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MLFF technology uncertainty
View Risks →IRB Infrastructure Developers Ltd — Q3 FY26
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.
bullish
high
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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.
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TOT Market Share
44%
+8pp YoY
Market share in TOT segment increased to 44% after winning TOT8.
Order Book
₹37,300 Cr
+14% YoY
Order book includes ₹1,600 Cr emergency orders; execution spread over 10-12 years.
Daily Toll Collection (InvIT+IRB)
₹17.94 Cr
+12% YoY
Per-day toll collection grew 12% YoY driven by healthy traffic momentum.
Asset Base
₹94,000 Cr
+17.5% YoY
Asset base expanded from ₹80,000 Cr to ₹94,000 Cr; target ₹1,40,000 Cr in 3 years.
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Guidance and risk preview
Management targets consolidated net debt to reach zero by 2030, improving balance sheet strength.
NHAI's mandate for multi-lane free flow on TOT19 led IRB to skip bidding; unresolved recovery mechanism may affect future TOT bids.
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