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IRB Infrastructure Developers Results: Latest Quarterly Results & Analysis

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IRB Infrastructure Developers Ltd. 12 Nov 2025 14:02 PM
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Q2FY26 Quarterly Result Announced for IRB Infrastructure Developers Ltd.

Roads & Highways company IRB Infrastructure Developers announced Q2FY26 results

  • Total Income: Rs 1,800 crore against Rs 1,752 crore during Q2FY25, change 3%.
  • EBITDA: Rs 974 crore against Rs 933 crore during Q2FY25, change 4%.
  • PBT: Rs 261 crore against Rs 267 crore during Q2FY25, change -2%.
  • PAT: Rs 141 crore against Rs 100 crore during Q2FY25, change 41%.

Virendra D. Mhaiskar, Chairman & Managing Director, said: “The first half of the year, particularly Q2, continued to demonstrate strong momentum in toll revenue growth, despite a severe and extended monsoon period. We have also successfully completed the sale of three assets, in line with our B.E.S.T. (Bid, Execute, Stabilize, Transfer) strategy of efficient asset churn and sustainable growth without any dilution. This has enabled us to unlock approximately Rs 5,000 crore of equity in the Private InvIT, positioning us to pursue further opportunities of around Rs 15,000 crore in the sector. These developments keep us firmly on track to achieve an asset base of Rs 1.4 trillion over the next three years.”

“This robust performance strengthens our confidence that growth will further accelerate in the coming quarters, supported by the ongoing pace of consolidation”.

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Roads & Highways company IRB Infrastructure Developers announced Q1FY26 results

  • Total Income: Rs 2,165 crore compared to Rs 1,972 crore during Q1FY25, change 10%.
  • EBITDA: Rs 1,018 crore compared to Rs 976 crore during Q1FY25, change 4%.
  • PAT: Rs 202 crore compared to Rs 140 crore during Q1FY25, change 45%.

Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers, said: “In the face of global economic uncertainty and a slower pace of new award activity in the sector, IRB is reaping the rewards of the robust portfolio we have built - assets worth nearly Rs 80,000 crore - driving strong growth in toll collections. We remain firmly on track to deliver on our B.E.S.T. policy.”

“Looking ahead, with India’s GDP outlook remaining strong, supporting robust market opportunities and the Government’s continued thrust on PPP-based infrastructure, we are primed to capture the next wave of opportunities. The combination of organic growth from our existing assets and the addition of new projects positions us for a sustained, accelerated growth.”

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Roads & Highways company IRB Infrastructure Developers announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income stood at Rs 2,218 crore, reflecting a YoY decline of 11% compared to Rs 2,504 crore in Q4FY24.
  • EBITDA was Rs 1,066 crore, marking a YoY decrease of 20% from Rs 1,333 crore in Q4FY24.
  • IRB Infra reports Q4FY25 PAT at Rs. 215 crore, rises 14% from Rs.189 crore in Q4FY24

FY25 Financial Highlights:

  • Total Income for the full FY25 reported is Rs. 8,032 crore in FY25 as against Rs. 8,202 crore in FY24; thus, a YoY decline of 2% due to lower other income.
  • EBITDA was Rs 4,024 crore, reflecting a marginal YoY decline of 2% from Rs 4,125 crore in FY24.
  • Full year FY25 PAT rises 12% YoY [Rs. 677 crore (excluding exceptional gain) Vs. Rs.606 crore in FY24]
  • FY25 Aggregate Toll Revenue of the Company and its Private InvIT rises by 23% YoY, surpassing the National YoY Growth of 12.5%

While commenting on the occasion, Shri Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “The results are promising, with a strong 23% growth in toll revenue over last year, outpacing the national growth rate of 12.5%. Although the first half was impacted by general elections, we witnessed robust growth in the second half of FY25. The two TOT projects commenced operations during the year, have been encouraging and exceeding estimates. With the Government's push for PPP projects in the Union Budget, we remain enthused and focused on expected higher momentum in BOT and TOT bid line up."

