IRB Infra Q4 profit rises 38% as toll revenue growth remains strong

IRB Infrastructure Developers’ net profit for the fourth quarter of FY26 grew nearly 38 per cent year-on-year (Y-o-Y) to Rs 296.26 crore. Total revenue from operations during the quarter, however, declined 10.34 per cent to Rs 1,927 crore. Its total expenses also decreased 17.09 per cent to Rs 1,571 crore.

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The company, including its two infrastructure investment trusts (InvITs), reported toll revenue of Rs 2,280 crore in the quarter under review, up 19.18 per cent Y-o-Y.

For FY26, the company reported a net profit of Rs 850.36 crore, down 86.87 per cent. In FY26, due to the new labour codes, IRB assessed and accounted for the estimated incremental impact of Rs 42.65 crore as an exceptional item.

Excluding the exceptional gain, the company’s FY26 profit after tax (PAT) stood at Rs 893 crore, against FY25 PAT of Rs 677 crore, a growth of about 32 per cent.

IRB Infra’s FY26 toll revenue stood at Rs 8,323 crore, up 12.47 per cent. According to IRB, its FY26 toll revenue represents a 10 per cent share of India’s aggregate toll revenue of Rs 82,900 crore for the same period.

Virendra Mhaiskar, chairman and managing director, IRB Infra, said, “With the operationalisation of the Ganga Expressway, all major IRB projects are now revenue-generating, marking the successful completion of one of the largest capex and development cycles in the company’s history.”

The company is India’s largest toll-road concessionaire, with the highest operational lane-km base of more than 17,500 km. Its portfolio includes 28 highway projects, comprising 18 build-operate-transfer (BOT) projects, six toll-operate-transfer (TOT) projects, and four hybrid annuity model (HAM) projects, with a total asset base of around Rs 94,000 crore.

“As we enter the next phase of growth, IRB is strategically positioned for a multi-year operating leverage expansion cycle, with strong profit growth expected to be driven by rising toll revenues, increasing InvIT distributions, and stable recurring cash flows from our operations and maintenance (O&M) platform. Our transition from a hybrid developer model to an integrated sponsor, asset manager, and operator platform is now beginning to deliver tangible results, creating a structurally stronger and more sustainable business for the long term,” Mhaiskar said.