IRB Infrastructure Developers Limited

IRB Infrastructure Developers Limited

IRB.NS
IRB Infrastructure Developers LimitedIN flagNational Stock Exchange of India
20.46
INR
-0.23
- -
247.12BMarket Cap
IRB Infrastructure Developers Limited
IRB.NS
(National Stock Exchange of India)

Recent

price

20.46

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
265,967

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
Business
IRB Infrastructure Developers Limited is a leading multinational infrastructure company primarily engaged in the development, construction, operation, and maintenance of highways and road infrastructure primarily in India. Founded in 1998 and headquartered in Mumbai, India, the company offers a comprehensive portfolio of products and services including buildup, operate, and transfer (BOT) road projects; hybrid annuity model (HAM) projects; toll road operations; engineering, procurement, and construction (EPC) services; and operations and maintenance (O&M) contracts. IRB Infrastructure also operates in related segments such as real estate development, wind energy projects, hospitality, and airport infrastructure. The company holds one of the largest portfolios of road BOT and HAM projects in India, with over 20 BOT projects and multiple HAM projects under execution. It serves key government clients including the National Highways Authority of India (NHAI) and various state road development authorities. IRB Infrastructure's product offerings include construction and maintenance of national highways, expressways, bridges, and allied infrastructure, along with specialized projects like the development of cable-stayed bridges and integrated highway corridors. Recent major developments at IRB Infrastructure include the strategic sale of its Gandeva Ena HAM project, part of the Delhi to Mumbai Greenfield Motorway Project, to its sponsored IRB InvIT Fund for approximately Rs 513 crore, improving the company’s consolidated net debt-to-equity ratio. Additionally, the IRB InvIT Fund completed the acquisition of three highway assets from the IRB Infrastructure Trust, unlocking capital to pursue further infrastructure opportunities worth over Rs 15,000 crore. The company also expanded its portfolio through signing multiple high-value concession agreements in 2023 and 2024 for toll-operate-transfer projects such as the Hyderabad Outer Ring Road, Lalitpur Lakhnadon stretch of NH44, and Samakhiyali Santalpur BOT project. The entity continues to pursue large-scale highway construction contracts under the Indian government’s Bharatmala Pariyojana program and maintain significant operational toll revenue growth. IRB Infrastructure operates primarily within the Indian subcontinent but maintains a multinational presence through its various infrastructure investments and operations. The company integrates its in-house capabilities in project execution, financing, and maintenance to deliver comprehensive transport infrastructure solutions while maintaining synergies between its core BOT/HAM projects and EPC operations. Its strategic alliances include partnerships with institutional investors through its InvIT and Trust structures, along with collaborations with global infrastructure entities such as Ferrovial’s Cintra subsidiary. In summary, IRB Infrastructure Developers Limited is a comprehensive transport infrastructure developer with a diversified portfolio of road and highway assets, supported by in-house construction capabilities, a growing InvIT platform, and recent asset monetization initiatives aimed at strengthening its financial position and scaling future growth opportunities in India's expanding infrastructure sector.