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Roads & Highways company IRB Infrastructure Developers announced Q3FY25 results

  • Net Profit of Rs 222 crore (excluding one-time income) against Rs 187 crore for Q3FY24.
  • The total income reported for the same period is Rs 2,090 crore, which was Rs 2,077 crore during Q3FY24; thus, rose by 1%.

Other Highlights:

  • The quarter under review witnessed approx. 21% rise in aggregate toll collection of Company and Private InvIT (Rs 1,655 crore in Q3FY25 vs Rs 1,373 crore in Q3FY24).
  • The Board has declared a 3 rd interim dividend of 10% (face value: Re 1) totaling Rs 60.3 crore for Q3FY25. This brings the total dividend for the first nine months of FY25 to Rs 181.1 crore.
  • The Private InvIT offered five matured assets, valued at approximately Rs 15,000 crore., to Public InvIT. The transaction is expected to be completed in the first half of FY26, subject to necessary approvals.
  • The Private InvIT also announced its third distribution of Rs 53.92 crore. Consequently, the Company will receive Rs 27.51 crore., corresponding to its 51% stake in the entity.
  • Company’s Meerut Budaun Expressway (Package 1 of the upcoming Ganga Expressway Greenfield BOT Project) is now part of the IRB Infrastructure Trust, Private InvIT.

Shri Virendra D. Mhaiskar, Chairman & Managing Director, said: “Our asset portfolio continues to excel with 21% revenue growth in the current quarter. As we build on this momentum, we have embarked on a strategic journey of asset rotation and unlocking the true value of our investments. This initiative includes a non-binding offer to Public InvIT and a value-enhancing initiative across our portfolio."

"The Government's push for Public-Private Partnership (PPP) projects is gaining momentum, with bidding for Build-Operate-Transfer (BOT) and Toll-Operate-Transfer (TOT) projects now underway. We intend to actively participate in these upcoming opportunities.”

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Roads & Highways company IRB Infrastructure Developers announced Q2FY25 results

  • IRB Infra reports Net Profit of Rs 100 crore, against Rs 96 crore in the corresponding quarter of FY24; clocks YoY rise of 4%
  • Q2FY25 Net Income is down by 7% to Rs 1,752 crore vs Rs 1,875 crore in Q2FY24
  • Toll collection for Q2FY25 rises 25% (including projects under Private InvIT).
  • EBITDA: Rs 933 crore compared to Rs 924 crore during Q2FY24, change 1%.
  • PBT: Rs 267 crore compared to Rs 257 crore during Q2FY24, change 4%.

Virendra D. Mhaiskar, Chairman & Managing Director of the Company said: “The Q2FY25 looks fine, specifically on the toll collection front, which has shown consistent robust year on year growth, despite impact of heavy monsoon resulting into the traffic disruptions in some of the Assets. We expect improved performance in the remaining quarters in view of the exit of monsoon season, coupled with set-in festive season and the pace consolidation in the development of under construction projects post monsoon season.”

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Roads & Highways construction company IRB Infrastructure Developers announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Total Income: Rs 2,504 crore (47% increase from Q4FY23)
  • EBITDA: Rs 1,333 crore (59% increase from Q4FY23)
  • Profit Before Tax: Rs 445 crore (84% increase from Q4FY23)
  • PAT before share of JV: Rs 324 crore (94% increase from Q4FY23)
  • Adjusted PAT excluding onetime income before share of JV: Rs 324 crore (94% increase from Q4FY23)
  • Share of loss from JV: Rs (135) crore (265% increase from Q4FY23)
  • PAT after share of JV: Rs 189 crore (45% increase from Q4FY23)
  • Adjusted PAT: Rs 189 crore (45% increase from Q4FY23)
  • Cash Profit: Rs 599 crore (54% increase from Q4FY23)

FY24 Financial Highlights:

