IRB

IRB Infrastructure Developers Limited

Toll roads and construction business under BOT and TOT models

Industrials›Construction›Construction›Civil Construction

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Key metrics

Price as of 2026-10-16

Stock price
₹17.62
Market cap
21,281 Cr
Stock P/E
22.3
P/B
0.51
Dividend yield
0.6%
ROE (FY26)
4.1%
ROCE (FY26)
7.3%
Operating margin (FY26)
37.1%
Debt / equity (FY26)
0.96
OCF / EBITDA (FY26)
52.7%
OCF / EBITDA (3Y)
74.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

IRB (IRB Infrastructure Developers) builds and operates toll highways in India and sponsors two infrastructure investment trusts (InvITs) that hold highway assets.

Company snapshot

4thBy market cap

Ranked among 90 companies in Civil Construction.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 55.8% of revenue

SegmentRevenue shareRevenuePBTAssets
BOT/TOT PROJECTS
32.0%
648 Cr315 Cr23,979 Cr
Construction
55.8%
1,129 Cr257 Cr4,293 Cr
InvIT's and Related Assets
12.1%
245 Cr214 Cr21,126 Cr
Unallocated Corporate
0.2%
4 Cr-6 Cr4,735 Cr

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,745 Cr1,969 Cr2,061 Cr1,853 Cr1,586 Cr2,025 Cr2,149 Cr2,099 Cr1,751 Cr1,871 Cr1,927 Cr2,137 Cr
Operating expenses (approx.)950 Cr1,099 Cr1,171 Cr996 Cr819 Cr1,041 Cr1,151 Cr1,147 Cr826 Cr849 Cr844 Cr985 Cr
EBITDA795 Cr869 Cr890 Cr857 Cr767 Cr984 Cr998 Cr952 Cr925 Cr1,022 Cr1,083 Cr1,153 Cr
OPM %45.5%44.2%43.2%46.3%48.3%48.6%46.4%45.4%52.8%54.6%56.2%53.9%
Other income130 Cr109 Cr443 Cr119 Cr166 Cr65 Cr69 Cr66 Cr49 Cr41 Cr50 Cr35 Cr
Interest435 Cr433 Cr615 Cr439 Cr434 Cr461 Cr458 Cr462 Cr451 Cr436 Cr406 Cr438 Cr
Depreciation233 Cr251 Cr274 Cr255 Cr231 Cr265 Cr286 Cr269 Cr262 Cr289 Cr321 Cr333 Cr
Profit before tax182 Cr243 Cr309 Cr229 Cr183 Cr6,127 Cr323 Cr286 Cr261 Cr295 Cr406 Cr417 Cr
Tax %47.3%23.0%38.9%38.8%45.5%1.6%33.4%29.3%46.0%28.5%27.0%26.5%
Net profit96 Cr187 Cr189 Cr140 Cr100 Cr6,026 Cr215 Cr202 Cr141 Cr211 Cr296 Cr306 Cr
EPS (₹)₹0.16₹0.31₹0.31₹0.23₹0.17₹9.98₹0.35₹0.34₹0.23₹0.35₹0.25₹0.25

