IRB Infrastructure Developers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Construction: 47.4% • BOT Projects: 35.2% • InvITs & Related Assets: 17.2%
AI Sector View
AI GENERATEDConstruction
Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.
PROS
- Company has delivered good profit growth of 48.7% CAGR over last 5 years
- Latest quarter profit grew 1412.6% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.02x)
- Working capital cycle has improved - days down from 104 to 43
- Company generates healthy free cash flow
CONS
- Interest coverage is weak at 1.7x - earnings barely cover interest
- Recurring exceptional / one-off items are inflating headline profit
- Valuation is stretched - P/E of 24.9 is well above its own 5-year median (15.7)
- Company has delivered a poor sales growth of 7.6% over past five years
- Growth is decelerating - 3Y profit CAGR (5.7%) trails the 5Y trend (48.7%)
- Expensive relative to growth - PEG of 4.4
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| NCC | 141.00 | 12.65 | 8852.64 | 1.56 | 228.90 | 11.85 | 5811.83 | 12.22 | 16.77 | 9.43 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,634 | 1,745 | 1,969 | 2,061 | 1,853 | 1,586 | 2,025 | 2,149 | 2,099 | 1,751 | 1,871 | 1,927 | 21,373 | |
| 856 | 950 | 1,099 | 1,171 | 996 | 819 | 1,041 | 1,151 | 1,147 | 826 | 849 | 844 | 17,561 | |
| Operating Profit | 778 | 795 | 869 | 890 | 857 | 767 | 984 | 998 | 952 | 925 | 1,022 | 1,083 | 3,812 |
| OPM % | 47.60% | 45.54% | 44.17% | 43.17% | 46.25% | 48.35% | 48.59% | 46.43% | 45.36% | 52.80% | 54.64% | 56.19% | 17.83% |
| 111 | 130 | 109 | 443 | 119 | 166 | 5,869 | 69 | 66 | 49 | -2 | 50 | 354 | |
| Interest | 381 | 435 | 433 | 615 | 439 | 434 | 461 | 458 | 462 | 451 | 436 | 406 | 4,380 |
| Depreciation | 237 | 233 | 251 | 274 | 255 | 231 | 265 | 286 | 269 | 262 | 289 | 321 | 3,334 |
| Profit before Tax | 271 | 257 | 294 | 444 | 282 | 267 | 6,127 | 323 | 286 | 261 | 295 | 406 | 4,166 |
| Tax % | 30.87% | 33.41% | 19.05% | 27.04% | 31.44% | 31.27% | 1.64% | 33.42% | 29.30% | 46.00% | 28.55% | 26.96% | 26.47% |
| Net Profit | 0 | 0 | 0 | 0 | 140 | 999 | 6,026 | 215 | 202 | 141 | 211 | 296 | 3,063 |
| 0.22 | 0.16 | 0.31 | 0.31 | 0.23 | 0.17 | 9.98 | 0.17 | 0.34 | 0.23 | 0.35 | 0.25 | 0.25 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,846 | 5,694 | 6,707 | 6,852 | 5,299 | 5,804 | 6,402 | 7,409 | 7,613 | 7,648 | 26,922 | |
| 2,789 | 3,005 | 3,763 | 3,872 | 2,781 | 3,003 | 3,166 | 4,072 | 4,004 | 3,666 | 20,080 | |
| Operating Profit | 3,057 | 2,689 | 2,944 | 2,981 | 2,517 | 2,801 | 3,236 | 3,337 | 3,609 | 3,983 | 6,841 |
| OPM % | 52.30% | 47.22% | 43.89% | 43.50% | 47.51% | 48.26% | 50.54% | 45.04% | 47.41% | 52.07% | 25.41% |
| 123 | 295 | 196 | 252 | 189 | 552 | 302 | 793 | 6,222 | 163 | 452 | |
| Interest | 1,342 | 976 | 1,126 | 1,574 | 1,697 | 1,894 | 1,521 | 1,868 | 1,795 | 1,756 | 5,673 |
| Depreciation | 855 | 544 | 540 | 468 | 582 | 683 | 832 | 995 | 1,038 | 1,142 | 4,207 |
| Profit before Tax | 984 | 1,464 | 1,473 | 1,175 | 262 | 550 | 1,077 | 951 | 6,861 | 1,248 | 5,127 |
| Tax % | 27.29% | 37.18% | 42.31% | 38.66% | 55.22% | 34.25% | 33.14% | 36.33% | 5.55% | 31.85% | 27.63% |
| Net Profit | 715 | 920 | 850 | 721 | 117 | 361 | 720 | 606 | 6,481 | 850 | 3,711 |
| EPS | 20.36 | 26.17 | 24.18 | 20.51 | 3.33 | 5.98 | 1.19 | 1.00 | 10.73 | 1.41 | — |
| Dividend Payout % | 24.56% | 19.11% | 10.34% | 24.38% | 0.00% | 0.00% | 16.77% | 29.90% | 2.80% | 18.46% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 8%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 3%
