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IRB Infrastructure Developers vs SPML Infra Q3 FY26

Side-by-side earnings comparison across verified financials, sentiment, risks, and management commentary.

IR

IRB Infrastructure Developers

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.

SP

SPML Infra

SPML Infra reported a strong Q3 FY26 with revenue of ₹131 crore (+21% YoY), EBITDA of ₹26.3 crore (+86% YoY), and PAT of ₹20.5 crore (+97% YoY), driven by higher-margin new orders and completion of legacy projects.

Result Snapshot

Revenue₹1,871 Cr₹230 Cr
PAT₹211 Cr₹20 Cr
EBITDA Margin55%11%
Sentimentbullishbullish

Key Quotes

We have successfully executed our BC that is build execute stable land and transfer strategy monetizing matured assets through our public.
Anil Yadav · Senior Management
We are very very selective on certain criteria of our order selection... we don't bid where the margin is less than 10%.
Manoj Diga · Executive Director and CFO