IRBINVIT
IRB InvIT Fund share price & financials
- Price
- ₹60.74
- Market cap
- ₹5.1k Cr
- Sector
- Services
- Calls analysed
- 8
IRB InvIT Fund Q1 FY27
What went well
- Gross toll revenue grew 8% year-on-year to INR 490 crores despite modest tariff revision of 2.5% and global fuel price volatility.
- AAA ratings reaffirmed, reflecting strong financial profile and stable cash flow generation.
- Announced acquisition of two highway assets with an enterprise value of INR 4,600 crores, expected to diversify and strengthen portfolio.
What to watch
- Profit after tax for the current quarter stood at INR 80 crores, down 20% from INR 100 crores in the corresponding quarter of the previous year.
- Impact of global fuel price volatility and geopolitical tensions led to some softness in traffic growth.
What IRB InvIT Fund does
IRB InvIT Fund is an infrastructure investment trust that owns and operates a portfolio of national highway concessions awarded by the National Highways Authority of India (NHAI), earning revenue primarily by collecting toll from vehicles using its roads, with one project instead paid a fixed annuity under the Hybrid Annuity Model (HAM). Toll rates on its BOT roads are contractually linked to inflation (WPI) and traffic volume, giving the portfolio a built-in escalation mechanism. The Trust expanded materially in FY26 by acquiring four additional road assets (three BOT and one HAM) from its sponsor group, extending its geographic footprint into new states and lengthening the average residual life of its concessions. Toll collection across its roads is largely electronic via FastTag (RFID), with day-to-day tolling and maintenance managed by the sponsor group's operations arm.
Segments
- BOT Toll Road Assets
- HAM Annuity Assets
- Operating highway concessions
- 10
- Portfolio composition
- 8 BOT toll roads + 2 HAM annuity projects
- Cumulative operational lane length
- 4,445 lane km
- States with operating assets
- 8 (Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Uttar Pradesh, Haryana)
- Average residual concession life
- ~17 years
- Toll plazas operated
- 14
Guidance record · Q1 FY27
what the last two calls moved 25 tracked 4 delivered 4 missed 17 open- Distribution Per Unit (DPU) for FY25 delivered said Q3 FY25 Promised: close to Rs. 8.00 per unit, within the range of Rs. 8.00 to Rs. 8.50 Q1 FY27: This promise pertains to the completed FY25 and remains achieved.
- Tariff Hike went quiet said Q3 FY25 Promised: close to 3.5% from April 2025 Q1 FY27: Management did not provide the specific portfolio-wide tariff hike implemented in April 2025, focusing instead on future hikes. The promise remains ghosted.
- Distribution Per Unit (DPU) revised down said Q2 FY25 Promised: ₹8.5 to 9 over the next four to five years Q1 FY27: Management reiterated guidance of 4-5% annual DPU growth for the next 5 years from a base of Rs. 6.50. This trajectory will not reach the original target of Rs. 8.5-9 by FY29-30.
All 25 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 69.1%, net profit down 21.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 270 | 275 | 282 | 291 | 277 +3% | 450 +64% | 528 +87% | 492 +69% |
| EBITDA | 224 | 224 | 232 | 245 | 232 +4% | 372 +66% | 388 +67% | 396 +62% |
| Net profit | 85 | 91 | 94 | 100 | 83 −2% | 60 −34% | 97 +3% | 79 −21% |
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 +1.1% 1Y
1Y: ₹63.46 on 10 Sept 2025 → ₹64.16. High ₹64.85 (31 Aug 2026), low ₹57.96 (20 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.2%
- 24 Jul
- Q4 FY26
- +0.1%
- 18 May
- Q3 FY26
- +0.4%
- 12 Feb
- Q2 FY26
- −0.7%
- 13 Nov
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 40.4% a year over 1 year, FY25 to FY26. Operating margin narrowed to 80.0%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1.1k Cr | ₹1.5k Cr |
| Operating profit | ₹907 Cr | ₹1.2k Cr |
| Operating margin | 82.4% | 80.0% |
| Interest | ₹294 Cr | ₹519 Cr |
| Depreciation | ₹254 Cr | ₹381 Cr |
| Net profit | ₹356 Cr | ₹340 Cr |
| Net margin | 32.3% | 22.0% |
| Cash from operations | ₹961 Cr | ₹1.3k Cr |
| Free cash flow | ₹700 Cr | ₹1.0k Cr |
| ROCE | 9.0% | 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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5.3k Cr | ₹5.1k Cr | ₹4.9k Cr | ₹4.9k Cr | ₹4.7k Cr | ₹8.9k Cr |
| Reserves | ₹-959 Cr | ₹-963 Cr | ₹-908 Cr | ₹-947 Cr | ₹-980 Cr | ₹-698 Cr |
| Borrowings | ₹1.9k Cr | ₹1.9k Cr | ₹3.0k Cr | ₹3.0k Cr | ₹6.6k Cr | ₹9.4k Cr |
| Other liabilities | ₹6.0k Cr | ₹5.9k Cr | ₹5.5k Cr | ₹5.6k Cr | ₹5.2k Cr | ₹5.4k Cr |
| Total liabilities | ₹12.2k Cr | ₹12.0k Cr | ₹12.5k Cr | ₹12.6k Cr | ₹15.6k Cr | ₹23.0k Cr |
| Fixed assets | ₹11.6k Cr | ₹11.0k Cr | ₹10.7k Cr | ₹10.5k Cr | ₹10.1k Cr | ₹18.9k Cr |
| Capital work in progress | ₹2 Cr | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹159 Cr | ₹215 Cr | ₹185 Cr | ₹138 Cr | ₹3.6k Cr | ₹591 Cr |
| Other assets | ₹450 Cr | ₹790 Cr | ₹1.6k Cr | ₹2.0k Cr | ₹1.9k Cr | ₹3.5k Cr |
| Total assets | ₹12.2k Cr | ₹12.0k Cr | ₹12.5k Cr | ₹12.6k Cr | ₹15.6k Cr | ₹23.0k 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.
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse IRB InvIT Fund
Guides on how to read this kind of business and the numbers that matter.