Arthneeti

IRB InvIT Fund Q1 FY27 Share Price & Earnings Call Analysis

₹61.88+0.44% today
Market cap
₹6,314 Cr
P/E
19.79
ROE
5.11%
PEG
-3.87
Price to sales
3.61
Debt to equity
1.15
52W high / low
₹65.0 / ₹58.0
Sales growth (5Y)
5.37%
EBITDA margin
79.43%
Net profit margin
20.60%
Sales (last year)
₹1,747 Cr

IRB InvIT Fund is a trust established by its Sponsor & Project Manager, It is a private highway infrastructure developer in India. It has been set up to own, operate and maintain a portfolio of toll road concessions, managing 7 operational road assets at present, with an aggregate value of approximately Rs. 7250 Cr. spread across the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, and Punjab with a Weighted Average life of Assets under InvIT Portfolio of around 16 years. [1] The Investment Manager of the Trust is IRB Infrastructure Pvt Ltd which has 18 years of experience in operating a road BOT project and is also experienced in developing, operating, and maintaining toll plazas. [2]

Guidance scorecard · Q1 FY27 call

What IRB InvIT Fund's management guided
and where it ranks in Transport Infrastructure

#7of 10 in
Transport Infrastructure
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

10–20%
  • Toll revenue growth for recent quarter up 8% YoY despite modest 2.5% tariff revision.
  • Traffic growth estimated at around 5.5% to 5.75%, outperforming industry average (~4%).
  • Anticipated stronger toll tariff revisions from April 1, 2027, due to rising WPI (~7-8%).
  • Asset base expected to grow from approx. INR 18,000 crores to INR 23,000-24,000 crores in current fiscal.
  • Long-term target to reach INR 40,000 crores asset base in next 3 years via disciplined acquisitions.
  • Distribution guidance of INR 6.5 per unit for current year, improving to INR 6.9-7.0 per unit post acquisitions.
  • Post-acquisition, unitholders can expect 3%-5% increase in distributions per unit.

2 more points from IRB InvIT Fund's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

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

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • IRB InvIT is actively acquiring new highway assets; recently announced acquisition of two highway assets valued around INR 4,600 crores enterprise value and INR 2,744 crores equity value.
  • Aim to grow asset base from INR ~18,000 crores to INR 23,000-24,000 crores by the end of current fiscal through acquisitions.
  • Long-term target to build INR 40,000 crore asset platform over the next three years, adding about INR 6,000-8,000 crores of assets annually.
  • Asset addition strategy involves a mix of 80-85% BOT assets and 15-20% HAM assets; HAM assets to be funded fully through debt.
  • Capital infusion planned partly through debt and partly through a Qualified Institutional Placement (QIP) expected around INR 2,500 crores.

2 more points from IRB InvIT Fund's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

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

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • The IRB InvIT Fund has a robust Right of First Offer (ROFO) pipeline of approximately INR 65,000 crores from the Private Trust side.
  • Additionally, there are HAM (Hybrid Annuity Model) assets under development that add to the growth visibility.
  • The Trust aims to acquire assets worth around INR 6,000 to 8,000 crores annually over the next three years.

2 more points from IRB InvIT Fund's call on the order book

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Full Q1 FY27 analysis
Full Transport Infrastructure ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Transport Infrastructure
on management's own guidance

  1. Dreamfolks ServiModerate growth
    2
  2. Guj Pipavav PortGood growth
    1
  3. Adani PortsModerate growth
    3
See all potential multibaggersWhere does IRB InvIT Fund rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Transport Infrastructure companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Guj Pipavav Port20–40%Flat₹8,040 Cr14.8
2Dreamfolks Servi10–20%Up 2%+₹322 Cr—
3Adani Ports10–20%Flat₹4.03L Cr30.4
410–20%Flat₹79,244 Cr51.1
510–20%Flat₹20,640 Cr74.5
610–20%Flat₹7,757 Cr19.8

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IRB InvIT Fund announcements

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Financials of IRB InvIT Fund

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of IRB InvIT Fund

Quarterly Results

Quarter-by-quarter operating performance

Dec 2021Jun 2022Dec 2022Jun 2023Dec 2023Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +348716279268268274270275282291277450528
Expenses +6646577427347465149464578140
Operating Profit282251202226195227224224232245232372388
OPM %81%35%72%84%73%83%83%81%82%84%84%83%74%
Other Income +026116207121-232
Interest3635586869767275717273190184
Depreciation225113465758636461667172100138
Profit before tax221041031028489889497103898099
Tax %22%1%3%2%4%3%3%3%3%3%7%26%2%
Net Profit +171031001018186859194100836097
EPS in Rs0.301.771.731.731.391.481.471.571.611.721.430.470.75

Financials of IRB InvIT Fund

Profit & Loss

Annual income statement trend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +09921,2131,2411,1431,3921,4421,0621,0841,549
Expenses +0185233247226242634200194310
Operating Profit08079799939171,1508088628901,240
OPM %81%81%80%80%83%56%81%82%80%
Other Income +013213018920242630
Interest0100160164146142193272294519
Depreciation0487641685608681261230254380
Profit before tax0233199173181336374384368371
Tax %0%1%0%-0%10%1%3%3%9%
Net Profit +0232198173181303370373356339
EPS in Rs4.003.412.983.125.216.376.436.132.64
Dividend Payout %263%347%314%250%1,517%126%124%131%140%

Financials of IRB InvIT Fund

Balance Sheet

Capital structure and asset base

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital0.005,7995,6085,4285,3125,1034,9144,8624,7489,310
Reserves0-183-499-802-959-963-908-947-942-1,135
Borrowings +01,7721,7991,7651,8991,8963,0383,0493,1989,361
Other Liabilities +06,6176,4206,2035,9895,9235,4755,6105,3365,446
Total Liabilities014,00513,32712,59412,24111,95812,51912,57412,34022,981
Fixed Assets +013,62712,97512,29011,62910,95110,69210,46110,20318,888
CWIP0300210000
Investments021522753159215185138237591
Other Assets +01601252504507901,6421,9751,9003,502
Total Assets014,00513,32712,59412,24111,95812,51912,57412,34022,981

Financials of IRB InvIT Fund

Cash Flows

Operating, investing and financing cash movement

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +08559408709291,0278099879611,275
Cash from Investing Activity +0-5,825-142112-494-378-284-186-389-9,647
Cash from Financing Activity +05,064-878-806-581-679-516-784-5798,588
Net Cash Flow093-79176-146-30917-7216
Free Cash Flow0-5,9668447508871,0261618027001,000
CFO/OP106%96%88%101%89%100%115%109%104%

Financials of IRB InvIT Fund

Ratios

Working capital efficiency and return ratios

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days000000000
Inventory Days
Days Payable
Cash Conversion Cycle000000000
Working Capital Days-142-152-149-219-206-19-86-8772
ROCE %9%5%5%5%8%8%9%9%7%

Guidance history

How IRB InvIT Fund's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlannedRising
Q4 FY26 call →0–10%FlatPlannedPlannedRising
Q3 FY26 call →10–20%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

29out of 100

Momentum score · price trend

29 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−1.4%59%
Last 6 months+2.2%56%
Last 3 months−0.9%62%

The price is 38.7% below its all-time high of ₹100.94 (26 May 2017). Stocks more than 20% below their peak have their score halved, so 58 became 29.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For IRB InvIT Fund: 0.4 × 59 + 0.4 × 56 + 0.2 × 62 = 58, halved to 29 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What IRB InvIT Fund's management said in earlier quarters

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