Weak NHAI awarding environment
YTD NHAI awarding is only ~500 km; management acknowledges back-ended nature but risk of lower-than-expected order inflow remains.
IRB / Q2-FY26 / risks
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IRB Infrastructure Developers · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
Construction revenue decline
Construction segment revenue fell 18% YoY; reliance on new orders to sustain growth is a key risk.
High debt levels
Consolidated net debt is ₹19,805 crore; debt at private InvIT level is ~63,500 crore, though management says it's manageable.