IRB Infrastructure Developers (IRB) Q3 25/26 earnings summary

Executive summary

• Secured major TOT wins in Odisha and other regions, increasing market share in the TOT segment to 44% and expanding presence to the east coast.

• Monetized assets worth INR 84 billion, unlocking INR 49 billion in equity, and added INR 140 billion in new projects (TOT 17 and 18).

• Board approved a 1:1 bonus issue and a third interim dividend of 7% for Q3 FY26, totaling 21% for the first nine months.

• Transitioned to a sponsor-led O&M-driven asset manager model, focusing on capital efficiency, recurring income, and InvIT platforms.

• Asset base expanded to INR 94,000 crore, with presence in 13 states and a diversified portfolio across BOT, TOT, and HAM projects.

Financial highlights

• Q3 FY26 PAT grew 14% year-over-year to INR 2.53 billion; total consolidated income for Q3 FY26 was INR 1,912 crore, down 9% YoY.

• EBITDA for Q3 FY26 was INR 10,635 million, up from INR 10,492 million YoY; EBITDA margin improved to 59%.

• InvIT and related asset segment income grew 56% to INR 381 crore; BOT segment income rose 9% to INR 707 crore.

• Construction segment income fell 31% to INR 783 crore due to project completions.

• Net debt to equity reduced to 0.41x as of Q3 FY26, reflecting improved leverage.

Outlook and guidance

• Asset base targeted to reach INR 1,40,000 crore over the next three years.

• Net consolidated debt to equity expected to reach zero by 2030; Cash ROE projected to rise to 14%-15%.

• Profitability CAGR expected at 25%-30% through 2030.

• Multiple asset recycling cycles planned over the next 24–36 months to drive growth.

• O&M order book of INR 35,000 crore to be executed over 10-12 years, providing steady annuity-like revenue.