IRB Infrastructure Developers Limited – Q1 FY26 Results Summary
Announcement Date: August 14, 2025

Financial Highlights (Consolidated):

  • Revenue from operations: Rs. 20,990 million, up 13% YoY (Q1 FY25: Rs. 18,529 million), slightly down QoQ (Q4 FY25: Rs. 21,492 million)
  • EBITDA: Rs. 7,278 million (segment results)
  • Operating margin: ~45%
  • Net profit after tax (PAT): Rs. 2,025 million, up 45% YoY (Q1 FY25: Rs. 1,400 million)
  • Net profit margin: 10%
  • Earnings per share (EPS): Rs. 0.34 (not annualized)
  • Debt-equity ratio stable at 0.78:1 (improved from 1.06:1 YoY)
  • Interest coverage ratio: 2.83x

Standalone Highlights:

  • Revenue: Rs. 12,940 million, up 3% YoY
  • PAT: Rs. 1,398 million, down 1.4% YoY
  • Operating margin: 21%
  • EPS: Rs. 0.23 (not annualized)
  • Debt-equity ratio: 0.74:1

Segment Performance (Consolidated):

  • Construction: Rs. 12,142 million revenue (~58% of total), segment profit Rs. 2,042 million
  • BOT/TOT Projects: Rs. 6,460 million revenue, segment profit Rs. 3,172 million
  • InvITs & Related Assets: Rs. 2,331 million revenue, segment profit Rs. 2,110 million

Balance Sheet & Capital Structure:

  • Net worth: Rs. 201,848 million
  • Fully redeemed listed secured non-convertible debentures as of June 28, 2025; no outstanding on these instruments
  • Maintained security cover >1.25x on book debts and unencumbered assets

Management Commentary:

  • Toll revenue (Company + Private InvIT) grew 8% YoY to Rs. 1,680 crore in Q1 FY26
  • IRB Infrastructure Trust declared Rs. 53 crore distribution for Q1 FY26; IRB’s share approx. Rs. 27 crore
  • O&M order book expected to increase ~11% to Rs. 30,900 crore following asset transfers between InvITs
  • Business model aligned with fair value accounting for InvIT investments since Q3 FY25
  • Asset base approx. Rs. 80,000 crore; operates ~15,500 lane kms with ~33% market share in TOT space
  • No changes in accounting policies this quarter

Dividend:

  • Interim dividend declared at Re. 0.07 per equity share (7% of face value), payout approx. Rs. 43 crore
  • Record date: August 29, 2025; payment by September 12, 2025

Outlook:

  • Management remains confident in growth driven by existing assets and new projects amid favorable macroeconomic and government PPP environment

This summary captures key financials, segment performance, balance sheet highlights, management insights, and outlook for IRB Infrastructure Developers Limited’s Q1 FY26 results.