Below is a structured extraction and summary of the relevant and actionable financial information from IRB Infrastructure Developers Limited’s Q1 FY26 results filing dated August 14, 2025.
1. Auditor’s Note
- Type: Limited Review Report on both Consolidated and Standalone Unaudited Financial Results for Q1 FY26.
- Conclusion:
- Unqualified review conclusion with no qualifications, concerns, or issues reported.
- Review conducted as per applicable Indian standards and SEBI regulations.
- Reliance placed on other auditors for subsidiaries and joint ventures.
- Implication: Financial results can be considered reliable for analysis.
2. Financial Performance
Key Financial Figures (Rs. million unless otherwise stated)
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) | FY24 (Apr 1, 2023 - Mar 31, 2024) |
|---|---|---|---|---|---|
| Consolidated | |||||
| Revenue from operations | 20,990 | 21,492 | 18,529 | 76,135 | 78,224* |
| Other income | 656 | 686 | 1,187 | 4,181 | 2,089* |
| Total Income | 21,646 | 22,179 | 19,717 | 80,316 | 80,313* |
| EBITDA (approximate) | 7,278 (Segment results) | 7,808 | 7,250 | 29,516 | 29,516* |
| Operating Profit (PBT before exceptional & JV) | 2,864 | 3,225 | 2,287 | 10,573 | 10,573* |
| Exceptional Items (Gain) | Nil | Nil | Nil | 58,041 | 58,041 |
| Profit Before Tax (PBT) | 2,864 | 3,225 | 2,287 | 68,614 | 68,614 |
| Tax Expenses | 839 | 1,078 | 887 | 3,807 | 3,807 |
| Net Profit After Tax (PAT) | 2,025 | 2,147 | 1,400 | 64,807 | 64,807 |
| EPS (Basic & Diluted, Rs.) | 0.34* | 0.35* | 0.23* | 10.73 | 10.73 |
| Particulars | Q1 FY26 (Jun 30, 2025) | Q4 FY25 (Mar 31, 2025) | Q1 FY25 (Jun 30, 2024) | FY25 (Apr 1, 2024 - Mar 31, 2025) | FY24 (Apr 1, 2023 - Mar 31, 2024) |
|---|---|---|---|---|---|
| Standalone | |||||
| Revenue from operations | 12,940 | 14,661 | 12,544 | 50,633 | 45,143 |
| Other income | 762 | 1,441 | 2,056 | 7,471 | 7,471 |
| Total Income | 13,702 | 16,103 | 14,600 | 58,104 | 52,614 |
| EBITDA (approximate) | 2,950 (Total Comprehensive Income) | 1,717 (Q4 FY25) | 1,433 | 54,551 | 54,551 |
| Operating Profit (PBT before exceptional) | 1,864 | 3,564 | 1,615 | 10,181 | 10,181 |
| Exceptional Items (Gain) | Nil | Nil | Nil | 47,949 | 47,949 |
| Profit Before Tax (PBT) | 1,864 | 3,564 | 1,615 | 58,130 | 58,130 |
| Tax Expenses | 466 | 780 | 197 | 1,990 | 1,990 |
| Net Profit After Tax (PAT) | 1,398 | 2,784 | 1,418 | 56,141 | 56,141 |
| EPS (Basic & Diluted, Rs.) | 0.23* | 0.46* | 0.23* | 9.30 | 9.30 |
* Not annualised for quarters.
Margins & Ratios (Consolidated)
| Metric | Q1 FY26 | Q4 FY25 | Q1 FY25 | FY25 |
|---|---|---|---|---|
| Operating Margin (%) | 45% | 46% | 46% | 47% |
| Net Profit Margin (%) | 10% | 10% | 8% | 85%* |
| Debt-Equity Ratio | 0.78:1 | 0.79:1 | 1.06:1 | 0.79:1 |
| Adjusted Debt-Equity Ratio | 0.58:1 | 0.59:1 | 0.88:1 | 0.59:1 |
| Interest Coverage Ratio (x) | 2.83 | 2.88 | 2.81 | 2.83 |
| Current Ratio (x) | 1.49 | 1.58 | 1.23 | 1.58 |
| Net Worth (Rs. million) | 201,848 | 198,266 | 138,251 | 198,266 |
* FY25 net profit margin unusually high due to exceptional gain of Rs. 58,041 million.
