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IRB Infrastructure Developers

IRB NSE
₹16.79 +0.49 (+3.01%)
P/E
21.25
View as Markdown
MCP
Close 4 Nov 2026 ₹16.79 −5.65 −25.2% 1Y
Start ₹22.44

Key Fundamentals

SmallcapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.47%
Debt to Equity
0.96
EPS (TTM)
₹0.79
Book Value
₹17.84
Market Cap
—
P/E (TTM)
21.25
P/B
0.94
ROE
4.29%
Dividend Yield
0.31%
EBITDA
₹4,188 Cr
52W High
₹23.95
52W Low
₹15.68
Day Range
₹16.08 – ₹16.86
Volume
1,03,81,893

Peer Comparison

Industrials › Construction › Civil Construction

IRB Infrastructure Developers peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers (this company)
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Median 7 companies₹300.8528.37₹22,726 Cr4.800.52%15.90%18.30%₹12,756 Cr₹897 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
67
Strong
Returns, margins, earnings quality 22% weight
Valuation
76
Strong
Cheap vs sector & own history 24% weight
Growth
17
Poor
Sales & profit trajectory 9% weight
Financial Health
16
Poor
Solvency, leverage, coverage 9% weight
Momentum
17
Poor
Trend strength, vol-adjusted 12% weight
Ownership
44
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Stock is trading at 1.00 times its book value

Weaknesses

4
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.62% over past five years.
  • Company has a low return on equity of 4.85% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.21%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1063
OscillatorsBearish261
Moving AveragesStrong Bearish802

Key readings

RSI (14)
46.80
Neutral
MACD (12,26,9)
−0.49
Bullish
SMA (50)
17.93
Bearish
SMA (200)
20.07
Bearish

As of

Analyst Rating

Based on 5 analysts
BUY100%

5 of 5 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
5
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+4.08%
5Y+7.61%
3Y+6.11%
1Y+0.46%
TTM−2.20%

Net profit

Net profit growth by window
10Y+2.88%
5Y+48.68%
3Y+5.69%
1Y−86.88%
TTM−85.42%

Operating cash flow

Operating cash flow growth by window
10Y−1.09%
5Y+19.33%
3Y+5.95%
1Y+6.44%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.40 pp
5Y+8.02 pp
3Y+3.52 pp
1Y+6.80 pp
TTM+8.40 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,846 Cr
Mar 2018₹5,694 Cr
Mar 2019₹6,707 Cr
Mar 2020₹6,852 Cr
Mar 2021₹5,299 Cr
Mar 2022₹5,804 Cr
Mar 2023₹6,402 Cr
Mar 2024₹7,409 Cr
Mar 2025₹7,613 Cr
Mar 2026₹7,648 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹715 Cr
Mar 2018₹920 Cr
Mar 2019₹850 Cr
Mar 2020₹721 Cr
Mar 2021₹117 Cr
Mar 2022₹361 Cr
Mar 2023₹720 Cr
Mar 2024₹606 Cr
Mar 2025₹6,481 Cr
Mar 2026₹850 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹806 Cr −32.1% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk high

As of 2026-11-04, IRB Infrastructure Developers trades at ₹16.79 with a market cap of ₹19,928.7 crore, a P/E (TTM) of 21.25x, and a P/B of 0.94x. The company shows strong compounded profit growth of 50% over 5 years but faces headwinds from weak sales growth and low return ratios, with the stock down 19% over the past year.

Bull Case 6
  • Stock trades below book value at a P/B of 0.94x, offering potential value for a large-scale infrastructure developer
  • Compounded profit growth over 5 years stands at 50%, indicating meaningful earnings expansion over the medium term
  • TTM profit growth of 18% shows continued earnings momentum in the most recent period
  • 10-year compounded profit growth of 3% and 10-year compounded sales growth of 4% demonstrate long-term business continuity through multiple cycles
  • 3-year compounded profit growth of 8% exceeds the corresponding 3-year sales growth of 6%, suggesting improving operating leverage or margin expansion
  • Debt-to-equity ratio of 0.96x is manageable for a capital-intensive infrastructure business and remains below 1.0x
Bear Case 8
  • TTM sales growth is negative at -2%, signalling a potential slowdown in top-line momentum
  • Return on equity is low at 4.06% as of the latest period and has averaged only about 5% over the last 3 and 5 years, well below the cost of equity for most investors
  • ROCE of 5.97% is weak for a company carrying a debt-to-equity of 0.96x, raising questions about the adequacy of returns on deployed capital
  • Promoter holding has declined by 3.21% over the last 3 years, which may signal reduced promoter confidence
  • The company has a low interest coverage ratio, indicating that debt-servicing costs consume a significant portion of operating profits
  • 5-year compounded sales growth of only about 8% is modest for an infrastructure company operating in a high-growth economy
  • Stock CAGR of -19% over the past 1 year and 0% over 3 years shows sustained underperformance, with the 5-year CAGR at just 7%
  • Dividend yield of 0.31% offers negligible income return relative to the risk profile of the business

