IRB Infrastructure Developers Ltd

₹ 42.3 1.05%

07 Jan

🔗 Website | BSE: 532947 | NSE: IRB

Market Cap25,569

Current Price42.3

High / Low60.9

Stock P/E28.3

Book Value25.2

Dividend Yield0.71

ROCE7.21

ROE8.13

ABOUT

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]

Stock Analysis

### Description IRB Infrastructure Developers Ltd is a leading integrated transport infrastructure company in India, primarily focused on the development, construction, and operation of roads and highways. It manages a substantial asset base and holds a significant market share in the road BOT (Build-Operate-Transfer) and TOT (Toll Operate Transfer) segments. ### Key Growth Triggers - Robust year-on-year toll revenue growth across its portfolio, driven by sustained economic expansion and festive season demand. - Operationalization of key projects, such as the Gandeva to Ena Expressway, contributing to revenue streams. - Successful award and progress on major NHAI projects like TOT-17 and TOT-18, significantly expanding the asset base. - Strategic asset rotation and fundraising through InvITs, enhancing capital efficiency and unlocking value. - Management remains optimistic about future growth, fueled by government infrastructure spending and India's economic prospects, targeting a ₹1.4 trillion asset base. ### Order Book Order Book: The O&M (Operations & Maintenance) order book is expected to reach Rs. 30,900 Crs upon completion of asset transfers. ### Key Red Flags - The company has a low return on equity (ROE) of approximately 7.02% over the last three years. - Promoter holding has seen a decrease over the past three years (-3.78%). - A substantial portion of promoter holding (55.5%) is pledged or encumbered. ### Key Dates To Watch Currently no data available for Key Dates To Watch.

Peer Comparison

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Larsen & Toubro	4157.00	35.57	571732.32	0.82	4678.01	15.63	67983.53	10.44	14.49	270722.51	12.67	16074.88	3926.09	5.64	4.98	1.32
2.	Rail Vikas	357.40	65.56	74435.52	0.48	230.52	-19.73	5122.97	5.52	14.72	20026.00	4.70	1135.41	230.29	7.80	6.40	0.52
3.	NBCC	116.05	46.91	31330.86	0.58	156.69	25.71	2910.20	18.99	33.17	12751.71	5.04	667.83	153.52	11.73	4.68	0.00
4.	IRB Infra.Devl.	42.33	28.32	25569.19	0.71	188.37	17.81	1064.72	7.14	7.21	5173.89	24.94	902.94	188.37	1.68	3.76	0.78
5.	Kalpataru Proj.	1173.70	24.31	19958.36	0.77	237.39	91.27	6528.57	32.43	15.95	25498.99	8.25	821.04	240.05	2.88	2.36	0.69
6.	KEC International	717.05	27.95	19094.43	0.77	160.75	88.21	6091.56	19.13	17.98	23335.94	7.26	683.11	160.75	3.38	2.75	0.94
7.	Ircon Intl.	177.42	27.77	16682.86	1.49	136.51	-32.68	1976.75	-19.23	11.60	9787.96	7.43	600.65	138.65	2.58	3.74	0.80

Quarterly Results

Figures in Cr.