Margins & Ratios (Standalone)
| Metric | Q1 FY26 | Q4 FY25 | Q1 FY25 | FY25 |
|---|---|---|---|---|
| Operating Margin (%) | 21% | 25% | 7% | 17% |
| Net Profit Margin (%) | 11% | 19% | 11% | 111%* |
| Debt-Equity Ratio | 0.74:1 | 0.74:1 | 0.97:1 | 0.74:1 |
| Adjusted Debt-Equity Ratio | 0.30:1 | 0.25:1 | 0.38:1 | 0.25:1 |
| Interest Coverage Ratio (x) | 2.45 | 3.67 | 2.57 | 3.14 |
| Current Ratio (x) | 0.63 | 0.64 | 0.50 | 0.64 |
| Net Worth (Rs. million) | 149,928 | 146,978 | 95,672 | 146,978 |
* FY25 net profit margin inflated due to exceptional gain of Rs. 47,949 million.
3. Detailed Notes / Management Commentary
-
Dividend:
- Interim dividend declared at Re. 0.07 per equity share (7% of face value) for FY26.
- Record date: August 29, 2025; payment by September 12, 2025.
- Dividend payout approx. Rs. 43 crore.
-
Business Model Alignment:
- From Q3 FY25 (Dec 31, 2024), investments in InvITs & Related Assets and joint ventures are measured at fair value through profit and loss (FVTPL) as per Ind AS 28.
- Initial fair value gain of Rs. 58,041 million (net of deferred tax Rs. 16,254 million) recognized as exceptional item in FY25.
- Subsequent fair value gains recognized under revenue from operations as "Gain on InvITs & Related Assets."
- Dividend/interest income from InvITs & Related Assets presented separately under revenue.
-
Toll Revenue & Operations:
- Toll revenue (Company + Private InvIT) for Q1 FY26: Rs. 1,680 crore, up 8% YoY from Rs. 1,555 crore in Q1 FY25.
- IRB Infrastructure Trust declared distribution of Rs. 53 crore for Q1 FY26; IRB’s share approx. Rs. 27 crore.
- O&M order book expected to increase by ~11% to Rs. 30,900 crore after asset transfers from Private InvIT to Public InvIT.
-
Portfolio & Market Position:
- Asset base approx. Rs. 80,000 crore across parent and two InvITs.
- Operates ~15,500 lane kms currently, with a total constructed ~19,000 lane kms.
- Market share: ~33% in TOT space, 14% in Golden Quadrilateral, 12% in North-South highway connectivity.
- Portfolio includes 26 road projects: 18 BOT, 4 TOT, 4 HAM.
-
Debt & Capital Structure:
- Fully redeemed Secured, Redeemable, Listed, Rated Non-Convertible Debentures on June 28, 2025; no outstanding as of June 30, 2025.
- Maintained security cover >1.25x on book debts and unencumbered assets for listed debentures during Q1 FY26.
-
Accounting Policies:
- No changes in accounting policies reported in this quarter.
- Segment reporting aligned with Ind AS 108; InvITs & Related Assets recognized as a separate segment from Q3 FY25.
