IRB April 2026 toll revenue up 24% to ₹794 crore

April numbers signal a firm start to FY27

IRB Infrastructure Developers Ltd and its two infrastructure investment trusts (InvITs) reported a strong start to FY27, with toll revenue rising 24% year-on-year in April 2026. The group said the improvement was supported by traffic growth, tariff revisions, and the addition of new highway projects. Toll collections stood at ₹793.5 crore in April 2026, compared with ₹641.8 crore in April 2025. The company also reported the same year-on-year rise on a consolidated basis across 24 projects. The April print keeps IRB’s monthly collections near recent highs, after a strong March 2026 performance. For investors tracking road asset operators, monthly toll updates are a direct read on underlying traffic, tariff resets, and the pace at which new assets start contributing.

What drove April’s 24% jump

The company attributed the year-on-year rise to a combination of higher traffic and tariff revisions across the portfolio. It also pointed to new projects being added, expanding the base of tolling assets. Management commentary linked the improvement to momentum across the portfolio rather than a one-off factor. Amitabh Murarka, Deputy Chief Executive Officer of IRB Infrastructure Developers, said the group had commenced FY27 on a positive note, with revenue growth maintaining healthy momentum across its portfolio.

In the broader context, IRB has been adding toll-operate-transfer (TOT) assets, which can lift reported toll revenue once the assets begin tolling for a full month. The group has also indicated that additional assets could start contributing, which would add to the portfolio effect. Separately, a management commentary in the provided context noted that the company started a TOT project in Odisha from April and expects revenue to begin from the Ganga Expressway as well.

Consolidated portfolio: 24 projects in April

IRB reported that toll revenue on a consolidated basis across 24 projects rose from ₹641.8 crore to ₹793.5 crore year-on-year in April. That 24-project footprint matters because the group’s toll operations span wholly owned subsidiaries as well as InvIT-managed assets. It also signals that the portfolio is not static, with project count and asset mix shifting over time as new TOT assets are added.

Operationally, month-to-month comparisons can be influenced by seasonality and the timing of tariff revisions, but year-on-year changes help isolate the underlying trajectory. The April update positions IRB among the more closely tracked listed road operators because it discloses monthly toll numbers and links changes to traffic and tariffs.

March 2026 set the base, April extended it

Before April, IRB reported March 2026 gross toll collection of ₹783.5 crore, up 21% year-on-year from ₹648.9 crore in March 2025, driven by improved traffic volumes across its 23-project portfolio. The move from March to April indicates that toll collections remained elevated at the start of the new financial year. While March was across 23 projects and April is reported across 24 projects, the two data points together show continuity in strong collections.

The company has also referenced recent traffic growth in its commentary, with a transcript excerpt indicating that over the past three to four months it was delivering around 7% to 8% traffic growth. This aligns with the narrative that a mix of traffic and tariff actions has supported the revenue line.

Earlier months: February acceleration and January additions

IRB also reported February 2026 aggregate toll revenue of ₹746 crore, up 22% year-on-year from ₹614 crore in February 2025. That acceleration was attributed to traffic growth and the inclusion of a full-month contribution from the newly added IRB Harihara Corridor (TOT-17). Management also flagged the likely commencement of tolling on another new TOT asset, suggesting the portfolio contribution theme could continue.

Separately, the provided context noted that in the latest quarter (December 2025), toll revenues rose 15% year-on-year for January 2026, and that new toll collection points went live on January 23, 2026. These operational milestones help explain why monthly collections can step up as new toll points and assets begin contributing.

Key figures at a glance

Portfolio scale, market share, and FY26 run-rate

The context provided states IRB maintains about a 10% market share of India’s toll revenue and reported annual FY26 collections of ₹8,323 crore. It also described the group as having one of the largest road asset portfolios, including 15,444 lane kilometres, and a TOT market share of 42% after the addition of two TOT assets (TOT-17 and TOT-18). The same context cited ~₹1,000 crore in expected incremental annual toll revenue from FY27 onwards tied to these additions.

Another operational and strategic datapoint in the provided material was an order from the National Highways Authority of India (NHAI) worth ₹9,270 crore for a 20-year project. Management commentary indicated this order is expected to increase the group’s toll revenue by 8% to 10%, and after addition of the asset, it expects toll revenue growth of 18% to 20%.

Market impact: what the numbers mean for investors

Monthly toll collections are a key operating metric for road asset owners because they reflect traffic trends and tariff resets without waiting for quarterly results. In IRB’s case, April’s 24% year-on-year rise extends a run of elevated monthly prints seen in February and March. The combination of tariff revisions and expanding tolling assets is visible in the step-up from ₹641.8 crore in April 2025 to ₹793.5 crore in April 2026.

The provided context also highlights how the market has been pricing the stock: it is down about 30% from its 52-week high of ₹60.95, even as toll revenue growth has been reported in a 15% to 23% range across different months referenced. For investors, the gap between operating momentum (monthly toll growth) and market performance is one of the key discussion points, alongside how quickly newly added TOT assets translate into stable monthly collections.

Analysis: traffic, tariffs, and asset additions

The April data reinforces a familiar three-part driver set for toll operators. First, traffic growth provides the baseline lift, and IRB’s commentary pointed to robust traffic growth across assets. Second, scheduled tariff revisions can support revenue even when traffic growth is moderate, and management has referenced tariff resets as a contributor to growth. Third, portfolio expansion via TOT assets can add a structural step-up, particularly when a new asset contributes for a full month, as cited for TOT-17 in February.

The company’s disclosures also show why portfolio mix matters. March was reported across 23 projects, while April is across 24 projects, indicating asset additions. If more assets begin tolling, monthly collections can rise even if underlying traffic growth stays steady.

Conclusion

IRB’s April 2026 toll revenue of ₹793.5 crore, up 24% year-on-year, underlines a strong opening to FY27, supported by traffic growth, tariff revisions, and a larger tolling portfolio. Management has stated it has started FY27 on a positive note, and the provided context points to additional asset contributions, including a new TOT project in Odisha and expected revenue from the Ganga Expressway. The next set of monthly toll updates will be watched for confirmation on how quickly newer assets add to consolidated collections and whether year-on-year growth remains in the low-20% range.