IRB InvIT Fund
IRB InvIT Fund is a trust established by its Sponsor & Project Manager, It is a private highway infrastructure developer in India. It has been set up to own, operate and maintain a portfolio of toll road concessions, managing 7 operational road assets at present, with an aggregate value of approximately Rs. 7250 Cr. spread across the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, and Punjab with a Weighted Average life of Assets under InvIT Portfolio of around 16 years. [1]
The Investment Manager of the Trust is IRB Infrastructure Pvt Ltd which has 18 years of experience in operating a road BOT project and is also experienced in developing, operating, and maintaining toll plazas. [2]
- Market Cap ₹ 4,841 Cr.
- Current Price ₹ 61.2
- High / Low ₹ 67.0 / 57.0
- Stock P/E 15.8
- Book Value ₹ 63.8
- Dividend Yield 13.1 %
- ROCE 6.96 %
- ROE 5.11 %
- Face Value ₹ 102
Pros
- Stock is trading at 0.96 times its book value
- Company is expected to give good quarter
Cons
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -0.79%
- The company has delivered a poor sales growth of 5.37% over past five years.
- Promoter holding is low: 17.7%
- Tax rate seems low
- Company has a low return on equity of 7.30% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 992 | 1,213 | 1,241 | 1,143 | 1,392 | 1,442 | 1,062 | 1,084 | 1,485 | |
| 0 | 185 | 233 | 247 | 226 | 242 | 634 | 200 | 194 | 309 | |
| Operating Profit | 0 | 807 | 979 | 993 | 917 | 1,150 | 808 | 862 | 890 | 1,175 |
| OPM % | 81% | 81% | 80% | 80% | 83% | 56% | 81% | 82% | 79% | |
| 0 | 13 | 21 | 30 | 18 | 9 | 20 | 24 | 26 | 95 | |
| Interest | 0 | 100 | 160 | 164 | 146 | 142 | 193 | 272 | 294 | 519 |
| Depreciation | 0 | 487 | 641 | 685 | 608 | 681 | 261 | 230 | 254 | 380 |
| Profit before tax | 0 | 233 | 199 | 173 | 181 | 336 | 374 | 384 | 368 | 371 |
| Tax % | 0% | 1% | 0% | -0% | 10% | 1% | 3% | 3% | 9% | |
| 0 | 232 | 198 | 173 | 181 | 303 | 370 | 373 | 356 | 339 | |
| EPS in Rs | 4.00 | 3.41 | 2.98 | 3.12 | 5.21 | 6.37 | 6.43 | 6.13 | 2.64 | |
| Dividend Payout % | 263% | 347% | 314% | 250% | 1,517% | 126% | 124% | 0% | 126% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 1% |
| TTM: | 37% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | -5% |
| TTM: | -10% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | -5% |
| 1 Year: | 0% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 8% |
| 3 Years: | 7% |
| Last Year: | 5% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.00 | 5,799 | 5,608 | 5,428 | 5,312 | 5,103 | 4,914 | 4,862 | 4,748 | 8,873 |
| Reserves | 0 | -183 | -499 | -802 | -959 | -963 | -908 | -947 | -942 | -698 |
| 0 | 1,772 | 1,799 | 1,765 | 1,899 | 1,896 | 3,038 | 3,049 | 3,198 | 9,361 | |
| 0 | 6,617 | 6,420 | 6,203 | 5,989 | 5,923 | 5,475 | 5,610 | 5,336 | 5,446 | |
| Total Liabilities | 0 | 14,005 | 13,327 | 12,594 | 12,241 | 11,958 | 12,519 | 12,574 | 12,340 | 22,981 |
| 0 | 13,627 | 12,975 | 12,290 | 11,629 | 10,951 | 10,692 | 10,461 | 10,203 | 18,888 | |
| CWIP | 0 | 3 | 0 | 0 | 2 | 1 | 0 | 0 | 0 | 0 |
| Investments | 0 | 215 | 227 | 53 | 159 | 215 | 185 | 138 | 237 | 591 |
| 0 | 160 | 125 | 250 | 450 | 790 | 1,642 | 1,975 | 1,900 | 3,502 | |
| Total Assets | 0 | 14,005 | 13,327 | 12,594 | 12,241 | 11,958 | 12,519 | 12,574 | 12,340 | 22,981 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 855 | 940 | 870 | 929 | 1,027 | 809 | 987 | 961 | 1,275 | |
| 0 | -5,825 | -142 | 112 | -494 | -378 | -284 | -186 | -389 | -9,647 | |
| 0 | 5,064 | -878 | -806 | -581 | -679 | -516 | -784 | -579 | 8,588 | |
| Net Cash Flow | 0 | 93 | -79 | 176 | -146 | -30 | 9 | 17 | -7 | 216 |
| Free Cash Flow | 0 | -5,966 | 844 | 750 | 887 | 1,026 | 161 | 802 | 700 | 1,000 |
| CFO/OP | 106% | 96% | 88% | 101% | 89% | 100% | 115% | 109% | 110% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventory Days | ||||||||||
| Days Payable | ||||||||||
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Working Capital Days | -142 | -152 | -149 | -219 | -206 | -19 | -86 | -87 | -70 | |
| ROCE % | 9% | 5% | 5% | 5% | 8% | 8% | 9% | 9% | 7% |
Insights
In beta| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Distribution per unit (DPU) INR per unit |
