Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
IRB reported Q3 FY26 consolidated revenue of ₹1,912 crore (down 9% YoY) due to completion of construction projects, but PAT grew 14% YoY to ₹253 crore driven by higher InvIT income and lower interest costs.
Read IRB Infrastructure Developers analysis →HG Infra reported Q3 FY26 standalone revenue of ₹1,450 crore with EBITDA margin of 15.5%, while PAT declined to ₹97 crore (6.7% margin) due to higher tax provisions.
Read HG Infra Engineering analysis →IRB reported Q3 FY26 consolidated revenue of ₹1,912 crore (down 9% YoY) due to completion of construction projects, but PAT grew 14% YoY to ₹253 crore driven by higher InvIT income and lower interest costs. EBITDA margin expanded ~80bps to ~8.5%. The company won TOT8 for ₹3,087 crore, raising its TOT market share to 44%, and completed the VM7 asset transfer, unlocking ₹520 crore equity. Management guided for zero net debt by 2030 and 25% PAT CAGR, with a robust order book of ₹37,300 crore. Key risk: MLFF technology uncertainty may delay future TOT bids.
HG Infra reported Q3 FY26 standalone revenue of ₹1,450 crore with EBITDA margin of 15.5%, while PAT declined to ₹97 crore (6.7% margin) due to higher tax provisions. The order book stands at ₹13,624 crore, with roads contributing 64%, railways 20%, and renewables 15%. Execution was impacted by prolonged monsoon and delayed appointed dates for key projects like Varanasi-Kolkata Package 10. Management expects Q4 revenue of ~₹2,000 crore and FY27 revenue of ~₹7,000 crore, driven by existing orders and new project wins. Order inflow target for FY27 is ₹10,000-12,000 crore. Risks include margin compression from competitive bidding, delays in HAM asset monetization, and the ongoing CBI investigation which management declined to elaborate on.
Market share in TOT segment increased to 44% after winning TOT8.
Order book includes ₹1,600 Cr emergency orders; execution spread over 10-12 years.
Per-day toll collection grew 12% YoY driven by healthy traffic momentum.
Asset base expanded from ₹80,000 Cr to ₹94,000 Cr; target ₹1,40,000 Cr in 3 years.
Order book includes roads (₹8,734 cr), railways (₹2,779 cr), renewables (₹1,620 cr), and others.
Physical progress of solar projects; commissioning expected by March 2026.
Expected first tranche from divestment of 5 HAM SPVs, likely in Q4 FY26.
New orders secured in 9M FY26; target of ₹4,000-5,000 crore by March 2026.
Management targets consolidated net debt to reach zero by 2030, improving balance sheet strength.
Management guidance otherExpects profit after tax to grow at a CAGR of approximately 25% until 2030.
Management guidance growthCash return on equity is expected to increase from current 6-8% to 14-15% by 2030.
Management guidance marginsCompany aims to scale asset base from ₹94,000 Cr to ₹1,40,000 Cr over the next three years.
Management guidance expansionManagement expects standalone revenue of around ₹2,000 crore in Q4 FY26, driven by execution catch-up.
Management guidance revenueRevenue target for FY27 is approximately ₹7,000 crore, with ₹5,500 crore from existing projects and ₹1,500 crore from new projects like MSRDC.
Management guidance revenueManagement targets order inflows of ₹10,000-12,000 crore in FY27, including roads, railways, and BESS projects.
Management guidance growthMargins on new bids are expected to be around 14-15%, down from historical 15-16%, due to competitive pressure.
Management guidance marginsNHAI's mandate for multi-lane free flow on TOT19 led IRB to skip bidding; unresolved recovery mechanism may affect future TOT bids.
medium · management_commentaryManagement noted 20+ bidders per HAM project and EPC bids 45-50% below NHAI estimates, making these segments unattractive.
medium · management_commentaryNew BOT projects are more complex (e.g., structure-heavy) with uncertain traffic and toll structures, limiting IRB's appetite.
medium · analyst_questionConstruction segment revenue fell 31% YoY due to project completions; future EPC revenue depends on selective bidding.
low · data_observationCBI searched company offices in January 2026; management provided no details beyond stock exchange disclosures, creating uncertainty.
high · analyst_questionMonetization of 5 HAM assets is pending lender NOCs; only 3 of 5 SPVs expected to close in FY26, delaying cash inflows.
medium · management_commentaryManagement acknowledged that new project margins may fall to ~14% from historical 15-16% due to market correction.
medium · management_commentaryKey projects like Varanasi-Kolkata Package 10 and Nagpur EPC orders face delays, impacting revenue visibility.
medium · data_observationWe have successfully executed our BC that is build execute stable land and transfer strategy monetizing matured assets through our public.
We are not anti-technology. We are very much for MLFF. The problem is that we want the MLFF to get tested.
We are quite hopeful that we will be overpassing the last year number and looking at this the appointed date of jaran package 10 which was not issued has impacted around 2 to 300 rupees otherwise we would be in and around the last year number plus some percentage.
As of now the project which we are already having in hand we do have this margin this is for sure but in near future definitely as the market trend is giving a bit of a sense of correction where the margins are likely to be not in the same number would be around 14 or say that number.
