IRB Infrastructure: Dec 2025 toll up 12% to ₹754 crore

What drove IRB Infra into focus

IRB Infrastructure Developers (IRB) came into focus after disclosing stronger toll collections for December 2025. The update mattered because toll revenue is a key operating metric for road developers, particularly those running portfolios through infrastructure investment trusts (InvITs). IRB’s December numbers showed a year-on-year improvement, supported by traffic growth across major corridors.

The company’s broader narrative has also been shaped by its asset monetisation strategy through two InvIT platforms and its participation in NHAI’s toll-operate-transfer (TOT) programme. Alongside the operating update, investors have also been tracking capital actions such as a 1:1 bonus issue and an interim dividend, as mentioned in the provided context.

December 2025 toll collections rose 12% YoY

IRB reported aggregate toll revenue of ₹754 crore for December 2025, up from ₹675 crore in December 2024, a rise of about 12% year-on-year. The company said the collections include revenue from its two InvITs, IRB InvIT Fund (Public InvIT) and IRB Infrastructure Trust (Private InvIT).

Amitabh Murarka, Deputy CEO of IRB Infra, linked the improvement to traffic trends and macro momentum, saying, “The group witnessed strong and consistent traffic growth, driving robust toll revenue growth for the month of December 2025, supported by healthy GDP expansion.”

Top contributing assets in December

Among IRB’s assets, a few corridors accounted for a meaningful share of the month’s toll collections.

• IRB MP Motorway (Maharashtra) contributed ₹170.3 crore, up from ₹163.4 crore a year earlier.
• IRB Ahmedabad Vadodara Super Express Tollway contributed ₹84.1 crore, up from ₹70.7 crore.
• IRB Golconda Motorway (Hyderabad ORR) contributed ₹78.8 crore, up from ₹71.3 crore.

Momentum visible across recent months

IRB’s recent monthly updates have pointed to a continuing uptrend across parts of FY26. The company reported ₹716 crore toll revenue for November 2025, up from ₹618 crore in November 2024 (a 16% YoY rise). It also reported toll collection of ₹556.7 crore for September, up from ₹501.8 crore in the corresponding period.

Another operational update cited combined revenues of ₹563 crore for August 2025, compared with ₹503 crore in August 2024. Separately, IRB and its Private InvIT associate reported January aggregate toll collection of ₹560 crore, up from ₹468 crore in January 2024.

InvIT structure and monetisation remain central

The company’s involvement with IRB InvIT Fund and IRB Infrastructure Trust has been positioned as a way to unlock capital via asset monetisation. The provided context said this trend is expected to continue with future asset transfers. IRB has also indicated it intends to explore additional opportunities in the TOT segment.

For the Private InvIT, the provided context reported toll revenue of ₹9.5 crore, versus ₹10.5 crore in FY25 and ₹8.5 crore in FY24.

TOT wins: Odisha award and TOT-17 bundle

IRB has been active in NHAI’s highway monetisation pipeline. On January 6, IRB bagged a TOT project from NHAI in Odisha for an upfront consideration of ₹3,087 crore, as per the provided market report.

Separately, IRB Infrastructure Trust received a Letter of Award for the TOT-17 bundle, involving an upfront consideration of ₹9,270 crore for a 20-year revenue-linked concession. The award covers 366 km along the Lucknow-Ayodhya-Gorakhpur corridor on NH-27 and part of the Lucknow-Varanasi corridor on NH-731.

Segment mix in Q3FY26 versus Q2FY26

The provided context also detailed how IRB’s segment contributions shifted quarter-on-quarter. In Q3FY26, the contributions from construction, TOT, and InvITs/other segments were 41.9%, 37.8%, and 20.4%, respectively. This compared with 46.8%, 35.8%, and 17.3% in Q2FY26.

Stock move and key market metrics

IRB shares saw intraday action following the toll update. The stock gained 2.4% to touch an intraday high of ₹43.35 on January 8, while another print cited ₹43.34 on the BSE on the same day. At 11:25 AM, the stock was quoted at ₹42.50 on the NSE, up 0.4%.

Over the past month, the stock was reported up 1.2%, while over six months it was down over 14%. On a year-on-year basis, it was reported down 26%. Market capitalisation was reported at ₹25,629.52 crore (also cited near ₹25,647.63 crore in another update). The stock’s one-year high was cited at ₹60.88 (also reported at ₹61.98), while the 52-week low was cited around ₹40.51 to ₹40.54.

Bonus issue, dividend, and analyst view

The provided context said IRB declared a 1:1 bonus share along with an interim dividend. It also said growth in APAT was attributed to robust operations and cost management, without disclosing the APAT figure.

On the brokerage side, the provided note said it maintained an ADD rating, revised EPC estimates downward due to weaker ordering activity, and updated its sum-of-the-parts target price to ₹54 per share.

Key data snapshot

Why the update matters for investors

Monthly toll data is an operational marker for road platform cash generation, especially when a portfolio is split across a parent company and InvITs. The December update, combined with November’s growth, points to steady collections across key assets such as MP Motorway, Ahmedabad-Vadodara, and Hyderabad ORR.

At the same time, the company’s emphasis on asset monetisation via InvITs and an expanding TOT footprint highlights how IRB is trying to recycle capital. The provided context also flags a potential counterweight: a slowdown in EPC ordering activity, which led to a downward revision in EPC estimates by the analyst note.

What to watch next

Investors will likely monitor the cadence of future asset transfers into InvITs, the integration and performance of newly awarded TOT assets, and subsequent monthly toll trends. Additional clarity on how new TOT awards translate into reported collections will be a key operating datapoint.

Any further disclosures around dividend timing, bonus issue record dates, and order inflows in construction and EPC will also shape near-term tracking. The company’s target of building a larger asset portfolio, as referenced in management commentary around recent awards, keeps attention on future NHAI monetisation opportunities.