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| Number of operational road assets count |
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| Operational lane length lane km |
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| Total traffic volume (5 BOT projects) thousand vehicles |
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| Number of toll plazas count |
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| Number of states with operational assets count |
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| Weighted average residual concession life years |
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| Average daily toll collection (5 BOT portfolio) INR mn per day |
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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
3 Jul - Postal ballot seeks approval for ₹2,744 crore asset acquisition and up to ₹3,000 crore fund raising.
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Reg 23(5)(i): Disclosure of material issue
2 Jul - Valuation and due diligence reports disclosed for SYTL and CGTL acquisition; total enterprise value ₹4,625.6 crore.
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Reg 23(5)(i): Disclosure of material issue
2 Jul - IRB InvIT Fund approved acquisition of SYTL and CGTL for ₹2,744 crore, plus fund raising up to ₹3,000 crore.
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Reg 23(5)(i): Disclosure of material issue
29 Jun - IRB InvIT Fund board meets July 2, 2026 to consider unit/debt fund raising and unitholder notice.
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Reg 23(5)(g): Notice of Unitholder meetings
29 Jun - IRB InvIT Fund annual meeting on July 23, 2026, to adopt FY26 financials and appoint KPMG valuer.
Annual reports
Concalls
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May 2026TranscriptPPT
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Feb 2026TranscriptPPT
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Nov 2025TranscriptPPTREC
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Jun 2025Transcript PPT REC
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May 2025Transcript PPT
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Mar 2025TranscriptAI SummaryPPT
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Feb 2025Transcript PPT
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Oct 2024TranscriptPPT
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Sep 2024TranscriptAI SummaryPPT
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT
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Jan 2024TranscriptPPT
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Oct 2023TranscriptPPT
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Jun 2023TranscriptAI SummaryPPT
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May 2023TranscriptAI SummaryPPT
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Feb 2023TranscriptAI SummaryPPT
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Oct 2022TranscriptAI SummaryPPT
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Jul 2022TranscriptAI SummaryPPT
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May 2022TranscriptAI SummaryPPT
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Feb 2022TranscriptPPT
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Dec 2021TranscriptAI SummaryPPT
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Oct 2021TranscriptPPT
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Aug 2021TranscriptPPT
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May 2021TranscriptPPT
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Jan 2021Transcript PPT
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Oct 2020TranscriptPPT
IRB Infrastructure[1]
IRB is one of the largest infrastructure development and construction companies in India. Their group's project portfolio (including private and public InvIT) had 26 road projects as on Mar 2025, including 18 BOT, four toll-operate-transfer, and 4 HAM projects. IRB holds a 16% stake as a sponsor in IRB InvIT. Two assets were completed and handed back to the Authority.