IRB Infrastructure Developers (IRB) Q2 25/26 earnings summary

Executive summary

• Per-day toll collection for private investors rose 13% year-over-year to INR 11.23 crore, and combined toll collection increased 11% to INR 18.13 crore, driven by traffic growth and tariff revision.

• Net profit for Q2FY26 rose 41% year-over-year to Rs. 1,410 million, with total income up 3% to Rs. 18,000 million.

• Three highway asset sales/acquisitions unlocked Rs. 4,905 crore to Rs. 50,000 million in equity for future opportunities, strengthening the investment platform.

• Interim dividend of 7% (Rs. 0.07 per share) declared for FY26, with private and public investors receiving distributions.

• Recognized for ESG leadership, including water conservation initiatives and water positive certification.

Financial highlights

• Total consolidated income for Q2FY26 increased 3% year-over-year to Rs. 18,000 million.

• EBITDA for Q2FY26 rose 4% to Rs. 9,740 million, with a 56% margin.

• PAT for Q2FY26 was Rs. 1,408 million, up 41% year-over-year.

• Construction segment income declined 18% to Rs. 8,200 million.

• Exceptional gain of Rs. 58,041 million recognized from fair value measurement of InvITs & related assets.

Outlook and guidance

• Revenue for FY26 is estimated at Rs. 43,000–45,000 million, with an executable order book of Rs. 4,000 million over the next 1.5 years.

• O&M order book for the next 10–12 years is around Rs. 30,000 million, with a 20-year concession providing long-term revenue visibility.

• O&M margins expected in the 20–23% range, with a shift toward higher O&M revenue share.

• Management targets an asset base of Rs. 1.4 trillion over the next three years, with ongoing asset churn and consolidation.

• Healthy bid pipeline of Rs. 55,000 million (BOT and TOT) expected to be awarded in the next month.