Credit rating
Intimation Of Credit Rating By Fitch Ratings 5 Oct - Fitch affirmed IRB Infrastructure's BB+ issuer and senior note ratings; outlook stable.
Source: Bse
IRB Infrastructure Developers Limited (IRB)
Large CapInfra stocks · Large cap · NSE
IRB Infrastructure Developers Limited is an Indian infrastructure developer focused on road and highway projects. The company employs a B.E.S.T. (Build–Execute–Stabilise–Transfer) strategy, monetizing mature assets through Public InvITs and redeploying capital into new growth opportunities to expand its asset base and achieve a net-debt zero position.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result30 Jul, 07:02 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -8.6% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
IRBD candles · FIT view-19.7%Latest close ₹17.37 on 2026-10-19
Bar
-1.8%
RSI
41
MACD hist
0.07
52W pos
9%
2026-10-19O ₹17.68H ₹17.68L ₹17.32C ₹17.37Vol 41.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IRBNifty InfraNifty 500
- IRB
- -12.8%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -7.2 pp
Chart stats
19 Oct 2026- From 52W high
- -27.5%
- 52W range position
- 9%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.30x
- Avg traded value
- ₹23 Cr
- 20D price channel
- ₹16.8 - ₹18.7
₹24
₹16.8 - ₹24
₹0.5
Latest completed session
20-session average
32.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +1.8% · PAT +51.5% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model+4.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +2% YoY · PAT +51% YoY · margin expansion · +11% QoQ · operating leverage
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,137 Cr | +1.8% | +10.9% |
| EBITDA | ₹1,153 Cr | +21.1% | +6.5% |
| Operating margin | 54.0% | +900 bps | -200 bps |
| PAT | ₹306 Cr | +51.5% | +3.4% |
| PAT margin | 14.3% | +470 bps | -104 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 21.80
- P/B
- 1.03
- EV/EBITDA
- 7.70
- Market Cap
- 21487.00Cr
Profitability
- ROE
- 4.29%
- ROCE
- 7.47%
- ROA
- 1.77%
- Dividend Y
- 0.87%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.96
- Interest Coverage
- 2.42×
- Altman Z
- 1.46
- Book Value
- 17.30
Cash Flow
- FCF Yield
- 1.91%
- FCF Positive Y
- 3/5
- OCF
- 4054.00 Cr
- EPS TTM
- 0.79
Shareholding
- Promoter Hold
- 30.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,563-1.4% vs prev
Net Profit
₹ CrLatest: 997-82.2% vs prev
Return on Equity
%Latest: 165+369.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.4% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
22
RS percentile
Stage 4 Downtrend
1M return
-6.0%
3M return
-12.8%
6M return
-21.6%
1Y return
-22.2%
RS 1D
+1
RS 20D
-1
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 14.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.9%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 87.76-0.40%
RS vs Nifty 50088
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation6/30
Growth17/25
Quality0/20
Balance Sheet2/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 17/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
21.8
PB
1.0
EV/EBITDA
7.7
ROE
4.3%
ROCE
7.5%
FCF Yield
1.9%
Debt/Equity
1.0
MoS
+4.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+4.8%
Previous: +4.8%
Score history
12 stored score snapshots. Latest stored move: -2 points.
21 Oct 2026
v4.3-runtime-valuation
36
36
35
35
34
34
34
34
34
34
37
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹17.54
+0.9% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹18.25
+4.8% MoS
PEG
0.66
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NOIDATOLL
Small
Noida Toll Bridge Company Limited
Infrastructure
match 48
57
2.3
—
+89%
FAIR VALUE
MEP
Small
MEP Infrastructure Developers Limited
Infrastructure
match 42
10
—
—
—
OVERVALUED
ASHOKA
Micro
Ashoka Buildcon Limited
Construction & Engineering
match 39
58
4.3
0.7%
+19%
FAIR VALUE
DBL
Micro
Dilip Buildcon Limited
Construction & Engineering
match 37
55
11.7
5.5%
+56%
FAIR VALUE
TECHNOE
Large
Techno Electric & Engineering Company Limited
Capital Goods
match 27
40
25.5
12.0%
-10%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T06:08:37.344Z
Management commentary snapshot
Q4 FY26 PAT increased 38% YoY to INR 296 crores, with EBITDA up 6% to INR 1,133 crores, driven by 21% YoY growth in combined InvIT and IRB average daily toll collections. Total consolidated income declined 11% YoY due to a 32% drop in construction segment income.
