IRB Infrastructure Developers logo

IRB Infrastructure Developers

IRB NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹23,492 Cr
Volatility
Moderate
P/E Ratio
24.86
EBITDA
₹4,188 Cr
Return on Equity
4.06%
Debt to Equity
0.96
Book Value
₹17.84
EPS
₹1.01
52W High
₹43.77
52W Low
₹18.76

Tapetide Score

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

Key Insights

Strengths

1
  • Stock is trading at 1.13 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: -3.40%

Growth Rate

Revenue Growth
-2.21% lower than 3Y
Net Income Growth
-86.88% lower than 3Y
Cash Flow Change
6.43% higher than 3Y
ROE
-87.58% lower than 3Y
ROCE
-65.39% lower than 3Y
EBITDA Margin (Avg.)
6.43% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

IRB Infrastructure Developers Ltd, with a market cap of ₹23,492 Cr, trades at a P/E of 25.2x and 1.12x book value. The company delivered strong TTM profit growth of 18% but saw sales decline by 2% TTM, while its 3-year average ROE remains modest at 5%. Promoter holding has declined by 3.4% over the last three years.

Bull Case 7
  • Stock trades at just 1.12x price-to-book value, indicating relatively modest valuation for an infrastructure developer of this scale
  • Compounded profit growth of 18% on a TTM basis shows improving profitability despite flat revenues
  • 5-year compounded profit CAGR of 50% demonstrates significant long-term earnings recovery and expansion
  • Market cap of ₹23,492 Cr provides scale advantages and better access to large BOT/TOT project bids in India's expanding highway sector
  • 5-year stock CAGR of 18% reflects sustained wealth creation over a meaningful period
  • 10-year compounded sales CAGR of 4% and profit CAGR of 3% show the company has survived multiple infrastructure cycles, demonstrating business durability
  • P/E of 25.2x is reasonable relative to infrastructure peers that often trade at 30-50x given India's ongoing national highway expansion program
Bear Case 8
  • TTM sales growth is negative at -2%, signaling potential revenue headwinds or project execution slowdowns
  • 3-year ROE averages just 5% and last year was only 4%, well below the cost of equity, indicating poor capital efficiency
  • Low interest coverage ratio flags elevated debt-servicing risk, a critical concern for a capital-intensive toll road operator
  • Promoter holding has decreased by 3.4% over the last 3 years, which may signal reduced promoter confidence or dilution
  • 5-year compounded sales CAGR of only 8% (and 7.62% per screener data) reflects sluggish topline expansion for a company in a high-growth sector
  • Dividend yield of just 0.25% offers negligible income return to shareholders despite the asset-heavy toll revenue model
  • 1-year stock return of -6% indicates recent underperformance and possible negative market sentiment
  • 10-year ROE averaging only 6% suggests the company has structurally struggled to generate adequate returns on shareholder equity across full business cycles

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 3
  • Stock down 7% YTD Sep 9

    IRB shares trading at ₹19.61 as of Sep 10, down 7% from the start of 2026 and 11.7% over the past year despite strong operational performance.

  • Select toll assets declining Sep 9

    IRB Hapur Moradabad Tollway revenue fell to ₹22.3 crore from ₹28.9 crore YoY, IRB Kota Tollway dropped to ₹6.3 crore from ₹7.1 crore, and Kishangarh Gulabpura declined marginally to ₹22.5 crore from ₹23 crore in August 2026.

  • Flat net sales growth Q1FY27 Sep 9

    Consolidated net sales rose only 1.82% to ₹2,137.27 crore in Q1 June 2026 over Q1 June 2025, despite strong toll revenue growth elsewhere.

Positives 7
  • Toll revenue up 25% YoY Sep 10

    Gross toll revenue surged 25% YoY to ₹807.40 crore in August 2026 versus ₹646.2 crore in August 2025, driven by sustained traffic growth and FY27 tariff revisions.

  • Q1 net profit jumps 51% Sep 9

    Consolidated net profit increased 51.26% to ₹306.27 crore in Q1 June 2026 over Q1 June 2025.

  • Three new toll assets online Sep 9

    IRB Harihara Corridors (₹41.70 crore), IRB Chandibhadra Tollway (₹20 crore), and Meerut Budaun Expressway (₹22.60 crore) commenced toll collection in Jan, Apr, and May 2026 respectively, adding incremental revenue.

  • ₹351 crore InvIT investment Aug 26

    Board approved up to ₹351 crore investment in IRB InvIT Fund at ₹65/unit to acquire two SPVs, advancing the group's cash-harvesting monetisation strategy.

  • Nine subsidiaries merged Aug 26

    Board approved amalgamation of nine wholly-owned subsidiaries under Sections 230-232 of the Companies Act to simplify corporate structure and reduce administrative costs with no new shares issued.

  • FY28 toll hikes may double Sep 3

    Highway toll hikes may nearly double to 6.4% in FY28 from current levels, boosting revenue prospects for toll-road operators including IRB.

  • Strong 8% share rally Sep 9

    Shares surged 8% to an intraday high of ₹20.60 on the toll revenue announcement, reflecting renewed investor confidence.

Neutral 3
  • BRSR ESG report filed Aug 27

    IRB filed its FY26 Business Responsibility and Sustainability Report detailing environmental, social, and governance metrics including waste management and employee safety.

  • Ashwamedh 2026 investor meet Aug 27

    IRB scheduled meetings with analysts and institutional investors at the Ashwamedh 2026 conference on September 1, 2026, with no UPSI expected.

  • Director continuation approved Aug 26

    Board approved continuation of Ravindra Dhariwal as non-executive director and scheduled the 28th AGM for September 22, 2026.

TL;DR: IRB Infrastructure is delivering strong operational momentum with 25% toll revenue growth, 51% net profit jump in Q1, and three new toll assets now contributing. The stock trades at an attractive P/B of 0.55 and the group's 28 assets across 13 states with ~21-year residual concession life provide long-term cash flow visibility. Key risks include a 7% YTD stock decline, flat consolidated sales growth, and revenue declines at select toll assets like Hapur Moradabad. With a potential FY28 toll hike to 6.4%, the InvIT monetisation strategy progressing, and festive season traffic tailwinds ahead, the operational trend is clearly improving even as the stock price catches up.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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
1,756
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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
92
99
116
98
104
138
46
22
63
142
62
54
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.57%Govt.0.01%FIIs43.87%DIIs10.15%Public13.60%Promot.30.81%As ofJun 2026
0.03% of promoter holding pledged as of Jun 2026

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. It is also in other business segments in the infrastructure sector, including maintenance of roads, construction, airport development an...
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 market capitalisation of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd has a market capitalisation of ₹23,492 Cr, which places it in the Large Cap band.
What is the PE ratio of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd trades at a PE ratio of 24.86, on earnings per share of ₹1.01, 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 ₹18.76 and ₹43.77.
Does IRB Infrastructure Developers Ltd pay dividends?
IRB Infrastructure Developers Ltd has a dividend yield of 0.25%.
What is the Return on Equity (ROE) of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd reported a return on equity of 4.06%. 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.[1]

Website irb.co.in
CEO Mr. Virendra Dattatraya Mhaiskar
Employees 3,258
Listed 2008-02-25
Face Value ₹ 1
Issued Size 6,03,90,00,000

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