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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +2% YoY · PAT +51% YoY · margin expansion · +11% QoQ · operating leverage
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Q4 FY26 Consolidated Income by Segment
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
The asset rotation transaction is expected to release ₹4,905 crore in cash.
"expected to release ₹4,905 crore in cash"
The asset rotation transaction is expected to release ₹4,905 crore in cash.
"expected to release ₹4,905 crore in cash"
The equity release from the asset rotation enhances financial capacity to bid for new projects valued at approximately ₹15,000 crore.
"enhances our financial capacity to bid for new projects valued at approximately ₹15,000 crore"
The equity release from the asset rotation enhances financial capacity to bid for new projects valued at approximately ₹15,000 crore.
"enhances our financial capacity to bid for new projects valued at approximately ₹15,000 crore"
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.
"will raise the Sponsor’s O&M order book by approximately ₹3,100 crore"
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.
"will raise the Sponsor’s O&M order book by approximately ₹3,100 crore"
The Palsit Dankuni BOT project's COD is expected to boost annual toll collections by approximately ₹100 crore.
"expected to boost annual toll collections by approximately ₹100 crore"
Outcome check: Revenue YoY averaged -9.0% across 2 later quarter(s).
Trend score and candlestick chart
48NeutralSMA20 -3.5% / mo · MACD + · near 52W low · sector +2.3pp vs Nifty (3M)
Technical chart
IRBdaily · 1Y · AUTO-51.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 54. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~3.7% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 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.
Relative Strength & Trend Stage
- Price is 23.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -10.2%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 33 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 23rd percentile of the scored universe and 34th percentile within Infra. Main check: financial discipline is weak at 40/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.50.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 34th pctile, median 64 · Large: 13th pctile, median 73
49 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.50.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 24.10
- P/B
- 1.13
- EV/EBITDA
- 8.12
- Market Cap
- 23733.00Cr
Profitability
- ROE
- 4.29%
- ROCE
- 7.47%
- ROA
- 1.77%
- Dividend Y
- 0.79%
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
- 1.50
- Book Value
- 17.30
Cash Flow
- FCF Yield
- 1.73%
- FCF Positive Y
- 3/5
- OCF
- 4054.00 Cr
- EPS TTM
- 0.79
Shareholding
- Promoter Hold
- 30.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable names in Infra, ranked by similarity
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.