IRB Infrastructure Developers (IRB) Q4 24/25 earnings summary

Executive summary

• FY25 toll revenue grew 23% year-over-year, outpacing the national average of 12.5%.

• Q4FY25 PAT rose 14% YoY to Rs. 215 Crs; full-year PAT (excluding exceptional gain) increased 12% to Rs. 677 Crs.

• Ganga Expressway project received Rs. 12.9 bn in grants (~74% of total) and is progressing on or ahead of schedule.

• Two new TOT projects commenced operations, contributing to revenue growth and exceeding initial estimates.

• Maintained strong credit ratings: AA- (domestic), BB+/Ba1 (international).

Financial highlights

• Q4FY25 total income was Rs. 2,218 Crs, down 11% YoY; full-year FY25 total income was Rs. 8,032 Crs, a 2% decline from FY24.

• Q4FY25 EBITDA was Rs. 1,066 Crs (down 20% YoY); full-year EBITDA was Rs. 4,024 Crs (down 2% YoY).

• PAT (including exceptional gain) for FY25 was Rs. 6,481 Crs, reflecting a significant one-time gain.

• Segment revenue for FY25: Construction Rs. 45,781 mn, BOT/TOT Rs. 24,839 mn, InvITs & Related Assets Rs. 7,604 mn.

• Q4 other income surged due to interest from fixed deposits of unutilized Tap issue funds.

Outlook and guidance

• Expecting lower double-digit toll collection growth in FY26, driven by new project commissioning and tariff hikes.

• Construction revenue for FY26 projected at around Rs. 4,000 Crs, excluding new awards.

• InvIT-related income expected to maintain Q4FY25 run rate in FY26 and FY27.

• Management expects higher momentum in BOT and TOT project bids, supported by government initiatives.