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Overview

Detailed Summary

IRB Infrastructure Developers Limited is a leading Indian road and highway developer, operator and asset manager focused on BOT, TOT and HAM projects with integrated in‑house EPC and O&M capabilities and sponsorship roles in both Private and Public InvIT vehicles.
IRB has materially accelerated monetisation this year: assets worth ~₹8,400 crores were monetised, equity of ~₹4,900 crores was unlocked and projects aggregating ~₹14,000 crores were added, expanding the company’s asset base from ~₹80,000 crores to ~₹94,000 crores and enabling redeployment into higher‑return opportunities.
Quarterly financials show mixed dynamics: consolidated income fell about 9% to ₹1,912 crores driven by lower construction revenue, while InvIT and BOT income rose substantially, EBITDA edged higher and PAT before exceptions increased by ~14%, reflecting a shift from EPC to annuity and O&M style earnings.
Operational cash flows are strengthening via toll growth and distributions: combined per‑day toll collections rose to ₹17.94 crores, Private InvIT per‑day tolls reached ₹10.17 crores, and the company received distributions from both InvITs, reinforcing IRB’s transition to an asset‑manager model with recurring, high‑margin O&M cashflows.
Strategically IRB is transitioning from hybrid developer to sponsor‑led asset manager, prioritising TOT and long‑tenor O&M contracts over low‑margin EPC; management targets net debt zero by 2030 and expects cash ROE expansion towards mid‑teens through continued monetisation and selective capital redeployment.

Sector: Construction
Industry: Civil Construction
Market Cap: 26,161 Cr
Volatility: Low Risk
P/E Ratio: 30.8
Industry P/E: 25.8
PEG Ratio: 0.8
P/B Ratio: 1.2
52W High: 27.19
52W Low: 18.50

Sales CAGR

1Y: 2.76%
3Y: 24.88%
5Y: 4.87%
10Y: 6.94%

Profit CAGR

1Y: 969.74%
3Y: 159.90%
5Y: 82.25%
10Y: 38.88%

ROE

TTM: 4.06%
3Y: 16.63%
5Y: 12.47%
10Y: 12.73%

ROCE

TTM: 6.02%
3Y: 10.85%
5Y: 8.99%
10Y: 7.97%

Technicals

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Peers

Industrials Construction Construction Civil Construction

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
NBCC		104.05	28,094 Cr	39.02	9.31	0.98	23.86	31.75	4.56
IRB		21.66	26,161 Cr	30.76	1.21	0.69	4.06	6.02	1.57
IRBIT		—	25,812 Cr	10.87	2.04	1.83	14.33	9.68	4.41
KPIL		1288.90	22,067 Cr	21.22	2.84	0.85	13.37	15.81	3.72
CEMPRO		1041.35	17,889 Cr	29.92	7.46	0.00	24.91	31.25	8.44
CMPDI		236.15	16,829 Cr	27.44	7.37	0.00	26.86	34.83	—
KEC		500.00	13,243 Cr	21.87	2.15	1.11	9.83	12.59	2.41
Median: 7 Co.	—	368.07	22,067 Cr	27.44	2.84	0.85	14.33	15.81	4.07

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	1,969	2,061	1,853	1,586	2,025	2,149	2,099	1,751	1,871	1,927
Expenses	1,099	1,171	996	819	1,041	1,151	1,147	826	849	844
Operating Profit	869	890	857	767	984	998	952	925	1,022	1,083
OPM %	44.17	43.17	46.25	48.35	48.59	46.43	45.36	52.80	54.64	56.19
Other Income	58	308	65	82	5,869	69	66	49	-1.60	50
Interest	433	615	439	434	461	458	462	451	436	406
Depreciation	251	274	255	231	265	286	269	262	289	321
Profit Before Tax	243	309	229	183	6,127	323	286	261	295	406
Tax %	23.02	38.88	38.78	45.54	1.64	33.42	29.30	46.00	28.55	26.96
Net Profit	187	189	140	100	6,026	215	202	141	211	296
EPS in Rs	0.16	0.16	0.12	0.09	4.99	0.18	0.17	0.12	0.18	0.13

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	5,846	5,694	6,707	6,852	5,299	5,804	6,402	7,409	7,613	7,859
Expenses	2,798	3,015	3,770	3,881	2,786	3,006	3,173	4,077	4,008	4,159
Operating Profit	3,048	2,679	2,937	2,971	2,513	2,797	3,229	3,332	3,606	3,701
OPM %	52.14	47.06	43.79	43.36	47.42	48.20	50.44	44.97	47.36	47.09
Other Income	123	295	196	237	23	326	195	478	6,085	6,085
Interest	1,333	967	1,120	1,564	1,692	1,891	1,515	1,863	1,792	1,815
Depreciation	855	544	540	468	582	683	832	995	1,038	1,052
Profit Before Tax	984	1,464	1,473	1,175	262	550	1,077	951	6,861	6,919
Tax %	27.29	37.18	42.31	38.66	55.22	34.25	33.14	36.33	5.55	5.43
Net Profit	715	920	850	721	117	361	720	606	6,481	6,543
EPS in Rs	0.59	0.76	0.70	0.56	0.10	0.34	0.60	0.50	5.37	0.59
Dividend Payout %	24.56	19.11	10.34	24.38	0.00	0.00	16.81	30.00	2.80	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	351	351	351	351	351	351	604	604	604	604
Reserves	4,485	4,920	5,341	5,964	6,331	6,549	11,962	12,775	13,141	19,223
Borrowings	14,473	13,020	12,996	15,719	8,537	19,219	16,697	16,748	18,653	20,599
Other Liabilities	22,857	28,349	21,715	18,462	24,669	15,054	13,304	12,639	12,522	13,470
Total Liabilities	42,166	46,641	40,403	40,496	39,888	41,174	42,567	42,766	44,920	53,896
Fixed Assets	35,149	24,388	31,071	32,943	27,671	27,102	27,271	26,480	25,514	24,616
CWIP	4,020	6,806	5,648	3,797	403	673	63	7.54	7.65	0.77
Investments	36	146	945	645	4,146	4,799	4,904	5,141	9,642	17,097
Other Assets	2,961	15,301	2,738	3,111	7,669	8,600	10,329	11,138	9,757	12,182
Total Assets	42,166	46,641	40,403	40,496	39,888	41,174	42,567	42,766	44,920	53,896

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	2,340	3,192	2,132	2,710	3,709	867	364	1,764	4,054	1,971
Cash from Investing Activity	-3,144	-2,981	-2,621	-4,081	-4,932	-8,176	-1,553	-650	-3,645	375
Cash from Financing Activity	671	-202	410	1,438	1,388	7,520	589	-861	-477	-720
Net Cash Flow	-133	9.47	-79	66	165	211	-601	253	-68	1,627

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Apr 2026
Promoters	34.39%	34.39%	34.39%	30.42%	30.42%	30.42%	30.42%	30.42%	30.42%	30.42%	30.79%	30.79%
FIIs	5.48%	5.36%	5.41%	7.67%	9.19%	8.27%	7.51%	6.81%	6.60%	6.52%	7.04%	7.04%
DIIs	49.21%	49.68%	49.60%	44.46%	44.91%	45.39%	46.14%	47.02%	46.38%	46.78%	46.83%	46.83%
Public	10.92%	10.57%	10.59%	17.45%	15.48%	15.93%	15.93%	15.75%	16.60%	16.28%	15.34%	15.34%
Total Shareholders	3,31,140	4,65,282	8,68,966	16,98,570	17,17,191	17,17,295	17,25,502	16,72,808	16,34,099	15,84,438	15,31,356	15,31,354

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