IRB Infrastructure Developers Ltd logo

IRB Infrastructure Developers Ltd

IRB NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹23,093 Cr
Volatility
Moderate
P/E Ratio
24.38
EBITDA
₹3,939 Cr
Return on Equity
32.69%
Debt to Equity
0.96
Book Value
₹16.87
EPS
₹1.01
52W High
₹45.15
52W Low
₹19.15

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view IRB Infrastructure Developers Ltd insights

41 extracted metrics + investor summaries across FY15–FY26.

Log in — free

Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

2
  • Stock is trading at 1.11 times its book value
  • Company has been maintaining a healthy dividend payout of 17.0%

Weaknesses

4
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.62% over past five years.
  • Company has a low return on equity of 4.86% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.40%

Growth Rate

Revenue Growth
-4.77% ↘
Net Income Growth
-81.86% ↘
Cash Flow Change
-51.37% ↘
ROE
641.27% ↗
ROCE
151.46% ↗
EBITDA Margin (Avg.)
0.12% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk high

IRB Infrastructure Developers Ltd trades at a market cap of ~₹23,709 Cr with a P/E of 24.7x and P/B of 1.16x. The company reported FY25 gross toll revenue growth of ~23% YoY and holds an order book of ~₹38,500 Cr, but carries net debt of ~₹12,000 Cr (net debt-to-equity of 0.75x) and has delivered only 5% average ROE over 3 years with a sales CAGR of just 6% over the same period.

Bull Case 8
  • FY25 gross toll revenue grew ~23% YoY to ~₹6,360 Cr, significantly outpacing the national average toll growth of 12.5%
  • Large order book of ~₹38,500 Cr as of Q4 FY26 provides multi-year revenue visibility
  • Q3 FY26 standalone PAT grew 38% YoY to ₹296 Cr, reflecting disciplined cost management
  • Stock trades at just 1.16x book value, offering a margin of safety relative to asset-heavy infrastructure peers
  • Robust bid pipeline of ~₹55,000 Cr in BOT projects positions the company to win new concessions
  • Compounded profit CAGR of 50% over 5 years indicates significant earnings recovery from a low base
  • Company has maintained a consistent dividend payout of 17%, with a current yield of 0.26%
  • FY26 toll revenue guidance of >20% growth supported by 8-9% YoY traffic growth in April 2026
Bear Case 8
  • Low 3-year average ROE of just 4.86%, well below the cost of equity for infrastructure companies
  • Net debt of ~₹12,000 Cr with net debt-to-equity of 0.75x and low interest coverage ratio strain balance sheet flexibility
  • Consolidated sales CAGR of only 6% over 3 years and negative TTM sales growth of -2% signal execution inconsistency
  • Promoter holding has declined by 3.40% over last 3 years, raising governance and confidence concerns
  • Stock has delivered -12% returns over the past 1 year, underperforming broader market indices
  • Q4 FY26 total consolidated income fell 11% YoY to ₹1,977 Cr from ₹2,218 Cr, showing lumpy quarterly performance
  • 10-year compounded sales CAGR of only 4% reflects structurally slow top-line growth for the scale of capital employed
  • 10-year stock CAGR of 7% suggests prolonged periods of value destruction adjusted for inflation and opportunity cost

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 1h ago
Positives 3
  • Q1FY27 profit surges 51% Aug 1

    Consolidated net profit rose 51% YoY to ₹306.27 crore in Q1FY27, driven by 14% toll revenue growth and significant InvIT gains. Interim dividend of Re 0.05 per share declared.

  • Toll collection up 26% in July Aug 10

    Gross toll collection grew 26% YoY in July 2026, indicating strong traffic volumes and consistent operational performance across toll road assets.

  • SPV transactions approved at 99.37% Aug 3

    Shareholders approved material related party transactions with 12 Project SPVs via postal ballot with 99.37% votes in favour, signalling strong promoter-investor alignment.

Neutral 1
  • Earnings call transcript uploaded Aug 6

    IRB uploaded the transcript of its July 30, 2026 earnings call to its website, as disclosed to exchanges on August 6, 2026.

