IRB Infrastructure Developers logo

IRB Infrastructure Developers share price

NSE: IRBBSE: 532947ConstructionSmall Cap

IRB Infrastructure Developers Limited · Face value ₹1 · Listed Feb 2008
Last close ₹16.23up ₹0.16 (1.00%)BSE ₹16.24

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

52-week range of traded prices to 29 Oct 2026
₹15.71Low, 28 Oct 2026₹23.95High, 21 May 2026
Market cap
₹19,603 Cr303rd largest listed
P/E
20.54
P/B
Shares changed
Dividend yield
1.05%
ROE
4.7%
ROCE
7.3%
Debt to equity
0.96
Volume, NSE
63,16,57237.7% delivered

IRB Infrastructure Developers share price chart

Daily closes since Feb 2008, adjusted for splits and bonuses

−27.5%over a year · Nifty 500 −8.4%

ResultsSplit, bonus, rights or demerger20-session average 1,06,21,261 shares a day, 40.3% 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)24
    Itemquarter to Jun 2026quarter to Jun 2025
    Construction9,67212,199
    BOT/TOT7,3336,460
    InvITs and related assets4,3672,331
    Segment EBITDA margins in the quarter were 91% for BOT/TOT, 94% for InvITs and related assets and 15% for construction.

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
    Itemyear to Mar 2026
    IRB Infrastructure Trust (private InvIT)10,674
    IRB InvIT Fund (public InvIT)4,445
    The company itself2,236
  • 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

  • At 30 Jun 2026 the operation and maintenance (O&M) order book, contracted work not yet done, was ₹424 billion.31
  • In the year to Mar 2026, the TOT-17 and TOT-18 road bundles added almost ₹8,000 crore to the order book, including initial capital works and O&M, the company said.32

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. 1. Annual report, 27 Aug 2026, page 16
  2. 2. Annual report, 27 Aug 2026, page 122
  3. 3. Annual report, 27 Aug 2026, page 100
  4. 4. Annual report, 27 Aug 2026, page 96
  5. 5. Investor presentation, 30 Jul 2026, page 23
  6. 6. Investor presentation, 30 Jul 2026, page 20
  7. 7. Annual report, 27 Aug 2026, page 104
  8. 8. Annual report, 27 Aug 2026, page 60
  9. 9. Annual report, 27 Aug 2026, page 84
  10. 10. Exchange filing, 14 May 2026, page 3
  11. 11. Annual report, 27 Aug 2026, page 120
  12. 12. Annual report, 27 Aug 2026, page 21
  13. 13. Annual report, 27 Aug 2026, page 96
  14. 14. Annual report, 27 Aug 2026, page 17
  15. 15. Investor presentation, 30 Jul 2026, page 20
  16. 16. Investor presentation, 30 Jul 2026, page 9
  17. 17. Investor presentation, 30 Jul 2026, page 12
  18. 18. Annual report, 27 Aug 2026, page 96
  19. 19. Annual report, 27 Aug 2026, page 96
  20. 20. Annual report, 27 Aug 2026, page 53
  21. 21. Annual report, 27 Aug 2026, page 95
  22. 22. Exchange filing, 14 May 2026, page 3
  23. 23. Annual report, 27 Aug 2026, page 180
  24. 24. Investor presentation, 30 Jul 2026, page 12
  25. 25. Annual report, 27 Aug 2026, page 95
  26. 26. Investor presentation, 30 Jul 2026, page 16
  27. 27. Annual report, 27 Aug 2026, page 96
  28. 28. Exchange filing, 14 May 2026, page 3
  29. 29. Annual report, 27 Aug 2026, page 96
  30. 30. Annual report, 27 Aug 2026, page 97
  31. 31. Investor presentation, 30 Jul 2026, page 24
  32. 32. Earnings call, 30 Jul 2026, page 9
  33. 33. Investor presentation, 30 Jul 2026, page 7
  34. 34. Annual report, 27 Aug 2026, page 95
  35. 35. Annual report, 27 Aug 2026, page 96
  36. 36. Annual report, 27 Aug 2026, page 96
  37. 37. Exchange filing, 2 Jul 2026, page 2
  38. 38. Exchange filing, 2 Jul 2026, page 3
  39. 39. Exchange filing, 2 Jul 2026, page 3
  40. 40. Investor presentation, 30 Jul 2026, page 8
  41. 41. Earnings call, 30 Jul 2026, page 9
  42. 42. Exchange filing, 6 Oct 2026, page 1
  43. 43. Exchange filing, 29 Sep 2026, page 1
  44. 44. Exchange filing, 2 Jul 2026, page 1
  45. 45. Annual report, 27 Aug 2026, page 99
  46. 46. Annual report, 27 Aug 2026, page 56
Revenue growth, 12 months
−2.2%
Net profit growth, 12 months
−85.4%

Quarter to Jun 2026, against the quarter before

Revenue
₹2,137 Crup 10.91%
Net profit
₹306 Crup 3.38%
Net margin
14.3%

Revenue by quarter

₹1,586 CrSep 24₹2,025 CrDec 24₹2,149 CrMar 25₹2,099 CrJun 25₹1,751 CrSep 25₹1,871 CrDec 25₹1,927 CrMar 26₹2,137 CrJun 26
Peak revenue ₹2,149 Cr, quarter to Mar 2025; lowest ₹1,586 Cr, quarter to Sep 2024

Net profit by quarter, a loss in red

₹100 CrSep 24₹6,026 CrDec 24₹215 CrMar 25₹202 CrJun 25₹141 CrSep 25₹211 CrDec 25₹296 CrMar 26₹306 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1,5862,0252,1492,0991,7511,8711,9272,137
Net profit1006,026215202141211296306
Net margin6.3%297.5%10.0%9.6%8.0%11.3%15.4%14.3%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Construction₹3,622 Crdown 20.57%47.5%
  • BOT/ TOT Projects₹2,692 Crup 8.37%35.3%
  • InvITs & Related Assets₹1,318 Crup 73.37%17.3%
The pill is the change in revenue on the year before; the share is of all the businesses together.

