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Informist, Tuesday, May. 18, 2026

By Arundathi A R

MUMBAI – IRB Infrastructure Developers Ltd. is expected to post an on-year rise in its bottom line for the March quarter after falling for the previous quarter.  However, its top line is likely to decline on year for the second consecutive quarter, as its construction revenue is expected to remain weak on lower starting order book. However, both the metrics are expected to decline on a quarter-on-quarter basis. A lower starting order book of a company refers to fewer confirmed contracts or orders on hand compared with previous periods.

The integrated transport infrastructure developer is expected to post a consolidated net profit of INR 2.48 billion for the March quarter, according to average of estimates from four brokerages. This would mean a rise of nearly 16% on year. The highest estimate is INR 2.62 billion from Motilal Oswal Financial Services Ltd. and the lowest is INR 2.36 billion from Kotak Securities Ltd.

The company is expected to report consolidated net sales of INR 18.57 billion for the quarter, which is a decline of nearly 14% on year. The highest estimate for revenue is INR 20.59 billion from Kotak Securities and the lowest is INR 14.60 billion from HDFC Securities Ltd.

For the financial year 2025-26 (Apr-Mar), the company is expected to post a consolidated net profit of INR 8.48 billion, according to Motilal Oswal. This would mean a rise of over 25% from the previous year. IRB Infra's consolidated net sales for the year is expected at INR 77.39 billion by Motilal, which is just 2% higher on year.

For the March quarter, the company's gross toll collection was INR 22.80 billion, up nearly 39% from INR 16.46 billion reported a year ago. It recorded toll collections of INR 83.23 billion for FY26, which accounts for 10% of India'a total toll revenue of INR 829 billion.

"With recent commissioning of our new TOT (Toll Operate Transfer) Asset in Odisha and expected commissioning of Ganga Expressway in Uttar Pradesh, we look forward to FY27 with further improved growth trajectory driven by new assets along with revised toll tariffs on existing ones," Amitabh Murarka, deputy chief executive officer of IRB Infrastructure, had said.

IRB Infrastructure, a transport infrastructure developer, has a portfolio of 28 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 consolidated earnings before interest, tax, depreciation, and amortisation of INR 6.40 billion at INR 11.25 billion for the March quarter, according to estimates from three brokerages. The highest estimate of INR 11.25 billion is from Kotak Securities and the lowest of INR 6.40 billion is from HDFC Securities. Motilal Oswal has estimated EBITDA at INR 10.80 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 54%," Kotak said.

IRB Infrastructure will announce its March quarter earnings Wednesday. Monday, the company's shares ended marginally lower from the previous close at INR 20.22 on the National Stock Exchange. The stock has fallen over 4% since the company announced its earnings for the December quarter.

There are two research reports on the stock available with Informist, which have a 'buy' recommendation at a target price of INR 52-INR 54.

Following are the Jan-Mar earnings estimates for IRB Infrastructure from four brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Akul Nishant Akhoury

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