TL;DR: IRB is executing well operationally with a 51% profit jump in Q1FY27 and robust 26% YoY toll collection growth in July, reflecting healthy traffic across its asset base. No material headwinds are visible in the current news cycle. Strong shareholder approval for SPV transactions supports continued project execution. The trend is clearly improving with both earnings momentum and toll growth accelerating.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,634
1,745
1,969
2,061
1,853
1,586
2,025
2,149
2,099
1,751
1,871
1,927
2,137
Expenses
910
1,026
1,150
1,307
1,049
903
1,041
1,151
1,147
826
849
844
985
Operating Profit
724
719
819
755
804
683
984
998
952
925
1,022
1,083
1,153
OPM %
44%
41%
42%
37%
43%
43%
49%
46%
45%
53%
55%
56%
54%
Other Income
111
130
109
443
119
166
5,869
69
66
49
-2
50
35
Interest
381
435
433
615
439
434
461
458
462
451
436
406
438
Depreciation
237
233
251
274
255
231
265
286
269
262
289
321
333
PBT
217
182
243
309
229
183
6,127
323
286
261
295
406
417
Tax %
38%
47%
23%
39%
39%
46%
2%
33%
29%
46%
29%
27%
26%
Net Profit
134
96
187
189
140
100
6,026
215
202
141
211
296
306
EPS in Rs
0.11
0.08
0.16
0.16
0.12
0.08
4.99
0.18
0.17
0.12
0.17
0.25
0.25
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,849
5,128
5,846
5,694
6,707
6,852
5,299
5,804
6,402
7,409
7,613
7,648
7,686
Expenses
1,631
2,461
2,789
3,005
3,763
3,887
2,947
3,229
3,271
4,387
4,141
3,666
3,504
Operating Profit
2,218
2,667
3,057
2,689
2,944
2,965
2,352
2,575
3,130
3,022
3,472
3,982
4,182
OPM %
58%
52%
52%
47%
44%
43%
44%
44%
49%
41%
46%
52%
54%
Other Income
113
127
123
295
196
252
189
552
300
793
6,222
163
133
Interest
937
1,070
1,342
976
1,126
1,574
1,697
1,894
1,521
1,868
1,795
1,755
1,731
Depreciation
707
853
855
544
540
468
582
683
832
995
1,038
1,142
1,206
PBT
686
870
984
1,464
1,473
1,175
262
550
1,077
951
6,861
1,248
1,378
Tax %
21%
26%
27%
37%
42%
39%
55%
34%
33%
36%
6%
32%
—
Net Profit
542
640
715
920
850
721
117
361
720
606
6,481
850
954
EPS in Rs
0.77
0.91
1.02
1.31
1.21
1.03
0.17
0.3
0.6
0.5
5.37
0.7
0.79
Div. Payout %
26%
22%
25%
19%
10%
24%
0%
0%
17%
30%
3%
18%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
351
351
351
351
351
351
351
604
604
604
604
604
Reserves
4,009
4,485
4,920
5,341
5,964
6,331
6,549
11,962
12,775
13,141
19,223
20,345
Borrowings
12,576
15,626
13,963
13,832
16,599
9,205
19,219
16,697
16,748
18,653
20,599
20,027
Other Liabilities
22,453
21,699
27,406
20,865
17,549
23,997
15,052
13,218
12,575
12,472
13,423
13,078
Total Liabilities
39,391
42,162
46,641
40,389
40,464
39,885
41,171
42,481
42,703
44,870
53,849
54,054
Fixed Assets
31,764
35,149
24,388
31,071
32,943
27,671
27,102
27,271
26,480
25,514
24,616
23,896
CWIP
4,835
4,020
6,806
5,648
3,797
403
673
63
8
8
1
4
Investments
9
36
146
945
645
4,146
4,799
4,904
5,141
9,642
17,097
19,328
Other Assets
2,783
2,957
15,301
2,724
3,079
7,666
8,597
10,243
11,074
9,706
12,135
10,826
Total Assets
39,391
42,162
46,641
40,389
40,464
39,885
41,171
42,481
42,703
44,870
53,849
54,054
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,823
2,340
3,192
2,132
2,710
3,709
867
364
1,764
4,054
1,971
2,098
Investing
-2,297
-3,144
-2,981
-2,621
-4,081
-4,932
-8,176
-1,553
-650
-3,644
375
-910
Financing
475
671
-202
410
1,438
1,388
7,520
589
-860
-477
-720
-2,702
Net Cash Flow
2
-133
9
-79
66
165
211
-601
253
-68
1,627
-1,513
Free Cash Flow
-486
-819
417
-1,838
-1,507
-1,492
-6,924
-1,010
1,354
3,816
1,776
1,417
CFO/OP
92
99
116
98
104
138
46
22
63
142
62
55
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
1
4
8
6
23
23
62
93
37
16
7
Inventory Days
218
304
—
—
—
277
294
246
261
263
206
48
Days Payable
196
304
—
—
—
622
654
296
438
607
317
33
Cash Conversion Cycle
22
1
4
8
6
-321
-336
13
-84
-306
-95
22
Working Capital Days
-165
-161
-144
-394
-265
-563
-166
3
3
-54
-62
-48
ROCE %
10%
10%
12%
12%
12%
14%
9%
9%
9%
9%
8%
7%

