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 ₹ 4,864 Cr.
- Current Price ₹ 61.5
- High / Low ₹ 67.0 / 57.0
- Stock P/E 6.89
- Book Value ₹ 37.5
- Dividend Yield 13.0 %
- ROCE 16.0 %
- ROE 14.5 %
- Face Value ₹ 102
Pros
- Company has been maintaining a healthy dividend payout of 120%
Cons
- Promoter holding has decreased over last quarter: -0.79%
- Promoter holding is low: 17.7%
- Tax rate seems low
- Company has a low return on equity of 9.02% 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
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 900 | 987 | 0 | 511 | 617 | 594 | 576 | 545 | 515 | 627 | 666 | 1,177 | |
| 172 | 161 | 0 | 11 | 15 | 14 | 8 | 84 | 60 | 247 | 127 | 33 | |
| Operating Profit | 728 | 825 | 0 | 500 | 602 | 580 | 568 | 461 | 456 | 380 | 539 | 1,144 |
| OPM % | 81% | 84% | 98% | 98% | 98% | 99% | 85% | 88% | 61% | 81% | 97% | |
| 17 | 18 | 0 | 4 | 11 | 6 | 3 | 3 | 62 | 88 | 8 | 0 | |
| Interest | 445 | 435 | 0 | 64 | 128 | 125 | 117 | 111 | 116 | 177 | 205 | 439 |
| Depreciation | 425 | 468 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -126 | -59 | 0 | 440 | 486 | 461 | 455 | 353 | 401 | 290 | 342 | 705 |
| Tax % | -2% | 29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% | |
| -124 | -76 | 0 | 440 | 486 | 461 | 455 | 353 | 401 | 290 | 342 | 705 | |
| EPS in Rs | 7.58 | 8.37 | 7.94 | 7.83 | 6.08 | 6.91 | 5.00 | 5.89 | 5.50 | |||
| Dividend Payout % | 0% | 0% | 139% | 141% | 118% | 99% | 148% | 116% | 160% | 136% | 64% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 15% |
| 3 Years: | 32% |
| TTM: | 77% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 27% |
| 5 Years: | 9% |
| 3 Years: | 21% |
| TTM: | 106% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | -5% |
| 1 Year: | -1% |
| Return on Equity | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 8% |
| 3 Years: | 9% |
| Last Year: | 15% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,115 | 1,115 | 0.00 | 5,799 | 5,608 | 5,428 | 5,312 | 5,103 | 4,914 | 4,862 | 4,748 | 4,737 |
| Reserves | 92 | 15 | 0 | 25 | -3 | -18 | 100 | 145 | 233 | 111 | 102 | 67 |
| 4,788 | 4,628 | 0 | 1,533 | 1,501 | 1,467 | 1,466 | 1,413 | 1,780 | 2,085 | 2,292 | 6,501 | |
| 7,852 | 7,705 | 0 | 10 | 4 | 19 | 2 | 8 | 3 | 5 | 2 | 5 | |
| Total Liabilities | 13,847 | 13,462 | 0 | 7,368 | 7,109 | 6,896 | 6,880 | 6,668 | 6,930 | 7,063 | 7,145 | 11,310 |
| 13,416 | 12,989 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 2 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 2,456 | 2,496 | 2,323 | 2,416 | 2,415 | 2,482 | 2,221 | 1,965 | 5,222 |
| 429 | 469 | 0 | 4,912 | 4,613 | 4,573 | 4,463 | 4,253 | 4,448 | 4,842 | 5,179 | 6,088 | |
| Total Assets | 13,847 | 13,462 | 0 | 7,368 | 7,109 | 6,896 | 6,880 | 6,668 | 6,930 | 7,063 | 7,145 | 11,310 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 500 | 561 | 0 | 503 | 603 | 542 | 430 | 404 | 617 | -12 | -20 | -24 | |
| -27 | -37 | 0 | -6,416 | 211 | 359 | 91 | 244 | -422 | 277 | 470 | -9,948 | |
| -463 | -548 | 0 | 5,972 | -873 | -805 | -582 | -680 | -197 | -253 | -461 | 10,148 | |
| Net Cash Flow | 10 | -24 | 0 | 59 | -59 | 96 | -60 | -32 | -2 | 13 | -11 | 176 |
| Free Cash Flow | 461 | 518 | 0 | 503 | 603 | 542 | 430 | 404 | 617 | -12 | -20 | -24 |
| CFO/OP | 69% | 69% | 101% | 100% | 93% | 76% | 88% | 135% | -3% | -4% | -2% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Working Capital Days | -26 | -6 | 224 | 210 | 320 | 299 | 341 | 333 | 220 | -72 | ||
| ROCE % | 5% | 6% | 0% | 14% | 8% | 8% | 8% | 7% | 8% | 7% | 8% |
Insights
In beta| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Number of Operational Road Assets Number |
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| Average Daily Toll Collection - Jaipur Deoli (JD) INR Mn |
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| Average Daily Toll Collection - Omalur-Salem-Namakkal (MVR) INR Mn |
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| Average Daily Toll Collection - Pathankot Amritsar (PA) INR Mn |
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| Average Daily Toll Collection - Tumkur Chitradurga (TC) INR Mn |
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| Total Lane Kilometers km |
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| Weighted Average Residual Concession Life Years |
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| Electronic Toll Collection (FasTag) Penetration % |
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| Portfolio Historical Traffic CAGR % |
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| Market Share of Pan India Toll Revenue (IRB Group) % |
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Extracted by Screener AI
Documents
Announcements
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Reg 23(5)(i): Disclosure of material issue
8 Jun - May 2026 gross toll revenue rose 7% YoY to Rs 1,656 million.
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Reg 23(5)(i): Disclosure of material issue
18 May - IRB InvIT Fund filed annual secretarial compliance report for FY2026; prior SEBI advisories addressed.
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Reg 23(5)(i): Disclosure of material issue
18 May - Submitted OCR-searchable valuation report for March 31, 2026; NAV remains ₹81.26 per unit.
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Reg 21: Disclosure of valuation report received by the manager
16 May - Valuation report dated May 15, 2026 shows NAV of INR 81.26 per unit as on March 31, 2026.
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Reg 23(5)(i): Disclosure of material issue
15 May - No deviation in use of proceeds for institutional placement ₹3,248.43 crore and preferential issue ₹1,005.28 crore.
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.