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5,846 Cr5,694 Cr6,707 Cr6,852 Cr5,299 Cr5,804 Cr6,402 Cr7,409 Cr7,613 Cr7,648 CrSign in free for the trailing twelve months
Operating expenses (approx.)2,798 Cr3,015 Cr3,770 Cr3,881 Cr2,786 Cr3,006 Cr3,173 Cr4,077 Cr4,008 Cr3,666 CrSign in free for the trailing twelve months
EBITDA3,048 Cr2,679 Cr2,937 Cr2,971 Cr2,513 Cr2,797 Cr3,229 Cr3,332 Cr3,606 Cr3,982 CrSign in free for the trailing twelve months
OPM %52.1%47.1%43.8%43.4%47.4%48.2%50.4%45.0%47.4%52.1%Sign in free for the trailing twelve months
Other income123 Cr169 Cr196 Cr195 Cr189 Cr552 Cr302 Cr793 Cr418 Cr206 CrSign in free for the trailing twelve months
Interest1,333 Cr967 Cr1,120 Cr1,564 Cr1,692 Cr1,891 Cr1,515 Cr1,863 Cr1,792 Cr1,755 CrSign in free for the trailing twelve months
Depreciation855 Cr544 Cr540 Cr468 Cr582 Cr683 Cr832 Cr995 Cr1,038 Cr1,142 CrSign in free for the trailing twelve months
Profit before tax984 Cr1,464 Cr1,473 Cr1,175 Cr262 Cr550 Cr1,077 Cr951 Cr6,861 Cr1,248 CrSign in free for the trailing twelve months
Tax %27.3%37.2%42.3%38.7%55.2%34.2%33.1%36.3%5.5%31.9%Sign in free for the trailing twelve months
Net profit715 Cr920 Cr850 Cr721 Cr117 Cr361 Cr720 Cr606 Cr6,481 Cr850 CrSign in free for the trailing twelve months
EPS (₹)₹20.36₹26.17₹24.18₹20.51₹3.33₹8.69₹1.19₹1.00₹10.73₹0.70Sign in free for the trailing twelve months
Dividend payout %————150.0%0.0%10.5%27.4%3.7%14.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital351 Cr351 Cr351 Cr351 Cr351 Cr604 Cr604 Cr604 Cr604 Cr604 Cr
Reserves4,920 Cr5,341 Cr5,964 Cr6,331 Cr6,549 Cr11,962 Cr12,775 Cr13,141 Cr19,223 Cr20,345 Cr
Borrowings13,020 Cr12,996 Cr15,719 Cr8,524 Cr18,085 Cr16,685 Cr16,740 Cr18,649 Cr20,577 Cr20,008 Cr
Other liabilities28,349 Cr21,715 Cr18,462 Cr24,681 Cr16,188 Cr13,316 Cr12,648 Cr12,527 Cr13,492 Cr13,097 Cr
Total liabilities46,641 Cr40,403 Cr40,496 Cr39,888 Cr41,174 Cr42,567 Cr42,766 Cr44,920 Cr53,896 Cr54,054 Cr
Fixed assets (net)241 Cr180 Cr172 Cr165 Cr146 Cr946 Cr935 Cr911 Cr964 Cr925 Cr
CWIP61 Cr65 Cr36 Cr36 Cr36 Cr27 Cr8 Cr8 Cr0.77 Cr4 Cr
Investments146 Cr945 Cr645 Cr4,146 Cr4,799 Cr4,904 Cr5,141 Cr9,642 Cr17,097 Cr19,328 Cr
Loans & advances——64 Cr16 Cr432 Cr418 Cr618 Cr77 Cr40 Cr20 Cr
Inventories353 Cr487 Cr442 Cr331 Cr322 Cr317 Cr299 Cr293 Cr339 Cr367 Cr
Trade receivables70 Cr133 Cr114 Cr441 Cr340 Cr994 Cr1,635 Cr759 Cr331 Cr155 Cr
Cash & bank230 Cr206 Cr278 Cr443 Cr653 Cr53 Cr301 Cr233 Cr1,860 Cr346 Cr
Other assets45,539 Cr38,386 Cr38,746 Cr34,310 Cr34,445 Cr34,908 Cr33,830 Cr32,998 Cr33,265 Cr32,908 Cr
Total assets46,641 Cr40,403 Cr40,496 Cr39,888 Cr41,174 Cr42,567 Cr42,766 Cr44,920 Cr53,896 Cr54,054 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity3,192 Cr2,132 Cr2,710 Cr3,709 Cr867 Cr364 Cr1,764 Cr4,054 Cr1,971 Cr2,098 Cr
Cash from investing-2,981 Cr-2,621 Cr-4,081 Cr-4,905 Cr-8,176 Cr-1,553 Cr-650 Cr-3,644 Cr375 Cr-910 Cr
Cash from financing-202 Cr410 Cr1,438 Cr1,388 Cr7,520 Cr589 Cr-861 Cr-477 Cr-720 Cr-2,702 Cr
Net cash flow9 Cr-79 Cr66 Cr192 Cr211 Cr-601 Cr253 Cr-68 Cr1,627 Cr-1,513 Cr
Free cash flow (OCF − Capex)416 Cr-1,834 Cr-1,509 Cr-1,496 Cr-6,926 Cr-1,025 Cr1,333 Cr3,815 Cr1,773 Cr1,366 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.7%13.0%11.8%18.0%7.8%8.3%8.6%8.7%21.4%7.3%
ROE %13.6%16.2%13.5%10.8%1.7%2.9%5.4%4.4%32.7%4.1%
Debtor days4862323629337167
Inventory days4792429498277293246260263205199
Days payable6112023795622652296437607316139
Cash conversion cycle-129414-291-321-33513-84-306-9567
OCF / EBITDA %104.7%79.6%92.3%124.8%34.5%13.0%54.6%121.7%54.7%52.7%
OCF / EBITDA % (3 years)——92.7%99.6%86.5%59.7%35.1%66.1%76.6%74.4%
Debt / equity2.472.282.491.282.621.331.251.361.040.96
Current ratio0.720.350.470.351.051.781.621.241.581.24
Net debt / EBITDA4.20—5.262.726.945.955.095.535.194.94