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Revenue
₹1,751 Cr
verified against source
Revenue YoY
3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRB's Q2 FY26 consolidated revenue grew 3% YoY to ₹1,800 crore, while PAT surged 41% to ₹141 crore, driven by strong toll collections (private InvIT per-day toll up 13% YoY to ₹11.23 crore) and lower share of losses. Construction revenue declined 18% YoY to ₹820 crore due to weak order inflows, but management expects FY26 construction revenue of ₹4,300-4,500 crore from the existing order book. The key highlight was the successful acquisition of three highway assets by the public InvIT (enterprise value ₹8,436 crore), unlocking ₹495 crore for IRB to pursue a ₹15,000 crore opportunity pipeline. The order book stands at ₹32,000 crore, with O&M contributing 25-30% of execution. Guidance for EBITDA margins is 20-23%. Risk: weak NHAI awarding could delay revenue ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Based on existing order book, management expects construction revenue in this range for the full year.
- Management guided for EBITDA margins in the range of 20-23% for the construction segment.
- Gradual shift from EPC to O&M, with O&M currently at 25-30% of execution, targeting 50% steady state.
- Proceeds from asset sale (~₹495 crore) will be used to pursue new projects worth ₹14,000-15,000 crore.
Risks flagged
- YTD NHAI awarding is only ~500 km; management acknowledges back-ended nature but risk of lower-than-expected order inflow remains.
- Construction segment revenue fell 18% YoY; reliance on new orders to sustain growth is a key risk.
- Consolidated net debt is ₹19,805 crore; debt at private InvIT level is ~63,500 crore, though management says it's manageable.
Key quotes
- Our private InvIT reported per toll collection of rupees 11.23 crores for the quarter ended September 2025 compared to 9.94 crores per day in the same quarter last year, a growth of 13%.
- The order book now stands around 32,000 including the EPC order book of roughly 1500.
- There is almost six to eight TOT projects worth 30,000 crores and around eight BOT projects worth 25,000 crores up for bidding in next 1 month.
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