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    Industrial - Infrastructure Operations
IRB InvIT Fund

IRB InvIT Fund

IRBINVIT.NS
IRB InvIT FundIN flagNational Stock Exchange of India
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INR
- -
- -
- -
- -
(- -)

Recent

price

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P/E

ratio

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div

yld

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ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
7.08
8.55
9.38
- -
17.08
20.88
21.37
19.09
22.35
17.5
18.2
18.67
19.09
Revenue per Share
-0.45
-1.18
-0.73
- -
4
3.41
2.98
3.12
5.21
6.37
6.43
6.13
6.31
Basic EPS, GAAP
1.06
4.38
4.92
- -
-102.78
14.54
12.92
14.31
17.67
2.77
13.8
11.98
- -
Free Cash Flow per Basic Share
- -
- -
- -
- -
7.55
8.85
8.2
5.8
5.3
5.4
7.1
6.05
- -
Dividend per Share
10.56
10.59
10.59
- -
96.75
88
79.68
74.99
71.3
69.02
67.44
65.58
101.87
Book Value per Share
-112.79
-109.39
-106.09
- -
-137.98
-135.5
-132.01
-125.36
-117.36
-115.15
-112.75
-110.17
-108.44
Tangible Book Value per Share
1,052
1,052
1,052
1,052
580
580
580
580
580
580
580
580
581
Basic Weighted Avg Shares
7,452
9,003
9,867
- -
9,915
12,120
12,406
11,081
12,976
10,158
10,567
10,841
11,095
Sales/Revenue/Turnover
42.06
33.64
36.39
- -
33.29
28.99
25.79
28.37
37.14
54.96
61
59.77
58.97
Operating Margin (%)
3,564
4,254
4,676
- -
4,871
6,405
6,854
6,081
6,807
2,613
2,295
2,541
2,693
Depreciation Expense
-475
-1,238
-764
- -
2,324
1,978
1,727
1,808
3,027
3,696
3,731
3,556
3,668
Net Income, GAAP
- -
- -
- -
- -
0.14
0.76
0.07
- -
9.92
1.17
2.92
3.34
4.11
Effective Tax Rate (%)
-6.38
-13.75
-7.74
- -
23.44
16.32
13.92
16.32
23.33
36.38
35.31
32.8
33.06
Profit Margin (%)
-8,776
-8,029
-8,288
- -
-1,275
-2,120
-2,606
-1,306
1,206
1,467
45
1,438
35,247
Working Capital
40,069
38,682
36,552
- -
17,386
17,523
16,929
18,444
18,417
29,294
29,370
31,124
65,280
LT Debt
20,227
19,047
18,282
- -
56,164
51,085
46,254
43,531
41,392
40,063
39,150
38,069
37,570
Total Equity
- -
- -
- -
- -
8.92
4.88
4.81
- -
7.06
8.43
8.93
8.97
7.23
Return on Invested Capital (%)
- -
- -
- -
- -
8.74
4.9
5.04
- -
6.97
8.55
9.08
9.01
6.25
Return on Capital (%)
- -
-11.12
-6.85
- -
- -
3.69
3.55
4.03
7.13
9.07
9.42
9.21
6.82
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'25
Jun'26
Sep'26
ST Debt
851
- -
397
LT Borrowings
31,124
- -
65,280
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
580
- -
580
Market Capitalization
- -
- -
- -

Working Capital

FRC

•

in mil. unless spec.
Mar'25
Jun'26
Sep'26
Total Current Assets
10,570
- -
40,223
Cash, Cash Equivalents & STI
3,671
- -
39,967
Accounts Receivable, Net
54
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
9,132
- -
4,976
Payables & Accruals
- -
- -
- -
ST Debt
851
- -
397
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
70,204,870.84%
-3.81%
-2.76%
Free Cash Flow
298,307,342.22%
67.04%
-13.22%
Net Income, GAAP
-11,621,152.54%
18.09%
-4.69%
Sales/Revenue/Turnover
- -
-1.74%
2.59%
Total Cash Common Dividend
- -
-3.86%
-14.79%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,644
5,184
2,678
2,705
10,567
2025
2,696
2,627
2,752
2,765
10,841
2026
2,852
2,726
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- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.73
3.26
1.39
- -
6.43
2025
1.48
1.47
1.57
- -
6.13
2026
1.72
1.42
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
7.1
2025
- -
- -
- -
- -
6.05
2026
- -
- -
- -
- -
- -
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Business
IRB InvIT Fund is an India-based infrastructure investment trust that owns, operates, and maintains a portfolio of toll road concessions pursuant to agreements with the National Highways Authority of India (NHAI). The Trust manages nine operational highway assets spanning over 4,200 lane kilometers across states including Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Uttar Pradesh, and Haryana; these include BOT (build-operate-transfer) and HAM (hybrid annuity model) projects such as Surat-Dahisar NH 8, Tumkur-Chitradurga NH 4, Bharuch-Surat NH 8, Jaipur-Deoli NH 12, Omalur-Salem-Namakkal NH 7, Talegaon-Amravati NH 6, Pathankot-Amritsar NH 15, Hapur-Moradabad NH-9, Kaithal-Rajasthan Border NH-152/65, and Kishangarh-Gulabpura NH-79A. It generates revenue primarily through toll collections from these revenue-generating assets, with a weighted average concession life of approximately 17 years and an aggregate enterprise value exceeding Rs 16,000 crore. Registered with the Securities and Exchange Board of India under the InvIT Regulations (Registration Number: IN/InvIT/15-16/0001) and sponsored by IRB Infrastructure Developers Limited, the Trust was established as an irrevocable trust under the Indian Trusts Act, 1882, with headquarters in Mumbai, Maharashtra. In 2025, IRB InvIT Fund completed the acquisition of three highway assets—Hapur-Moradabad NH-9 in Uttar Pradesh, Kaithal-Rajasthan Border NH-152/65 in Haryana, and Kishangarh-Gulabpura NH-79A in Rajasthan—from IRB Infrastructure Trust for an enterprise value of Rs 8,436 crore, expanding its portfolio from six to nine projects. This followed an institutional placement that raised Rs 3,248 crore, the first such fundraising since its 2017 listing, to partly fund the transaction and unlock capital for IRB Infrastructure Developers' growth initiatives. The deal enhanced the Trust's asset base, distribution potential, and investor appeal in the toll-road infrastructure segment.