IRB is actively executing its asset rotation strategy, monetizing mature assets and redeploying capital into new projects, which is expanding its asset base and improving cash flow visibility. The focus on debt reduction and strong toll collection growth supports the long-term strategy, despite a temporary dip in construction revenue.
Current business mix
Q4 FY26 Consolidated Income by Segment
Latest issuer-disclosed distribution across 4 reported categories.
Construction Segment41.2%
BOT Segment36.0%
InvIT & related Assets Segment20.3%
Other Income2.5%
Growth engines
Asset Rotation Strategy
The growth is primarily going to come by unlocking capital by moving assets from Private InvIT to the Public InvIT. And redeploying that capital into newer assets to grow the portfolio.
Toll Collection Growth
With around 10% growth rate, you can assume definitely the kind of toll revenue that we should be able collect. So, we are hopeful that we should be able to touch a 5-digit gross revenue number for FY27.
Government Infrastructure Focus
Traffic growth across the portfolio continues to be stable and encouraging, supported by strong economic activity, increasing freight movement, and continued infrastructure focus by the Government.
Higher Tariff Revisions
When we roll over for the tariff revision come 1st April 2027, the December WPI number... is likely to remain on an elevated level and that can actually help us get a significantly higher tariff growth.
Capacity and execution
TOT 18 Toll Collection Commencement
We have started toll collection on TOT 18 from April 1, 2026.
Ganga Expressway Toll Collection Commencement
Toll collection on the Ganga Expressway also commenced on May 17, 2026. With this, all our projects across private InvIT are now fully operational.
Asset Additions
Added projects worth ₹14,000 crores. As a result, our asset base expanded from ₹80,000 crores to ₹94,000 crores.
Planned Asset Transfers to Public InvIT
We have already initiated the process for transferring two more assets from Private InvIT to the Public InvIT and that includes Solapur-Yedeshi and Chittorgarh-Gulabpura project. Both put together an EV of roughly INR 4500 crores.
Tailwinds
Strong Economic Activity & Freight Movement
Traffic growth across the portfolio continues to be stable and encouraging, supported by strong economic activity, increasing freight movement.
Government Infrastructure Spending
Continued infrastructure focus by the Government, along with growth in passenger vehicles... the government spending hasn't come off.
Elevated WPI for Tariff Revision
The December WPI number which matters the most for us is likely to remain on an elevated level and that can actually help us get a significantly higher tariff growth for the next financial year.
Locked Interest Rates
We have already locked the interest rates for majority of our projects. So, our sense on the interest rate is that we have handled the interest rate locking part.
Risk radar
Competitive Bidding Environment
The bidding intensity will remain elevated for EPC. And few BOTs may also get bid out. The major action to my mind will be the monetization piece.
Slow BOT Project Tendering
We have hardly seen any traction there and I think now even from your side, the sense which is coming more is that it will be more TOT than, even on the BOT side, we won't see too much traction.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings call explicitly compares Q4 FY26 results with Q4 FY25 for all financial metrics and operational KPIs like toll collections, indicating a focus on annual performance rather than sequential quarterly noise.
Sector KPIs management disclosed
Average Daily Toll Collections (Private InvIT)
Our Private InvIT reported average daily toll collections of ₹11.79 crores for the quarter ended March 2026, compared to ₹9.10 crore in the corresponding quarter last year, reflecting a growth of approximately 30%.
Combined Average Daily Toll Collections (Private InvIT & IRB)
The combined Private InvIT and IRB portfolio achieved average daily toll collections of ₹19.80 crores, compared to ₹16.31 crores in the previous year, representing a 21% year-on-year growth.
Asset Base Expansion
Our asset base expanded from ₹80,000 crores to ₹94,000 crores.
Total Order Book
Our total order book now stands at ~ ₹45,000 crores, including an EPC order book of ₹2,100 crores.
Management forward view
Net Debt Zero Target
We are definitely on a path to a net debt zero situation in next 5 years... We do not see any capital raising requirement at the IRB.