Shareholding Pattern

As of Jun 2026
FIIs 43.87%
Promoters 30.81%
Public 13.60%
DIIs 10.15%
Others 1.57%
Government 0.01%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Apr 2026Jun 2026
Promoters
58.61%
58.46%
58.46%
34.02%
34.02%
34.20%
34.20%
34.20%
34.20%
34.21%
34.39%
34.39%
34.39%
30.42%
30.42%
30.42%
30.42%
30.42%
30.42%
30.42%
30.79%
30.79%
30.81%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
41.80%
41.80%
41.80%
41.80%
47.28%
47.16%
47.22%
44.47%
45.99%
45.07%
44.31%
43.61%
43.41%
43.32%
43.85%
43.85%
43.87%
DIIs
11.37%
13.53%
13.01%
5.70%
6.14%
6.50%
6.69%
6.76%
7.03%
7.02%
7.40%
7.87%
7.79%
7.65%
8.10%
8.58%
9.33%
10.21%
9.57%
9.97%
10.02%
10.02%
10.15%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
9.94%
9.88%
10.94%
8.30%
7.55%
7.67%
7.34%
7.24%
7.38%
7.52%
8.56%
8.50%
8.97%
15.66%
14.07%
14.44%
14.42%
14.25%
14.88%
14.65%
13.78%
13.78%
13.60%
Others
20.08%
18.13%
17.59%
51.97%
52.29%
51.62%
9.96%
9.99%
9.58%
9.44%
2.35%
2.07%
1.62%
1.79%
1.41%
1.49%
1.51%
1.50%
1.71%
1.63%
1.56%
1.56%
1.57%
No. of Shareholders
1,10,192
1,10,457
1,30,161
1,53,219
1,36,572
1,39,512
1,38,605
1,53,352
2,03,654
2,40,258
3,31,140
4,65,282
8,68,966
16,98,570
17,17,190
17,17,300
17,25,500
16,72,810
16,34,100
15,84,440
15,31,360
15,31,350
15,25,880

Documents

Frequently Asked Questions about IRB Infrastructure Developers Ltd

What does IRB Infrastructure Developers Ltd do?
IRB Infrastructure Developers Ltd is an infrastructure development and construction company in India with extensive experience in the roads and highways sector. It is also in other business segments in the infrastructure sector, including maintenance of roads, construction, airport development an...
Where is IRB Infrastructure Developers Ltd (IRB) listed?
IRB Infrastructure Developers Ltd is listed on the Indian stock exchanges. It is listed on NSE: IRB and BSE: 532947. You can view its live share price, financials, and ratios on Tapetide.
Which sector does IRB Infrastructure Developers Ltd belong to?
IRB Infrastructure Developers Ltd operates in the Construction sector within the Civil Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd has a market capitalisation of approximately ₹23093.14 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of IRB Infrastructure Developers Ltd?
The Price-to-Earnings (PE) ratio of IRB Infrastructure Developers Ltd is 24.38. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of IRB Infrastructure Developers Ltd?
Over the past 52 weeks, IRB Infrastructure Developers Ltd has traded between a low of ₹19.15 and a high of ₹45.15. This range helps investors understand the stock's price volatility and recent trading levels.
Does IRB Infrastructure Developers Ltd pay dividends?
Yes, IRB Infrastructure Developers Ltd has a dividend yield of 0.26%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of IRB Infrastructure Developers Ltd?
IRB Infrastructure Developers Ltd has a Return on Equity (ROE) of 32.69%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research IRB Infrastructure Developers Ltd on Tapetide?
On Tapetide, you can view IRB Infrastructure Developers Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

IRB Infrastructure Developers Ltd is an infrastructure development and construction company in India with extensive experience in the roads and highways sector. It is also in other business segments in the infrastructure sector, including maintenance of roads, construction, airport development and real estate.[1]

Website irb.co.in
CEO Mr. Virendra Dattatraya Mhaiskar
Employees 3,258
Listed 2008-02-25
Face Value ₹ 1
Issued Size 6,03,90,00,000

Explore More

More in Construction → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List