IRB’s InvITs hold 14,835 lane km and Rs 42,100 crore O&M backlog

IRB Infrastructure Developers Ltd manages a 17,071-lane-km road portfolio in 2026, of which 14,835 lane km sit in its private and public Infrastructure Investment Trusts (InvITs), while its project-management business reported a Rs 42,100 crore operations and maintenance (O&M) order book as of September 30, 2026. IRB’s model therefore combines road ownership, asset rotation and long-term operating contracts.

How is IRB’s 17,071-lane-km portfolio allocated?

IRB allocates 9,521 lane km to its private InvIT, 5,314 lane km to its public InvIT and 2,236 lane km to wholly owned concessions. The InvIT platforms therefore account for 14,835 lane km, or most of the 17,071-lane-km portfolio, while the listed company retains ownership of four concession assets.

IRB reports that 16,291 lane km are fully operational, 545 lane km are under construction and tolling at 75%, and 235 lane km are under development or construction. Its cumulative portfolio increased from 13,754 lane km in 2022 to 17,071 lane km in 2026, after reaching 7,348 lane km in 2018.

IRB’s 17,071 lane km span 13 states, with Uttar Pradesh contributing 3,588 lane km, Rajasthan 2,678 lane km, Maharashtra 2,432 lane km and Gujarat 1,942 lane km. The company also reports an approximately Rs 94,000 crore highway asset base and a weighted average residual concession life of about 21 years.

What do IRB’s InvITs contribute to the business model?

IRB’s private and public InvITs provide the group’s main asset-rotation structure, with IRB holding 51% of the private InvIT and about 16% of the public InvIT. Both platforms are rated AAA according to the presentation and hold assets across build-operate-transfer (BOT), toll-operate-transfer (TOT) and hybrid annuity model (HAM) structures.

The private InvIT contains 12 projects covering 9,521 lane km, including the 1,455-lane-km Lucknow-Ayodhya-Gorakhpur and Lucknow-Sultanpur projects and the 1,264-lane-km Hyderabad Outer Ring Road TOT asset. The portfolio is described as revenue generating, including one asset under construction and tolling, and it declared cumulative distributions of Rs 1,498 crore through Q2FY27 after beginning regular distributions in Q2FY24.

Private InvIT average daily toll collection rose from Rs 5.8 crore in FY23 to Rs 13.6 crore in FY26, before declining to Rs 13.2 crore in H1FY27. IRB notes that three project assets were transferred to the public InvIT from November 1, 2025, meaning the FY26 and H1FY27 figures cover a changed asset base.

The public InvIT has 11 stabilised, revenue-generating assets covering 5,314 lane km and declared a Rs 269 crore distribution in Q2FY27. Distributions to IRB increased from Rs 74.6 crore in FY23 to Rs 116.2 crore in FY26, while H1FY27 distributions were Rs 77.8 crore; the presentation says about 16% of the public InvIT’s cash flow goes to IRB as sponsor.

What assets does IRB retain outside its InvITs?

IRB retains four wholly owned concessions with 2,236 lane km, comprising one TOT project, one BOT project and two HAM projects. Mumbai-Pune TOT has 1,014 lane km and Ahmedabad-Vadodara BOT has 987 lane km including extensions, while the two HAM projects represent the remaining 235 lane km under construction.

Pathankot-Mandi Package 1 and Chittoor-Thachur Package 4 are the two HAM projects under construction, with concession end dates of December 2040 and November 2040 respectively. IRB states that both HAM assets will be offered to the public InvIT after construction completion, setting out a planned route for further asset rotation.

Average daily toll collection for the wholly owned portfolio rose from Rs 4.8 crore in FY22 to Rs 7.5 crore in FY26 and reached Rs 8 crore in H1FY27. IRB carries out construction and O&M for all four assets, including the two projects it plans to offer to the public InvIT.

IRB reported consolidated net debt to equity of 0.53 times in FY26, compared with 0.59 times in FY25. Its net debt was Rs 11,100 crore in FY26 and Rs 10,500 crore in Q2FY27, while net worth rose from Rs 20,900 crore in FY26 to Rs 21,300 crore in Q2FY27.

How does IRB’s project-management business support revenue?

IRB’s project-management services business had a Rs 42,100 crore O&M order book within a total Rs 43,300 crore order book as of September 30, 2026. Engineering, procurement and construction (EPC) accounted for the remaining Rs 1,200 crore, making O&M the dominant component of the disclosed backlog.

IRB identifies Rs 4,000 crore of the order book as executable in the next two years, including Rs 2,800 crore of O&M and Rs 1,200 crore of EPC. The difference between the Rs 42,100 crore O&M backlog and the Rs 2,800 crore near-term O&M amount indicates that most disclosed O&M work extends beyond that two-year execution period.

IRB says it has experience managing about 21,000 lane km across 41 projects and provides project-management services for all group assets. Its stated operating tools include an in-house equipment bank, automated technologies, leased stone-aggregate mines and artificial-intelligence-assisted real-time O&M controls.

The broader road platform has about 97% FASTag penetration and handles approximately 1.5 million vehicles a day, according to IRB. The company also reports toll collection of more than Rs 1 crore an hour, linking its in-house tolling and maintenance functions to traffic operations across the group portfolio.

Conclusion

IRB’s disclosures show a road platform weighted toward InvIT-held assets, with 14,835 of 17,071 lane km held through the two trusts and 2,236 lane km retained in wholly owned concessions. Alongside toll collections and sponsor distributions, the Rs 42,100 crore O&M order book positions project management as the largest component of the stated Rs 43,300 crore backlog.

The next disclosed milestones are execution of Rs 2,800 crore of O&M work over the next two years and construction completion of the Pathankot-Mandi and Chittoor-Thachur HAM projects, which IRB says it will offer to the public InvIT. Investors can also watch public InvIT distributions after asset transfers, following its Rs 269 crore Q2FY27 distribution.