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Informist, Thursday, Feb. 12, 2026

By Arundathi A R

MUMBAI – IRB Infrastructure Developers Ltd. is expected to post an on-year fall in its bottom line for the December quarter, after nine consecutive quarters of rise. Brokerages, however, varied widely in their revenue expectations for the company, with two expecting a decline in the top line for the December quarter due to weak execution and order book and a third expecting a year-on-year rise on the back of steady toll revenue.

IRB Infrastructure is expected to post a consolidated net profit of INR 1.90 billion to INR 2.11 billion for the December quarter, according to estimates from brokerages. The highest estimate is INR 2.11 billion from Motilal Oswal Financial Services Ltd. and the lowest is INR 1.90 billion from HDFC Securities Ltd. Kotak Securities Ltd. sees the net profit during the quarter at INR 2.09 billion. There are only three earnings estimates available for the company.

The company is expected to report consolidated net sales of INR 14.50 billion to INR 20.52 billion for the quarter. The highest estimate for revenue is INR 20.52 billion from Kotak Securities and the lowest is INR 14.50 billion from HDFC Securities. Motilal Oswal has estimated the company's revenue at INR 17.49 billion.

IRB Infrastructure had reported a consolidated net profit of INR 60.26 billion on a revenue of INR 20.25 billion a year ago. IRB Infrastructure had reported one-time income of INR 58.04 billion in the year-ago quarter.

For the December quarter, the company's gross toll collection was INR 21.52 billion, up 30% from INR 16.56 billion reported a year ago. "Monthly toll revenue continued its strong growth momentum in Q3 FY26 (Oct-Dec), supported by healthy GDP expansion," Amitabh Murarka, deputy chief executive officer of IRB Infrastructure, had said.

IRB Infrastructure, a transport infrastructure developer, has a portfolio of 26 highway projects and one airport project. It has three business verticals, including one private and one public infrastructure investment trust each.

The company is expected to post a consolidated earnings before interest, tax, depreciation, and amortisation of INR 6.50 billion to INR 9.64 billion for the December quarter, according to estimates from three brokerages. The highest estimate is INR 9.64 billion from Kotak Securities and the lowest is INR 6.50 billion from HDFC Securities. Motilal Oswal has estimated EBITDA at INR 9.27 billion.

"We model EBITDA margin of 18% in the construction segment and 84% in the BOT (build-operate-transfer) segment, with overall EBITDA margins of 47%," Kotak said.

IRB Infrastructure will announce its earnings for the December quarter Friday. Thursday, the company's shares ended at INR 44.46 on the National Stock Exchange, up 0.1% from the previous close. The stock is up nearly 3% since the company announced its September-quarter earnings.

Only one research report is available on the stock with Informist, which has a 'buy' recommendation at a target price of INR 52.

The Following are the Oct-Dec earnings estimates for IRB Infrastructure from three brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Saji George Titus

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