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: IRB Infrastructure posted a strong September 2026 with 24% YoY toll revenue growth to ₹773 crore, powered by organic traffic gains and contributions from newly operational assets and recent acquisitions. All segments — wholly owned subsidiaries, Public InvIT, and Private InvIT — delivered double-digit growth. No material headwinds surfaced in the latest updates. The upcoming festive season and continued ramp-up of three new SPVs provide near-term visibility, though sustaining double-digit organic growth post-festive normalization remains a key watch item.

Positives 6
  • Toll revenue up 24% YoY Oct 08

    IRB reported gross toll revenue of ₹773 crore for September 2026, up 24% from ₹622 crore in September 2025, driven by festive traffic and new asset contributions.

  • Public InvIT surges 33% YoY Oct 08

    Public InvIT segment reached ₹1,758 million in September 2026 versus ₹1,323 million a year ago, boosted by full-year contribution from Kaithal and Kishangarh Gulabpura tollways acquired in November 2025.

  • Three new SPVs add ₹828M Oct 08

    IRB Harihara Corridors, IRB Chandibhadra Tollway, and Meerut Budaun Expressway collectively contributed ₹828 million in September 2026, having commenced toll collection between January and May 2026.

Quarterly Results

₹ Cr
IRB quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,634
1,745
1,969
2,061
1,853
1,586
2,025
2,149
2,099
1,751
1,871
1,927
2,137
Expenses
910
1,026
1,150
1,307
1,049
903
1,041
1,151
1,147
826
849
844
985
Operating Profit
724
719
819
755
804
683
984
998
952
925
1,022
1,083
1,153
OPM %
44%
41%
42%
37%
43%
43%
49%
46%
45%
53%
55%
56%
54%
Other Income
111
130
109
443
119
166
5,869
69
66
49
−2
50
35
Interest
381
435
433
615
439
434
461
458
462
451
436
406
438
Depreciation
237
233
251
274
255
231
265
286
269
262
289
321
333
PBT
217
182
243
309
229
183
6,127
323
286
261
295
406
417
Tax %
38%
47%
23%
39%
39%
46%
2%
33%
29%
46%
29%
27%
26%
Net Profit
134
96
187
189
140
100
6,026
215
202
141
211
296
306
EPS (₹)
0.11
0.08
0.16
0.16
0.12
0.08
4.99
0.18
0.17
0.12
0.17
0.25
0.25

Profit & Loss

₹ Cr
IRB profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,849
5,128
5,846
5,694
6,707
6,852
5,299
5,804
6,402
7,409
7,613
7,648
7,686
Expenses
1,631
2,461
2,789
3,005
3,763
3,887
2,947
3,229
3,271
4,387
4,141
3,641
3,504
Operating Profit
2,218
2,667
3,057
2,689
2,944
2,965
2,352
2,575
3,130
3,022
3,472
4,008
4,182
OPM %
58%
52%
52%
47%
44%
43%
44%
44%
49%
41%
46%
52%
54%
Other Income
113
127
123
295
196
252
189
552
300
793
6,222
138
133
Interest
937
1,070
1,342
976
1,126
1,574
1,697
1,894
1,521
1,868
1,795
1,755
1,731
Depreciation
707
853
855
544
540
468
582
683
832
995
1,038
1,142
1,206
PBT
686
870
984
1,464
1,473
1,175
262
550
1,077
951
6,861
1,248
1,378
Tax %
21%
26%
27%
37%
42%
39%
55%
34%
33%
36%
6%
32%
—
Net Profit
542
640
715
920
850
721
117
361
720
606
6,481
850
954
EPS (₹)
0.77
0.91
1.02
1.31
1.21
1.03
0.17
0.3
0.6
0.5
5.37
0.7
0.79
Div. Payout %
26%
22%
25%
19%
10%
24%
0%
0%
17%
30%
3%
15%
—