- 5 Years:
- 49%
- 3 Years:
- 6%
STOCK PRICE CAGR
- 10 Years:
- 5%
- 5 Years:
- 18%
- 3 Years:
- 7%
- 1 Year:
- -7%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 11%
- 3 Years:
- 16%
- Last Year:
- 4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 351 | 351 | 351 | 351 | 351 | 604 | 604 | 604 | 604 | 604 |
| 4,920 | 5,341 | 5,964 | 6,331 | 6,549 | 11,962 | 12,775 | 13,141 | 19,223 | 20,345 | |
| 29,868 | 28,580 | 29,273 | 23,094 | 30,584 | 27,675 | 27,372 | 27,728 | 28,719 | 27,322 | |
| Trade Payables | 451 | 406 | 706 | 744 | 715 | 382 | 502 | 676 | 522 | 257 |
| 10,665 | 5,390 | 5,463 | 10,932 | 4,313 | 2,455 | 1,690 | 3,067 | 4,942 | 5,541 | |
| Total Liabilities | 46,255 | 40,068 | 41,757 | 41,453 | 42,512 | 43,078 | 42,943 | 45,215 | 54,009 | 54,068 |
| 24,388 | 31,071 | 32,943 | 27,671 | 27,102 | 27,271 | 26,480 | 25,514 | 24,616 | 23,896 | |
| Capital Work in Progress | 61 | 65 | 36 | 36 | 36 | 27 | 8 | 8 | 1 | 4 |
| 146 | 945 | 645 | 4,146 | 4,799 | 4,904 | 5,141 | 9,642 | 17,097 | 19,328 | |
| 353 | 487 | 442 | 331 | 322 | 317 | 299 | 293 | 339 | 367 | |
| 0 | 133 | 114 | 0 | 340 | 994 | 0 | 759 | 331 | 155 | |
| Cash & Bank | 1,308 | 1,268 | 1,560 | 2,271 | 2,339 | 1,744 | 2,417 | 1,763 | 3,446 | 1,911 |
| 20,000 | 6,099 | 6,016 | 6,999 | 7,574 | 7,821 | 8,598 | 7,237 | 8,180 | 8,407 | |
| Total Assets | 46,255 | 40,068 | 41,757 | 41,453 | 42,512 | 43,078 | 42,943 | 45,215 | 54,009 | 54,068 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 3,540 | 2,132 | 2,710 | 4,093 | 867 | 364 | 1,966 | 4,054 | 1,971 | 2,098 | |
| Cash from Investing | -2,981 | -2,621 | -4,081 | -4,905 | -8,176 | -1,553 | -650 | -3,644 | 375 | -910 |
| Cash from Financing | -202 | 410 | 1,438 | 1,388 | 7,520 | 589 | -861 | -477 | -720 | -2,702 |
| 9 | -79 | 66 | 192 | 211 | -601 | 253 | -68 | 1,627 | -1,513 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - IRB Infrastructure Developers Limited has informed the Exchange regarding 'project wise toll revenue for the month of August 2026'.
2026-08-28 - IRB Infrastructure Developers Limited has informed the Exchange about Copy of Newspaper Advertisement regarding notice of 28th Annual General Meeting and E-voting and other related information.
2026-08-27 - IRB Infrastructure Developers Limited has informed the Exchange regarding 'Dispatch of letters to the members providing a weblink along with exact path, to access the Annual Report of the Company for the FY 2025-26 in compliance with Reg 36(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015'.
2026-08-27 - IRB Infrastructure Developers Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report for the Financial Year 2025-26'.
2026-08-27 - IRB Infrastructure Developers Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 22, 2026
2026-08-27 - IRB Infrastructure Developers Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - IRB Infrastructure Developers Limited has informed the Exchange regarding 'Intimation of Schedule of analysts/ Institutional Meeting'.
2026-08-26 - IRB Infrastructure Developers Limited has informed the Exchange regarding 'Continuation of Directorship of Mr. Ravindra Dhariwal and convening of 28th Annual General Meeting.
2026-08-26 - IRB Infrastructure Developers Limited has informed the Exchange about Scheme of Amalgamation of certain wholly owned subsidiaries with IRB Infrastructure Developers Limited.
News
Recent coverage and analyst commentary for IRB
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