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IRB Infrastructure Trust

IRBIT NSE
₹220.22 No trade today
P/E
10.70
View as Markdown
MCP

No trades in 1Y · Last traded

Key Fundamentals

SmallcapTransport InfrastructureServices

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

ROCE
11.90%
Debt to Equity
1.90
EPS (TTM)
₹20.59
Book Value
₹103.23
Market Cap
—
P/E (TTM)
10.70
P/B
2.13
ROE
15.30%
Dividend Yield
0.78%
EBITDA
—
52W High
—
52W Low
—
Volume
0

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral000
OscillatorsNeutral000
Moving AveragesNeutral000

As of , the latest day with price data, so these readings are not current.

Growth Rate

From the financial statements below. 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
3Y+46.13%
1Y+57.39%
TTM+44.55%

Net profit

Net profit growth by window
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
3Y+22.67%
1Y−13.70%
TTM—

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

Operating margin· change in pp

Operating margin growth by window
3Y+25.03 pp
1Y+21.95 pp
TTM+22.84 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2022₹1,240 Cr
Mar 2023₹2,691 Cr
Mar 2024₹3,893 Cr
Mar 2025₹5,335 Cr
Mar 2026₹8,397 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2022−₹444 Cr
Mar 2023−₹227 Cr
Mar 2024−₹665 Cr
Mar 2025−₹305 Cr
Mar 2026₹2,376 Cr

AI Analysis — Bull vs Bear

Generated 26 Sep 2026
AI opinion · based on fundamentals
Risk high

IRB Infrastructure Trust (IRBIT) is a road-focused infrastructure investment trust with a market capitalisation of about Rs 25,812 crore, trading at a P/E of 10.7x and a P/B of 2.04x. Growth has been strong, with sales compounding at 46% over 3 years (45% TTM) and profit at 131% over 3 years (1,179% TTM), and ROE rose to 15% last year. Against this, the 3-year average ROE is only about 3%, interest coverage is low, and 37.9% of promoter holding is pledged.

Bull Case 7
  • Revenue has compounded at 46% over the last 3 years and 45% on a TTM basis. This points to steady growth in the underlying toll-road portfolio, from more assets and higher toll collections.
  • Profit has grown at a 131% CAGR over 3 years, and TTM profit growth is 1,179%. Earnings appear to be turning around sharply as newer assets mature past their early high-cost phase.
  • ROE rose to 15% last year from a 3-year average of about 3% and a 5-year average of about 1%. If this holds, returns on the equity base are improving meaningfully.
  • A trailing P/E of 10.7x is modest compared with profit growth of 131% CAGR over 3 years. This suggests the market price reflects only a small part of recent earnings momentum.
  • Near-term results are expected to be good (a known positive). Revenue is already growing at 45% TTM, which gives the next few quarters some visibility.
  • At a market capitalisation of about Rs 25,812 crore, the trust is one of the larger road InvIT platforms. That scale supports access to capital and the ability to buy more assets.
  • A P/B of 2.04x, with ROE now at 15%, means the market is paying a moderate premium to book value that is backed by the latest year's returns.
Bear Case 8
  • ROE over the last 3 years averages only about 3.46%, and about 1% over 5 years. The 15% ROE last year is a single data point and has not yet been sustained.
  • Promoters have pledged 37.9% of their holding. Pledging at this level adds governance risk and could lead to forced selling if lenders call margin.
  • Interest coverage is low. For a leveraged road portfolio, this leaves little buffer against higher interest rates or weaker toll traffic.
  • The 1,179% TTM profit growth comes off a very low base. It likely overstates the underlying earnings trend and may not hold, so the 10.7x P/E could be flattering.
  • The dividend yield is only 0.78%, low for a yield-oriented infrastructure trust. Much of the cash to unitholders may come as interest or capital repayment rather than recurring dividends.
  • At a P/B of 2.04x, the market is paying twice book value, while the multi-year ROE is only about 3%. Unless the 15% ROE persists, the premium looks high relative to past returns.
  • Key data is missing: debt-to-equity, ROCE, EPS, 52-week price range, and stock returns across all periods. This limits transparency and suggests low trading liquidity.
  • Toll-road concessions have fixed tenures, and toll rates follow regulated inflation-linked formulas. The 46% 3-year revenue CAGR depends partly on acquisitions and may slow as the portfolio matures.

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

AI News Digest

67d ago

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.

Neutral 1
  • 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.

Quarterly Results

₹ Cr
IRBIT quarterly results, ₹ crore
Particulars Dec 2022Mar 2023Jun 2023Dec 2023Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 (₹)
—
—
—
−0.96
−0.98
−1.47
−0.4
0.25
−0.38
−0.74
20.98
0.38
−0.03

Profit & Loss

₹ Cr
IRBIT profit and loss, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
—
—
−5.67
−2.63
20.23
20.59
Div. Payout %
0%
0%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
20%
—

Balance Sheet

₹ Cr
IRBIT balance sheet, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
IRBIT cash flow, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
332
132
27
130
48

Ratios

IRBIT financial ratios, annual
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

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

Log in to view IRB Infrastructure Trust insights

35 extracted metrics across FY22–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 51.02%
  • Others 48.98%

Pledge data not available

Change vs previous quarter

Documents

Frequently Asked Questions about IRB Infrastructure Trust

What does IRB Infrastructure Trust do?
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.
Where is IRB Infrastructure Trust (IRBIT) listed?
IRB Infrastructure Trust trades as IRBIT on the NSE.
Which sector does IRB Infrastructure Trust belong to?
IRB Infrastructure Trust is classified under the Services sector, in the Transport Infrastructure industry.
What is the PE ratio of IRB Infrastructure Trust?
IRB Infrastructure Trust trades at a PE ratio of 10.70 as of 4 Nov 2026, on earnings per share of ₹20.59, against a book value of ₹103.23 per share.
Does IRB Infrastructure Trust pay dividends?
IRB Infrastructure Trust has a dividend yield of 0.78%.
What is the Return on Equity (ROE) of IRB Infrastructure Trust?
IRB Infrastructure Trust reported a return on equity of 15.30%. Its debt-to-equity ratio is 1.90.

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.

Face Value ₹100

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