Balance Sheet

₹ Cr
IRB balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
351
351
351
351
351
351
351
604
604
604
604
604
Reserves
4,009
4,485
4,920
5,341
5,964
6,331
6,549
11,962
12,775
13,141
19,223
20,345
Borrowings
12,576
15,626
13,963
13,832
16,599
9,205
19,219
16,697
16,748
18,653
20,599
20,027
Other Liabilities
22,453
21,699
27,406
20,865
17,549
23,997
15,052
13,218
12,575
12,472
13,423
13,022
Total Liabilities
39,391
42,162
46,641
40,389
40,464
39,885
41,171
42,481
42,703
44,870
53,849
53,998
Fixed Assets
31,764
35,149
24,388
31,071
32,943
27,671
27,102
27,271
26,480
25,514
24,616
23,896
CWIP
4,835
4,020
6,806
5,648
3,797
403
673
63
8
8
1
4
Investments
9
36
146
945
645
4,146
4,799
4,904
5,141
9,642
17,097
19,328
Other Assets
2,783
2,957
15,301
2,724
3,079
7,666
8,597
10,243
11,074
9,706
12,135
10,770
Total Assets
39,391
42,162
46,641
40,389
40,464
39,885
41,171
42,481
42,703
44,870
53,849
53,998

Cash Flow

₹ Cr
IRB cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,823
2,340
3,192
2,132
2,710
3,709
867
364
1,764
4,054
1,971
2,098
Investing
−2,297
−3,144
−2,981
−2,621
−4,081
−4,932
−8,176
−1,553
−650
−3,644
375
−910
Financing
475
671
−202
410
1,438
1,388
7,520
589
−860
−477
−720
−2,702
Net Cash Flow
2
−133
9
−79
66
165
211
−601
253
−68
1,627
−1,513
Free Cash Flow
−486
−819
417
−1,838
−1,507
−1,492
−6,924
−1,010
1,354
3,816
1,776
1,417
CFO/EBITDA
92
99
116
98
104
138
46
22
63
142
62
54

Ratios

IRB financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
1
4
8
6
23
23
62
93
37
16
7
Inventory Days
218
304
—
—
—
277
294
246
261
263
206
199
Days Payable
196
304
—
—
—
622
654
296
438
607
317
139
Cash Conversion Cycle
22
1
4
8
6
−321
−336
13
−84
−306
−95
67
Working Capital Days
−165
−161
−144
−394
−265
−563
−166
3
3
−54
−62
−57
ROCE %
10%
10%
12%
12%
12%
14%
9%
9%
9%
9%
8%
7%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view IRB Infrastructure Developers insights

63 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • FIIs 43.64%
  • Promoters 31.18%
  • Public 13.60%
  • DIIs 10.18%
  • Others 1.40%
  • Government 0.01%

0.03% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about IRB Infrastructure Developers

What does IRB Infrastructure Developers Ltd do?
IRB Infrastructure Developers Ltd is an infrastructure development and construction company in India with extensive experience in the roads and highways sector.
Where is IRB Infrastructure Developers Ltd (IRB) listed?
IRB Infrastructure Developers Ltd trades as IRB on the NSE and under code 532947 on the BSE.
Which sector does IRB Infrastructure Developers Ltd belong to?
IRB Infrastructure Developers Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd trades at a PE ratio of 21.25 as of 4 Nov 2026, on earnings per share of ₹0.79, against a book value of ₹17.84 per share.
What is the 52-week high and low of IRB Infrastructure Developers Ltd?
Over the last 52 weeks IRB Infrastructure Developers Ltd has traded between ₹15.68 and ₹23.95 as of 4 Nov 2026.
Does IRB Infrastructure Developers Ltd pay dividends?
IRB Infrastructure Developers Ltd has a dividend yield of 0.31%.
What is the Return on Equity (ROE) of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd reported a return on equity of 4.29%. Its debt-to-equity ratio is 0.96.

Company Information

IRB Infrastructure Developers Ltd is an infrastructure development and construction company in India with extensive experience in the roads and highways sector. It is also in other business segments in the infrastructure sector, including maintenance of roads, construction, airport development and real estate.

Website irb.co.in
CEO Mr. Virendra Dattatraya Mhaiskar
Employees 3,258
Listed 25 Feb 2008
Face Value ₹1

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