IRB Infrastructure Developers Limited Earnings Summary — Q4 FY2026
IRB Infrastructure Developers Hits Record Quarterly Operating Margins Amid Robust Toll Assets Performance
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 4 consecutive quarters.
- Revenue of ₹2,137 Cr is 1.8% higher year-on-year.
- Revenue has compounded at 1.6% annualised over the last 10 quarters.
- Net profit of ₹306 Cr is 51.3% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 24.0% annualised across the period.
- Operating margin stands at 53.9% in Q1 FY2027.
- Operating margin expanded by 858 bps year-on-year.
- Over the last two years operating margin has expanded by 1056 bps.
- PBT margin is 19.5%.
- Expense growth of -14.1% remained below revenue growth of 1.8%.
- Operating profit of ₹1,153 Cr is 21.1% higher year-on-year.
- Operating leverage continues to improve.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 76/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 2,137 | 1,927 | 1,871 | 1,751 | 2,099 | 2,149 | 2,025 | 1,586 | 1,853 | 2,061 |
| Expenses | Stable | 985 | 844 | 849 | 826 | 1,147 | 1,151 | 1,041 | 903 | 1,049 | 1,307 |
| Operating Profit | Improving | 1,153 | 1,083 | 1,022 | 925 | 952 | 998 | 984 | 683 | 804 | 755 |
| Operating Margin | Improving | 53.9% | 56.2% | 54.6% | 52.8% | 45.4% | 46.4% | 48.6% | 43.1% | 43.4% | 36.6% |
| Other Income | Accelerating | 35 | 50 | -2 | 49 | 66 | 69 | 5,869 | 166 | 119 | 443 |
| Interest | Softening | 438 | 406 | 436 | 451 | 462 | 458 | 461 | 434 | 439 | 615 |
| Depreciation | Stable | 333 | 321 | 289 | 262 | 269 | 286 | 265 | 231 | 255 | 274 |
| Profit Before Tax | Volatile | 417 | 406 | 295 | 261 | 286 | 323 | 6,127 | 183 | 229 | 309 |
| Tax | Stable | 110 | 109 | 84 | 120 | 84 | 108 | 101 | 84 | 89 | 120 |
| Net Profit | Volatile | 306 | 296 | 211 | 141 | 202 | 215 | 6,026 | 100 | 140 | 189 |
| Net Margin | Volatile | 14.3% | 15.4% | 11.3% | 8.0% | 9.7% | 10.0% | 297.5% | 6.3% | 7.5% | 9.2% |
Key Takeaways
- Net profit grew by 37.7% YoY to ₹296 Crore, driven by significant operational efficiency and OPM expansion.
- Operating Profit Margin (OPM) reached a 3-year high of 56%, indicating strong toll collection performance or lower construction costs.
- Revenue witnessed a 10.3% YoY decline compared to the same quarter last year, though it showed a slight 3% recovery on a QoQ basis.
- Interest costs decreased sequentially to ₹406 Crore, the lowest level in the last four quarters, aiding bottom-line growth.
- The balance sheet remains capital intensive with total borrowings at ₹20,027 Crore, though it has stabilized compared to previous years.
- Depreciation surged to ₹321 Crore this quarter, reflecting a growing asset base and project completions.
Management Guidance
Management remains focused on the BOT and TOT segments, leveraging their 37% market share in TOT to drive long-term cash flows and utilizing InvIT structures for deleveraging.
Sentiment Shift
Improving
While revenue has softened YoY, the record-high operating margins and strong sequential profit growth signal better monetization of existing toll assets.
Outlook
The outlook is positive regarding operational cash flows from toll assets, though the company faces a high interest burden and capital intensity that limits high single-digit ROEs.
From the Annual Report (Key Quotes)
“Successful evolution from a pure-play construction firm into an asset-heavy infrastructure developer.”
“Proactive in adopting new structures like TOT and InvITs well before competitors.”
“Integration model with high execution capacity continues to provide a competitive edge in the road sector.”
Official Quarterly Documents
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This summary is AI-generated from IRB Infrastructure Developers Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.