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Revenue
₹451 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
₹373 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRB InvIT reported Q3 FY26 consolidated revenue of ₹451 crore and EBITDA of ₹373 crore, though year-ago comparisons are distorted by three new BOT assets added in November 2025. PAT fell to ₹60 crore from ₹90 crore due to higher interest and depreciation from acquisitions. The trust declared a distribution of ₹1.50 per unit (₹192 crore). Management guided for FY27 DPU of ₹6.3-6.5, implying ~5% growth, driven by double-digit toll revenue growth (12% on existing portfolio) and the VM7 HAM acquisition (effective Dec 2025). The trust targets AUM of ₹40,000 crore in two years (from ~₹17,000 crore) via sponsor and third-party acquisitions. Key risk: ballooning debt repayments from FY28 could pressure DPU if traffic growth slows.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects distribution per unit for FY27 to be in the range of ₹6.3-6.5, implying ~5% growth over the current annualized DPU of ~₹6.0.
- The trust aims to grow AUM from ~₹17,000 crore to ₹40,000 crore within the next two years through consistent asset additions of ₹8,000-10,000 crore per year.
- Management guided for minimum 5% year-on-year DPU growth over the next 4-5 years, driven by intrinsic asset growth and debt repayment profile.
Risks flagged
- 40% of debt is scheduled for repayment between years 5-9, which could pressure DPU if traffic growth does not offset higher principal payments.
- The Omalur-Salem asset will exit the portfolio in mid-FY27, reducing NDCF by ~₹10 crore per quarter. Management expects growth to compensate, but this is uncertain.
- If WPI remains low (e.g., zero), toll revision would be only ~3%, potentially reducing revenue growth. However, management argues lower WPI benefits interest costs more.
Key quotes
- We have intend to take this InvIT to 40,000 crores kind of AUM in next two years.
- Our endeavor is to improve the payout of the existing unit holder. Even if you are not able to improve but we will try to maintain the payout.
- If the WPI remains zero, I will lose 3% fixed and 2% of revenue... but interest cost saving will result 160 crores kind of saving. So net saving will be 4x.
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