IRB Infrastructure Developers Ltd logo

IRB Infrastructure Developers Ltd

IRB NSE

Key Fundamentals

SmallcapCivil ConstructionConstruction
Market Cap
₹25,702 Cr
Volatility
Moderate
P/E Ratio
29.85
EBITDA
₹3,939 Cr
Return on Equity
5.38%
Debt to Equity
1.17
Book Value
₹17.84
EPS
₹1.01
52W High
₹49.9
52W Low
₹19.15

Technical Indicators

Key Insights

Strengths

1
  • 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: -3.41%

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 1d ago
AI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 5/10

IRB Infrastructure trades at a P/E of 31x with weak ROE of 4% and flat TTM sales growth of 0%, making valuation stretched despite strong analyst consensus (80% buy). The 5-year stock CAGR of 21% reflects past re-rating, but deteriorating fundamentals and declining promoter holding warrant caution at current levels.

Bull Case 7
  • Strong analyst consensus with 80% buy ratings (4 out of 5 analysts recommend buy) signals institutional confidence in the business model
  • 5-year stock CAGR of 21% demonstrates sustained long-term wealth creation for investors despite near-term weakness
  • 3-year stock CAGR of 18% indicates continued positive momentum over the medium term even as broader infra stocks corrected
  • P/B ratio of 1.22x is reasonable for an infrastructure company with significant toll road assets, suggesting limited downside from book value
  • Consistent dividend payout of 17.0% maintained despite cyclical pressures, with current dividend yield of 1.2% providing income support
  • 5-year compounded profit growth of 50% reflects strong operating leverage as toll revenues matured on key projects
  • Market cap of Rs 26,342 Cr provides adequate liquidity and index inclusion benefits for institutional investors
Bear Case 8
  • TTM sales growth of 0% signals complete revenue stagnation, a red flag for a company trading at 31x P/E
  • ROE of just 4% last year and 5% 3-year average is far below cost of equity, indicating poor capital allocation and value destruction
  • Low interest coverage ratio highlights vulnerability to rising interest rates given the capital-intensive toll road business model
  • Promoter holding decreased by 3.41% over last 3 years, signaling potential lack of insider confidence at elevated valuations
  • TTM profit decline of -11% shows earnings are contracting even as the stock trades at a premium P/E of 31x
  • 5-year sales CAGR of only 7.62% is poor for an infrastructure developer operating in India's high-growth capex cycle
  • 1-year stock return of -12% indicates market is already repricing the stock lower as growth disappoints expectations
  • 10-year compounded profit growth of just 3% reveals that long-term earnings power has been structurally weak despite intermittent spikes

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

AI News Digest

Anthropic anthropic claude-opus-4.6 15h ago
Positives 1
  • Toll revenue up 25% YoY Jun 8

    IRB Group reported toll revenue of ₹843Cr in May 2026, up 25% from ₹672Cr in May 2025, driven by traffic growth and new asset additions.

Neutral 3
  • Promoter shareholding disclosure filed Jun 8

    IRB disclosed that promoters have not encumbered shares beyond prior FY26 disclosures, complying with SEBI takeover regulations.

  • Virtual investor meet Jun 10 Jun 4

    IRB will host a virtual investor conference on June 10, 2026, organized by Choice Institutional Equities with senior management engaging analysts and institutional investors.

  • Earnings call transcript posted May 29

    IRB filed the transcript for its earnings call held on May 21, 2026, with BSE and NSE, now available on the company website.

TL;DR: IRB is demonstrating strong operational momentum with toll revenue growing 25% YoY in May 2026, reflecting healthy traffic growth and contributions from new assets. No material headwinds emerged in the recent news cycle, and promoter shareholding remains unencumbered. The company is actively engaging investors ahead of its June 10 conference. The revenue growth trend is positive and suggests improving fundamentals heading into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,620
1,634
1,745
1,969
2,061
1,853
1,586
2,025
2,149
2,099
1,751
1,871
1,927
Expenses
898
910
1,026
1,150
1,307
1,049
903
1,041
1,151
1,147
826
849
844
Operating Profit
722
724
719
819
755
804
683
984
998
952
925
1,022
1,083
OPM %
45%
44%
41%
42%
37%
43%
43%
49%
46%
45%
53%
55%
56%
Other Income
79
111
130
109
443
119
166
5,869
69
66
49
-2
50
Interest
373
381
435
433
615
439
434
461
458
462
451
436
406
Depreciation
222
237
233
251
274
255
231
265
286
269
262
289
321
PBT
205
217
182
243
309
229
183
6,127
323
286
261
295
406
Tax %
37%
38%
47%
23%
39%
39%
46%
2%
33%
29%
46%
29%
27%
Net Profit
130
134
96
187
189
140
100
6,026
215
202
141
211
296
EPS in Rs
0.11
0.11
0.08
0.16
0.16
0.12
0.08
4.99
0.18
0.17
0.12
0.17
0.25
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
58%
52%
52%
47%
44%
43%
44%
44%
49%
41%
46%
52%
Other Income
113
127
123
295
196
252
189
552
300
793
6,222
163
Interest
937
1,070
1,342
976
1,126
1,574
1,697
1,894
1,521
1,868
1,795
1,755
Depreciation
707
853
855
544
540
468
582
683
832
995
1,038
1,142
PBT
686
870
984
1,464
1,473
1,175
262
550
1,077
951
6,861
1,248
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
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
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 Apr 2026
FIIs 43.85%
Promoters 30.79%
Public 13.78%
DIIs 10.02%
Others 1.56%
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 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%
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%
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%
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%
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%
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%
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

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 Industrials sector within the 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 ₹25701.98 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 29.85. 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 ₹49.9. 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 1.22%. 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 5.38%. 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

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