MLFF technology uncertainty
NHAI's mandate for multi-lane free flow on TOT19 led IRB to skip bidding; unresolved recovery mechanism may affect future TOT bids.
IRBINFRASTRUCTUREDEVELOP / Q3-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
medium
Intense competition in HAM/EPC
Management noted 20+ bidders per HAM project and EPC bids 45-50% below NHAI estimates, making these segments unattractive.
Complex BOT projects with viability concerns
New BOT projects are more complex (e.g., structure-heavy) with uncertain traffic and toll structures, limiting IRB's appetite.
Declining construction revenue
Construction segment revenue fell 31% YoY due to project completions; future EPC revenue depends on selective bidding.