IRB Infrastructure Trust
IRB Infrastructure Trust
ServicesKey Fundamentals
SmallcapToll Road AssetsTransportTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Company has low interest coverage ratio.
- Company has a low return on equity of 3.46% over last 3 years.
- Promoters have pledged 37.9% of their holding.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoIRB Infrastructure Trust trades at a market cap of ₹25,613 Cr with a PE of 10.7x and PB of 2.04x. The trust has delivered exceptional TTM sales growth of 45% and profit growth of 1,179%, though its 3-year average ROE of just 3% and significant promoter pledging of 37.9% reflect structural concerns.
- TTM revenue growth of 45% signals strong toll collection momentum and traffic ramp-up across operational road assets
- TTM profit growth of 1,179% indicates a sharp turnaround in profitability, likely driven by operating leverage on maturing toll assets
- 3-year compounded sales CAGR of 46% demonstrates sustained top-line expansion, not a one-off spike
- PE of 10.7x is relatively modest for an infrastructure trust with 45% revenue growth, suggesting earnings are not excessively priced
- Last year ROE surged to 15%, a significant improvement over the 3-year average of 3%, indicating improving capital efficiency
- 3-year compounded profit CAGR of 131% reflects a structural shift toward profitability as toll assets mature past their initial ramp-up phase
- Dividend yield of 0.78% provides a base level of cash return to unitholders, consistent with InvIT distribution norms
- Promoters have pledged 37.9% of their holding, creating significant governance and downside risk if asset values decline
- Low interest coverage ratio indicates the trust's operating earnings may be insufficient to comfortably service its debt obligations
- 3-year average ROE of just 3% and 5-year average of 1% suggest historically poor returns on equity capital deployed
- Debt-to-equity ratio is unavailable, limiting visibility into the trust's leverage position — a critical metric for an infrastructure InvIT
- PB ratio of 2.04x means unitholders are paying more than twice book value, which demands sustained high earnings growth to justify
- Dividend yield of only 0.78% is low for an InvIT structure, which typically attracts investors seeking regular income distributions
- 52-week high and low data are unavailable, making it difficult to assess current price relative to recent trading range
- Infrastructure trusts carry inherent concession-period risk — toll assets revert to NHAI at expiry, creating a finite earnings life for each asset
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago- 5-6% yearly traffic growth guidance Jul 31
IRB Infra Trust projected 5-6% yearly traffic growth with expectations of improved performance over recent estimates, reflecting confidence in sustained toll revenue demand across its road assets.
TL;DR: Limited recent news flow for IRB Infrastructure Trust. The company has guided for steady 5-6% annual traffic growth, signaling management confidence in toll revenue trajectory. No material headwinds or catalysts emerged in this period. The outlook remains stable, contingent on actual traffic volumes meeting guidance.
Quarterly Results
| Particulars | Dec 2022 | Mar 2023 | Jun 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 583 | 1,294 | 738 | 1,140 | 1,251 | 1,156 | 1,070 | 1,904 | 1,726 | 1,287 | 4,042 | 1,495 | 1,641 |
| Expenses | 269 | 717 | 501 | 777 | 720 | 697 | 477 | 1,196 | 1,003 | 632 | 788 | 700 | 821 |
| Operating Profit | 314 | 577 | 237 | 363 | 531 | 459 | 593 | 708 | 724 | 655 | 3,254 | 795 | 820 |
| OPM % | 54% | 45% | 32% | 32% | 42% | 40% | 55% | 37% | 42% | 51% | 81% | 53% | 50% |
| Other Income | 1 | 1 | 0 | 27 | 0 | 2 | 24 | 23 | 8 | 22 | 57 | 35 | 28 |
| Interest | 266 | 523 | 277 | 423 | 516 | 532 | 544 | 608 | 623 | 646 | 614 | 590 | 674 |
| Depreciation | 73 | 158 | 82 | 96 | 131 | 120 | 114 | 89 | 132 | 120 | 145 | 195 | 196 |
| PBT | -25 | -102 | -122 | -129 | -116 | -191 | -41 | 34 | -23 | -89 | 2,552 | 45 | -22 |
| Tax % | 28% | 13% | -6% | -13% | -1% | -10% | 14% | 15% | 88% | -2% | 4% | -2% | -46% |
| Net Profit | -32 | -115 | -115 | -113 | -115 | -172 | -47 | 29 | -43 | -87 | 2,459 | 46 | -12 |
| EPS in Rs | — | — | — | -0.96 | -0.98 | -1.47 | -0.4 | 0.25 | -0.38 | -0.74 | 20.98 | 0.38 | -0.03 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 1,240 | 2,691 | 3,893 | 5,335 | 8,397 | 8,465 |
| Expenses | 643 | 1,641 | 2,949 | 3,089 | 3,019 | 2,941 |
| Operating Profit | 597 | 1,050 | 944 | 2,246 | 5,378 | 5,524 |
| OPM % | 48% | 39% | 24% | 42% | 64% | 65% |
| Other Income | 10 | 26 | 84 | 95 | 103 | 141 |
| Interest | 954 | 1,026 | 1,447 | 2,201 | 2,378 | 2,524 |
| Depreciation | 167 | 281 | 365 | 454 | 618 | 655 |
| PBT | -515 | -230 | -784 | -315 | 2,485 | 2,486 |
| Tax % | -14% | -1% | -15% | -3% | 4% | — |
| Net Profit | -444 | -227 | -665 | -305 | 2,376 | 2,406 |
| EPS in Rs | — | — | -5.67 | -2.63 | 20.23 | 20.59 |
| Div. Payout % | 0% | 0% | -93% | -82% | 20% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 8,550 | 8,793 | 13,509 | 15,089 | 15,623 |
| Reserves | -811 | -1,040 | -72 | -168 | 954 |
| Borrowings | 9,728 | 10,508 | 21,532 | 19,207 | 31,440 |
| Other Liabilities | 5,690 | 6,087 | 5,207 | 12,229 | 5,801 |
| Total Liabilities | 23,157 | 24,348 | 40,176 | 46,357 | 53,817 |
| Fixed Assets | 22,247 | 22,903 | 31,764 | 26,401 | 51,246 |
| CWIP | 129 | 242 | 6,482 | 5,134 | 0 |
| Investments | 66 | 128 | 152 | 187 | 266 |
| Other Assets | 715 | 1,074 | 1,777 | 14,635 | 2,305 |
| Total Assets | 23,157 | 24,348 | 40,176 | 46,357 | 53,817 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 1,988 | 1,351 | 239 | 2,890 | 2,494 |
| Investing | -1,831 | -1,380 | -16,033 | -3,538 | -6,164 |
| Financing | -170 | 73 | 15,881 | 826 | 3,501 |
| Net Cash Flow | -13 | 44 | 87 | 177 | -169 |
| Free Cash Flow | 227 | 246 | -15,226 | 1,181 | -11,788 |
| CFO/OP | 332 | 132 | 27 | 130 | 48 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 2 | 1 | 1 | 1 | 0 |
| Cash Conversion Cycle | 2 | 1 | 1 | 1 | 0 |
| Working Capital Days | -461 | -270 | -75 | 255 | -39 |
| ROCE % | — | 4% | 2% | 5% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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36 extracted metrics + investor summaries across FY22–FY26.
Documents
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Company Information
IRB Infrastructure Trust is engaged in to invest in infrastructure assets primarily being in the road sector in India which in the context of Ind AS 108 - Operating Segments is considered as the only segment.
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