IRB

IRB Infrastructure Developers share price & financials

Price
₹20.01
Market cap
₹23.7k Cr
Sector
Construction
Calls analysed
4
Latest concall · Q4 FY26 · call held 21 May 2026

IRB Infra.Devl. Q4 FY26

EBITDA ₹1,133 cr +6%PAT ₹296 cr +38%PBT ₹406 cr +26%

What went well

  • PAT increased by 38% to ₹296 crores in Q4 FY26 from ₹215 crores in Q4 FY25.
  • EBITDA grew by 6% to ₹1,133 crores in Q4 FY26 from ₹1,066 crores in Q4 FY25.
  • Asset base expanded significantly from ₹80,000 crores to ₹94,000 crores in FY26.

What to watch

  • Total Consolidated Income decreased by 11% to ₹1,977 crores in Q4 FY26 from ₹2,218 crores in Q4 FY25.
  • Income from Construction Segment decreased by 32% to ₹815 crores in Q4 FY26 from ₹1,202 crores in Q4 FY25.
Read the full call →

What IRB Infrastructure Developers Limited does

IRB develops, constructs and operates national highways in India under long-term concession models — Build-Operate-Transfer (BOT), Toll-Operate-Transfer (TOT) and Hybrid Annuity Model (HAM) — earning toll revenue from vehicles using its road network and annuity/construction income from NHAI. It also runs an in-house Engineering, Procurement and Construction (EPC) arm that builds and maintains roads for its own concessions and third parties, and it rotates completed assets into two InvIT platforms (a private InvIT and a listed public InvIT) in which it holds sponsor stakes and collects distributions. Roads are pan-India, concentrated in high-growth states, and toll collection is almost entirely electronic via FASTag.

Segments

  • BOT/TOT
  • InvIT and Related Assets
  • Construction (EPC)
Road portfolio (lane KM)
15,444 lane KM
States with presence
12 states
Highway asset base
Over INR 800 billion
Weighted average residual concession life
~21 years
Market share of pan-India toll revenue
~10%
Market share of TOT projects awarded to date
~33%
Founded 1998Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q4 FY26

what the last two calls moved 16 tracked 2 delivered 6 missed 8 open
  • Equity Unlocking from Asset Transfer delivered, diluted said Q3 FY25 Promised: ₹8,000+ crores Q4 FY26: Company confirms monetization in FY26 unlocked 'about ₹4,900 crores' of equity capital. This achieves the transaction but at the significantly lower revised value, missing the original ₹8,000+ crore target.
  • Bidding Pipeline for H2 FY25 missed said Q2 FY25 Promised: ₹37,000 crores Q4 FY26: The promise remains missed. The focus has shifted to a new FY27 pipeline of ₹34,500 crores, confirming the H2 FY25 pipeline did not materialize as guided.
  • Total Asset Base open said Q4 FY26 Promised: approx. ₹1,40,000 crores Q4 FY26: Management stated: 'We remain on track to scale our asset base to approximately ₹1,40,000 crores over the next three years.'

All 16 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 1.8%, net profit up 51.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,586 2,025 2,149 2,099 1,751 +10%1,871 −8%1,927 −10%2,137 +2%
EBITDA683 984 998 952 925 +35%1,022 +4%1,083 +9%1,153 +21%
Net profit100 6,026 215 202 141 +41%211 −96%296 +38%306 +51%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −53.6% 1Y

₹20.0₹30.0₹40.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 21 May 2026

1Y: ₹42.32 on 10 Sept 2025 → ₹19.64. High ₹45.19 (3 Nov 2025), low ₹18.81 (25 Aug 2026).

How the price took the results

close before → close after

Q4 FY26
+8.1%
21 May

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 6.1% a year over 3 years, FY23 to FY26. Operating margin widened to 52.1%.

