IRB Infrastructure Developers share price
NSE: IRBBSE: 532947ConstructionSmall Cap
Share price at the NSE close on 29 Oct 2026. Previous close ₹16.07.
29 Oct: open ₹16.01, high ₹16.30, low ₹15.90
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹19,603 Cr303rd largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 20.54
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- Shares changed
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 1.05%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 4.7%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 7.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.96
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 63,16,57237.7% delivered
About IRB Infrastructure Developers
IRB Infrastructure Developers Limited builds, tolls, operates and maintains roads and highways in India.1 Its major clients are central and state government departments and ministries, and the commuters who pay tolls on its roads.2 It is the sponsor and project manager of a private and a public infrastructure investment trust (InvIT, a listed trust that owns roads and passes their income to unitholders), and builds, operates and maintains their roads.34
It wholly owns 4 road concessions (contracts to toll a road for a set period): the Mumbai-Pune Expressway, held under toll-operate-transfer (TOT, an upfront payment for the right to toll an existing road), and the Ahmedabad-Vadodara road, a build-operate-transfer (BOT) project it built and tolls.56 The other 2, Pathankot-Mandi and Chittoor-Thachur, are hybrid annuity (HAM) roads under construction, for which the government pays in instalments.56 Its construction arm is Modern Road Makers Private Limited, and it developed Sindhudurg Airport near the Goa-Maharashtra border, which handles commercial flights.78
It was incorporated in 1998.9 IRB InvIT Fund, its public InvIT, has been listed since 2017, and IRB Infrastructure Trust, its private InvIT, since 2023.10
Its promoter group held 30.79% of the shares at 31 Mar 2026, and Virendra D. Mhaiskar is its Chairman and Managing Director.1112 It holds 51% of IRB Infrastructure Trust, alongside affiliates of GIC, Singapore's sovereign wealth fund (25%), and Cintra, a Ferrovial group company (24%), and about 17% of IRB InvIT Fund.131415
IRB Infrastructure Developers key points
Results
- In the quarter to Jun 2026, profit after tax rose 51% to ₹3.06 billion from ₹2.02 billion.16
- In the quarter to Jun 2026, revenue across reporting segments was ₹21,373 million against ₹20,990 million, and the segment EBITDA (earnings before interest, tax, depreciation and amortisation) margin rose to 57% from 47%.17
- In the year to Mar 2026, consolidated total income fell 2% to ₹78,540 million from ₹80,315 million, while EBITDA rose 4% to ₹41,877 million from ₹40,239 million.18
- In the year to Mar 2026, profit after tax before one-off items, as the company presents it, rose 32% to ₹8,931 million; after them it fell 87% to ₹8,504 million from ₹64,807 million, which included ₹58,041 million of one-off items.1920
Market position
- The group holds 43% of toll-operate-transfer (TOT) projects awarded in India, and the company and its 2 InvITs collect about 10% of India's toll revenue, the company says.21
- Its roads make up about 16% of the Golden Quadrilateral, the highway network joining Delhi, Mumbai, Chennai and Kolkata, and 12% of India's north-south highway connectivity, the company says.22
Business segments
- BOT/TOT operates and maintains toll roads, InvITs and related assets holds its InvIT units, and construction develops and maintains roads.23
- Segment revenue, quarter to Jun 2026 (₹ million)24Segment EBITDA margins in the quarter were 91% for BOT/TOT, 94% for InvITs and related assets and 15% for construction.
