Key Metrics of Irb Infrastructure Developers Limited
About Irb Infrastructure Developers Limited
Sectors
Company details
- Registered office
- Office No. - 1101, 11th Floor,, Hiranandani Knowledge Park,, Technology Street,, Hill Side Avenue, Powai,, Mumbai, In-mh, 400076
- Listed
- NSE: IRB · ₹15.80
Operational Areas of Irb Infrastructure Developers Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 05 Oct 2026 | CARE | Assigned | AA | A1+ | Stable | ₹509 Cr | View |
| 05 Apr 2022 | CARE | Other | — | — | — | ₹0 | View |
| 07 Apr 2021 | CARE | Revised (from A+) | A | — | Stable | ₹200 Cr | View |
| 25 Aug 2020 | CARE | Assigned | A+ | — | Stable | ₹200 Cr | View |
| 05 Feb 2018 | CARE | Other | — | — | — | — | View |
| 14 Oct 2016 | CARE | Other | — | — | — | — | View |
| 02 Feb 2016 | CARE | Other | AA-(SO) | — | — | ₹500 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Shift from EPC-Led Revenue to Recurring Revenue Streams
IRBIDL is strategically transitioning from a conventional highway development model, wherein BOT projects were developed on its balance sheet, generating significant EPC revenue before being monetised through InvIT platforms, to an asset-light sponsor, asset-management and O&M platform. Under the revised strategy, new projects, primarily operational TOT projects along with select BOT assets, will be housed under the Private InvIT, while mature assets will be transferred to the Public InvIT under
+ Financial flexibility derived from InvITs and surplus-generating assets
IRBIDL is the sponsor of two InvITs: IRB InvIT Fund, a public InvIT rated ‘CARE AAA; Stable’, in which it holds a 16.57% stake, and IRB Infrastructure Trust, a private InvIT in which it holds a 51% stake providing significant financial flexibility. Both InvITs are expected to generate recurring distributions and surplus cash flows for IRBIDL. Additionally, its operational Mumbai-Pune Expressway asset is expected to generate significant cash surplus and support cash upstreaming.
+ Moderate order book
IRBIDL has an order book of ~₹44,858 crore. As a policy, the work orders are secured by IRBIDL from the Public InvIT and Private InvIT and passed on a back-to-back basis to MRM. MRM executes the work on its own and through sub-contracts. The outstanding order book comprises 5% EPC works and 95% O&M work. The O&M contracts are from different SPVs (including TOT) of IRBIDL and road SPVs of public and Private InvIT funds. Long term O&M order book provides assured revenue visibility.
+ Satisfactory financial performance
The total operating income of MRM and IRBIDL, on a combined basis, stood at ₹4,028 crore in FY26, compared with ₹4,806 crore in FY25, and stood at ₹982 crore in Q1FY27. The moderation in revenue during FY26 was primarily attributable to lower EPC income following IRBIDL’s strategic transition towards an asset -light model, with new projects being housed under the InvIT platform. The PBILDT margin moderated in FY26 as compared to FY25 and further moderated in Q1FY27 as compared to Q1FY26,
+ Comfortable leverage with expected improvement in debt coverage metrics
Overall gearing and total outside liabilities to tangible net worth (TOL/TNW) remained comfortable at 0.42x and 0.75x, respectively, as of March 31, 2026, compared with 0.47x and 0.77x, respectively, as of March 31, 2025. Net debt to adjusted PBILDT, however, moderated in FY26 as compared to FY25, primarily due to lower PBILDT following the gradual completion of EPC projects and deployment of surplus cash towards equity investment in the Public InvIT. Going forward, growth in recurring
Credit challenges
− Significant exposure to group companies
There is corporate guarantee liability exposure towards SPVs given by IRBIDL for any shortfall funding. Besides, receivables of ~₹3,853 crore as on March 31, 2026 (including deferred receivables), are pending from Private InvIT. This is expected to be received through claims settlement. For IRB Ahmedabad Vadodara Super Express Tollway Limited (IRB AVTL), the traffic was lower than expected, primarily due to the existence of a competing road. In response, IRB AVTL has initiated arbitration procee
− Inherent traffic risk, intense competition, and other inherent challenges of construction sector
IRBIDL is exposed to the inherent traffic risk considering the large operational and under-construction toll road portfolio. There has been lower than envisaged collections in the newly operational toll road asset of Ganga Expressway and the performance going ahead remains to be seen. However, higher than envisaged performance at TOT assets have been supporting the overall cashflow profile. The thrust of the government on infrastructure especially roads augurs well for the group’s prospects. Com
Could lead to an upgrade
• Improvement in net debt/adjusted PBILDT (including Holdco earnings) to 1x or below on a sustained basis
Could lead to a downgrade
• Weakening of net debt/adjusted PBILDT (including Holdco earnings) above 2x on a sustained basis • Significantly higher-than-expected equity/cost overruns support group companies towards ongoing and future projects. • Higher-than-envisaged built-up of current assets impacting the working capital position.
