Minerva Capital Research Solutions

IRB Infrastructure Developers Ltd

NSE: IRBBSE: 532947
Compare with peers
₹ 16.10▲ 0.3 (+1.9%)28 Oct, 03:29 pm IST
P/E
19.9x
52-week range
15.71 – 23.95
ROE
4%
ROCE
7%
Sector
Construction
Industry
Civil Construction
Listed on
NSE, BSE

About

IRB Infrastructure Developers Limited is an India-based integrated and multinational transport infrastructure developer in the roads and highways sector, with a major presence in the build-operate-transfer (BOT) space. The Company's in-house project execution capabilities include engineering, procurement and construction (EPC) and operation and maintenance (O&M). These capabilities span across all its business verticals, like BOT, toll-operate-transfer (TOT) and hybrid annuity model (HAM). Its segments include Built, Operate and Transfer (BOT)/ Toll, Operate and Transfer (TOT), InvITs & Related Asset and Construction. The BOT/ TOT Projects segment consists of operation and maintenance of roads. The lnvITs & Related Assets segment consists of investments in units of IRB Infrastructure Trust, IRB InvlT Fund and other related assets. The Construction segment includes development and maintenance of roads. It has approximately 27 highway projects across 12 Indian States.

Quick check

The five things to look at first. Open one for more.

Compared with its industry

Civil Construction: 182 companies →

IRB Infrastructure Developers Ltd against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

  • Valuation (P/E)19.9 against a typical 14.4: pricier than most peers (1st = cheapest).114th of 181
  • Sales growth+1.8% against a typical +8.6% from a year earlier.92nd of 147
  • Profit growth+51.5% against a typical 0% from a year earlier.32nd of 130
  • Share price, 3 months−19.4% against a typical −13.1%.114th of 164

Latest announcements

Exchange filings and their impact on the company.

  • 8 Oct 2026UpdatesMedium impactPositivePrice −0.3% on 9 Oct
    September toll collections jumped 24% YoY to Rs 773 crore, signaling stronger traffic and revenue momentum.

    IRB Group reported gross toll revenue of Rs 773 crore in September 2026, up about 24% from Rs 622 crore a year ago. Toll from its wholly-owned Mumbai-Pune and Ahmedabad-Vadodara expressways grew 17% like-for-like, while three new assets including TOT-17, TOT-18 and Ganga Expressway Group-1 added Rs 83 crore. The strong traffic trend, aided by festive season demand, supports higher toll, O&M and distribution income visibility.

    Filing

Credit ratings

Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates

Look closer

Rated AAA by CRISIL
AAA
DefaultRiskyModerateSafeVery safe
  • CRISIL lowered its rating on 10 Dec 2025.
AgencyCurrent ratingOutlookAs of
CARE—Stable5 Oct 2026
CRISILCrisil AAAStable25 May 2026
India RatingsWithdrawnPositive2 Apr 2026
Credit rating actions
RatingDetails
5 Oct 2026
New rating
—LowCARE₹ 509 Cr.
25 May 2026
▲ Upgrade3 notches
Crisil AA- → Crisil AAA—CRISIL₹ 11,701.79 Cr.
2 Apr 2026
Withdrawn
was IND AA-—India Ratings₹ 1,352.9 Cr.
10 Dec 2025
▼ Downgrade3 notches
Crisil AAA → Crisil AA-—CRISIL₹ 1,700 Cr.
17 Nov 2025
Rating action
Crisil AAA—CRISIL₹ 5,590 Cr.

