IRB Infrastructure Developers Ltd.

NSE: IRB · Civil Construction

52W Range₹19 ₹47

Snapshot

Unlock IRB Infrastructure Developers Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

IRB Infrastructure Developers Limited is a prominent player in the Indian infrastructure sector, specialising in the construction, development, and maintenance of roads and highways. The company operates primarily through BOT and Toll Operate and Transfer models, while also maintaining interests in real estate, renewable energy, and airport infrastructure.

Business Model

The company generates revenue through the construction of road assets and the subsequent collection of tolls under long-term build-operate-transfer concessions. It further diversifies income streams through electricity generation from windmills and hospitality operations.

  • Total Projects:23
  • Road Network:12,975 lane kilometers

Growth Outlook

Growth is driven by the expansion of India's national highway network and the government's continued focus on infrastructure development. The company aims to leverage its extensive experience in BOT projects to secure new concessions and enhance its operational portfolio.

Key Risks

  • Regulatory and Policy Risk. Changes in government infrastructure policies or delays in land acquisition can significantly impact project timelines and profitability.
  • Traffic Volume Risk. Revenue from toll-based projects is highly sensitive to fluctuations in traffic volume, which can be affected by economic downturns or alternative transport routes.
  • Interest Rate Risk. As a capital-intensive business with significant debt, the company is vulnerable to rising interest rates which increase the cost of servicing project finance.
  • Execution Risk. Large-scale construction projects are subject to potential cost overruns and delays due to technical challenges or supply chain disruptions.

Price

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Key Metrics

REVENUE

₹7,648 Cr

TTM · consolidated

+0.5%YoY

NET PROFIT

₹850 Cr

TTM · consolidated

-86.9%YoY

EPS

₹1.17

TTM · consolidated

-89.1%YoY

RETURN ON EQUITY

4.2%

TTM · consolidated

-38.3 ppYoY

RETURN ON CAPITAL EMPLOYED

6.0%

TTM · consolidated

-14.3 ppYoY

P/E

17.2x

Q4 FY26 · consolidated

17.2 vs -8.2x5Y avg

EV/EBITDA

10.5x

Q4 FY26 · consolidated

10.5 vs 19.1x5Y avg

EBITDA MARGIN

54.8%

TTM · consolidated

+1.9 ppYoY

NET PROFIT MARGIN

15.4%

Q4 FY26 · consolidated

+5.4 ppYoY

DEBT TO EQUITY

1.0x

Q4 FY26 · consolidated

+0.17xYoY

Peers · Civil Construction

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
IRB Infrastructure Developers Ltd.IRB
24,69917.1810.490.5%54.8%4.2%6.0%-58.8%
NBCC (India) Ltd.NBCC
22,19636.5824.666.7%7.2%28.4%33.1%-15.4%
Kalpataru Projects International Ltd.KPIL
17,94121.6810.3821.6%8.6%15.1%20.8%+10.3%
Kec International Ltd.KEC
14,22821.9010.517.6%7.3%10.9%23.2%-43.5%
Techno Electric & Engineering Company Ltd.TECHNOE
12,18826.7819.6943.3%18.8%12.3%14.0%-33.7%
IRCON International Ltd.IRCON
11,22020.6013.15-15.7%13.2%9.2%8.1%-31.8%

As of Q4 FY26

Financials