Item quarter to Jun 2026 quarter to Jun 2025 Construction 9,672 12,199 BOT/TOT 7,333 6,460 InvITs and related assets 4,367 2,331
Road portfolio
- At the end of Mar 2026 the group managed an asset base of about ₹94,000 crore: 17,355 lane kilometres (road length times lanes) of roads in 13 states.2526
- Lane kilometres by owner, end of Mar 202627
Item year to Mar 2026 IRB Infrastructure Trust (private InvIT) 10,674 IRB InvIT Fund (public InvIT) 4,445 The company itself 2,236 - About 1.5 million vehicles a day use the group's roads, which have 86 toll plazas, and about 97% of tolls are paid by FASTag electronic tags.28
- Toll revenue across the company and its 2 InvITs rose nearly 12.5% to ₹8,315 crore in the year to Mar 2026. Tolls on projects awarded after 2008 are revised by 3% plus 40% of WPI (wholesale price inflation).2930
Order book
Asset recycling
- Under its Bid, Execute, Stabilise, Transfer (B.E.S.T.) strategy, the company says it bids for roads at an internal rate of return (IRR, the yearly return on investment) of 15% to 16% and transfers them at 12% to 12.5%.3334
- In the year to Mar 2026, IRB Infrastructure Trust sold 3 mature BOT roads to IRB InvIT Fund for ₹4,905 crore of equity (enterprise value, including debt, ₹8,436 crore) and added roads worth about ₹14,000 crore.35
- In the year to Mar 2026, the company sold VM7 Expressway, a section of the Delhi-Mumbai Greenfield Expressway, to IRB InvIT Fund for about ₹510 crore, cutting consolidated debt by about ₹700 crore.36
- On 2 Jul 2026, IRB Infrastructure Trust agreed binding terms to sell the Solapur-Yedeshi and Chittorgarh-Gulabpura BOT roads to IRB InvIT Fund at an enterprise value of ₹4,605 crore, releasing ₹2,744 crore for new assets.3738
What the company expects
- In its exchange filing of 2 Jul 2026, the company said it plans to expand its asset base to about ₹1,400 billion by the year to Mar 2029.39
- In its presentation of 30 Jul 2026, the company set 5-year targets to Mar 2030: net debt from 0.6 times to 0.0 times, cash return on equity from 8% to over 14%, and 25% yearly profit growth.40
- On its earnings call of 30 Jul 2026, the company said it expects its O&M order book to grow by about ₹4,000 crore to ₹5,000 crore a year, depending on how many TOT projects it wins.41
Recent events
- On 6 Oct 2026, CARE Ratings assigned a CARE AA (Stable) credit rating, its view of the ability to repay debt, to the company's long-term bank facilities.42
- On 29 Sep 2026, after the Solapur-Yedeshi and CG Tollway roads moved to IRB InvIT Fund, the company signed agreements to manage them for about ₹2,663 crore over about 18 years.4344
- On 2 Apr 2026, the company allotted bonus shares, 1 new share for every share held.45
- On 1 Apr 2026, the group began tolling the TOT-18 road in Odisha, after starting the TOT-17 roads in Uttar Pradesh on 23 Jan 2026.46
Last updated
All 46 sources, each with its page
- 1. Annual report, 27 Aug 2026, page 16
- 2. Annual report, 27 Aug 2026, page 122
- 3. Annual report, 27 Aug 2026, page 100
- 4. Annual report, 27 Aug 2026, page 96
- 5. Investor presentation, 30 Jul 2026, page 23
- 6. Investor presentation, 30 Jul 2026, page 20
- 7. Annual report, 27 Aug 2026, page 104
- 8. Annual report, 27 Aug 2026, page 60
- 9. Annual report, 27 Aug 2026, page 84
- 10. Exchange filing, 14 May 2026, page 3
- 11. Annual report, 27 Aug 2026, page 120
- 12. Annual report, 27 Aug 2026, page 21
- 13. Annual report, 27 Aug 2026, page 96
- 14. Annual report, 27 Aug 2026, page 17
- 15. Investor presentation, 30 Jul 2026, page 20
- 16. Investor presentation, 30 Jul 2026, page 9
- 17. Investor presentation, 30 Jul 2026, page 12
- 18. Annual report, 27 Aug 2026, page 96
- 19. Annual report, 27 Aug 2026, page 96
- 20. Annual report, 27 Aug 2026, page 53
- 21. Annual report, 27 Aug 2026, page 95
- 22. Exchange filing, 14 May 2026, page 3
- 23. Annual report, 27 Aug 2026, page 180
- 24. Investor presentation, 30 Jul 2026, page 12
- 25. Annual report, 27 Aug 2026, page 95
