IRB Infrastructure Developers: Operational Update & FY26 Outlook

1. Financial Guidance & Performance Management has reaffirmed its guidance for double-digit toll revenue growth for FY26. Additionally, the company is on track to achieve approximately ₹4,000 crore in construction segment revenue for the current fiscal year. Q2 FY26 Snapshot: The company reported revenue of ₹1,751 crore with a healthy EBITDA margin of 52.80% and a Net Profit of ₹140.80 crore. 2. Strategic Asset Acquisition (TOT Wins) A significant growth catalyst is the recent ₹9,270 crore Toll Operate and Transfer (TOT) win covering key Uttar Pradesh stretches (Lucknow-Ayodhya-Gorakhpur & Lucknow–Varanasi). Impact: This acquisition expands the Private InvIT’s asset base by ~10%. Revenue Projection: Upon commencement of tolling (expected end of FY26), group toll revenue growth is projected to surge to 18–20%. 3. Market Leadership & Robust Pipeline IRB maintains a dominant market position with a 42% share in TOT assets. The forward-looking pipeline remains aggressive, with significant projects upcoming for bidding: TOT Pipeline: ₹25,000–₹30,000 crore. BOT Pipeline: ₹28,000–₹30,000 crore. 4. Operational Highlights Traffic Mix: The portfolio remains resilient, driven by commercial vehicles (80–85% of traffic). Passenger car traffic has seen a post-Covid structural rise of 10–12%. Ganga Expressway: Commissioning is targeted by the end of the current quarter, expected to contribute meaningfully to long-term toll revenues. Market Data CMP: ₹45.33 Market Cap: ₹27,356 Cr Analyst Note: The reaffirmed guidance, combined with the impending monetization of the UP TOT assets and the commissioning of the Ganga Expressway, provides strong revenue visibility for H2FY26.