IRB Infrastructure Developers Limited (IN:IRB)
:IRB
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IRB Infrastructure Developers Limited
(IRB)
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Rating:57Neutral
Price Target:
₹23.50
▼(-43.89% Downside)
Action:Reiterated
Date:05/22/26
The score is primarily held back by weakening growth, volatile net profitability, and weaker cash conversion despite strong operating margins. Technicals are moderately supportive with price above key moving averages, but valuation is a notable headwind due to a high P/E and low dividend yield.
Positive Factors
Strong operating margins
Sustained high EBITDA and EBIT margins indicate structural cost efficiency in project execution and concession operations. Durable margins provide buffer against traffic volatility and support reinvestment, debt service and funding for new bids across multi-year concession cash flows.
Negative Factors
Revenue contraction
Declining revenue trends suggest weaker project execution, fewer new EPC awards or lower toll/traffic growth, which can compress long-term scale advantages. Sustained top-line declines reduce scope to absorb fixed costs and limit cash generation potential over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong operating margins
Sustained high EBITDA and EBIT margins indicate structural cost efficiency in project execution and concession operations. Durable margins provide buffer against traffic volatility and support reinvestment, debt service and funding for new bids across multi-year concession cash flows.
Read all positive factors
IRB Infrastructure Developers Limited (IRB) vs. iShares MSCI India ETF (INDA)
Market Cap
₹258.83B
Dividend Yield0.56%
Average Volume (3M)739.57K
Price to Earnings (P/E)29.9
Beta (1Y)1.28
Revenue Growth-11.72%
EPS Growth-86.79%
CountryIN
Employees3,180
SectorServices
Sector StrengthN/A
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)5.45
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)0.94
Revenue Forecast (FY)₹79.94B
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 primarily makes money through a combination of (1) toll and annuity/availability-type income from highway assets it operates under concession agreements, and (2) engineering, procurement and construction (EPC) / construction contract revenue f...
IRB Infrastructure Developers Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 69.37B | 65.20B | 70.62B | 74.09B | 64.02B | 58.04B |
| Gross Profit | 36.85B | 21.55B | 39.63B | 41.06B | 39.02B | 34.23B |
| EBITDA | 30.69B | 41.45B | 30.51B | 33.28B | 32.27B | 27.94B |
| Net Income | 65.84B | 8.50B | 64.81B | 6.06B | 7.20B | 3.61B |
Balance Sheet | ||||||
| Total Assets | 543.46B | 540.54B | 538.96B | 449.20B | 427.66B | 425.67B |
| Cash, Cash Equivalents and Short-Term Investments | 35.74B | 20.92B | 34.62B | 4.98B | 32.27B | 18.46B |
| Total Debt | 208.52B | 200.27B | 205.99B | 186.53B | 167.48B | 166.97B |
| Total Liabilities | 339.66B | 331.05B | 340.69B | 311.76B | 293.87B | 300.01B |
| Stockholders Equity | 203.80B | 209.49B | 198.27B | 137.45B | 133.79B | 125.66B |
Cash Flow | ||||||
| Free Cash Flow | 10.16B | 13.66B | 18.59B | 38.15B | 13.33B | -10.25B |
| Operating Cash Flow | 10.53B | 20.98B | 19.71B | 40.54B | 17.64B | 3.64B |
| Investing Cash Flow | -13.88B | -9.10B | 3.75B | -36.45B | -6.50B | -15.53B |
| Financing Cash Flow | -11.35B | -27.02B | -7.20B | -4.77B | -8.61B | 5.89B |
IRB Infrastructure Developers Limited Technical Analysis
Positive
41.88
Price Trends
21.34
Positive
21.04
Positive
21.14
Positive
Market Momentum
-0.01
Negative
54.01
Neutral
84.69
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IRB, the sentiment is Positive. The current price of 41.88 is above the 20-day moving average (MA) of 21.24, above the 50-day MA of 21.34, and above the 200-day MA of 21.14, indicating a bullish trend. The MACD of -0.01 indicates Negative momentum. The RSI at 54.01 is Neutral, neither overbought nor oversold. The STOCH value of 84.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | ₹258.83B | 29.85 | ― | 0.56% | -11.72% | -86.79% | |
57 Neutral | ₹923.53M | 3.37 | ― | ― | 6.54% | ― | |
55 Neutral | $13.29B | 17.42 | 10.03% | 0.93% | 7.13% | -12.93% | |
46 Neutral | ₹1.25B | -0.10 | ― | ― | -11.85% | -43631.89% | |
45 Neutral | ₹1.60B | -3.05 | ― | ― | -43.74% | -152.37% | |
42 Neutral | ₹534.42M | -43.13 | ― | ― | 155.73% | -100.10% |
* Services Sector Average
IN:IRB
IRB Infrastructure Developers Limited
21.45
-2.70
-11.18%
IN:ARSSINFRA
ARSS Infrastructure Projects Limited
54.84
0.28
0.51%
IN:BRNL
Bharat Road Network Ltd.
18.81
-2.76
-12.80%
IN:GAYAHWS
Gayatri Highways Ltd.
2.22
0.81
57.45%
IN:IL&FSTRANS
IL&FS Transportation Networks Limited
2.57
-1.21
-32.01%
IN:NOIDATOLL
Noida Toll Bridge Co. Ltd.
4.89
1.06
27.68%
IRB Infrastructure Developers Limited Corporate Events
IRB Infrastructure Trust Starts Toll Collection on Rs 3,087 Crore TOT-18 Highway Project
Apr 1, 2026
IRB Infrastructure Trust, an associate of IRB Infrastructure Developers Limited, has provided an update on its investment in the TOT-18 Project, covering the Chandikhole–Bhadrak section of National Highway 16 in Odisha. The project is implem...
IRB Infrastructure Seals Project Management Pact for TOT-18 Highway
Mar 24, 2026
IRB Infrastructure Developers Limited has formalised its role as project manager for the TOT-18 highway project by executing a Project Implementation Agreement with IRB Chandibhadra Tollway Private Limited, a wholly owned SPV of IRB Infrastructure...
IRB Infrastructure Shareholders Approve Bonus Share Issue via Postal Ballot
Mar 23, 2026
IRB Infrastructure Developers has announced the results of a shareholder postal ballot conducted via e-voting under Indian company law and SEBI listing regulations. Shareholders approved an ordinary resolution to issue bonus shares to existing equ...
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.