- 26. Investor presentation, 30 Jul 2026, page 16
- 27. Annual report, 27 Aug 2026, page 96
- 28. Exchange filing, 14 May 2026, page 3
- 29. Annual report, 27 Aug 2026, page 96
- 30. Annual report, 27 Aug 2026, page 97
- 31. Investor presentation, 30 Jul 2026, page 24
- 32. Earnings call, 30 Jul 2026, page 9
- 33. Investor presentation, 30 Jul 2026, page 7
- 34. Annual report, 27 Aug 2026, page 95
- 35. Annual report, 27 Aug 2026, page 96
- 36. Annual report, 27 Aug 2026, page 96
- 37. Exchange filing, 2 Jul 2026, page 2
- 38. Exchange filing, 2 Jul 2026, page 3
- 39. Exchange filing, 2 Jul 2026, page 3
- 40. Investor presentation, 30 Jul 2026, page 8
- 41. Earnings call, 30 Jul 2026, page 9
- 42. Exchange filing, 6 Oct 2026, page 1
- 43. Exchange filing, 29 Sep 2026, page 1
- 44. Exchange filing, 2 Jul 2026, page 1
- 45. Annual report, 27 Aug 2026, page 99
- 46. Annual report, 27 Aug 2026, page 56
Results
Consolidated; ₹ crore.IRB Infrastructure Developers quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −2.2%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −85.4%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,137 Crup 10.91%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹306 Crup 3.38%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 14.3%
Revenue by quarter
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,586 | 2,025 | 2,149 | 2,099 | 1,751 | 1,871 | 1,927 | 2,137 |
| Net profit | 100 | 6,026 | 215 | 202 | 141 | 211 | 296 | 306 |
| Net margin | 6.3% | 297.5% | 10.0% | 9.6% | 8.0% | 11.3% | 15.4% | 14.3% |
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹7,648 Crup 0.46%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹850 Crdown 86.88%
- Net margin
- 11.1%
Revenue by year
Net profit by year, a loss in red
The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹5,694 Cr, differs from its quarters added, ₹5,618 Cr.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5,846 | 5,694 | 6,707 | 6,852 | 5,299 | 5,804 | 6,402 | 7,409 | 7,613 | 7,648 |
| Net profit | 715 | 920 | 850 | 721 | 117 | 361 | 720 | 606 | 6,481 | 850 |
| Net margin | 12.2% | 16.2% | 12.7% | 10.5% | 2.2% | 6.2% | 11.2% | 8.2% | 85.1% | 11.1% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- ConstructionConstruction, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹3,622 Crdown 20.57%47.5%
- BOT/ TOT ProjectsBOT/ TOT Projects, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹2,692 Crup 8.37%35.3%
- InvITs & Related AssetsInvITs & Related Assets, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,318 Crup 73.37%17.3%
Valuation
Today, against the company's own history. Not shown, P/B: the share count changed after the latest balance sheet (a rights issue, a buyback, an allotment or a listing), which does not yet hold the money it brought or returned. Its history crosses a change of basis in the accounts in the year to Mar 2018: days before it are of the company before the change.IRB Infrastructure Developers PE ratio and valuation
At or below today's level on 44% of 2,479 trading days over the last 10 years.
At or below today's level on 67% of 2,479 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −1.2% | −73.8% | +273.6% | 0.7% |
| 3 years | +21.4% | +33.2% | −9.3% | 0.6% |
| 5 years | +33.0% | +53.2% | −13.6% | 0.5% |
Mutual fund holdings
63 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 52 of the 54 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 2 more funds filed their first portfolio on record, holding it.All 63 funds holding IRB Infrastructure Developers
- AddedAdded. Funds that held more shares than at the end of the month before.
- 22
- CutCut. Funds that held fewer shares than at the end of the month before.
- 32
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 7
| Fund | |||
|---|---|---|---|
| 24,95,32,148 | 5.70% | ₹436.4 Cr | |
| 9,02,15,884 | 2.10% | ₹157.8 Cr | |
| 8,94,88,799 | 0.44% | ₹156.5 Cr | |
| 3,97,71,384 | 0.85% | ₹69.6 Cr | |
| 3,97,10,787 | 0.37% | ₹69.5 Cr | |
