IRB Infrastructure Developers Ltd

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IRB Infrastructure Developers Ltd

₹ 17.1 -3.05%
28 Sep - close price
irb.co.in BSE: 532947 NSE: IRB
About

IRB Infrastructure Developers Ltd is an infrastructure development and construction company in India with extensive experience in the roads and highways sector. It is also in other business segments in the infrastructure sector, including maintenance of roads, construction, airport development and real estate.[1]

Key Points

Business Portfolio
The Company is India’s largest road BOT operator with a portfolio of 36 projects. The company’s TOT portfolio aggregates 37% of the total TOT market share. Also, it has a ~20% share in Golden Quadrilateral Highway Network. Company has the ability to undertake construction of 500 to 600 kms at any given point of time [1]

Website BSE NSE
  • Market Cap ₹ 20,678 Cr.
  • Current Price ₹ 17.1
  • High / Low ₹ 24.0 / 17.1
  • Stock P/E 21.0
  • Book Value ₹ 17.3
  • Dividend Yield 0.90 %
  • ROCE 7.47 %
  • ROE 4.29 %
  • Face Value ₹ 1.00
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Pros

  • Stock is trading at 0.99 times its book value

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.62% over past five years.
  • Company has a low return on equity of 4.85% over last 3 years.
  • Promoter holding has decreased over last 3 years: -3.40%

* 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.

Peer comparison

Industrials Construction Construction Civil Construction

Part of BSE India Infrastructure Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 BSE Industrials Nifty MidSmallcap 400

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
1,634 1,745 1,969 2,061 1,853 1,586 2,025 2,149 2,099 1,751 1,871 1,927 2,137
910 1,026 1,150 1,307 1,049 903 1,041 1,151 1,147 826 849 844 985
Operating Profit 724 719 819 755 804 683 984 998 952 925 1,022 1,083 1,153
OPM % 44% 41% 42% 37% 43% 43% 49% 46% 45% 53% 55% 56% 54%
111 130 109 443 119 166 5,869 69 66 49 -2 50 35
Interest 381 435 433 615 439 434 461 458 462 451 436 406 438
Depreciation 237 233 251 274 255 231 265 286 269 262 289 321 333
Profit before tax 217 182 243 309 229 183 6,127 323 286 261 295 406 417
Tax % 38% 47% 23% 39% 39% 46% 2% 33% 29% 46% 29% 27% 26%
134 96 187 189 140 100 6,026 215 202 141 211 296 306
EPS in Rs 0.11 0.08 0.16 0.16 0.12 0.08 4.99 0.18 0.17 0.12 0.17 0.25 0.25
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
3,849 5,128 5,846 5,694 6,707 6,852 5,299 5,804 6,402 7,409 7,613 7,648 7,686
1,631 2,461 2,789 3,005 3,763 3,887 2,947 3,229 3,271 4,387 4,141 3,641 3,504
Operating Profit 2,218 2,667 3,057 2,689 2,944 2,965 2,352 2,575 3,130 3,022 3,472 4,008 4,182
OPM % 58% 52% 52% 47% 44% 43% 44% 44% 49% 41% 46% 52% 54%
113 127 123 295 196 252 189 552 300 793 6,222 138 133
Interest 937 1,070 1,342 976 1,126 1,574 1,697 1,894 1,521 1,868 1,795 1,756 1,731
Depreciation 707 853 855 544 540 468 582 683 832 995 1,038 1,142 1,206
Profit before tax 686 870 984 1,464 1,473 1,175 262 550 1,077 951 6,861 1,248 1,378
Tax % 21% 26% 27% 37% 42% 39% 55% 34% 33% 36% 6% 32%
542 640 715 920 850 721 117 361 720 606 6,481 850 954
EPS in Rs 0.77 0.91 1.02 1.31 1.21 1.03 0.17 0.30 0.60 0.50 5.37 0.70 0.79
Dividend Payout % 26% 22% 25% 19% 10% 24% 0% 0% 17% 30% 3% 15%
Compounded Sales Growth
10 Years: 4%
5 Years: 8%
3 Years: 6%
TTM: -2%
Compounded Profit Growth
10 Years: 3%
5 Years: 50%
3 Years: 8%
TTM: 18%
Stock Price CAGR
10 Years: 3%
5 Years: 13%
3 Years: 3%
1 Year: -16%
Return on Equity
10 Years: 6%
5 Years: 5%
3 Years: 5%
Last Year: 4%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 351 351 351 351 351 351 351 604 604 604 604 604
Reserves 4,009 4,485 4,920 5,341 5,964 6,331 6,549 11,962 12,775 13,141 19,223 20,345
12,576 15,626 13,963 13,832 16,599 9,205 19,219 16,697 16,748 18,653 20,599 20,027
22,453 21,699 27,406 20,865 17,549 23,997 15,052 13,218 12,575 12,472 13,423 13,022
Total Liabilities 39,391 42,162 46,641 40,389 40,464 39,885 41,171 42,481 42,703 44,870 53,849 53,998
31,764 35,149 24,388 31,071 32,943 27,671 27,102 27,271 26,480 25,514 24,616 23,896
CWIP 4,835 4,020 6,806 5,648 3,797 403 673 63 8 8 1 4
Investments 9 36 146 945 645 4,146 4,799 4,904 5,141 9,642 17,097 19,328
2,783 2,957 15,301 2,724 3,079 7,666 8,597 10,243 11,074 9,706 12,135 10,770
Total Assets 39,391 42,162 46,641 40,389 40,464 39,885 41,171 42,481 42,703 44,870 53,849 53,998

