IRB Infrastructure Developers (IRB) Q4 25/26 earnings summary

Executive summary

• Achieved significant milestones with financial closures, commencement of tolling operations, and full operationalization of all major projects, including Ganga Expressway, in the private InvIT portfolio for FY 2026.

• Transitioned to a Sponsor + O&M platform, focusing on capital efficiency, recurring income streams, and integrated sponsor, asset manager, and operator model.

• Road AUM increased from ₹800 bn to over ₹1,400 bn in three years, with plans for further growth and asset base expansion to INR 1.4 trillion.

• Multiple asset transfers between Private and Public InvITs unlocked equity and enabled capital recycling, including monetization of assets worth INR 8,400 crore and unlocking INR 4,900 crore equity.

• Recognized for robust ESG practices, receiving certifications and awards such as Water Positive Certification and Sustainability Initiative of the Year 2026.

Financial highlights

• Q4 FY26 PAT rose 38% YoY to INR 296 crore; FY26 PAT before exceptional items up 32% YoY to INR 893 crore.

• FY26 Toll Revenue grew 12% YoY to Rs. 8,323 Cr, representing 10% of India's aggregate toll revenue.

• Q4 FY26 total consolidated income was INR 1,977 crore, down 11% YoY; EBITDA for FY26 reached INR 4,188 crore, up 4% YoY.

• Declared total FY26 dividend of INR 1.87 bn; received INR 2.97 bn in distributions from InvITs.

• Private InvIT average daily toll collection for Q4 FY26 was INR 11.79 crore, up 30% YoY; combined portfolio daily toll collection reached INR 19.8 crore, up 21%.

Outlook and guidance

• Targeting asset base expansion to INR 1.4 trillion over the next three years and cash ROE expansion from 8% to over 14%.

• Construction and O&M revenue for FY27 expected to exceed INR 3,000 crore, with toll revenue growth projected at 10%.

• Profit expected to grow at a 25% CAGR till FY27; aiming for five-digit gross toll revenue in FY27.

• Plans to recycle equity multiple times for superior returns and maintain net debt at or near zero.

• No capital raising planned; focus remains on asset rotation and dividend distribution policy of 20%+.