| Companies with faster revenue growth than IRB Infrastructure Developers | 13 of 26 |
| Companies whose net profit rose | 19 of 26 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was IRB Infrastructure Developers' revenue in Q2 FY27?
Revenue from operations was ₹1,897 crore, up 8.3% from ₹1,751 crore in Q2 FY26 (consolidated).
Did IRB Infrastructure Developers make a profit in Q2 FY27?
Yes. Net profit was ₹260.31 crore, against a net profit of ₹140.82 crore in Q2 FY26.
What was IRB Infrastructure Developers' EPS in Q2 FY27?
Basic earnings per share were ₹0.22, against ₹0.23 in Q2 FY26.
When did IRB Infrastructure Developers announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of The Unaudited Consolidated & Standalone Financial Results For The Quarter And Six Months Ended September 30, 2026, And Declaration Of 2Nd Interim Dividend, If Any. (BSE, 2 November 2026) · PDF
- Board Meeting Outcome for Outcome Of The Meeting Of The Board Of Directors Held On November 05, 2026 (BSE, 5 November 2026) · PDF
- Financial Results For The Quarter And Six Months Ended September 30, 2026. (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.