  • Total Income: Rs 8,202 crore (22% increase from FY23)
  • EBITDA: Rs 4,125 crore (17% increase from FY23)
  • Profit Before Tax: Rs 1,267 crore (7% increase from FY23)
  • PAT before share of JV: Rs 921 crore (11% increase from FY23)
  • Adjusted PAT excluding onetime income before share of JV: Rs 921 crore (68% increase from FY23)
  • Share of loss from JV: Rs (315) crore (194% increase from FY23)
  • PAT after share of JV: Rs 606 crore (16% decrease from FY23)
  • Adjusted PAT: Rs 606 crore (37% increase from FY23)
  • Cash Profit: Rs 1,916 crore (39% increase from FY23)

Commenting on the occasion, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said, “FY24 was an astounding year. We not only received three prestigious TOT awards but also tied up finances, made upfront payment of concession fees to the respective authorities and commenced tolling on these projects well within the set timelines. To add a jewel in the crown, we had another proud moment, when we received ISO certifications from the UK based ISOQAR for our efforts in establishing quality, environment, occupational health, and safety as well as IT security systems in our operations.”

He added, “FY24 unequivocally firmed up our leadership position in the sector as the largest transport infrastructure developer in India’s highway sector in terms of largest projects portfolio, operational lane kilometers, the largest asset base and robust toll revenue growth. With all these credentials and strong support from our global strategic partners along with the high trust of our stakeholders and the ample opportunities available in the Sector, we look forward to a more promising FY25; with this growth momentum continuing in coming year.”

Result PDF

Roads & Highways company IRB Infrastructure Developers announced Q3FY24 results:

  • Total Income grows 32% YoY, Rs 2,077 crore vs Rs 1,570 crore in Q3FY23
  • Aggregate toll collection of the Company and its Private InvIT Associate for the quarter under review grows approx. 25% YoY, Rs 1,373 crore vs Rs 1,099 crore
  • It has reported a Net Profit of Rs 187 crore against Rs 141 crore for Q3FY23.
  • IRB Infrastructure Trust, Private InvIT Associate of the Company declared a Distribution of ~ Rs 288 crore (IRB's share - 51% i.e. ~Rs 147 crore)
  • Company’s Private InvIT Associate was awarded TOT-12 and TOT-13 projects in Madhya Pradesh and Rajasthan
  • Group’s market share in the awarded TOT projects space is 38%, the largest by any private player in the Sector
  • TOT-12 is the single largest contiguous National Highway stretch (in Kms length) awarded to date on a TOT basis
  • Received appointed date for Samakhiyali Santalpur BOT project in December 2023; thus, enabling the Company to start tolling and construction
  • the company has declared 2nd Interim Dividend of 10% (Face Value of Re 1/-) for Q3FY24

While commenting on the occasion, Shri Virendra D. Mhaiskar, Chairman & Managing Director of the Company said, “The past quarter marked a significant period for our company, highlighted by two successful TOT wins, maiden distribution from Pvt InvIT, achieving the appointed date for a key BOT project, robust momentum in the construction segment, and an impressive ~25% growth witnessed in toll collection across all assets – an exemplary feat. With these wins, not only did our market share in the TOT space increase to 38%, the largest by any private player in the sector but also pivoted our position as the leading transport infrastructure developer in the highways sector of India."

He added, "This momentum is expected to continue in coming quarters as well - backed by Government commitment to infrastructure growth in the country, our strong balance sheet, and continued distributions from InvITs.”

 

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Roads & highways company IRB Infrastructure Developers announced Q1FY24 results:

  • Q1FY24 PAT of Rs 134 crore and consolidated Income of Rs 1,745 crore against adjusted PAT of Rs 84 crore and adjusted Consolidated Income of Rs 1,578 crore in Q1FY23.
  • Adjusted PAT & consolidated Income up YoY by 59% & 11% respectively
  • Toll collection for Q1FY24 grows 18% YoY

While commenting on the occasion, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said, “We are pleased to commence FY24 on a positive note with a strong performance in the first quarter. We continue to witness robust momentum in toll collection”.

