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IRB Infrastructure Developers Limited

IRB Infrastructure Developers Limited

IRB.BO
IRB Infrastructure Developers LimitedIN flagBombay Stock Exchange
20.70
INR
-0.60
- -
250.01BMarket Cap
IRB Infrastructure Developers Limited
IRB.BO
(Bombay Stock Exchange)

Recent

price

20.70

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
3.67
4.71
5.55
5.61
5.78
7.3
8.32
8.1
9.54
9.71
7.4
6.84
5.24
6.1
5.85
10.48
5.27
Revenue per Share
0.7
0.75
0.84
0.69
0.82
0.91
1.02
1.31
1.21
1.03
0.17
0.43
0.6
0.5
5.37
1.41
0.71
Basic EPS, GAAP
-1.03
-1.97
-1.55
-1.5
-0.73
-1.17
0.59
-2.61
-2.15
-2.13
-9.85
-1.23
1.1
3.16
1.47
2.26
- -
Free Cash Flow per Basic Share
0.11
0.17
0.15
0.25
0.1
0.3
0.1
0.4
0.13
- -
0.25
- -
0.06
0.14
0.2
0.21
- -
Dividend per Share
1.9
2.48
2.98
3.38
3.96
4.42
5.04
5.64
6.93
7.94
7.85
7.36
5.6
5.96
11.14
1
0.5
Book Value per Share
-4.48
-7.01
-10.08
-13.68
-47.85
-48.3
-36.45
-43.79
-42.99
-30.15
-29.44
-16.58
-10.07
-8.99
-3.15
-3.32
-1.67
Tangible Book Value per Share
6,647
6,647
6,647
6,647
6,654
7,029
7,029
7,029
7,029
7,029
7,029
8,315
12,078
12,078
12,068
6,039
12,013
Basic Weighted Avg Shares
24,381
31,330
36,872
37,319
38,489
51,279
58,459
56,941
67,070
68,229
52,030
56,891
63,246
73,625
70,620
63,298
63,298
Sales/Revenue/Turnover
36.5
34.45
32.49
34.4
39.28
35.43
37.68
37.74
35.84
36.82
37.21
37.23
38.03
31.9
28.56
24.04
24.04
Operating Margin (%)
2,254
2,970
4,415
4,771
7,071
8,533
8,548
5,440
5,395
4,683
5,817
6,828
8,321
9,949
10,376
11,420
11,420
Depreciation Expense
4,641
4,960
5,567
4,591
5,429
6,391
7,155
9,197
8,500
7,209
1,171
3,614
7,200
6,058
64,807
8,504
8,504
Net Income, GAAP
19.41
23.83
21.65
28.39
20.99
26.5
27.29
37.18
42.31
38.66
55.22
34.25
33.14
36.33
5.55
31.85
31.85
Effective Tax Rate (%)
19.03
15.83
15.1
12.3
14.11
12.46
12.24
16.15
12.67
10.57
2.25
6.35
11.38
8.23
91.77
13.43
13.43
Profit Margin (%)
-1,792
1,096
-3,817
-232
-1,432
-7,255
16,161
-46,993
-32,710
-82,915
2,469
22,502
26,607
9,302
21,626
9,021
9,021
Working Capital
30,991
50,455
66,349
93,980
108,044
338,950
120,897
118,313
144,076
64,657
170,567
154,832
142,522
168,543
187,140
177,918
177,918
LT Debt
25,222
29,689
33,648
35,963
43,959
48,718
52,716
56,925
63,152
66,829
69,008
125,656
133,789
137,445
198,266
209,488
209,488
Total Equity
11.93
9.64
8.44
6.83
7.52
4.56
5.26
6.93
6.49
7.87
4.1
5.01
5.4
4.76
5.21
2.54
2.54
Return on Invested Capital (%)
15.65
12.18
10.61
8.25
8.94
5.17
5.89
8.54
7.54
9.11
4.29
6.51
7.27
6.96
27.29
7.49
7.49
Return on Capital (%)
43.2
34.05
30.66
21.73
22.26
22.27
21.52
24.5
19.24
13.8
2.11
6.21
11.17
8.67
62.8
12.11
12.11
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
23,126
- -
22,353
LT Borrowings
185,219
- -
177,769
LT Finance Leases
171
- -
149
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
12,078
- -
12,078
Market Capitalization
251,646
256,735
265,606

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
53,090
- -
46,817
Cash, Cash Equivalents & STI
35,738
- -
27,144
Accounts Receivable, Net
4,169
- -
1,554
Inventories
3,029
- -
3,670
Total Current Liabilities
39,465
- -
37,796
Payables & Accruals
- -
- -
- -
ST Debt
23,126
- -
22,353
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
17.74%
28.24%
5.66%
Free Cash Flow
-55.41%
-41.11%
-22.94%
Net Income, GAAP
110.87%
234.94%
-86.88%
Sales/Revenue/Turnover
2.96%
4.49%
-10.37%
Total Cash Common Dividend
- -
- -
-47.5%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
16,342
17,450
19,685
20,147
73,625
2025
18,529
15,858
17,806
18,426
70,620
2026
18,659
14,476
14,899
15,264
63,298

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
0.08
0.16
- -
0.5
2025
0.12
0.08
4.99
0.17
5.37
2026
0.17
0.12
0.18
0.25
1.41

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.14
2025
- -
- -
- -
- -
0.2
2026
- -
- -
- -
- -
0.21
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Business
IRB Infrastructure Developers Limited IRB Infrastructure Developers Limited (IRB.BO) serves as one of India's leading integrated infrastructure developers, specializing in the development, construction, operation, and maintenance of roads and highways through Build-Operate-Transfer (BOT), Hybrid Annuity Mode (HAM), and Toll-Operate-Transfer (TOT) models; it also offers Engineering, Procurement, and Construction (EPC) services, along with operations in airport infrastructure, real estate development, and hospitality. The company manages a robust portfolio of 26 highway projects spanning 15,500 operational lane kilometers across 12 states in India, including landmark assets such as the Ahmedabad-Vadodara Expressway, Mumbai-Pune Expressway, and recent additions like the Gandeva to Ena HAM project in Gujarat and the Lucknow-Ayodhya-Gorakhpur TOT-17 corridor; its subsidiaries and special purpose vehicles (SPVs) handle these initiatives, with IRB acting as the project manager for its sponsored IRB InvIT Fund and IRB Infrastructure Trust. Founded in 1998 and headquartered in Mumbai, Maharashtra, IRB operates primarily in the transport infrastructure sector, targeting government authorities like the National Highways Authority of India (NHAI) and state bodies, while leveraging an asset base exceeding Rs 80,000 crore. Recent developments include the IRB InvIT Fund's completion of a Rs 3,248 crore institutional placement in October 2025 and acquisition of three highway assets at an enterprise value of Rs 8,436 crore in November 2025; the company's board approval in November 2025 to offer the VM7 HAM project to IRB InvIT Fund; IRB Infrastructure Trust's receipt of Letter of Award for the Rs 9,270 crore TOT-17 project in November 2025; unitholder approval in July 2025 for acquiring three DBFOT SPVs from the private InvIT at Rs 8,436 crore enterprise value; and the 2024 acquisition of a 24% stake in IRB Infrastructure Trust by Cintra, a Ferrovial subsidiary, enhancing strategic partnerships and growth in sustainable infrastructure.