| 1,39,54,878 | 0.31% | ₹24.4 Cr | |
| 1,15,48,785 | 0.28% | ₹20.2 Cr | |
| 60,61,129 | 0.31% | ₹10.6 Cr | |
| 47,56,127 | 0.31% | ₹8.32 Cr | |
| 43,80,903 | 0.55% | ₹7.66 Cr |
Promoter and insider buying and selling
Trades made since 30 Oct 2025.IRB Infrastructure Developers insider trading
- Promoters and promoter group27 purchases, 0 sales₹186 CrNo saleNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.₹186 Cr2 pledges released · 5 pledge filings of unclear kind · 1 off-market move
IRB Infrastructure Developers competitors and peers
Civil Construction, 169 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to IRB Infrastructure Developers in market cap.Construction companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| 5,27,945 | 29.55 | 4.67 | +11.1% | +8.9% | 16.7% | 9.2% | 0.99% | |
| 38,781 | 43.11 | 3.95 | +5.4% | −24.5% | 9.3% | 5.8% | 0.92% | |
| 23,743 | 39.47 | – | +10.0% | +46.8% | 28.4% | 27.3% | 0.23% | |
| 23,176 | 20.39 | 2.98 | +14.6% | +60.9% | 15.9% | 15.9% | 0.81% | |
| 19,427 | 26.16 | 6.44 | +3.5% | +30.6% | 27.0% | 20.0% | 1.31% | |
| 14,678 | 18.72 | 4.67 | +16.3% | +41.6% | 27.0% | 22.5% | 1.91% | |
| 9,885 | 22.93 | 2.38 | +38.7% | −6.5% | 10.9% | 10.6% | 0.82% | |
| 9,488 | 18.12 | 1.43 | −9.9% | −21.6% | 8.1% | 4.9% | 1.88% |
Dividends
Per share, by the year it was paid for, and the latest payments.IRB Infrastructure Developers dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossary| Ex-date | Type | Per share |
|---|---|---|
| 5 Aug 2026 | Interim | ₹0.05 |
| 26 May 2026 | Interim | ₹0.05 |
| 18 Feb 2026 | Interim | ₹0.07 |
| 18 Nov 2025 | Interim | ₹0.07 |
| 29 Aug 2025 | Interim | ₹0.07 |
| 6 Feb 2025 | Interim | ₹0.10 |
Latest announcements
Routine notices left out.IRB Infrastructure Developers announcements
Oct 2026
8 Oct · Updates
Sep 2026
IRB Infrastructure Developers annual report, year to Mar 2026
IRB Infrastructure Developers share price by year
Each calendar year to 2025.IRB Infrastructure Developers share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 21.03 | −26.5% | 30.16 | 20.38 |
| 2024 | 28.62 | +37.8% | 38.43 | 20.65 |
| 2023 | 20.78 | +42.9% | 21.23 | 11.33 |
| 2022 | 14.54 | +27.9% | 15.93 | 9.04 |
| 2021 | 11.37 | +91.8% | 14.68 | 5.10 |
| 2020 | 5.93 | +59.1% | 6.63 | 2.39 |
| 2019 | 3.73 | −54.6% | 8.24 | 2.98 |
| 2018 | 8.21 | −31.0% | 14.08 | 5.98 |
| 2017 | 11.90 | +21.4% | 13.35 | 9.76 |
| 2016 | 9.80 | −19.6% | 13.06 | 9.11 |
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 15.85 | 16.23 | 15.71 | 16.07 | 16.03 | 1,23,54,939 | 36.4% |
| 27 Oct 2026 | 16.26 | 16.38 | 15.74 | 15.80 | 15.96 | 1,55,02,856 | 57.3% |
| 26 Oct 2026 | 16.24 | 16.60 | 16.20 | 16.26 | 16.34 | 73,85,324 | 44.0% |
| 23 Oct 2026 | 16.70 | 16.72 | 16.09 | 16.24 | 16.32 | 1,05,13,692 | 50.4% |
| 22 Oct 2026 | 16.82 | 17.03 | 16.56 | 16.79 | 16.81 | 77,92,927 | 39.2% |
| 21 Oct 2026 | 17.37 | 17.37 | 16.75 | 16.90 | 16.97 | 88,36,491 | 45.0% |
| 19 Oct 2026 | 17.68 | 17.68 | 17.32 | 17.37 | 17.46 | 41,46,675 | 48.0% |
| 16 Oct 2026 | 17.61 | 17.69 | 17.41 | 17.62 | 17.55 | 55,66,903 | 37.2% |
| 15 Oct 2026 | 17.79 | 17.86 | 17.50 | 17.57 | 17.66 | 63,12,296 | 46.1% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 30 Mar 2026 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
| 22 Feb 2023 | Split | 0.1000 | Each share became 10. |
| 1 Aug 2013 | Price move | – | Between two trading sessions the price moved by a fifth or more. The company made an announcement in time for trading that day or the trading day before. Not adjusted for. |
Company details
- NSE symbol
- IRB
- BSE code
- 532947
- ISIN
- INE821I01022
- Industry
- Construction
- Website
- www.irb.co.in
- CIN
- L65910MH1998PLC115967
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1998
- Registered office
- Office No - 11th Floor / 1101, Hiranandani Knowledge Park, Technology Street, Hill Side Avenue, Opp. Hiranandani Hospital, Powai, Mumbai 400076, Maharashtra
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments