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 ₹ 6,312 Cr.
- Current Price ₹ 61.8
- High / Low ₹ 65.4 / 57.0
- Stock P/E 5.74
- Book Value ₹ 70.4
- Dividend Yield 10.7 %
- ROCE 8.95 %
- ROE 10.1 %
- Face Value ₹ 102
Pros
- Stock is trading at 0.88 times its book value
- Company is expected to give good quarter
Cons
- Tax rate seems low
- Company has a low return on equity of 7.88% 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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 900 | 987 | 0 | 511 | 617 | 594 | 576 | 545 | 515 | 627 | 666 | 1,154 | 1,768 | |
| 172 | 161 | 0 | 11 | 15 | 14 | 8 | 84 | 60 | 247 | 127 | 33 | -24 | |
| Operating Profit | 728 | 825 | 0 | 500 | 602 | 580 | 568 | 461 | 456 | 380 | 539 | 1,121 | 1,792 |
| OPM % | 81% | 84% | 98% | 98% | 98% | 99% | 85% | 88% | 61% | 81% | 97% | 101% | |
| 17 | 18 | 0 | 4 | 11 | 6 | 3 | 3 | 62 | 88 | 8 | 23 | 1 | |
| Interest | 445 | 435 | 0 | 64 | 128 | 125 | 117 | 111 | 116 | 177 | 205 | 439 | 694 |
| Depreciation | 425 | 468 | 0 | 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 | 1,099 |
| Tax % | -2% | 29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0% | ||
| -124 | -76 | 0 | 440 | 486 | 461 | 455 | 353 | 401 | 290 | 342 | 705 | 1,099 | |
| EPS in Rs | 7.58 | 8.37 | 7.94 | 7.83 | 6.08 | 6.91 | 5.00 | 5.89 | 5.50 | 8.06 | |||
| Dividend Payout % | 0% | 0% | 139% | 141% | 118% | 99% | 148% | 116% | 160% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 15% |
| 3 Years: | 31% |
| TTM: | 161% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 27% |
| 5 Years: | 9% |
| 3 Years: | 21% |
| TTM: | 164% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 2% |
| 3 Years: | -4% |
| 1 Year: | -1% |
| Return on Equity | |
|---|---|
| 10 Years: | 8% |
| 5 Years: | 8% |
| 3 Years: | 8% |
| Last Year: | 10% |
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 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,115 | 1,115 | 0.00 | 5,799 | 5,608 | 5,428 | 5,312 | 5,103 | 4,914 | 4,862 | 4,748 | 8,873 | 11,128 |
| Reserves | 92 | 15 | 0 | 25 | -3 | -18 | 100 | 145 | 233 | 111 | 102 | 273 | 507 |
| 4,788 | 4,628 | 0 | 1,533 | 1,501 | 1,467 | 1,466 | 1,413 | 1,780 | 2,085 | 2,292 | 9,289 | 10,838 | |
| 7,852 | 7,705 | 0 | 10 | 4 | 19 | 2 | 8 | 3 | 5 | 2 | 1 | 50 | |
| Total Liabilities | 13,847 | 13,462 | 0 | 7,368 | 7,109 | 6,896 | 6,880 | 6,668 | 6,930 | 7,063 | 7,145 | 18,436 | 22,523 |
| 13,416 | 12,989 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| CWIP | 2 | 4 | 0 | 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 | 2,143 | 3,653 | 4,549 |
| 429 | 469 | 0 | 4,912 | 4,613 | 4,573 | 4,463 | 4,253 | 4,448 | 4,842 | 5,002 | 14,783 | 17,974 | |
| Total Assets | 13,847 | 13,462 | 0 | 7,368 | 7,109 | 6,896 | 6,880 | 6,668 | 6,930 | 7,063 | 7,145 | 18,436 | 22,523 |
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/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 69% | 69% | 101% | 100% | 93% | 76% | 88% | 135% | -3% | -4% | -2% |
Ratios
Standalone / 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 | 0 | |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Working Capital Days | -26 | -6 | 224 | 210 | 320 | 299 | 341 | 333 | 220 | -72 | 119 | |
| ROCE % | 5% | 6% | 0% | 14% | 8% | 8% | 8% | 7% | 8% | 7% | 8% | 9% |
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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| Operational lane length lane km |
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| Number of operational road assets count |
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| Number of toll plazas count |
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| Number of states with operational assets count |
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| Total traffic volume (5 BOT projects) thousand vehicles |
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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
- Half-year report; IRB InvIT acquired SYTL and CGTL on 30 Sep 2026, with NAV at INR 75.46.
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Compliances-Reg. 54 - Asset Cover details
- Security cover certificate filed for non-convertible debt securities for quarter ended September 30, 2026.
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Reg 23(5)(i): Disclosure of material issue
- IRB InvIT Fund reports no deviation in use of proceeds for ₹200 crore and ₹351 crore issues, quarter ended September 30, 2026.
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Reg 21: Disclosure of valuation report received by the manager
- IRB InvIT Fund discloses valuation report as of September 30, 2026; NAV is Rs 75.46 per unit.
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Reg 18(6): Disclosure of record date for purpose of distribution
- Q2/H1 FY2026-27 results approved; Rs 1.625 per unit distribution, record date November 3, 2026.
Annual reports
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Annual Report 2022
from bse
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Annual Report 2021
from bse
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Annual Report 2020
from bse
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Annual Report 2019
from bse
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Annual Report 2018
from bse
Concalls
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Oct 2026REC
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Jul 2026Transcript
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May 2026Transcript
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Feb 2026Transcript
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Nov 2025Transcript REC
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Jun 2025Transcript PPT REC
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May 2025Transcript PPT
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Mar 2025PPT
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Feb 2025Transcript PPT
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Oct 2024Transcript
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Sep 2024PPT
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT
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Jan 2024Transcript
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Oct 2023Transcript
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Jun 2023PPT
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May 2023PPT
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Feb 2023PPT
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Oct 2022PPT
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Jul 2022PPT
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May 2022PPT
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Feb 2022Transcript
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Dec 2021PPT
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Oct 2021Transcript
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Aug 2021Transcript
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May 2021Transcript
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Jan 2021Transcript PPT
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Oct 2020Transcript
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.