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

Price to earnings

At or below today's level on 44% of 2,479 trading days over the last 10 years.

LowestHighest
Its median22.13Industry median13.53
Dividend yield

At or below today's level on 67% of 2,479 trading days over the last 10 years.

LowestHighest
Its median0.67%Industry median0.65%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1, 3 and 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 1 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2021 and Mar 2025.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.IRB Infrastructure Developers shareholding pattern

Shareholding by group

  • Promoters31.18%
  • Foreign institutions43.64%
  • Indian institutions10.18%
  • Governments0.01%
  • Individuals and others15.00%
Holder
IRB HOLDING PRIVATE LIMITEDPromoter30.31%
LICI ULIP-GROWTH FUNDInsurance companies5.13%
GOVERNMENT OF SINGAPOREForeign portfolio investors, category I1.71%
VIRENDRA D MHAISKARPromoter0.84%
DEEPALI VIRENDRA MHAISKARPromoter0.02%
SUDHA DATTATRAY MHAISKARPromoter0.01%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Promoters have pledged 0.03% of their shares. Since Jun 2026: promoters +0.37 pts, foreign institutions −0.23 pts, Indian institutions +0.03 pts, mutual funds +0.02 pts.

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

Added
22
Cut
32
Held unchanged
7
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 30 Oct 2025.IRB Infrastructure Developers insider trading

Bought on the market Sold on the market
  • Promoters and promoter group27 purchases, 0 sales₹186 CrNo saleNet₹186 Cr2 pledges released · 5 pledge filings of unclear kind · 1 off-market move
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
Larsen & Toubro logoLarsen & ToubroLT5,27,94529.554.67+11.1%+8.9%16.7%9.2%0.99%
Rail Vikas Nigam logoRail Vikas NigamRVNL38,78143.113.95+5.4%−24.5%9.3%5.8%0.92%
Cemindia Projects logoCemindia ProjectsCEMPRO23,74339.47–+10.0%+46.8%28.4%27.3%0.23%
Kalpataru Projects International logoKalpataru Projects InternationalKPIL23,17620.392.98+14.6%+60.9%15.9%15.9%0.81%
NBCC (India) logoNBCC (India)NBCC19,42726.166.44+3.5%+30.6%27.0%20.0%1.31%
Engineers India logoEngineers IndiaENGINERSIN14,67818.724.67+16.3%+41.6%27.0%22.5%1.91%
Techno Electric & Engineering Company logoTechno Electric & Engineering CompanyTECHNOE9,88522.932.38+38.7%−6.5%10.9%10.6%0.82%
Ircon International logoIrcon InternationalIRCON9,48818.121.43−9.9%−21.6%8.1%4.9%1.88%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

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

0.3Mar 180.1Mar 190.3Mar 20Mar 21Mar 220.1Mar 230.2Mar 240.2Mar 250.2Mar 260.1Mar 27so far
Highest ₹0.25 a share, years to Mar 2018 and Mar 2020.
Ex-dateTypePer share
5 Aug 2026Interim₹0.05
26 May 2026Interim₹0.05
18 Feb 2026Interim₹0.07
18 Nov 2025Interim₹0.07
29 Aug 2025Interim₹0.07
6 Feb 2025Interim₹0.10
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.IRB Infrastructure Developers announcements

IRB Infrastructure Developers share price by year

Each calendar year to 2025.IRB Infrastructure Developers share price history

YearClose at year endChangeHighest closeLowest close
202521.03−26.5%30.1620.38
202428.62+37.8%38.4320.65
202320.78+42.9%21.2311.33
202214.54+27.9%15.939.04
202111.37+91.8%14.685.10
20205.93+59.1%6.632.39
20193.73−54.6%8.242.98
20188.21−31.0%14.085.98
201711.90+21.4%13.359.76
20169.80−19.6%13.069.11
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
28 Oct 202615.8516.2315.7116.0716.031,23,54,93936.4%
27 Oct 202616.2616.3815.7415.8015.961,55,02,85657.3%
26 Oct 202616.2416.6016.2016.2616.3473,85,32444.0%
23 Oct 202616.7016.7216.0916.2416.321,05,13,69250.4%
22 Oct 202616.8217.0316.5616.7916.8177,92,92739.2%
21 Oct 202617.3717.3716.7516.9016.9788,36,49145.0%
19 Oct 202617.6817.6817.3217.3717.4641,46,67548.0%
16 Oct 202617.6117.6917.4117.6217.5555,66,90337.2%
15 Oct 202617.7917.8617.5017.5717.6663,12,29646.1%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history

Ex-dateEventPrice factorWhat happened
30 Mar 2026Bonus0.5000Holders received 1 bonus share for every 1 held.
22 Feb 2023Split0.1000Each share became 10.
1 Aug 2013Price 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.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details

Chairperson and managing director
VIRENDRA DATTATRAYA MHAISKAR
At the end of the quarter to Sep 2026
NSE symbol
IRB
BSE code
532947
ISIN
INE821I01022
Industry
Construction
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