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	942	1,340	1,349	946	1,254	1,294	1,064	1,426	1,466	813	1,114	994	1,065
YOY Sales Growth %	190.35%	42.25%	0.65%	-29.46%	32.61%	3.15%	36%	34.03%	2.82%	5.91%	36.95%	-10.78%	7.14%
Expenses	887	1,219	1,037	872	1,161	1,027	988	1,186	1,097	756	963	920	723
Material Cost %	90%	88%	71%	89%	87%	74%	89%	80%	69%	89%	83%	87%	61%
Employee Cost %	3%	2%	2%	2%	2%	1%	2%	1%	1%	2%	2%	2%	2%
Operating Profit	55	121	313	74	93	267	76	240	369	57	151	74	341
OPM %	6%	9%	23%	8%	7%	21%	7%	17%	25%	7%	14%	7%	32%
Other Income	106	204	4,936	158	206	76	92	517	144	150	145	256	107
Exceptional items	0	0	4,795	0	0	0	0	0	0	0	0	0	0
Other income normal	106	204	141	158	206	76	92	517	144	150	145	256	107
Interest	94	126	154	100	137	157	91	357	157	95	124	130	153
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	68	199	5,095	132	161	186	77	401	356	111	172	200	296
Tax %	6%	-5%	1%	17%	12%	25%	28%	22%	22%	8%	24%	20%	36%
Net Profit	63	209	5,034	110	142	140	56	314	278	102	130	160	188
EPS in Rs	0.1	0.35	8.34	0.18	0.23	0.23	0.09	0.52	0.46	0.17	0.21	0.26	0.31

Profit & Loss

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,212	1,956	2,768	3,413	2,900	3,385	3,992	2,750	2,600	4,160	4,826	5,063	5,174
Sales Growth %	—	—	—	—	—	—	—	—	—	—	—	—	—
Expenses	1,983	1,754	2,532	3,038	2,580	2,933	3,469	2,372	1,924	3,729	4,239	4,213	3,884
Material Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Raw material cost	—	—	—	—	—	—	—	—	—	—	—	—	—
Change in inventory	—	—	—	—	—	—	—	—	—	—	—	—	—
Manufacturing Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Employee Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Cost %	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating Profit	229	201	236	374	320	452	523	378	676	431	587	851	1,290
OPM %	10%	10%	9%	11%	11%	13%	13%	14%	26%	10%	12%	17%	25%
Other Income	296	244	393	223	426	239	169	320	476	403	1,025	5,542	5,264
Exceptional items	—	—	—	—	—	—	—	—	—	—	—	—	—
Other income normal	—	—	—	—	—	—	—	—	—	—	—	—	—
Interest	214	271	280	306	231	230	323	495	722	375	708	580	621
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	312	174	349	292	516	460	368	203	430	459	904	5,813	5,933
Tax %	8%	20%	16%	30%	14%	29%	24%	7%	26%	19%	16%	3%	—
Net Profit	288	138	292	203	444	329	279	189	320	372	762	5,614	5,640
Exceptional items AT	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit excl Excep	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for PE	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit for EPS	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS in Rs	0.87	0.39	0.83	0.58	1.26	0.94	0.79	0.54	0.53	0.62	1.26	9.3	9.34
Dividend Payout %	46%	102%	48%	86%	40%	27%	63%	0%	0%	32%	24%	3%	—

