IRB Infrastructure Developers Ltd.
NSE: IRBIRB Infrastructure Developers Ltd.: A 30-second snapshot
IRB Infrastructure Developers (Rs 20.30) is an NSE-listed road infrastructure developer carrying a debt-to-equity ratio of 102.3, trailing PE of 31.8x, and a profit margin of 11.6%. The stock has declined 14.77% over the past 12 months and sits below both its 50-DMA (Rs 21.15) and 200-DMA (Rs 21.32), ranking last on quality score (23) among six tracked Infrastructure peers.
P/E
31.8
Forward P/E
21.8
ROE
—
Debt / Equity
102.31
Profit Margin
+11.6%
Div. Yield
+0.7%
5Y ROE > 15%
1/5
5Y FCF > 0
3/5
Quality
38/100
News
8 headlines · 6 positive · 0 negative
IRB InvIT, IRB Infra Renew ₹1,340 Cr Operations Deal from 2030 - Whalesbook
Whalesbook
IRB Toll Revenue Climbs 24% to Rs 793 Cr in April - Rediff MoneyWiz
Rediff MoneyWiz
IRB Infrastructure Developers Announces Ganga Expressway Trial Run Commencement - scanx.trade
scanx.trade
IRB Infra Targets Rs 1.4-Lakh-Crore Asset Base In Three Years - MSN
MSN
IRB's April toll revenue rises 24% to ₹794 crore - ET Infra
ET Infra
Recent context
- ·April 2026 toll collections of Rs 793-794 crore (24% YoY growth) were reported across multiple outlets in early May, pointing to healthy traffic volumes on operated projects.
- ·IRB InvIT and IRB Infra renewed a Rs 1,340 crore operations and maintenance agreement through 2030, announced on 15 May 2026, extending the revenue-sharing arrangement with the InvIT vehicle.
- ·The Ganga Expressway trial run commenced in late April 2026; full commercial tolling on this project would add to the revenue base, though the timeline for contribution was not specified in available reports.
Strengths
- +April 2026 toll revenue of Rs 793-794 crore represents a 24% YoY increase, indicating strong operating throughput on the existing road portfolio.
- +Forward PE of 21.8x is the lowest among the six tracked Infrastructure peers (range: 21.8x-108.5x), reflecting the market pricing in earnings improvement relative to the trailing multiple of 31.8x.
- +IRB targets a Rs 1.4-lakh-crore asset base within three years, with the Ganga Expressway trial run commenced in April 2026, signalling active pipeline execution.
- +News sentiment across 8 items is entirely non-negative (6 positive, 2 neutral), with no adverse headlines in the recent tracking window.
Weaknesses
- −5-year earnings growth of -96.5% and revenue contraction of 16.3% represent severe deterioration of earnings power over the medium term -- each HIGH-severity risk flag is rooted in this trajectory.
- −Debt-to-equity of 102.3 is extreme for a non-financial company; with the debt trend rising and FCF positive in only 3 of available years, the balance sheet leaves limited margin for operational setbacks.
- −ROE above 15% occurred in only 1 of the available fiscal years; a consistency score of 45 and quality score of 23 (last among peers) reflect structural weakness in capital efficiency rather than a transient dip.
- −The stock has declined 24.84% from its 52-week high and trades below the 200-DMA, with RSI at 34.25 -- the price structure has shown no sustained recovery across the 12-month horizon.
Open questions
- ?Does the 24% YoY toll revenue growth reflect underlying traffic expansion, new project additions, or toll-rate revisions -- and which of these is more likely to persist?
- ?At a D/E of 102.3 with a rising debt trend, what is the company's debt-service coverage ratio, and how sensitive is it to a slowdown in toll collections or a rise in borrowing costs?
- ?The forward PE of 21.8x embeds an earnings recovery: what specific project completions, HAM receivables, or cost reductions underpin analyst earnings estimates for the next 12-18 months?
- ?How does IRB's revenue and earnings structure differ from its InvIT vehicle, and does the consolidated view (including InvIT distributions) present a materially different picture of financial health?
Peer comparison: Infrastructure
Ranks 6 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| IRB | IRB Infrastructure Developers Ltd.You're viewing | 31.8 | — | 23 |
| Industry avg | across 5 peers | 69.4 | +18.3% | 40 |
| BEL | Bharat Electronics Ltd. | 51.9 | — | 57 |
| ABB | ABB India Ltd. | 86.8 | — | 47 |
| CGPOWER | CG Power and Industrial Solutions Ltd. | 108.5 | +19.6% | 45 |
| LT | Larsen & Toubro Ltd. | 33.4 | +16.9% | 26 |
| CUMMINSIND | Cummins India Ltd. | 66.5 | — | 24 |
Technical state
Current price
₹20.30
SMA 50
₹21.15
SMA 200
₹21.32
RSI (14)
34.3 (neutral)
From 52w high
-24.8%
1Y return
-14.8%
3M return
-8.5%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- highDebt-to-equity of 102.3 is exceptionally elevated for a non-financial infrastructure developer; combined with 5-year revenue contraction of 16.3% and a rising debt trend, this leverage level carries material solvency risk.
- high5-year earnings growth of -96.5% represents near-total erosion of earnings over the period; alongside a profit margin of only 11.6% and a consistency score of 45, core earnings power has materially deteriorated.
- mediumROE exceeded 15% in only 1 of the available years and FCF was positive in just 3 years; with debt trending upward and a quality score of 23, capital allocation history is fragile.
- mediumPrice of Rs 20.30 is below both the 50-DMA (Rs 21.15) and 200-DMA (Rs 21.32); the stock is down 24.84% from its 52-week high and -14.77% over 12 months, with RSI at 34.25 -- sustained price weakness across multiple timeframes.
- lowQuality score of 23 ranks 6th of 6 in the Infrastructure peer group; all five peers score higher (range 24-57, median approximately 45), placing IRB at the bottom of the peer quality distribution.
Cross-section contradictions
- Forward PE of 21.8x implies a material earnings recovery relative to the trailing PE of 31.8x, yet 5-year earnings have declined 96.5% and the debt trend is rising -- the recovery embedded in the forward multiple is at odds with the historical earnings trajectory.
- News sentiment is positive (6 positive, 0 negative across 8 items), with toll revenue up 24% YoY and a new Rs 1,340 Cr operations deal announced, yet the stock is down 14.77% over 12 months and trading below both moving averages -- operating momentum and price action diverge.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 25 Jun 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 17 May 2026 · rotates through NIFTY 500 every ~5 days