I
IRB Infrastructure Trust
IRBIT NSE
IRB Infrastructure Trust
ServicesNSE: IRBIT Transport Infrastructure
Key Fundamentals
SmallcapToll Road AssetsTransportMarket Cap
₹25,613 Cr
P/E Ratio
10.7
Return on Equity
-2.03%
Debt to Equity
1.9
Book Value
₹108.14
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–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
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.
Growth Rate
Revenue Growth
45.00% →
Net Income Growth
1179.00% →
Cash Flow Change
-
ROE
15.00% ↗
ROCE
-
EBITDA Margin (Avg.)
-
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoAI opinion · based on fundamentals
Risk high
IRB Infrastructure Trust is an infrastructure investment trust with a market cap of ₹25,613 Cr trading at a PE of 10.7x. The trust has delivered exceptional TTM profit growth of 1,179% and sales growth of 45%, but carries structural concerns including 37.9% promoter pledge and low 3-year ROE of 3%.
Bull Case 8
- TTM profit growth of 1,179% signals a sharp earnings recovery
- TTM sales growth of 45% indicates strong toll revenue momentum
- 3-year compounded profit CAGR of 131% reflects sustained earnings improvement
- 3-year compounded sales CAGR of 46% shows consistent revenue expansion
- PE of 10.7x is relatively undemanding for an infrastructure asset with high growth
- Last year ROE jumped to 15% from a 3-year average of 3%, indicating improving capital efficiency
- Price-to-book of 2.04x is reasonable given the earnings trajectory
- Company is expected to deliver a good upcoming quarter based on operational trends
Bear Case 8
- Promoters have pledged 37.9% of their holding, creating significant governance and liquidation risk
- 3-year ROE of only 3% indicates historically poor returns on equity capital
- Low interest coverage ratio suggests debt servicing burden is elevated relative to earnings
- 5-year ROE of just 1% shows prolonged period of negligible shareholder returns
- Dividend yield of only 0.78% is low for an InvIT structure expected to distribute cash flows
- Debt-to-equity ratio is undisclosed, limiting visibility into leverage levels
- Lack of reported EPS data reduces transparency on per-unit earnings
- 52-week high and low data unavailable, making it difficult to assess current valuation relative to trading range
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17h ago Headwinds 1
- Net loss from high finance costs Jul 28
IRB Infra Trust reported a net loss from continuing operations in Q1FY27 due to high finance costs, despite strong operational cash flows.
Positives 3
- 5-6% yearly traffic growth guided Jul 31
IRB Infra projects 5-6% yearly traffic growth with expectations of improved performance over recent estimates, signaling confidence in sustained toll revenue demand.
- ₹1.70/unit Q1FY27 distribution declared Jul 28
Board approved ₹1.70 per unit distribution for Q1FY27, supported by strong cash flows. NAV stands at ₹325.53/unit with enterprise value of ₹71,025 crore.
- ₹2,744 crore SPV sale finalized Jul 28
Trust finalized a term sheet to sell two SPVs for ₹2,744 crore, unlocking capital from mature assets.
TL;DR: IRB Infra Trust is executing well operationally with 5-6% traffic growth guidance and consistent unitholder distributions. The SPV divestment at ₹2,744 crore signals active portfolio recycling. High finance costs dragging profitability remain the key risk. The trend is stable-to-improving as traffic momentum and asset monetization offset leverage concerns.
Quarterly Results
| 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 in Rs | — | — | — | -0.96 | -0.98 | -1.47 | -0.4 | 0.25 | -0.38 | -0.74 | 20.98 | 0.38 | -0.03 |
Profit & Loss
| 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 in Rs | — | — | -5.67 | -2.63 | 20.23 | 20.59 |
| Div. Payout % | 0% | 0% | -93% | -82% | 20% | — |
Balance Sheet
| 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
| 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
| 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% |
Documents
1
Trading Window
27 March 2026 - Trading window closed from April 1, 2026; reopens 48 hours after results for quarter/year ended March 31, 2026. 27 March 2026 - Trading window closed from April 1, 2026; reopens 48 hours after results for quarter/year ended March 31, 2026.
2
Updates
24 March 2026 - Definitive agreements signed Mar 24, 2026 to invest in TOT-18 (IRBCTPL); sponsor appointed project manager. 24 March 2026 - Definitive agreements signed Mar 24, 2026 to invest in TOT-18 (IRBCTPL); sponsor appointed project manager.
3
Updates
24 March 2026 - Nitish Hemdani appointed Additional Non-Independent Director; Boon Chin Hau resigns, effective April 1, 2026. 24 March 2026 - Nitish Hemdani appointed Additional Non-Independent Director; Boon Chin Hau resigns, effective April 1, 2026.
4
Updates
20 March 2026 - Financial closure: Rs.2,385 Crore senior debt for TOT-18; Rs.3,087 Crore bid fee; 74.5km, 20-year concession. 20 March 2026 - Financial closure: Rs.2,385 Crore senior debt for TOT-18; Rs.3,087 Crore bid fee; 74.5km, 20-year concession.
5
Updates
16 March 2026 - NHAI revoked suspension; Palsit–Dankuni toll collection resumed from March 16, 2026. 16 March 2026 - NHAI revoked suspension; Palsit–Dankuni toll collection resumed from March 16, 2026.
5
Disclosure of details of any credit rating obtained by the InvIT and any change in such rating 24 Jul 2026
Disclosure of details of any credit rating obtaine
Frequently Asked Questions about IRB Infrastructure Trust
What does IRB Infrastructure Trust do?
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.
Where is IRB Infrastructure Trust (IRBIT) listed?
IRB Infrastructure Trust is listed on the Indian stock exchanges. It is listed on NSE: IRBIT. You can view its live share price, financials, and ratios on Tapetide.
Which sector does IRB Infrastructure Trust belong to?
IRB Infrastructure Trust operates in the Services sector within the Transport Infrastructure industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of IRB Infrastructure Trust?
IRB Infrastructure Trust has a market capitalisation of approximately ₹25612.58 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of IRB Infrastructure Trust?
The Price-to-Earnings (PE) ratio of IRB Infrastructure Trust is 10.70. 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.
Does IRB Infrastructure Trust pay dividends?
Yes, IRB Infrastructure Trust has a dividend yield of 0.78%. 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 Trust?
IRB Infrastructure Trust has a Return on Equity (ROE) of -2.03%. 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 Trust on Tapetide?
On Tapetide, you can view IRB Infrastructure Trust'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 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.
Face Value ₹ 100