Year endingFY23FY24FY25FY26
Revenue₹6.4k Cr₹7.4k Cr₹7.6k Cr₹7.6k Cr
Operating profit₹3.1k Cr₹3.0k Cr₹3.5k Cr₹4.0k Cr
Operating margin48.8%40.7%45.6%52.1%
Interest₹1.5k Cr₹1.9k Cr₹1.8k Cr₹1.8k Cr
Depreciation₹832 Cr₹995 Cr₹1.0k Cr₹1.1k Cr
Net profit₹719 Cr₹606 Cr₹6.5k Cr₹850 Cr
Net margin11.2%8.2%85.1%11.1%
Cash from operations₹1.8k Cr₹4.1k Cr₹2.0k Cr₹2.1k Cr
Free cash flow₹1.4k Cr₹3.8k Cr₹1.8k Cr₹1.4k Cr
ROCE9.0%9.0%8.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹351 Cr₹604 Cr₹604 Cr₹604 Cr₹604 Cr₹604 Cr
Reserves₹6.5k Cr₹12.0k Cr₹12.8k Cr₹13.1k Cr₹19.8k Cr₹20.3k Cr
Borrowings₹19.2k Cr₹16.7k Cr₹16.7k Cr₹18.7k Cr₹20.9k Cr₹20.0k Cr
Other liabilities₹15.1k Cr₹13.2k Cr₹12.6k Cr₹12.5k Cr₹13.1k Cr₹13.0k Cr
Total liabilities₹41.2k Cr₹42.5k Cr₹42.7k Cr₹44.9k Cr₹54.3k Cr₹54.0k Cr
Fixed assets₹27.1k Cr₹27.3k Cr₹26.5k Cr₹25.5k Cr₹24.4k Cr₹23.9k Cr
Capital work in progress₹673 Cr₹63 Cr₹8 Cr₹8 Cr₹30 Cr₹4 Cr
Investments₹4.8k Cr₹4.9k Cr₹5.1k Cr₹9.6k Cr₹18.5k Cr₹19.3k Cr
Other assets₹8.6k Cr₹10.2k Cr₹11.1k Cr₹9.7k Cr₹11.4k Cr₹10.8k Cr
Total assets₹41.2k Cr₹42.5k Cr₹42.7k Cr₹44.9k Cr₹54.3k Cr₹54.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.57 pp while promoters added +0.39 pp. The shareholder count shrank 9% to 15,25,882.

Promoters
30.8%
FIIs
43.9%
DIIs
10.1%
Government
0.0%
Public
15.2%

Since Jun 2025

  • Public −0.57 pp
  • Promoters +0.39 pp
  • FIIs +0.26 pp

How it drifted, 12 quarters

Over this window the public went from 10.9% to 15.2% — +4.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 34.4%, FIIs 47.3%, DIIs 7.4%, Government 0.0%, Public 10.9%.Dec '23: Promoters 34.4%, FIIs 47.2%, DIIs 7.8%, Government 0.0%, Public 10.6%.Mar '24: Promoters 34.4%, FIIs 47.2%, DIIs 7.8%, Government 0.0%, Public 10.6%.Jun '24: Promoters 30.4%, FIIs 44.5%, DIIs 7.7%, Government 0.0%, Public 17.5%.Sep '24: Promoters 30.4%, FIIs 46.0%, DIIs 8.1%, Government 0.0%, Public 15.5%.Dec '24: Promoters 30.4%, FIIs 45.1%, DIIs 8.6%, Government 0.0%, Public 15.9%.Mar '25: Promoters 30.4%, FIIs 44.3%, DIIs 9.3%, Government 0.0%, Public 15.9%.Jun '25: Promoters 30.4%, FIIs 43.6%, DIIs 10.2%, Government 0.0%, Public 15.7%.Sep '25: Promoters 30.4%, FIIs 43.4%, DIIs 9.6%, Government 0.0%, Public 16.6%.Dec '25: Promoters 30.4%, FIIs 43.3%, DIIs 10.0%, Government 0.0%, Public 16.3%.Mar '26: Promoters 30.8%, FIIs 43.8%, DIIs 10.0%, Government 0.0%, Public 15.3%.Jun '26: Promoters 30.8%, FIIs 43.9%, DIIs 10.1%, Government 0.0%, Public 15.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of IRB Infrastructure Developers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Irb Holding Private Limited 29.94%unchanged
Cintra Inr Investments B V Corporate19.86%unchanged
Bricklayers Investment Pte. Ltd FPI fund16.94%unchanged
LICI ULIP-Growth Fund Insurer5.13%newly disclosed
Quant Mutual Fund-Quant Mid Cap Fund Mutual fund3.67%newly disclosed
Government Of Singapore - E Sovereign1.75%unchanged
Virendra D Mhaiskar 0.84%unchanged
Deepali Virendra Mhaiskar 0.02%unchanged
Sudha Dattatray Mhaiskar 0.01%unchanged
Sdm Ventures Private Limited 0.00%unchanged
Dsm Projects Private Limited 0.00%unchanged
Ideal Toll And Infrastructure Private Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IRB

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +1.12 L shares (+1.1%).

Held by funds
₹20 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹12 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹12 Cr+0.76 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹6 Cr+0.36 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.01 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.01 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +1.12 L shares (+1.1%)

Funds are sitting on
-13%
vs est. average cost
Held by funds
₹20 Cr
5 schemes · ≈ 0.09% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹12 Cr · 0.3% of that fund
Longest holder
Nippon India Nifty 500 Equal Weight Index Fund
2y · since Sep '24

Shares held by these funds −75%

Aug '23 1.00 cr shares Jul '26

All earnings calls (4)

Read the Q4 FY26 call →

Learn to analyse IRB Infrastructure Developers Limited

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