IRB Infrastructure Developers (IRB) Q1 26/27 earnings summary

Executive summary

• Signed binding term sheet to transfer two BOT assets with an enterprise value of INR 46.05 billion, marking the fourth cycle of the capital recycling strategy.

• PAT rose 51% year-over-year to INR 3,063 million in Q1FY27, driven by higher toll revenue and InvIT-related gains.

• Achieved 26% year-over-year growth in toll revenue across IRB, Private InvIT, and Public InvIT projects in Q1FY27.

• Significant refinancing of debt led to interest cost savings of 65–160 basis points.

• Strategic transition to a Sponsor + O&M model, focusing on capital efficiency and recurring income streams.

Financial highlights

• Total consolidated income for Q1FY27 was INR 21,727 million, nearly flat year-over-year.

• EBITDA rose 17% year-over-year to INR 11,879 million, with margin improving to 57%.

• PAT increased to INR 3,063 million from INR 2,025 million year-over-year.

• Interest cost decreased to INR 4,380 million, with a one-time expense of INR 37 crore included.

• Depreciation increased 24% to INR 333 crore.

Outlook and guidance

• Targeting road AUM growth from INR 800 billion to INR 1,400 billion in 3-4 years.

• Expectation to become net debt-free by 2030, with cash ROE above 14%.

• PAT CAGR guidance of 25% over the next five years.

• Traffic momentum and tariff revisions are expected to drive robust toll collection growth.

• O&M and InvIT segments are expected to contribute 40%-50% of revenue in the next 2-3 years.