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IRB Infrastructure Developers Limited
(IRB)
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Rating:53Neutral
Price Target:
₹19.00
▼(-3.16% Downside)
Action:Reiterated
Date:08/22/26
The score is held back primarily by weak technicals (below all major moving averages with negative MACD and very oversold momentum). Financials are solid but not top-tier: strong operating margins and improving leverage are offset by FY2026 revenue decline, volatile net profitability, and weak cash conversion. Valuation appears neutral with a modest dividend yield and a mid-to-high P/E.
Positive Factors
Strong operating profitability
High EBITDA and EBIT margins indicate that IRB retains substantial profitability from its infrastructure and concession activities. If sustained through disciplined execution and cost control, this provides resilience against input-cost pressure and supports funding for future projects.
Negative Factors
Revenue contraction
The recent revenue decline points to weaker project activity, execution timing or operating-asset growth. Persistent contraction could reduce scale benefits, limit cash generation and weaken IRB’s ability to offset its substantial fixed financing and maintenance obligations.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating profitability
High EBITDA and EBIT margins indicate that IRB retains substantial profitability from its infrastructure and concession activities. If sustained through disciplined execution and cost control, this provides resilience against input-cost pressure and supports funding for future projects.
Read all positive factors
IRB Infrastructure Developers Limited (IRB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹228.64B
Dividend Yield0.9%
Average Volume (3M)739.57K
Price to Earnings (P/E)23.8
Beta (1Y)1.27
Revenue Growth-14.25%
EPS Growth-85.33%
CountryIN
Employees3,180
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)0.71
Shares Outstanding12,078,000,000
10 Day Avg. Volume735,210
30 Day Avg. Volume739,566
Financial Highlights & Ratios
PEG Ratio-0.36
Price to Book (P/B)1.25
Price to Sales (P/S)4.03
P/FCF Ratio19.22
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.03
Revenue Forecast (FY)₹83.47B
IRB Infrastructure Developers Limited Business Overview & Revenue Model
Company Description
IRB Infrastructure Developers Limited, established in 1998 and headquartered in Mumbai, India, specializes in the comprehensive development, construction, operation, and maintenance of roads and highways across India, primarily under the Build-Ope...
How the Company Makes Money
IRB makes money through two principal channels: (1) project execution income from building infrastructure, and (2) operating income from road assets it develops and runs under long-term concessions.
1) Construction / EPC and project services reve...
IRB Infrastructure Developers Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 65.20B | 70.62B | 74.09B | 64.02B | 58.04B |
| Gross Profit | 21.55B | 39.63B | 41.06B | 39.02B | 34.23B |
| EBITDA | 41.45B | 30.51B | 33.28B | 32.27B | 27.94B |
| Net Income | 8.50B | 64.81B | 6.06B | 7.20B | 3.61B |
Balance Sheet | |||||
| Total Assets | 540.54B | 538.96B | 449.20B | 427.66B | 425.67B |
| Cash, Cash Equivalents and Short-Term Investments | 20.92B | 34.62B | 4.98B | 32.27B | 18.46B |
| Total Debt | 200.27B | 205.99B | 186.53B | 167.48B | 166.97B |
| Total Liabilities | 331.05B | 340.69B | 311.76B | 293.87B | 300.01B |
| Stockholders Equity | 209.49B | 198.27B | 137.45B | 133.79B | 125.66B |
Cash Flow | |||||
| Free Cash Flow | 13.66B | 18.59B | 38.15B | 13.33B | -10.25B |
| Operating Cash Flow | 20.98B | 19.71B | 40.54B | 17.64B | 3.64B |
| Investing Cash Flow | -9.10B | 3.75B | -36.45B | -6.50B | -15.53B |
| Financing Cash Flow | -27.02B | -7.20B | -4.77B | -8.61B | 5.89B |
IRB Infrastructure Developers Limited Technical Analysis
Negative
19.62
Price Trends
20.22
Negative
20.75
Negative
20.84
Negative
Market Momentum
-0.34
Positive
29.75
Positive
5.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IRB, the sentiment is Negative. The current price of 19.62 is above the 20-day moving average (MA) of 19.54, below the 50-day MA of 20.22, and below the 200-day MA of 20.84, indicating a bearish trend. The MACD of -0.34 indicates Positive momentum. The RSI at 29.75 is Positive, neither overbought nor oversold. The STOCH value of 5.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IRB.
IRB Infrastructure Developers Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | ₹744.78M | 2.68 | ― | ― | 7.31% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹228.64B | 23.84 | ― | 0.79% | -14.25% | -85.33% | |
45 Neutral | ₹1.45B | -0.80 | ― | ― | -28.52% | -208.05% | |
42 Neutral | ₹467.32M | -21.67 | ― | ― | 439.66% | -100.16% | |
39 Underperform | ₹1.25B | -0.04 | ― | ― | 45.58% | -2546.82% |
* General Sector Average
IN:IRB
IRB Infrastructure Developers Limited
18.93
-3.38
-15.16%
IN:ARSSINFRA
ARSS Infrastructure Projects Limited
54.84
6.84
14.25%
IN:BRNL
Bharat Road Network Ltd.
17.28
-3.23
-15.75%
IN:GAYAHWS
Gayatri Highways Ltd.
1.95
0.10
5.41%
IN:IL&FSTRANS
IL&FS Transportation Networks Limited
2.03
-1.27
-38.48%
IN:NOIDATOLL
Noida Toll Bridge Co. Ltd.
4.00
0.19
4.99%
IRB Infrastructure Developers Limited Corporate Events
IRB Infrastructure Wins Shareholder Approval For Extension Of Project SPV Agreements
Aug 3, 2026
IRB Infrastructure Developers Limited has disclosed the results of a postal ballot conducted via e-voting among its shareholders in line with Indian company law and securities listing regulations. The ballot sought approval for an ordinary resolut...
IRB Infrastructure Sets Board Meet and Record Date for Possible Interim Dividend
Jul 27, 2026
IRB Infrastructure Developers Limited, a key player in India’s road and highway infrastructure sector, develops, operates and maintains toll-based projects under public-private partnership models. Its earnings and dividend capacity are close...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.