IRB Infrastructure Developers
IRB Infrastructure Developers
ConstructionKey Fundamentals
SmallcapCivil ConstructionConstructionTapetide Score
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Key Insights
Strengths
1- Stock is trading at 0.98 times its book value
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 4.85% over last 3 years.
- Promoter holding has decreased over last 3 years: -3.58%
Growth Rate
AI Analysis — Bull vs Bear
IRB Infrastructure Developers has a market capitalisation of about ₹21,306 crore and trades at 22.7x earnings and roughly 1.0x book value. Its 5-year profit CAGR is 50%, but profitability is weak: ROE was 4% last year and has averaged about 5% over 3, 5 and 10 years. Sales fell 2% on a TTM basis, interest coverage is low, and promoter holding has dropped 3.40% over the last three years.
- The stock trades at 1.02x book value. That implies a book value of about ₹20,900 crore against a ₹21,306 crore market cap, so the market is pricing the company close to its net asset base.
- TTM profit grew 18% while TTM sales fell 2%. Profit is rising despite lower revenue, which suggests better margins, cost control or a lighter financing burden at the operating level.
- 5-year compounded profit growth is 50%. Earnings have recovered sharply from a low base over the medium term.
- 3-year profit CAGR of 8% is ahead of 3-year sales CAGR of 6%. Profit has grown faster than revenue over this recent multi-year period.
- Over 5 years, sales have compounded at 8% (about 7.62%) per year. Revenue growth has been positive and steady, which fits an infrastructure asset base built on toll and construction contracts.
- The stock has delivered a 15% CAGR over 5 years. Medium-term returns have been positive despite recent weakness.
- At ₹21,306 crore market cap, IRB is one of the larger listed road developers in India. That scale helps with bidding capacity and access to capital markets.
- ROE was 4% last year and 4.85% averaged over 3 years. That is below the typical cost of equity for Indian equities, so the company is currently generating low returns on shareholder capital.
- Interest coverage is low. In a capital-intensive toll and infrastructure business, that means a large share of operating profit goes to servicing debt, which leaves less room if interest rates rise or traffic softens.
- At 22.7x P/E, the earnings yield is about 4.4%. Combined with an ROE of about 4–5%, that valuation needs sustained earnings growth to justify it.
- TTM sales fell 2%. Revenue has recently contracted, and the 10-year sales CAGR is only 4%.
- 10-year compounded profit growth is 3% and 10-year stock CAGR is 3%. Over the long run, both earnings and shareholder returns have been weak.
- Promoter holding has fallen 3.40% over the last 3 years. Declining promoter ownership can be read as reduced alignment or a pending supply overhang.
- The stock is down 14% over the past year. Recent price performance has been negative.
- Dividend yield is 0.28%, which implies a payout ratio of roughly 6% of earnings. Shareholders get very little cash return while waiting for returns on capital to improve.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Stock weak despite operational gains Sep 10
Shares were at ₹19.61 on Sep 10, down 7% year-to-date and well below the 52-week high of ₹23.95 from May 2026. The ₹17.98 close before Sep 23 was also below the reported 52-week low of ₹18.50, which suggests fresh lows despite the toll rallies.
- Flat Q1 topline growth Sep 9
Q1 FY27 consolidated net sales grew only 1.82% YoY to ₹2,137.27 crore, while net profit jumped 51.26% to ₹306.27 crore. Profit growth that far outpaces revenue may be hard to sustain.
- Select toll assets declining Sep 9
In August 2026, IRB Hapur Moradabad fell to ₹22.3 crore from ₹28.9 crore (-23%) and IRB Kota dropped to ₹6.3 crore from ₹7.1 crore. Kishangarh Gulabpura slipped to ₹22.5 crore from ₹23 crore, and Samakhiyali stayed flat at ₹118 crore.
- Thin construction order backlog Sep 29
Even after the new ₹2,663 crore order, total disclosed backlog covers only about 2.71 quarters of revenue. That limits visibility for EPC and construction earnings.
- Toll revenue up 25% YoY Sep 9
Gross toll revenue rose 25% YoY to ₹807.4 crore (₹8,074 million) in August 2026 from ₹646.2 crore, and shares rallied up to 8% to an intraday high of ₹20.60. MP Expressway led with ₹172.1 crore (vs ₹144.7 crore), and three new assets (Harihara, Chandibhadra, Meerut Budaun) added about ₹84.3 crore.
- ₹2,663 cr highway order win Sep 29
IRB won a ₹2,663 crore project management contract from SYTL and CGTL for highway expansion in Maharashtra and Rajasthan. The order equals about 1.35x quarterly revenue.
- Non-core land monetisation approved Sep 23
The board gave in-principle approval for phased development of about 350 of 1,100 acres at Taje and Pimpaloli, Pune, plus redevelopment of about 3,500 sq m at Chandivali, Mumbai. Shares rose 3.5% to an intraday high of ₹18.61.
- FY28 toll hikes may double Sep 3
Highway toll revisions may nearly double to 6.4% in FY28. That would directly lift revenue for toll-heavy concessionaires like IRB.
- Long concession life, InvIT cash-harvesting Sep 9
IRB says it has entered a cash-harvesting phase. Its 28 assets worth about ₹94,000 crore across 13 states have a weighted average residual concession life of about 21 years, with management expecting a festive-season traffic boost.
- 28th AGM, Dhariwal re-appointed Sep 22
Shareholders adopted the FY26 financials and re-appointed Ravindra Dhariwal at the 28th AGM. Promoter support was strong and dissent minimal.
- Valuation snapshot Sep 10
Market cap stood at ₹23,697.04 crore, with a P/E of 24.14 and P/B of 0.55 per NSE data. The stock has returned 127% over five years but gained only 0.5% over the past month.
TL;DR: IRB's operations are strong: August toll revenue grew 25% YoY to ₹807.4 crore, the company won a ₹2,663 crore order, and its non-core land monetisation plan adds optionality. The stock still lags, down about 7% YTD and trading near or below its 52-week low, while Q1 revenue grew only 1.82% and a few assets like Hapur Moradabad saw sharp toll declines. Fundamentals look like they're improving faster than the share price. Upcoming festive-season traffic, a possible 6.4% toll hike in FY28 and InvIT distributions are the triggers that could close that gap.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3,641 | 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 | 4,008 | 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 | 138 | 133 |
| Interest | 937 | 1,070 | 1,342 | 976 | 1,126 | 1,574 | 1,697 | 1,894 | 1,521 | 1,868 | 1,795 | 1,756 | 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% | 15% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | 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 | 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 | 13,022 |
| Total Liabilities | 39,391 | 42,162 | 46,641 | 40,389 | 40,464 | 39,885 | 41,171 | 42,481 | 42,703 | 44,870 | 53,849 | 53,998 |
| 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 | 10,770 |
| Total Assets | 39,391 | 42,162 | 46,641 | 40,389 | 40,464 | 39,885 | 41,171 | 42,481 | 42,703 | 44,870 | 53,849 | 53,998 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 54 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 199 |
| Days Payable | 196 | 304 | — | — | — | 622 | 654 | 296 | 438 | 607 | 317 | 139 |
| Cash Conversion Cycle | 22 | 1 | 4 | 8 | 6 | -321 | -336 | 13 | -84 | -306 | -95 | 67 |
| Working Capital Days | -165 | -161 | -144 | -394 | -265 | -563 | -166 | 3 | 3 | -54 | -62 | -57 |
| ROCE % | 10% | 10% | 12% | 12% | 12% | 14% | 9% | 9% | 9% | 9% | 8% | 7% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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