IRB Infrastructure Developers Limited (IRB) AI Stock Analysis

• Market Cap: ₹250.62B
• Dividend Yield: 0.56%
• Average Volume (3M): 739.57K
• Price to Earnings (P/E): 3.8
• Beta (1Y): 2.14
• Revenue Growth: -1.42%
• EPS Growth: 968.58%
• Country: IN
• Employees: 3,180
• Sector: Services
• Sector Strength: N/A
• Industry: Industrial - Infrastructure Operations
• EPS (TTM): 0.21
• Shares Outstanding: 6,039,000,000
• 10 Day Avg. Volume: 735,210
• 30 Day Avg. Volume: 739,566
• PEG Ratio: <0.01
• Price to Book (P/B): 1.40
• Price to Sales (P/S): 3.94
• P/FCF Ratio: 14.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ₹48.00 ▲(14.61% Upside)

The overall stock score of 71 reflects strong valuation metrics, with a low P/E ratio indicating potential undervaluation. Financial performance is solid, with strong margins and improving equity returns, though high leverage and cash flow volatility are concerns. Technical analysis suggests a neutral to slightly bearish outlook, with the stock trading below its 50-day moving average and negative MACD.

Positive Factors

Toll Revenue Growth

The completion of the Palsit Dankuni project allows IRB to start toll collection at revised rates, significantly increasing revenue and strengthening its market position in West Bengal.

Operational Efficiency

IRB's robust margins and operational efficiency indicate effective cost management and a strong ability to generate profits, supporting long-term business sustainability.

Cash Flow Improvement

The improvement in free cash flow enhances IRB's ability to fund operations and invest in new projects, providing a solid foundation for future growth.

Negative Factors

High Leverage

While leverage can amplify returns, IRB's high debt levels pose a risk to financial stability, especially if revenue growth does not meet expectations.

Revenue Growth Instability

Fluctuating revenue growth indicates potential challenges in maintaining consistent income streams, which could impact long-term financial planning.

Historical Cash Flow Volatility

Inconsistent cash flow generation in the past highlights potential challenges in maintaining liquidity, which could affect IRB's ability to invest in new projects.

IRB Infrastructure Developers Limited Business Overview & Revenue Model

Company Description

IRB Infrastructure Developers Limited engages in the construction, development, operation, and maintenance of roads and highways on build-operate-transfer (BOT) basis in India. It operates through two segments, BOT/ Toll Operate and Transfer Projects, and Construction. The company is also involved in real estate development; generation and sale of electricity through windmill; and hospitality and airport infrastructure activities. It has 23 projects with 12,975 lane kilometers of roads and highways. The company was incorporated in 1998 and is based in Mumbai, India. IRB Infrastructure Developers Limited is a subsidiary of Mhaiskar Ventures Private Limited.

How the Company Makes Money

IRB Infrastructure Developers Limited generates revenue primarily through the development and operation of toll roads and highways. The company earns income from toll collections on its operated projects, which provide a steady cash flow over the concession period. Additionally, IRB undertakes engineering, procurement, and construction (EPC) contracts for government and private projects, generating further revenue through contract payments. Strategic partnerships with government entities and private investors enhance its project financing capabilities and enable the company to undertake large-scale infrastructure projects. The company also benefits from long-term concession agreements that secure its revenue streams over extended periods.

IRB Infrastructure Developers Limited Financial Statement Overview

Summary

IRB Infrastructure Developers Limited demonstrates strong operational efficiency and profitability with robust margins and improving equity returns. The company's financial stability is supported by a solid balance sheet, albeit with high leverage that needs careful management. While the cash flow position has improved recently, historical volatility requires attention for sustainable growth.

Income Statement

The company shows strong growth with a notable increase in net income over the past year. Gross profit margin and EBIT margin are healthy, indicating efficient operations. However, the revenue growth rate has fluctuated in recent years, showcasing some instability in revenue generation. The EBITDA margin remains solid, reflecting good operational cash flow generation.

Balance Sheet

The balance sheet reflects a strong equity base with an improving equity ratio. The debt-to-equity ratio is moderate, indicating a balanced use of leverage. Return on equity has shown improvement, signaling effective use of shareholders' funds. However, the high level of total debt presents potential risk if not managed properly.