Balance Sheet

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	332	351	351	351	351	351	351	351	604	604	604	604	604
Reserves	1,394	1,798	2,021	2,154	2,158	2,281	2,214	2,505	7,883	8,349	8,880	14,094	14,632
Borrowings	2,195	2,530	2,921	3,646	5,415	4,611	8,042	10,090	5,468	5,865	9,325	10,814	11,841
Long term Borrowings	1,333	1,405	1,184	1,621	957	918	1,473	5,202	3,015	2,823	5,216	6,793	6,934
Short term Borrowings	495	592	1,313	1,459	3,795	2,929	6,027	4,888	2,453	3,042	4,110	4,021	4,907
Lease Liabilities	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Borrowings	366	532	423	567	663	763	543	0	-0	0	0	0	—
Other Liabilities	1,995	2,467	2,562	2,861	2,458	2,538	2,211	2,130	1,647	2,115	3,133	4,851	4,516
Trade Payables	850	455	818	971	569	665	630	911	665	1,235	1,938	2,094	1,560
Advance from Customers	210	404	1,023	1,478	1,462	910	670	112	44	3	9	7	—
Other liability items	934	1,609	721	412	427	963	911	1,107	939	877	1,186	2,751	2,957
Total Liabilities	5,916	7,146	7,855	9,012	10,382	9,782	12,820	15,076	15,602	16,933	21,942	30,363	31,593
Fixed Assets	0	0	0	0	0	0	0	0	0	0	0	0	0
Land	—	—	—	—	—	—	—	—	—	—	—	—	—
Building	—	—	—	—	—	—	—	—	—	—	—	—	—
Plant Machinery	—	—	—	—	—	—	—	—	—	—	—	—	—
Equipments	—	—	—	—	—	—	—	—	—	—	—	—	—
Furniture & fittings	—	—	—	—	—	—	—	—	—	—	—	—	—
Vehicles	—	—	—	—	—	—	—	—	—	—	—	—	—
Intangible Assets	—	—	—	—	—	—	—	—	—	—	—	—	—
Other fixed assets	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Block	—	—	—	—	—	—	—	—	—	—	—	—	—
Accumulated Depreciation	—	—	—	—	—	—	—	—	—	—	—	—	—
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	1,867	2,317	2,502	5,401	5,804	6,418	6,450	8,975	8,270	8,752	13,770	20,399	22,624
Other Assets	4,049	4,830	5,353	3,612	4,578	3,364	6,369	6,101	7,333	8,181	8,172	9,964	8,969
Inventories	—	—	—	—	—	—	—	—	—	—	—	—	—
Trade receivables	131	92	101	9	708	452	239	171	293	549	778	278	351
Receivables under 6m	131	81	101	9	708	452	239	171	183	549	347	205	—
Receivables over 6m	0	12	0	0	0	0	0	0	110	0	431	74	—
Prow for Doubtful	—	—	—	—	—	—	—	—	—	—	—	—	—
Cash Equivalents	847	885	960	978	885	935	1,256	2,059	1,493	1,679	1,446	3,143	1,366
Loans & Advances	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Assets items	—	—	—	—	—	—	—	—	—	—	—	—	—
Total Assets	5,916	7,146	7,855	9,012	10,382	9,782	12,820	15,076	15,602	16,933	21,942	30,363	31,593

Cash Flows

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	514	648	536	619	-1,727	1,065	-425	1,422	-290	250	1,149	438
Profit from operations	222	190	199	335	316	454	519	375	681	428	593	360
Receivables	-4	39	-8	91	-699	257	213	68	-122	-257	-229	82
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Payables	150	-396	364	152	-401	96	-36	281	-246	570	703	156
Loans Advances	1	-7	0	-2	-0	-2	-2	0	4	1	1	-2
Other WC items	189	861	31	112	-866	332	-973	745	-566	-465	189	-118
Working capital changes	336	497	387	354	-1,967	683	-797	1,094	-930	-151	664	118
Direct taxes	-44	-40	-50	-70	-76	-72	-146	-46	-42	-26	-109	-40
Cash from Investing Activity	-684	-1,087	-437	-1,031	459	52	-2,362	-2,391	-269	-26	-3,795	710
Fixed assets purchased	—	—	—	—	—	—	—	—	—	—	—	—
Fixed assets sold	—	—	—	—	—	—	—	—	—	—	—	—
Investments purchased	-682	-852	-580	-1,584	-2,580	-1,017	-2	-836	-2,400	0	-230	0
Investments sold	455	403	425	459	2,010	286	31	807	2,501	30	214	1,204
Interest received	121	175	171	145	114	138	154	103	112	296	357	295
Redeemp Cnce of Shares	—	—	—	—	—	—	—	—	—	—	—	—
Acquisition of companies	—	—	—	—	—	—	—	—	—	—	—	—
Other investing items	-17	-54	-35	-30	2,998	1,752	620	-560	315	-48	1,406	23
Cash from Financing Activity	136	430	-64	382	1,262	-1,117	3,124	1,201	-12	-31	2,549	512
Redemption of debentures	0	0	0	0	0	0	-1,400	0	-1,621	-91	-2,718	-82
Proceeds from borrowings	1,400	620	464	1,740	801	2,268	7,738	4,638	2,920	2,767	10,037	4,905
Repayment of borrowings	-893	-608	-532	-1,334	-1,097	-3,071	-4,292	-6,945	-6,235	-2,313	-3,850	-3,479
Interest paid fin	-207	-260	-244	-280	-226	-226	-322	-494	-713	-318	-753	-591
Dividends paid	-166	-66	-211	-70	-281	-88	0	-176	0	-75	-166	-242
Financial liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Other financing items	2	305	459	326	2,065	0	0	0	0	0	0	0
Net Cash Flow	-34	-9	36	-29	-6	0	337	232	-571	193	-97	1,660