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,823 2,340 3,192 2,132 2,710 3,709 867 364 1,764 4,054 1,971 2,098
-2,297 -3,144 -2,981 -2,621 -4,081 -4,932 -8,176 -1,553 -650 -3,644 375 -910
475 671 -202 410 1,438 1,388 7,520 589 -860 -477 -720 -2,702
Net Cash Flow 2 -133 9 -79 66 165 211 -601 253 -68 1,627 -1,513
Free Cash Flow -486 -819 417 -1,838 -1,507 -1,492 -6,924 -1,010 1,354 3,816 1,776 1,417
CFO/OP 92% 99% 116% 98% 104% 138% 46% 22% 63% 142% 62% 54%

Ratios

Consolidated / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 0 1 4 8 6 23 23 62 93 37 16 7
Inventory Days 218 304 277 294 246 261 263 206 199
Days Payable 196 304 622 654 296 438 607 317 139
Cash Conversion Cycle 22 1 4 8 6 -321 -336 13 -84 -306 -95 67
Working Capital Days -165 -161 -144 -394 -265 -563 -166 3 3 -54 -62 -57
ROCE % 10% 10% 12% 12% 12% 14% 9% 9% 9% 9% 8% 7%

Insights

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Jun 2015 Jun 2016 Jun 2017 Jun 2019 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Total Lane KM Portfolio (Operational + Under Construction)
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Total Order Book (EPC + O&M)
INR bn ・Standalone data
Average Daily Toll Collection - Private InvIT (IRB Infrastructure Trust)
INR mn per day ・Standalone data
Average Daily Toll Collection - Wholly Owned Concessions (IRB Parent)
INR mn per day ・Standalone data
Pan-India Toll Revenue Market Share
%
TOT Market Share (Toll-Operate-Transfer)
%

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Shareholding Pattern

Numbers in percentages

4 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
34.39% 34.39% 34.39% 30.42% 30.42% 30.42% 30.42% 30.42% 30.42% 30.42% 30.79% 30.81%
47.29% 47.16% 47.21% 44.47% 45.99% 45.07% 44.31% 43.61% 43.40% 43.32% 43.84% 43.87%
7.38% 7.85% 7.78% 7.65% 8.10% 8.57% 9.34% 10.21% 9.58% 9.97% 10.02% 10.14%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
10.94% 10.59% 10.59% 17.46% 15.49% 15.92% 15.92% 15.74% 16.59% 16.29% 15.32% 15.17%
No. of Shareholders 3,31,1404,65,2828,68,96616,98,57017,17,19117,17,29517,25,50216,72,80816,34,09915,84,43815,31,35615,25,882

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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