IRB InvIT Fund

Q3 FY26Transport Infrastructure

IRB InvIT Fund Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹64

Market cap₹5.0K Cr

P/E15.8

Updated23 Aug 2026

Read5 min read

The short version

Consistent double-digit traffic growth observed since October, with examples like 18% growth in Jaipur-Deoli and 15-18% growth in other new assets. - Expected tariff revisions of around 3% annually linked to December WPI, with WPI currently lower, benefiting interest cost savings. - Organic portfolio growth projected at 9-10%, adding roughly Rs. Consistent double-digit toll revenue growth observed since October, with increases of 11%-18% across assets, driven by volume growth and tariff revision (~3% annually linked to WPI).

From IRB InvIT Fund's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Consistent double-digit traffic growth observed since October, with examples like 18% growth in Jaipur-Deoli and 15-18% growth in other new assets.
Expected tariff revisions of around 3% annually linked to December WPI, with WPI currently lower, benefiting interest cost savings.
Organic portfolio growth projected at 9-10%, adding roughly Rs. 200 crore incremental revenue annually.
VM7 HAM asset adds additional revenue, contributing about Rs. 35-40 crore incremental NDCF per year.
Target payout increase to Rs. 6.30 to Rs. 6.50 per unit in FY’27, reflecting growth.
Medium-term plan to add Rs. 8,000-10,000 crore of assets annually, aiming for Rs. 40,000 crore total AUM by FY’28.
Overall revenue growth driven by both volume increases (car growth ~12-15%, commercial vehicles ~6-7%) and tariff inflation.
After FY’28, expected payout growth of 4-5% annually, with potential for 10% growth after five years due to debt repayment and larger asset base.

Profitability & Margins

Consistent double-digit toll revenue growth observed since October, with increases of 11%-18% across assets, driven by volume growth and tariff revision (~3% annually linked to WPI).
Organic growth from existing assets expected to add around Rs. 200 crore incremental revenue annually, offsetting exits like MVR.
New asset acquisitions (VM7 HAM asset and others) contribute incremental NDCF; VM7 expected to add about Rs. 40 crore annually.
Targeting payout per unit (DPU) growth to 6.3%-6.5% in FY27 and around 5% annually thereafter. Long term sustainable annual payout growth of 4%-5% anticipated from FY28 onwards.
Debt repayment scheduled to back-end; EBITDA expected to grow due to higher toll revenues and limited O&M cost rise. Interest cost savings expected with floating rate debt benefiting from lower WPI.
Plans to nearly double AUM from Rs. 17,000 crore to Rs. 40,000 crore over next two years, boosting earnings visibility and scale.

See what IRB InvIT Fund said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

The Trust aims to grow its Assets Under Management (AUM) from approximately Rs.17,000 crore to Rs.40,000 crore over the next two years, indicating significant future asset additions.
A Right of First Offer (ROFO) pipeline of assets aggregating approximately Rs.45,000–Rs.50,000 crore is available for acquisition.
The Trust plans to add at least Rs.8,000 crore to Rs.10,000 crore of assets annually, starting next financial year, including two to three tranches by FY’28.
Asset acquisitions focus on being yield-accretive, with no dilutive transactions to Unit Distribution and aim to incrementally enhance payouts.
The acquisition of the Vadodara–Mumbai Package 7 HAM asset (Rs.1,200 crore) was completed recently, funded through debt, indicating active capital investment.
The Trust is also exploring third-party asset acquisitions beyond the ROFO pipeline, showing strategic investment intent.

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The Trust plans to add assets consistently, aiming to grow AUM to Rs. 40,000 crore over the next two years from the current Rs. 17,000 crore.
They have a Right of First Offer (ROFO) pipeline of assets worth approximately Rs. 45,000 – Rs. 50,000 crore to acquire from.
Future capital raising involving equity dilution will be structured carefully to ensure no reduction in payouts to existing unitholders.
Debt has been raised at competitive rates to strengthen the financial position for acquisitions.
The Trust expects to add Rs. 8,000 to Rs. 10,000 crore of assets annually starting the next financial year, executing two to three tranches of asset addition by FY'28.
No specific ongoing or imminent equity fundraising announced beyond the above plans.

See what IRB InvIT Fund said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

At the beginning of the year, IRB InvIT had an asset base of approximately Rs. 8,000 crore and aimed to double it to Rs.16,000 crore by the end of FY’26, which they have achieved.
They now have a Right of First Offer (ROFO) pipeline of assets aggregating approximately Rs. 45,000 to Rs. 50,000 crore.
The Trust plans to add select assets from this ROFO pipeline and also explore third-party assets when available.
The intent is to add Rs. 8,000 crore to Rs. 10,000 crore of assets annually over the next few years.
By end of FY’28, they expect to complete two to three tranches of asset additions, targeting a portfolio size close to Rs. 40,000 crore.
The pipeline and acquisition plans are in the public domain, highlighting a strong focus on growth and portfolio expansion.

IRB InvIT Fund — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹528 Cr, net profit ₹97 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What IRB InvIT Fund's management said in earlier quarters

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Frequently Asked Questions

What were IRB InvIT Fund Q3 FY26 results?

What is IRB InvIT Fund share price analysis?

IRB InvIT Fund currently shows a neutral. The stock trades at a P/E of 15.8 with a market cap of ₹5,032 Cr. Investors should review the full earnings analysis for detailed insights.

Is IRB InvIT Fund planning capital expenditure?

The Trust aims to grow its Assets Under Management (AUM) from approximately Rs.17,000 crore to Rs.40,000 crore over the next two years, indicating significant future asset additions.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.