Ratios

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	22	17	13	1	89	49	22	23	41	48	59	20
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	22	17	13	1	89	49	22	23	41	48	59	20
Working Capital Days	-54	-210	-276	-208	-407	-411	-563	-674	-354	-260	-398	-407
ROCE %	15%	10%	13%	10%	11%	9%	8%	6%	9%	6%	10%	7%

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	34.2%	34.2%	34.21%	34.39%	34.39%	34.39%	30.42%	30.42%	30.42%	30.42%	30.42%	30.42%
Aryan Virendra Mhaiskar	0	0	0	0	0	0	0	0	0	0	0	0
Deepali Virendra Mhaiskar	0.27	0.27	0.27	0.27	0.27	0.27	0.02	0.02	0.02	0.02	0.02	0.02
Dsm Projects Private Limited	0.03	0.03	0.03	0.03	0.03	0.03	0	0	0	0	0	0
Ideal Toll And Infrastructure Pvt Ltd	0	0	0	0	0	0	0	0	0	0	0	0
Irb Holding Private Limited	33.02	33.02	33.02	33.2	33.2	33.2	29.48	29.48	29.48	29.48	29.48	29.48
Sdm Ventures Private Limited	0.03	0.03	0.03	0.03	0.03	0.03	0	0	0	0	0	0
Sudha Dattatray Mhaiskar	0.02	0.02	0.02	0.02	0.02	0.02	0.08	0.08	0.08	0.08	0.08	0.08
VIRENDRA D MHAISKAR HUF (Karta- VIRENDRA D MHAISKAR)	—	—	—	—	—	—	—	—	—	—	0	0
Virendra D Mhaiskar	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84	0.84
Virendra D Mhaiskar Huf	0	0	0	0	0	0	0	0	0	0	—	—
FIIs	48.58%	48.52%	48.37%	47.29%	47.16%	47.21%	44.47%	45.99%	45.07%	44.31%	43.61%	43.4%
Bricklayers Investment Pte_ Ltd_	16.94	16.94	16.94	16.94	16.94	16.94	16.94	16.94	16.94	—	—	—
Cintra Inr Investments B V	24.86	24.86	24.86	24.86	24.86	24.86	19.86	19.86	19.86	—	—	—
Government Of Singapore	2.28	2.28	2.28	2.28	2.28	2.28	2.28	2.28	1.94	1.83	1.83	1.83
DIIs	6.71%	6.98%	6.98%	7.38%	7.85%	7.78%	7.65%	8.1%	8.57%	9.34%	10.21%	9.58%
Life Insurance Corporation Of India	3.38	3.33	3.33	3.33	3.33	3.33	3.33	3.33	3.49	3.68	4.1	4.71
Quant Mutual Fund - Quant Active Fund	2.64	2.97	—	—	—	—	—	—	—	—	—	—
Quant Mutual Fund - Quant Mid Cap Fund	—	—	—	—	—	—	—	3.22	3.46	3.42	3.42	3.42
Quant Mutual Fund-Quant Elss Tax Saver Fund	—	—	—	—	—	3.22	3.22	—	—	—	—	—
Quant Mutual Fund-Quant Tax Plan	—	—	2.97	3.22	3.22	—	—	—	—	—	—	—
Government	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	10.5%	10.28%	10.43%	10.94%	10.59%	10.59%	17.46%	15.49%	15.92%	15.92%	15.74%	16.59%
Others	—	—	—	—	—	—	—	—	—	—	—	—
No. of Shareholders	1,53,352	2,03,654	2,40,258	3,31,140	4,65,282	8,68,966	16,98,570	17,17,191	17,17,295	17,25,502	16,72,808	16,34,099

