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Indian toll-road developer and operator building highways under build-operate-transfer and hybrid annuity models.
Indian toll-road developer and operator building highways under build-operate-transfer and hybrid annuity models.
Earns tolls collected from road users on highways it operates under long concessions, plus construction contracts won from highway authorities; revenue per road depends on traffic growth and toll tariffs, which are adjusted yearly with inflation. Many assets sit in a listed pooled vehicle it sponsors, so the company earns fees and distributions.
In one line: An Indian toll-road operator, like a mini Transurban.
Moat: narrow (regulatory licence, installed base). Long-dated concessions provide annuity-like toll cash flow, but bidding is competitive.
Headquarters: Mumbai, India · Founded: 1998 · Employees: 6,278
Size IRB Infrastructure Developers (IRB.NS) is an India Industrials company (Engineering & Construction) with a market value of $2.18B, the 356th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹17.02 on 6 Nov 2026.
Performance Over six months the shares fell 21.5%, against -15.4% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 14.2% over the last twelve months (peer median +7.6%); the operating margin is 26.5% (peer median 6.2%).
Valuation It trades at 16.0× forward earnings against a peer median of 13.5× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.4 points below its cost of capital (10.5% WACC).
Credit IRB Infrastructure Developers has 1 bond outstanding ($740M), rated Ba2 by the agencies.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹64.1B | ₹65.2B | ₹76.1B | ₹74.1B | ₹64.0B |
| Revenue growth | — | -14% | +3% | +16% | — |
| Gross profit | ₹21.8B | ₹21.0B | ₹30.0B | ₹26.8B | ₹26.9B |
| EBITDA | ₹29.1B | ₹29.1B | ₹36.9B | ₹34.5B | ₹33.0B |
| Net income | ₹9.54B | ₹8.50B | ₹64.8B | ₹6.06B | ₹7.20B |
| Free cash flow | n/a | ₹9.23B | ₹7.45B | ₹26.3B | ₹6.85B |
| Capital expenditure | n/a | ₹7.32B | ₹1.99B | ₹2.39B | ₹4.31B |
| Total debt | n/a | ₹200B | ₹206B | ₹186B | ₹167B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IRB Infrastructure Developers IRB.NS | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% |
| Ashoka Buildcon ASHOKA.NS | $303M | -27% | -25% | 19% | 15.0× | -10.6% |
| Larsen & Toubro LT.NS | $59.8B | +2% | +11% | 8% | 27.6× | 29.7% |
| PNC Infratech PNCINFRA.NS | $354M | -42% | +2% | 20% | 8.6× | -16.2% |
| G R Infraprojects GRINFRA.NS | $803M | -21% | +25% | 16% | 8.9× | n/a |
| Dilip Buildcon DBL.NS | $688M | -17% | -19% | 16% | 25.7× | n/a |
| H.G. Infra Engineering HGINFRA.NS | n/a | -36% | n/a | n/a | n/a | n/a |
| KNR Constructions KNRCON.NS | $327M | -19% | -38% | 25% | 22.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRB.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.4% | -5.8% | 9th highest of 21 |
| 6-month return | -21.5% | -15.4% | 7th lowest of 21 |
| Distance from 52-week high | -28.9% | -35.5% | 8th highest of 21 |
| Revenue growth (TTM) | -14.2% | +7.6% | 4th lowest of 21 |
| Operating margin | 26.5% | 6.2% | 2nd highest of 21 |
| Forward P/E | 16.0× | 13.5× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 9.2% | -2.1% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +4.2% | +10.2% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +5.0 pp | -13.1 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -4.4 pp | +4.4 pp | 5th lowest of 20 |
| EV / EBITDA | 7.1× | 9.3× | 5th cheapest of 15 |
| Net debt / EBITDA | 6.2× | -0.6× | most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IRB Infrastructure Developers IRB.NS | India | $2.18B | -21% | -14% | 27% | 16.0× | 9.2% | +4.2% |
| Yankey Engineering 6691.TW | Taiwan | $2.16B | -16% | +63% | 16% | 9.7× | 2.8% | +33.1% |
| Nbcc (india) NBCC.NS | India | $2.23B | -19% | +4% | 6% | 26.0× | 40.1% | +12.9% |
| Grenergy Renovables GRE.MC | Spain | $2.24B | -40% | +8% | 23% | 18.9× | n/a | n/a |
| Penta-Ocean Construction 1893.T | Japan | $2.25B | -29% | +7% | 7% | 8.9× | n/a | n/a |
| Kepco E&c 052690.KS | South Korea | $2.07B | -61% | +8% | 10% | 45.6× | n/a | n/a |
| DAI-DAN 1980.T | Japan | $2.05B | -15% | -7% | 14% | 10.2× | -4.4% | +10.2% |
| Hong Kong Zcloud Technology Construction 9900.HK | Hong Kong | $2.03B | +16% | -33% | 0% | n/a | n/a | n/a |
| Per Aarsleff Holding A/S PAAL-B.CO | Denmark | $2.02B | -6% | +14% | 5% | 13.4× | -7.6% | +11.2% |
| Chongqing Sanfeng Environment 601827.SS | China | $2.00B | -3% | +5% | 27% | 10.4× | -11.4% | +2.4% |
| CSSC Science & Technology 600072.SS | China | $1.99B | -35% | +8% | -37% | n/a | n/a | n/a |
| Webuild WBD.MI | Italy | $2.39B | -22% | +2% | -1% | 6.5× | -2.1% | +24.4% |
| Sanki Engineering 1961.T | Japan | $1.98B | -12% | +2% | 12% | 11.5× | -6.5% | +6.0% |
| Monadelphous MND.AX | Australia | $1.98B | -4% | +29% | 5% | 22.7× | 5.3% | +9.7% |
| AF Gruppen AFG.OL | Norway | $2.42B | +13% | +11% | 5% | 16.2× | -9.7% | +3.4% |
| Arcplus 600629.SS | China | $2.43B | -17% | -25% | -3% | 38.4× | n/a | n/a |
| NRW NWH.AX | Australia | $1.95B | -17% | +31% | 6% | 13.6× | 8.5% | +14.1% |
| HAZAMA ANDO 1719.T | Japan | $1.94B | -11% | +4% | 8% | 9.8× | -11.7% | +4.5% |
| Kalpataru Projects International KPIL.NS | India | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% | +16.0% |
| Koninklijke Heijmans HEIJM.AS | Netherlands | $2.55B | -7% | +11% | 6% | 13.5× | 3.9% | +9.7% |
| Jinko Power Technology 601778.SS | China | $1.86B | -49% | -25% | 16% | n/a | n/a | n/a |
IRB Infrastructure Developers has 1 bond outstanding with $740M face value. The agencies rate it Ba2.