IRB Infrastructure Developers (IRB) Q1 25/26 earnings summary

Executive summary

• Net profit for Q1 FY26 rose 45% year-over-year to Rs. 2,025 million, with consolidated income up 10% to Rs. 21,646 million compared to Q1 FY25.

• Interim dividend of 7% (Rs. 0.07 per share) totaling Rs. 430 million declared, with payment scheduled by September 12, 2025.

• Toll revenue (including Private InvIT) increased 8% year-over-year to Rs. 16,800 million in Q1 FY26, despite an 8% YoY decline in some Private InvIT and BOT projects.

• Major SPV acquisitions worth Rs. 8,450 million approved, expected to release Rs. 4,905 million in cash and enhance bidding capacity.

• Ganga Expressway project received Rs. 14,700 million grant (~82% of total), with construction on track.

Financial highlights

• Total consolidated income for Q1 FY26 was Rs. 21,646 million, up from Rs. 19,717 million YoY.

• EBITDA for Q1 FY26 reached Rs. 10,180 million, a 4% increase year-over-year, with EBITDA margin at 47%.

• PAT after share of JV for Q1 FY26 was Rs. 2,025 million, up from Rs. 1,400 million YoY.

• Earnings per share (EPS) for Q1 FY26 stood at Rs. 0.34, compared to Rs. 0.23 in Q1 FY25.

• IRB Infrastructure Trust declared a distribution of Rs. 530 million for Q1 FY26, with the company's share at approximately Rs. 270 million.

Outlook and guidance

• Annual toll collection expected to rise by Rs. 100 million due to revised rates and new project COD.

• Construction margins expected to remain in the 18%-20% range, with future updates as new assets are added.

• Management expects continued growth, citing a robust asset portfolio and strong market opportunities supported by India's GDP outlook and government focus on PPP-based infrastructure.

• O&M order book projected to rise by 11% to Rs. 309,000 million post asset transfers.

• Vadodara–Mumbai Expressway (Package 7) HAM project expected to achieve COD soon.