News & Updates

BSE Announcements

Direct from BSE filings, AI summarised

IRB Infrastructure Developers: Statutory Auditor M S K A & Associates converts to LLP

15 Jan 2026

Larsen & Toubro Clarifies Kuwait Oil Project Tenders Not in Order Book, Mitigates Speculation Impact

13 Jan 2026

IRB Infrastructure Developers Reports 12% YoY Growth in December 2025 Toll Revenue

7 Jan 2026

IRB Infrastructure Developers: IRB Trust Wins Rs. 3,087 Crore TOT-18 Project in Odisha

6 Jan 2026

IRB Infrastructure Developers: Cintra INR Investments B.V. Releases Encumbrance on 10% Stake Amid Strong Q1/Q2 FY26 Results and Project Wins

1 Jan 2026

Other Websites

External media mentions

Metals Dive 3.4%, Indices Fall Amid Profit-Booking; Balaji Amines Surges on Subsidy

8 Jan 2026

IRB Infra Shares Climb on 12% December Toll Revenue Boost, Big Project Deal

8 Jan 2026

IRB Tolls Surge 12%, JFL Adds Stores as Q3 Updates Surface

8 Jan 2026

Tata Steel Production Surges; Infosys AI Pact; Gland Pharma USFDA Nod Drive Jan 8 Stocks

8 Jan 2026

Adani Green, Titan, ONGC: 10 Stocks Eyed on Jan 8 as Markets Brace for Opening Dip

8 Jan 2026

News Articles

Editorial & research coverage

IRB Tolls Surge 12%, JFL Adds Stores as Q3 Updates Surface

8 Jan 2026

Maharashtra's Sindhudurg Airport Soars: DGCA Grants 24x7 All-Weather Operations!

3 Jan 2026

India's Rs 25,000 Crore Infra Boost: Will This Fund Unlock Stalled Projects & Skyrocket Stocks?

2 Jan 2026

Indian Markets End Flat After Volatile Session: Experts Weigh In on Support, Rupee Woes & US Data!

15 Dec 2025

India's Highway Overhaul: Automatic Buyback Policy Set to Transform BoT Projects, Boost Investor Confidence!

2 Dec 2025

Documents

Announcements

Toll Revenue For The Month Of December 2025

56m - Aggregate December 2025 toll revenue Rs.754 crore, up ~12% YoY from Rs.675 crore; project-wise figures provided.

Update On New Project Win By IRB Infrastructure Trust (TOT-18)

1d - IRB Trust awarded TOT-18 LoA; 74.5 km NH-16; Rs.3,087 Cr upfront fee; 20-year concession.

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

null

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

null

Execution Of Letter Agreement

30 Dec - Dec 30, 2025 Letter Agreement: Cintra waives certain Promoter obligations, amending 2021 investment agreement.

Annual Reports

FY Financial Year 2025

(from bse)

FY Financial Year 2024

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FY Financial Year 2023

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FY Financial Year 2022

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FY Financial Year 2021

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FY Financial Year 2020

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FY Financial Year 2019

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FY Financial Year 2018

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FY Financial Year 2017

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FY Financial Year 2016

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FY Financial Year 2015

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FY Financial Year 2014

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FY Financial Year 2013

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FY Financial Year 2012

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FY Financial Year 2011

(from nse)

Credit Ratings

Rating update

10 Dec from crisil

Rating update

11 Sep 2024 from crisil

Rating update

30 Apr 2024 from smera

Rating update

29 Sep 2023 from smera

Rating update

12 Sep 2023 from crisil

Rating update

27 Jan 2023 from crisil

Concalls

Nov 2025

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