Asset Base Target
We remain on track to scale our asset base to approximately ₹1,40,000 crores over the next three years.
FY27 Construction Revenue Guidance
We should comfortably be able to cross the INR 3,000 crore mark on the construction piece and that's the visibility, we definitely have at this point in time.
Profit Growth Guidance
Profit will grow at 25% CAGR over the relevant forecast period.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Asset Transfers to Public InvIT | Process initiated for Solapur-Yedeshi and Chittorgarh-Gulabpura (EV ~INR 4500 crores). | Timely culmination of these transfers in H1 FY27 and initiation of next asset transfers. |
| EPC Order Book Execution | EPC order book stands at ₹2,100 crores. | Achievement of FY27 construction revenue target of >INR 3,000 crores. |
| Net Debt Reduction | Interest cost reduced by INR 50 crores in Q4 FY26. | Additional INR 150-200 crores reduction in interest cost in FY27 and progress towards net debt zero by 2030. |
| Toll Revenue Growth | Combined InvIT and IRB portfolio achieved 21% YoY growth in Q4 FY26. | Sustained 10% growth rate and achievement of 5-digit gross revenue for FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
cash flow improvementnot yet verifiablequantified
The asset rotation transaction is expected to release ₹4,905 crore in cash.
Timeframe: upon transaction completionDirection: increaseConfidence: expected
"expected to release ₹4,905 crore in cash"
cash flow improvementnot yet verifiablequantified
The asset rotation transaction is expected to release ₹4,905 crore in cash.
Timeframe: upon transaction completionDirection: increaseConfidence: expected
"expected to release ₹4,905 crore in cash"
order inflownot yet verifiablequantified
The equity release from the asset rotation enhances financial capacity to bid for new projects valued at approximately ₹15,000 crore.
Timeframe: futureDirection: increaseConfidence: high
"enhances our financial capacity to bid for new projects valued at approximately ₹15,000 crore"
order inflownot yet verifiablequantified
The equity release from the asset rotation enhances financial capacity to bid for new projects valued at approximately ₹15,000 crore.
Timeframe: futureDirection: increaseConfidence: high
"enhances our financial capacity to bid for new projects valued at approximately ₹15,000 crore"
order inflownot yet verifiablequantified
This asset’s rotation will raise the Sponsor’s O&M order book by approximately ₹3,100 crore, taking the total O&M order book to approximately ₹33,600 crore post-acquisition.
Timeframe: post-acquisitionDirection: increaseConfidence: high
"will raise the Sponsor’s O&M order book by approximately ₹3,100 crore"
order inflownot yet verifiablequantified
This asset’s rotation will raise the Sponsor’s O&M order book by approximately ₹3,100 crore, taking the total O&M order book to approximately ₹33,600 crore post-acquisition.
Timeframe: post-acquisitionDirection: increaseConfidence: high
"will raise the Sponsor’s O&M order book by approximately ₹3,100 crore"
revenue outlookcontradictedquantified
The Palsit Dankuni BOT project's COD is expected to boost annual toll collections by approximately ₹100 crore.
Timeframe: annualDirection: increaseConfidence: expected
"expected to boost annual toll collections by approximately ₹100 crore"
Outcome check: Revenue YoY averaged -9.0% across 2 later quarter(s).
Trust Score
58Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 22nd percentile of the scored universe and 34th percentile within Infra. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
53 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Infra: 34th pctile, median 64 · Large: 13th pctile, median 73
Evidence depth
Financial-only
53 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
47
watch · leverage and solvency
Discipline
40
weak · capital discipline
Results
60
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.46.
- ▸ROCE is low at 7.5%.
- ▸ROE is low at 4.3%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching IRB Infrastructure Developers Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Intimation Of Credit Rating By Moody''s Investor Services 1 Oct - Moody’s reaffirmed IRB’s Ba1 CFR and Ba2 notes rating; outlook remains stable.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Aug - Copy of Newspaper Advertisement regarding notice of 28th Annual General Meeting and E-voting and other related information.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Dispatch Of Letters To The Members Providing A Weblink Along With Exact Path, To Access The Annual Report Of The Company For The FY 2025-26 In Compliance With Reg 36(1)(B) Of SEBI (LODR) Regulations, 2015 27 Aug
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.