He added, “Recently added projects of Hyderabad ORR TOT and Samakhiyali to Santalpur BOT project are set to commence during Q2 and will meaningfully contribute to both, toll collection as well as construction segment, from Q3 onwards. We have traditionally witnessed higher levels of activity in the second half for both our segments which gives us confidence that we will further build upon this performance in the second half of the financial year.”

 

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Roads & Highways company IRB Infrastructure Developers announced Q4FY23 & FY23 results:

  • Consolidated Income for FY23 rises 5% YoY to Rs 6,703 crore
  • FY23 PAT doubles YoY to Rs 720 crore
  • Declares 2nd Interim Dividend of 7.5% on face value of equity share of Re 1/- each
  • Q4FY23 PAT is Rs 130 crore; Consolidated Income is Rs 1,699 crore
  • Toll revenue including Private InvIT SPVs, in FY23 was 40% higher YoY
  • Toll collection through FASTag crossed 95% mark
  • Construction commenced on Ganga Expressway and Palsit Dankuni BOT projects; and Chittoor Thachur and Pathankot Mandi HAM project
  • Bagged Samakhiyali to Santalpur 6 laning BOT project of 90.90 kms stretch on NH27 with cost outlay of Rs 2,132 crore in the State of Gujarat
  • Completed re-financing of 3 BOT assets under Company’s private InvIT through redeemable non-convertible debentures issued on private placement basis, thereby cashflow saving of Rs 550 crore over the period of 5 years
  • Transferred Vadodara Kim HAM project, which is part of New Delhi Mumbai 8 Lanes Greenfield Expressway and realised 1.2 times of equity invested, to the IRB InvIT Fund, a listed Public InvIT sponsored by the Company

Commenting on the occasion, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said, “We experienced vibrant FY23 on all fronts. We bagged new BOT project; started construction of two BOTs and a HAM project; achieved CODs for couple of BOT projects; and witnessed robust growth in toll collection. To add, we transferred a HAM project to the public InvIT; saw investments coming in from our global partner for prestigious Ganga Expressway; we facilitated equity share split to enhance interest of small investors, etc.” He further added, “FY24 looks to be promising, as we had 19% toll revenue growth in first month itself; got another TOT project, taking our share in TOT space to ~37%, the largest by any player in the sector. We expect to continue growth momentum throughout the year.”

 

 

Result PDF

Roads & Highways firm IRB Infrastructure Developers announced Q3FY23 results:

 Q3FY23:

  • IRB Infra reports Q3FY23 net profit at Rs 141 crore; up 94% YoY
  • Total income reported is Rs 1,570 crore; up 5% YoY
  • Robust and consistent growth seen in the toll revenue YoY and MoM during the quarter for the company and its private InvIT entities
  • Completes refinancing of another BOT Asset - i.e., total of 3 assets refinanced within 2 quarters - under Private InvIT, through allotment of redeemable NCDs on private placement basis
  • GIC affiliates committed 49% investment in Ganga Expressway project; 1st tranche of the same received, amounting to approx Rs 329 crore

Commenting on the Q3FY23 Financial Results, Shri Virendra D Mhaiskar, Chairman & Managing Director of the company, said, “In addition to a strong financial performance, the quarter witnessed meaningful achievements on the business front as well. We received appointed date from UPEIDA for Ganga Expressway project and accordingly, the construction activity has commenced. Subsequently, we received 1st tranche of investment towards firm 49% commitment from the GIC Affiliates in this project. Also, another BOT asset under private InvIT completed its debt refinancing successfully to save on interest cost and generate surplus cash. With this, we have completed the refinancing of 3 BOT assets over last two quarters leading to sizeable cash savings.” He further added, “Selecting projects in economically strong states has paid rich dividends. This is visible from the continued YoY as well as MoM robust growth witnessed in the Toll revenue across the projects.”

 

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