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IRB Infrastructure Trust announced that its Ganga Expressway project, the Meerut to Budaun Corridor, will start trial run traffic operations on April 30, 2026. The 129.7 km, 6-lane greenfield expressway, built at a cost of ₹6,538 crore, is nearing completion and preparing for toll collection.
This milestone signals the near completion of construction for the expressway. It allows the project to start generating revenue for IRB Infrastructure Trust, supporting IRB Group's broader investment of around ₹25,000 crore in Uttar Pradesh highways.
The Special Purpose Vehicle (SPV) managing the Ganga Expressway (Group 1) project will begin trial runs. The project's inauguration ceremony was held on April 29, 2026, attended by the Prime Minister of India. Toll collection is expected to commence shortly after the trial runs, marking a significant step towards the project becoming revenue-generating.
The project now shifts from construction to its operational phase, initiating revenue generation through toll collection. This expansion of IRB's asset base in Uttar Pradesh also places a focus on operational efficiency and toll collection performance, with ramp-up and debt management being key areas.
Potential challenges include historical governance concerns, such as a 2017 CBI chargesheet against the CMD and others for alleged land-grabbing. Execution risks associated with starting and scaling up toll collection operations, potential differences between projected and actual toll revenues, and managing the project's debt financing and interest payments are also factors to monitor.
IRB Infra competes with other major developers like Larsen & Toubro, Ashoka Buildcon, and Kalpataru Projects International. The company's Price-to-Earnings (PE) ratio stands at 34.3x, which is higher than the Indian Construction industry average of 16.5x and the peer average of 26.4x. Historical sales growth and return on equity have been lower compared to some peers, such as Ahluwalia Contracts.
Key project details include its 129.7 km length, 6-lane greenfield design, and a cost of ₹6,538 crore. Funding comprises ₹2,659 crore from lenders, ₹2,133 crore equity from IRB Infrastructure Trust, and ₹1,746 crore Viable Gap Funding. The concession period is 30 years, with an option to extend.
Investors and analysts will closely watch the precise date toll collection begins on the corridor. Initial monthly and quarterly revenue figures from IRB Infrastructure Trust will be key indicators. The company's overall financial performance in upcoming quarters will reflect this new revenue stream, alongside any further updates on IRB's highway investments in Uttar Pradesh.