Board meetings

Results dates and other board meetings. Full calendar

Details
30 Jul 2026Financial Results/DividendTo consider and approve the financial results for the period ended Jun 30, 2026 and dividend
20 May 2026Financial Results/DividendTo consider and approve the Audited consolidated & standalone financial results for the quarter and year ended March 31, 2026 and declaration of 4th interim dividend for the FY 25-26
13 Feb 2026Financial Results/Dividend/BonusTo consider and approve the financial results for the period ended December 31, 2025, interim dividend and issuance of bonus equity shares, subject to shareholders approval.
12 Nov 2025Financial Results/DividendTo consider and approve, inter-alia:a) Consolidated & Standalone Unaudited Financial Results of the Company for the quarter and six months ended September 30, 2025.b) Declaration of 2nd Interim Dividend for financial year 2025-26, if any.
14 Aug 2025Financial Results/DividendThe Meeting of the Board of Directors of the Company will be held on Thursday, August 14, 2025, to consider and take on record, inter-alia:a) Consolidated & Standalone Unaudited Financial Results of the Company for the quarter ended June 30, 2025.b) Declaration of Interim Dividend for financial year 2025-26, if any.
19 May 2025Financial ResultsTo consider and approve the financial results for the period ended March 31, 2025

Share price

1Y change −27.87%
0 of 1 filing day came with a big price move
Volume (shares)Price (₹)
Close price

Financials

Consolidated figures in ₹ crore.

Quarterly results
₹ Cr.Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,7451,9692,0611,8531,5862,0252,1492,0991,7511,8711,9272,137
Expenses1,0261,1501,3071,0499031,0411,1511,147826849844985
Operating Profit7198197558046839849989529251,0221,0831,153
OPM %41%42%37%43%43%49%46%45%53%55%56%54%
Other Income1301094431191665,869696649−25035
Interest435433615439434461458462451436406438
Depreciation233251274255231265286269262289321333
Profit before tax1822433092291836,127323286261295406417
Tax %47%23%39%39%46%2%33%29%46%29%27%26%
Net Profit961871891401006,026215202141211296306
EPS in Rs0.080.160.160.120.084.990.180.170.120.170.250.25

Growth and returns

Compounded yearly rates over each period.

Compounded Sales Growth
10 Years
4%
5 Years
8%
3 Years
6%
TTM
−2%
Compounded Profit Growth
10 Years
3%
5 Years
50%
3 Years
8%
TTM
18%
Stock Price CAGR
10 Years
5%
5 Years
19%
3 Years
13%
TTM
—
Return on Equity
10 Years
7%
5 Years
5%
3 Years
5%
TTM
—

Shareholding

Latest: Jun 2026.

Promoters
30.81%
+0.39 pts in a year
FIIs
43.87%
+0.26 pts in a year
DIIs
10.14%
−0.07 pts in a year
Government
0.01%
0 pts in a year
Public
15.17%
−0.57 pts in a year

P/E and EPS over time

Daily P/E and trailing 12-month EPS. EPS updates with each result.

P/E 19.9xEPS (12 months) ₹ 0.81Median P/E 16.4x
P/E (times)EPS (₹)

Peers

Listed companies in the same business.

Peer comparison
IRB Infrastructure Developers Ltd₹ 16.10—19.9x—4%—
DLF₹ 653.55₹ 1,61,774 Cr.37.7x3.5x0%0%
Lodha Developers₹ 963.00₹ 1,01,441 Cr.31.7x4.8x0%0%
Indus Towers₹ 380.00₹ 1,00,250 Cr.14.9x2.6x0%0%
Oberoi Realty₹ 1,587.20₹ 57,846 Cr.25.1x3.5x0%0%
Godrej Properties₹ 1,497.90₹ 45,121 Cr.138x2.8x0%0%

Management

Virendra Dattatraya Mhaiskar
Executive Chairman of the Board, Managing Director
Tushar Kawedia
Group Chief Finance Officer
Ajay Pralhadrao Deshmukh
Chief Executive Officer - New Businesses
Satinder Singh Rana
Chief Executive Officer - Corporate
Rajpaul S. Sharma
Chief Executive Officer - Execution
Anilkumar Dayashankar Yadav
Chief Executive Officer Business Development & Investment
Umesh Wagh
Group Chief Human Resources Officer
Mehulkumar Natwarlal Patel
Compliance Officer, Group Company Secretary, President - Corporate Affairs

Prices are delayed and for information only. Nothing on this page is investment advice.