4. Segment Information (Consolidated)
| Segment | Q1 FY26 Revenue (Rs. mn) | Q4 FY25 Revenue (Rs. mn) | Q1 FY25 Revenue (Rs. mn) | FY25 Revenue (Rs. mn) |
|---|---|---|---|---|
| BOT / TOT Projects | 6,460 | 6,411 | 6,139 | 24,839 |
| InvITs & Related Assets | 2,331 | 3,066 | 800 | 7,604 |
| Construction | 12,142 | 11,975 | 12,340 | 45,607 |
| Unallocated Corporate | 56 | 40 | 50 | 174 |
| Total Revenue | 20,990 | 21,492 | 19,329 | 78,224 |
| Segment | Q1 FY26 Segment Result (Rs. mn) | Q4 FY25 Segment Result (Rs. mn) | Q1 FY25 Segment Result (Rs. mn) | FY25 Segment Result (Rs. mn) |
|---|---|---|---|---|
| BOT / TOT Projects | 3,172 | 2,728 | 2,930 | 11,702 |
| InvITs & Related Assets | 2,110 | 2,763 | 800 | 6,991 |
| Construction | 2,042 | 2,388 | 3,556 | 11,048 |
| Unallocated Corporate | (47) | (71) | (37) | (225) |
| Total Segment Result | 7,278 | 7,808 | 7,250 | 29,516 |
- Interest expense deducted separately (Rs. 4,620 mn in Q1 FY26).
- Segment assets and liabilities detailed in filing; total net worth Rs. 201,848 mn as of Q1 FY26.
5. Capex, Projects, and Corporate Activity
-
Capex / Projects:
- No explicit capex figures disclosed for Q1 FY26.
- O&M order book increased by Rs. 3,100 crore (~11%) post asset transfer from Private InvIT to Public InvIT, indicating ongoing project activity and portfolio expansion.
-
Corporate Activity:
- Full redemption of listed Secured Non-Convertible Debentures completed on June 28, 2025.
- No acquisitions, disposals, impairments, or restructuring mentioned in this filing.
-
Provisions / Write-downs:
- None reported.
6. Standalone vs Consolidated
- Both Standalone and Consolidated unaudited financial results are provided and reviewed.
- Consolidated results include subsidiaries and joint ventures (listed in Annexure 1).
- Joint ventures measured at fair value through profit and loss from Q3 FY25.
- Standalone results show lower revenue and profit compared to consolidated, reflecting the contribution of subsidiaries and InvITs.
Summary for Investment Analysis Team
| Aspect | Key Takeaways |
|---|---|
| Auditor’s Note | Unqualified limited review; no issues or qualifications. |
| Financial Performance | Q1 FY26 consolidated revenue Rs. 20,990 mn (+13% YoY vs Q1 FY25 Rs. 18,529 mn). PAT Rs. 2,025 mn (+45% YoY). Standalone revenue Rs. 12,940 mn (+3% YoY), PAT Rs. 1,398 mn (-1.4% YoY). |
| Margins | Consolidated operating margin stable at ~45%, net margin 10%. Standalone operating margin lower at 21%. |
| Dividend | Interim dividend declared at Re. 0.07/share (7% of face value), payout Rs. 43 crore. |
| Segment Performance | Construction largest revenue contributor (~58%), BOT/TOT and InvITs segments growing steadily. |
| Balance Sheet & Ratios | Debt-equity stable at ~0.78 consolidated, improved from 1.06 YoY. Interest coverage ~2.8x. |
| Corporate Actions | Full redemption of listed debentures completed; no outstanding debt on these instruments. |
| Management Commentary | Strong toll revenue growth, robust asset portfolio (~Rs. 80,000 crore), and growing O&M order book. Business model aligned with fair value accounting for InvIT investments. |
| Risks / Caveats | No new accounting policy changes; exceptional gains from InvIT fair value recognized in prior year; no material adjustments this quarter. |
| Outlook | Management confident on growth driven by existing assets and new project pipeline amid strong GDP outlook and government PPP focus. |
Actionable Points:
- Monitor toll revenue growth and O&M order book expansion as key operational indicators.
- Watch for future dividend declarations and capital allocation given strong cash flows and debt reduction.
- Consider impact of fair value accounting on earnings volatility due to InvIT investments.
- Review segment-wise performance for construction and BOT/TOT projects for project execution and profitability trends.
- Keep track of debt profile and interest coverage for financial stability assessment.
End of Analysis