Agency-reported financials (CARE, 05 Apr 2022)
| Metric | 9MFY22 |
|---|---|
| Total operating income | ₹3,305 Cr |
| PBILDT | ₹1,214 Cr |
| PAT | ₹352 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | — |
| EBITDA margin | 36.7% |
| Implied interest cost (EBITDA ÷ coverage) | — |
| PAT margin | 10.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹459 Cr | — | AA (Stable) | Assigned | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹50.0 Cr | — | A1+ | Assigned | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE821I07086 | Convertible | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Non Convertible Debentures | — | Withdrawn |
| Short Term | ₹50.0 Cr | CARE A1+ |
| Term Loan | — | Withdrawn |
| Term Loan | ₹459 Cr | CARE AA; Stable |
Lenders
| Fund-based - LT | Term Loan | IDBI Bank Ltd. |
| Fund-based - LT | Term Loan | Union Bank of India |
| Fund-based/Non-fund-based | Short Term | Proposed |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | AA-(SO) · Structured obligation (internal) (CARE, Feb 2016) |
| Next action stable or better (model) | 68% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 68% chance the next rating action is stable or better
- Current rating AA (investment grade)
Rated limits by facility
Timeline
From the report
Increasing distributions from the Public and Private InvITs and cash upstreaming from operational SPVs are expected to support deleveraging and improvement in debt coverage indicators over the medium term.CARE Ratings Limited (CareEdge Ratings) do not expect any large incremental borrowings at IRBIDL and the company is expected to be net debt free by FY30, in line with management articulation.
From the report
Liquidity is supported by free cash and bank balance of ~₹1,400 crore as on March 31, 2026.
From the report
Ongoing support nd from affiliates of GIC demonstrated by bringing in 2 tranche of capital infusion of Rs 250 crore towards their pending share along with support towards IRB MP Expressway in the form of 3-year bonds of Rs 750 crore has imparted liquidity to meet contracted commitments.
From the report
Financial flexibility through InvIT structure IRB launched IRB InvIT Fund (Public InvIT) in May 2017 on transferring seven BOT operational projects for 16% stake in the trust along with upfront cash of ~Rs 2200 crore providing liquidity for meeting ongoing as well as proposed capex plans.
From the report
Out of the total commitment of GIC amounting to Rs 4,400 crore towards the deal, Rs 3000 crore was utilized for deleveraging of the debt at underlying SPVs and upfr ont cash consideration of ~Rs 750 crore for IRB.
From the report
CAR E Ratings understands that during FY21, IRB at standalone level has raised additiona l debt amounting to ~Rs 4200 crore by way of bonds/NCDs (including NCD from overseas borrowing through India Toll Roads in Feb 2021) of which total external debt close to Rs 1600 crore has been prepaid besides scheduled debt obligations of Rs 342 crore.
From the report
As majority of projects are envisaged to get completed in FY22, IRB would have EPC contract for 1 project, recently bagged Gandeva Ena section in Gujarat (VM7 expressway) for which though financial closure has been achieved but appointed date yet to be ann ounced and is expected by April 2021 having total project cost of ~Rs 1750 crore (letter of award was received in August 2020).
From the report
With IRB very recently receiving letter of award for one project in west Bengal with estimated project cost of ~Rs 2400 crore a nd one HAM project in Himachal Pradesh with estimated IRB’s bid project cost of Rs 828 crore, some positive development can be seen for improving revenue visibility.
From the report
The average utilization of Cash credit limit for IRB (~Rs 775 crore) for past 12 months ending January 31, 2021 stands at 64% .
From the report
Of the total NFB limit (LC/BG) amounting to Rs 550 crore, the average quarterly utilization for last four quarters endi ng on Dec 31, 2020, stood at 74% with peak utilization in quarter ending March 2020 at 93%.
From the report
As part of the deal, GIC affiliates has to invest Rs 4,400 crore towards deleveraging partial debt and infusion of balance equity in these road projects.
From the report
IRB has recently on No v 17, nd 2020 closed 2 tranche of fund raising by way of right issue of units amounting to Rs 510 crore (IRB: Rs 260 crore (51%) and GIC: Rs 250 crore (49%)). 4 CARE Ratings Limited Press Release Of the BOT operational assets under IRB portfolio, concession period for one of the project, Thane Ghodbunder BOT project was expiring on Dec 23, 2020.
From the report
Entire sponsor contribution of Rs 1438 crore has been infused.
From the report
As on December, 2019, it transferred seven assets of its operational road BOT Projects to its InvIT and received upfront cash of ~ Rs.2200 crores and a 1 6% stake in the Trust.
From the report
The project cost of Rs 2043 crore is being funded by NHAI, debt and equity in a 40:48:12 ratio respectively.
From the report
The average utilization of non -fund based bank limits of Rs 1200 crore during FY20 remained at 48% and fund based bank limits of Rs 775.75 crore for past 12 months ending June 30, 2020 remained at 69%.
From the report
As part of the deal, GIC affiliates has to invest Rs 4,400 crore towards deleveraging partial debt and infusion of balance equity in these road projects.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Irb Infrastructure Developers Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 RELIANCE INFRASTRUCTURE LIMITED |
Real Estate & Infrastructure · Community, personal and Social Services | rinfra.com | 2002 | Mumbai, Maharashtra, India |
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Discovered Companies · Other Industries | kecrpg.com | 1945 | Mumbai, India |
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| LODHA DEVELOPERS LIMITED | · Construction | — | — | Mumbai, Maharashtra, India |
 IRCON INTERNATIONAL LIMITED |
Real Estate & Infrastructure · Real Estate & Construction | ircon.org | — | New Delhi, Delhi, India |
| DILIP BUILDCON LIMITED | · Construction | — | — | Bhopal, Madhya Pradesh, India |
| G R INFRAPROJECTS LIMITED | · Construction | — | — | Ahmedabad, Gujarat, India |
 DLF Limited |
Real Estate & Infrastructure · Real Estate & Construction | dlf.in | 1946 | Gurgaon, India |
| STERLING AND WILSON RENEWABLE ENERGY LIMITED | Renewable Power · Oil, Gas & Energy | — | — | Mumbai, Maharashtra, India |
 GMR POWER AND URBAN INFRA LIMITED |
Part of GMR Group. | gmrpui.com | — | Gurgaon, Haryana, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.