IRB Infrastructure Trust
Key Fundamentals
SmallcapToll Road AssetsTransportPrice-based figures as of 13 Oct 2026, 09:09 IST · EPS basis: Consolidated · TTM
Tapetide Score
Data-driven rating, 0–100. How it works →
No Tapetide Score has been computed for this stock yet.
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
3- Company has low interest coverage ratio.
- Company has a low return on equity of 3.46% over last 3 years.
- Promoters have pledged 37.9% of their holding.
Technical Indicators
Oscillators
Neutral
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
AI Analysis — Bull vs Bear
IRB Infrastructure Trust (IRBIT) is a road-focused infrastructure investment trust with a market capitalisation of about Rs 25,812 crore, trading at a P/E of 10.7x and a P/B of 2.04x. Growth has been strong, with sales compounding at 46% over 3 years (45% TTM) and profit at 131% over 3 years (1,179% TTM), and ROE rose to 15% last year. Against this, the 3-year average ROE is only about 3%, interest coverage is low, and 37.9% of promoter holding is pledged.
- Revenue has compounded at 46% over the last 3 years and 45% on a TTM basis. This points to steady growth in the underlying toll-road portfolio, from more assets and higher toll collections.
- Profit has grown at a 131% CAGR over 3 years, and TTM profit growth is 1,179%. Earnings appear to be turning around sharply as newer assets mature past their early high-cost phase.
- ROE rose to 15% last year from a 3-year average of about 3% and a 5-year average of about 1%. If this holds, returns on the equity base are improving meaningfully.
- A trailing P/E of 10.7x is modest compared with profit growth of 131% CAGR over 3 years. This suggests the market price reflects only a small part of recent earnings momentum.
- Near-term results are expected to be good (a known positive). Revenue is already growing at 45% TTM, which gives the next few quarters some visibility.
- At a market capitalisation of about Rs 25,812 crore, the trust is one of the larger road InvIT platforms. That scale supports access to capital and the ability to buy more assets.
- A P/B of 2.04x, with ROE now at 15%, means the market is paying a moderate premium to book value that is backed by the latest year's returns.
- ROE over the last 3 years averages only about 3.46%, and about 1% over 5 years. The 15% ROE last year is a single data point and has not yet been sustained.
- Promoters have pledged 37.9% of their holding. Pledging at this level adds governance risk and could lead to forced selling if lenders call margin.
- Interest coverage is low. For a leveraged road portfolio, this leaves little buffer against higher interest rates or weaker toll traffic.
- The 1,179% TTM profit growth comes off a very low base. It likely overstates the underlying earnings trend and may not hold, so the 10.7x P/E could be flattering.
- The dividend yield is only 0.78%, low for a yield-oriented infrastructure trust. Much of the cash to unitholders may come as interest or capital repayment rather than recurring dividends.
- At a P/B of 2.04x, the market is paying twice book value, while the multi-year ROE is only about 3%. Unless the 15% ROE persists, the premium looks high relative to past returns.
- Key data is missing: debt-to-equity, ROCE, EPS, 52-week price range, and stock returns across all periods. This limits transparency and suggests low trading liquidity.
- Toll-road concessions have fixed tenures, and toll rates follow regulated inflation-linked formulas. The 46% 3-year revenue CAGR depends partly on acquisitions and may slow as the portfolio matures.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 5-6% yearly traffic growth guidance Jul 31
IRB Infra Trust projected 5-6% yearly traffic growth with expectations of improved performance over recent estimates, reflecting confidence in sustained toll revenue demand across its road assets.
TL;DR: Limited recent news flow for IRB Infrastructure Trust. The company has guided for steady 5-6% annual traffic growth, signaling management confidence in toll revenue trajectory. No material headwinds or catalysts emerged in this period. The outlook remains stable, contingent on actual traffic volumes meeting guidance.
