Synopsis: IRB Infrastructure Developers reported a strong performance in December 2025, with its aggregate toll revenue rising by around 12 percent year-on-year, supported by steady traffic growth across its road portfolio.
The shares of one of the leading highway infrastructure companies in India, engaged in construction works in accordance with EPC contract, toll revenue-based contracts, and more, were in focus after toll revenue rose 12 Percent YoY.
With the market capitalization of Rs. 25,744 Crores, the shares of IRB Infrastructure developers were approximately trading at Rs. 42 per equity share which is 31 percent discount from its 52 week high of Rs. 61 and trading at a P/E of 29.4 whereas industry P/E stands at 18.4
What is the NEWS:
The total toll collection for the month stood at about Rs. 754 crore compared to Rs. 675 crore in December last year rising nearly 12 percent which driven by growth across most projects. Key assets such as the Mumbai–Pune Expressway, Ahmedabad–Vadodara Expressway and Hyderabad Outer Ring Road continued to deliver steady collections, while several other stretches recorded healthy year-on-year increases.
Management highlighted that traffic trends remain stable and expects toll revenue growth to stay strong as more projects mature and newly added assets contribute over the coming months
In December 2025, wholly-owned subsidiaries reported toll revenue of Rs. 254.4 crore, compared with Rs. 234.1 crore in December 2024. The IRB Infrastructure Trust (Private InvIT) contributed Rs. 327 crore in December 2025 versus Rs. 284 crore a year earlier. The IRB InvIT Fund (Public InvIT) generated Rs. 172 crore, up from Rs. 156 crore in December 2024.
About the Company and Financials:
IRB Infrastructure Ltd is majorly engaged in the development of private toll roads, highways infrastructure, with an asset base of approximately Rs. 94,000 Crores in 13 states across the parent company and two InvITs.
The company has a strong record of constructing, tolling, operating and maintaining around 20,500 lane Kms across India with having around 16 percent share in the Golden Quadrilateral project and 12 percent share in India’s north-south highway connectivity. It has 28 highway projects that include 18 BOT, 6 TOT, and 4 HAM projects after adding the TOT- 18 project to IRB project portfolio.
Year on Year analysis: Revenue from operations has increased from Rs. 1586 Crores to Rs. 1751 crores up, 10.4 percent. Operating profit has increased from Rs. 683 Crores to Rs. 925 Crores, up 35.4 percent and net profit has increased from Rs. 100 Crores to 141 Crores, up 41 percent.
Quarter on Quarter analysis: Revenue from operations has decreased on a quarterly basis from Rs. 2099 Crores to Rs. 1751 Crores, down 16.5 percent. Operating profit has decreased from Rs. 952 Crores to 925 Crores, down 2.8 percent and net profit has decreased from Rs. 202 crores to Rs. 141 Crores, down 30 percent.
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