Cash Flow

The cash flow statement indicates positive trends with significant free cash flow growth in the latest year. The operating cash flow to net income ratio is favorable, suggesting good cash conversion from earnings. However, historical fluctuations in free cash flow raise concerns about consistency in cash flow generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	72.41B	70.62B	74.09B	64.02B	58.04B	52.99B
Gross Profit	39.54B	39.63B	41.06B	39.02B	34.23B	31.39B
EBITDA	30.39B	30.51B	33.28B	32.27B	27.94B	25.10B
Net Income	65.43B	64.81B	6.06B	7.20B	3.61B	1.17B
Balance Sheet
Total Assets	0.00	538.96B	449.20B	427.66B	425.67B	411.74B
Cash, Cash Equivalents and Short-Term Investments	34.62B	34.62B	4.98B	32.27B	18.46B	26.51B
Total Debt	0.00	205.99B	186.53B	167.48B	166.97B	192.19B
Total Liabilities	-198.27B	340.69B	311.76B	293.87B	300.01B	342.73B
Stockholders Equity	198.27B	198.27B	137.45B	133.79B	125.66B	69.01B
Cash Flow
Free Cash Flow	0.00	18.59B	38.15B	13.33B	-10.25B	-69.27B
Operating Cash Flow	0.00	19.71B	40.54B	17.64B	3.64B	8.67B
Investing Cash Flow	0.00	3.75B	-36.45B	-6.50B	-15.53B	-81.76B
Financing Cash Flow	0.00	-7.20B	-4.77B	-8.61B	5.89B	75.20B

IRB Infrastructure Developers Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 41.88
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 41.88 is below the 20-day moving average (MA) of 41.91, below the 50-day MA of 42.78, and below the 200-day MA of 45.35, indicating a bearish trend. The MACD of -0.13 indicates Negative momentum. The RSI at 43.55 is Neutral, neither overbought nor oversold. The STOCH value of 42.53 is Neutral, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHANKARA	76 Outperform	₹2.63B	3.58	―	0.68%	-3.36%	-6.25%
IRB	71 Outperform	₹250.62B	3.81	―	0.56%	-1.42%	968.58%
ASHOKA	69 Neutral	₹45.52B	3.29	―	―	-17.28%	43.34%
JKIL	67 Neutral	₹43.50B	10.66	―	0.67%	13.96%	12.91%
CAPACITE	64 Neutral	₹20.57B	10.29	―	―	15.23%	8.61%
GRINFRA	60 Neutral	₹93.32B	8.46	―	1.20%	-6.01%	-3.81%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%

IRB Infrastructure Developers Limited Corporate Events

IRB Infra Signs Follow-on Letter Agreement to Existing Cintra Investment Deal

IRB Infrastructure Developers Limited has executed a new letter agreement dated 30 December 2025 linked to its earlier investment agreement of November 2021 involving Cintra INR Investments BV, founder-promoter Virendra D. Mhaiskar, IRB Holding Private Limited and other promoter group members. The company has disclosed that there are no special rights, related-party transaction treatment, or changes in shareholding terms arising from this letter agreement, indicating that the document is primarily an amendment or clarification to the existing investment framework rather than a move that alters its capital structure or governance, and is therefore expected to have limited direct operational or shareholder impact.

IRB Infrastructure to Manage Rs 6,785-Crore TOT-17 Highway Project, Calls EGM for RPT Nod

IRB Infrastructure Developers Limited’s board and audit committee have approved entering into material related-party contracts under which the company will act as project manager to IRB Infrastructure Trust, a private InvIT, for the TOT-17 highway project executed through IRB Harihara Corridors Private Limited. The mandate covers initial upgradation, operations and maintenance, and project implementation for the Lucknow–Ayodhya–Gorakhpur and Lucknow–Sultanpur highway corridors over a 20-year revenue-linked concession period, with an estimated contract value of up to Rs 6,785 crore including GST, and is positioned as an arm’s-length, ordinary-course engagement subject to shareholder and regulatory approvals; the company will seek member approval for these material related-party transactions at an Extraordinary General Meeting convened for 13 January 2026, underscoring the project’s scale and governance significance for stakeholders.

IRB Infrastructure Secures Major Highway Project in Uttar Pradesh

IRB Infrastructure Developers Limited, through its associate IRB Infrastructure Trust, has secured a significant project from the National Highways Authority of India. The project involves tolling, operation, maintenance, and transfer of several highway sections in Uttar Pradesh, covering a total length of 366.096 kilometers. This project, known as TOT-17, requires an upfront bid concession fee of Rs. 9,270 Crores for a 20-year concession period. With this addition, the Trust’s asset portfolio will increase by approximately 20%, enhancing its long-term revenue and cash flow generation capabilities.

Fitch Affirms IRB Infrastructure’s Ratings at ‘BB+’ with Stable Outlook

Fitch Ratings has affirmed the Long-Term Issuer Default Rating of IRB Infrastructure Developers Limited at ‘BB+’, maintaining a stable outlook. This affirmation, which also applies to the company’s US-dollar senior secured notes, suggests confidence in IRB’s financial stability and operational performance, potentially reassuring investors and stakeholders about the company’s future prospects.

IRB Infrastructure Executes Share Transfer to IRB InvIT Fund

IRB Infrastructure Developers Limited has announced the execution of a share purchase agreement and ancillary agreements for the transfer of 100% equity share capital of three tollway project SPVs to the IRB InvIT Fund, a publicly listed infrastructure investment trust. This transaction, subject to necessary approvals, involves the repayment of subordinated debt and shareholder loans, and it marks a strategic move to streamline operations and potentially enhance the company’s market positioning within the infrastructure investment sector.