Quarterly Results
| Particulars | Dec 2022 | Mar 2023 | Jun 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 583 | 1,294 | 738 | 1,140 | 1,251 | 1,156 | 1,070 | 1,904 | 1,726 | 1,287 | 4,042 | 1,495 | 1,641 |
| Expenses | 269 | 717 | 501 | 777 | 720 | 697 | 477 | 1,196 | 1,003 | 632 | 788 | 700 | 821 |
| Operating Profit | 314 | 577 | 237 | 363 | 531 | 459 | 593 | 708 | 724 | 655 | 3,254 | 795 | 820 |
| OPM % | 54% | 45% | 32% | 32% | 42% | 40% | 55% | 37% | 42% | 51% | 81% | 53% | 50% |
| Other Income | 1 | 1 | 0 | 27 | 0 | 2 | 24 | 23 | 8 | 22 | 57 | 35 | 28 |
| Interest | 266 | 523 | 277 | 423 | 516 | 532 | 544 | 608 | 623 | 646 | 614 | 590 | 674 |
| Depreciation | 73 | 158 | 82 | 96 | 131 | 120 | 114 | 89 | 132 | 120 | 145 | 195 | 196 |
| PBT | -25 | -102 | -122 | -129 | -116 | -191 | -41 | 34 | -23 | -89 | 2,552 | 45 | -22 |
| Tax % | 28% | 13% | -6% | -13% | -1% | -10% | 14% | 15% | 88% | -2% | 4% | -2% | -46% |
| Net Profit | -32 | -115 | -115 | -113 | -115 | -172 | -47 | 29 | -43 | -87 | 2,459 | 46 | -12 |
| EPS (₹) | — | — | — | -0.96 | -0.98 | -1.47 | -0.4 | 0.25 | -0.38 | -0.74 | 20.98 | 0.38 | -0.03 |
Profit & Loss
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| Sales | 1,240 | 2,691 | 3,893 | 5,335 | 8,397 | 8,465 |
| Expenses | 643 | 1,641 | 2,949 | 3,089 | 3,019 | 2,941 |
| Operating Profit | 597 | 1,050 | 944 | 2,246 | 5,378 | 5,524 |
| OPM % | 48% | 39% | 24% | 42% | 64% | 65% |
| Other Income | 10 | 26 | 84 | 95 | 103 | 141 |
| Interest | 954 | 1,026 | 1,447 | 2,201 | 2,378 | 2,524 |
| Depreciation | 167 | 281 | 365 | 454 | 618 | 655 |
| PBT | -515 | -230 | -784 | -315 | 2,485 | 2,486 |
| Tax % | -14% | -1% | -15% | -3% | 4% | — |
| Net Profit | -444 | -227 | -665 | -305 | 2,376 | 2,406 |
| EPS (₹) | — | — | -5.67 | -2.63 | 20.23 | 20.59 |
| Div. Payout % | 0% | 0% | -93% | -82% | 20% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 8,550 | 8,793 | 13,509 | 15,089 | 15,623 |
| Reserves | -811 | -1,040 | -72 | -168 | 954 |
| Borrowings | 9,728 | 10,508 | 21,532 | 19,207 | 31,440 |
| Other Liabilities | 5,690 | 6,087 | 5,207 | 12,229 | 5,801 |
| Total Liabilities | 23,157 | 24,348 | 40,176 | 46,357 | 53,817 |
| Fixed Assets | 22,247 | 22,903 | 31,764 | 26,401 | 51,246 |
| CWIP | 129 | 242 | 6,482 | 5,134 | 0 |
| Investments | 66 | 128 | 152 | 187 | 266 |
| Other Assets | 715 | 1,074 | 1,777 | 14,635 | 2,305 |
| Total Assets | 23,157 | 24,348 | 40,176 | 46,357 | 53,817 |
Cash Flow
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 1,988 | 1,351 | 239 | 2,890 | 2,494 |
| Investing | -1,831 | -1,380 | -16,033 | -3,538 | -6,164 |
| Financing | -170 | 73 | 15,881 | 826 | 3,501 |
| Net Cash Flow | -13 | 44 | 87 | 177 | -169 |
| Free Cash Flow | 227 | 246 | -15,226 | 1,181 | -11,788 |
| CFO/OP | 332 | 132 | 27 | 130 | 48 |
Ratios
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor Days | 2 | 1 | 1 | 1 | 0 |
| Cash Conversion Cycle | 2 | 1 | 1 | 1 | 0 |
| Working Capital Days | -461 | -270 | -75 | 255 | -39 |
| ROCE % | — | 4% | 2% | 5% | 12% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view IRB Infrastructure Trust insights
36 extracted metrics + investor summaries across FY22–FY27.
Documents
Frequently Asked Questions about IRB Infrastructure Trust
What does IRB Infrastructure Trust do?
Where is IRB Infrastructure Trust (IRBIT) listed?
Which sector does IRB Infrastructure Trust belong to?
What is the PE ratio of IRB Infrastructure Trust?
What is the 52-week high and low of IRB Infrastructure Trust?
Does IRB Infrastructure Trust pay dividends?
What is the Return on Equity (ROE) of IRB Infrastructure Trust?
Company Information
IRB Infrastructure Trust is engaged in to invest in infrastructure assets primarily being in the road sector in India which in the context of Ind AS 108 - Operating Segments is considered as the only segment.
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/IRBIT.md for IRB Infrastructure Trust: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For
live, structured queries instead of documents, use our Indian stock market MCP server.