IRB Infrastructure Developers Limited reported a 38% year-on-year jump in net profit for Q4 FY26, with PAT rising to ₹296 crore from ₹215 crore in the corresponding quarter of FY25. For the full financial year, PAT before exceptional items grew 32% to ₹893 crore from ₹677 crore in FY25. The board also declared a fourth interim dividend of ₹0.05 per equity share for FY26, with a record date of May 26, 2026, and payment on or before June 18.
Q4 and full-year financial highlights
Total income for Q4 FY26 came in at ₹1,977 crore, down 11% year-on-year from ₹2,218 crore — a decline driven by lower construction revenue as the company’s major capex cycle winds down rather than any operational weakness. EBITDA for the quarter grew 6% year-on-year to ₹1,133 crore from ₹1,066 crore, and full-year EBITDA expanded 4% to ₹4,188 crore from ₹4,024 crore in FY25.
On a consolidated basis, the company reported net profit after tax of ₹4.4 billion for the quarter against ₹2.15 billion in the same period last year — a near-doubling of the bottom line at the consolidated level that reflects the operational maturity of its asset portfolio.
Toll revenue: The number that matters most
Group toll revenue for FY26 clocked ₹8,323 crore, up 12% from ₹7,400 crore in FY25. That figure represents a 10% share of India’s aggregate national toll revenue of ₹82,900 crore for the year — a market position that cements IRB’s standing as the country’s largest toll road concessionaire. The group operates 28 highway projects spanning approximately 17,500 operational lane kilometres across 13 Indian states, with an asset base of approximately ₹94,000 crore.
Ganga Expressway: The capex cycle closes
The defining operational milestone of Q4 FY26 was the completion and inauguration of the Ganga Expressway Group 1 — Meerut Budaun Expressway — which was inaugurated by Prime Minister Narendra Modi on April 29, 2026, and commenced tolling on May 17, 2026. With this project operational, all assets under the IRB group are now revenue generating. Chairman and Managing Director Virendra D. Mhaiskar said the company has “successfully completed one of the largest capex and development cycles in the Company’s history” and is now positioned for “a multi-year operating leverage expansion cycle” driven by rising toll revenues, increasing InvIT distributions, and stable O&M cash flows.
TOT dominance and new awards
IRB’s share in India’s awarded Toll-Operate-Transfer space has reached 44% — the largest of any private player in the sector. The TOT-18 project in Odisha, awarded during FY26 with 447 lane kilometres and a cost outlay of ₹3,456 crore, commenced tolling from April 1, 2026, and extended the company’s footprint to its 13th state. The TOT-17 Bundle, comprising two highway assets totalling 1,464 lane kilometres with a cost outlay of approximately ₹10,500 crore, has also been commissioned.
O&M contracts extended: ₹19,501 crore deal
The board gave in-principle approval for an extension of operations and maintenance agreements across 12 project SPVs of IRB Infrastructure Trust — covering assets including AE Tollway, CG Tollway, IRB Westcoast Tollway, Udaipur Tollway, Palsit Dankuni Tollway, and others — through to the end of their original concession periods. The aggregate estimated value of the proposed O&M arrangements is up to ₹19,501.90 crore, or approximately ₹23,012 crore including GST at 18%. The arrangements are subject to shareholder approval and are structured on an arms-length basis.
Bonus shares and capital structure
The board had approved a 1:1 bonus share issue at its February 13, 2026 meeting, subsequently ratified by shareholders through postal ballot. The allotment of 603.90 crore bonus equity shares was completed on April 2, 2026, with April 1, 2026 as the record date. Paid-up share capital post-bonus now stands at ₹1,207.80 crore, comprising 1,207.80 crore equity shares of ₹1 each.
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