IRB · Construction · filed 5 Nov 2026
IRB Infrastructure Developers Ltd. reported revenue of ₹1,897 cr for July to September 2026, +8.3% on the year and −11.2% on the quarter. That is faster than this quarter has grown in recent years (+0.6% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹7,832 cr, −2.4% on the four before.
Operating profit (EBITDA) was ₹1,055 cr, a margin of 55.6%, +279 bps on the year and +166 bps on the quarter. Over the last 8 quarters the margin has ranged from 45.4% to 56.2%, averaging 51.7%. Operating costs grew +1.9% against revenue growth of +8.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹260 cr, +84.9% on the year and −15.0% on the quarter, with earnings per share of ₹0.22. Profit before other income, one-offs and tax grew 59.7%, so 25 points of the headline growth came from outside the core business. The tax rate of 32% is in line with its recent average. Profit over the last four quarters totals ₹1,074 cr, −83.7% on the four before.
Of the 34 companies in Capital goods and EPC that have reported Q2 FY27 so far, IRB Infrastructure Developers Ltd. ranks 25th on revenue growth; the sector median is +17.1%. Its margin moved +279 bps on the year against a sector median of +6 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹0.89 over the last four quarters, the stock at ₹18.27 trades at 20.5 times trailing earnings.
Headline profit grew much faster than core profit. What made up the difference?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹562 cr | ₹573 cr | ▼ 1.9% |
| Inventory | ₹293 cr | ₹367 cr | ▼ 20.2% |
| Cash | ₹174 cr | ₹346 cr | ▼ 49.8% |
| Bank balances | ₹1,562 cr | ₹1,565 cr | ▼ 0.2% |
| Long-term borrowings | ₹17,798 cr | ₹17,777 cr | ▲ 0.1% |
| Short-term borrowings | ₹2,177 cr | ₹2,231 cr | ▼ 2.4% |
| Trade payables | ₹140 cr | ₹257 cr | ▼ 45.4% |
| Net block | ₹905 cr | ₹925 cr | ▼ 2.1% |
| Capital work in progress | ₹5.3 cr | ₹4.0 cr | ▲ 31.7% |
| Equity | ₹21,286 cr | ₹20,949 cr | ▲ 1.6% |
| Total assets | ₹54,044 cr | ₹54,054 cr | ▼ 0.0% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹1,333 cr | ₹1,053 cr |
| Capital expenditure | −₹158 cr | −₹496 cr |
| Investing cash flow | −₹239 cr | −₹1,388 cr |
| Financing cash flow | −₹1,266 cr | −₹1,135 cr |
| Dividends paid | −₹121 cr | −₹42.3 cr |
Operating cash flow was 2.35× profit. Receivables at 25 days of sales (−2 days against the last year end). Inventory at 13 days of sales (−4 days).
Other matter: “We did not review the interim financial information of nineteen subsidiaries included in the Statement, whose interim financial information, before giving effect to the consolidated adjustments, reflects total assets of Rs. 3,52,104 million as at September 30, 2026 and total… Read in full
We did not review the interim financial information of nineteen subsidiaries included in the Statement, whose interim financial information, before giving effect to the consolidated adjustments, reflects total assets of Rs. 3,52,104 million as at September 30, 2026 and total revenues of Rs. 15,768 million and Rs. 33,923 million, total net profit after tax of Rs. 414 million and Rs. 744 million and total comprehensive income of Rs. 423 million and Rs. 764 million, for the quarter ended September 30, 2026 and for the period from April 1, 2026 to September 30, 2026, respectively, and cash outflows of Rs. 573 million for the period from April 1, 2026 to September 30, 2026, as considered in the Statement. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditors and the procedures performed by us as stated in paragraph 3 above.
Filing p. consolidated limited review report p.1-2
Allotted 603,90,00,000 bonus equity shares of face value Re.1/- each in 1:1 ratio on April 2, 2026 by capitalizing securities premium. (p. consolidated note 4 p.38)
Private InvIT Joint Venture (IRB Infrastructure Trust) transferred two BOT highway assets to IRB InvIT Fund (Public InvIT), unlocking equity of ₹2,744 crore. (p. release p.1)
Tax: Consolidated tax expense of ₹124.99 crore (current tax ₹29.89 crore, deferred tax ₹95.10 crore) on Profit before tax of ₹385.30 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Execution rate | 817.56% | 963.74% | 815.51% |
| Working capital days (days) | 32.35 | — | — |
| Highway Asset Base (₹ crore) | 94,000 | — | — |
Worked out from filed numbers. Working Capital Days: Receivable days (25.44) + Inventory days (13.25) - Payable days (6.34) = 32.35 days calculated on annualised H1 FY27 revenue
Trade receivables stood at ₹562.23 crore as of September 30, 2026 compared to ₹573.38 crore as of March 31, 2026. Unbilled revenue is not separately split out in quarterly results notes.
Billed trade receivables decreased by 1.9% over H1 FY27, showing strong cash realization.
Order inflow and order book figures were not disclosed in the quarterly financial results filing; Q2 FY27 Construction segment revenue stood at ₹817.56 crore.
Detailed order book and inflow metrics are omitted from quarterly filing disclosures.
not disclosed
Bank guarantees outstanding and order book metrics are not stated in the financial results filing.
No liquidated damages, project penalties, or cost overruns were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Target Asset Base | 140000.00 | by FY2030 | unchanged or first given |
| 2nd Interim Dividend Per Share | 0.05 | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| BOT/ TOT Projects | ₹721 cr | ▲ 14.8% | ₹338 cr | ▲ 9.8% |
| InvITs & Related Assets | ₹356 cr | ▲ 17.3% | ₹334 cr | ▲ 21.2% |
| Construction | ₹818 cr | ▲ 0.3% | ₹112 cr | ▼ 18.2% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,969 cr | ₹2,061 cr | ₹1,853 cr | ₹1,586 cr | ₹2,025 cr | ₹2,149 cr | ₹2,099 cr | ₹1,751 cr | ₹1,871 cr | ₹1,927 cr | ₹2,137 cr | ₹1,897 cr |
| YoY | — | — | +13% | −9% | +3% | +4% | +13% | +10% | −8% | −10% | +2% | +8% |
| EBITDA margin | 41.6% | 36.6% | 43.4% | 43.1% | 48.6% | 46.4% | 45.4% | 52.8% | 54.6% | 56.2% | 53.9% | 55.6% |
| Other income, % of PBT | 45% | 143% | 52% | 91% | 96% | 21% | 23% | 19% | −1% | 12% | 8% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 39% | 39% | 46% | 2% | 33% | 29% | 46% | 29% | 27% | 26% | 32% |
| Net profit | ₹187 cr | ₹189 cr | ₹140 cr | ₹100 cr | ₹6,026 cr | ₹215 cr | ₹202 cr | ₹141 cr | ₹211 cr | ₹296 cr | ₹306 cr | ₹260 cr |
| YoY | — | — | +4% | +4% | +3,122% | +14% | +44% | +41% | −96% | +38% | +52% | +85% |
| Core profit YoY | — | — | +4% | −67% | +93% | — | +100% | +1,144% | +15% | +40% | +73% | +60% |
| EPS | ₹0.16 | ₹0.16 | ₹0.12 | ₹0.08 | ₹4.99 | ₹0.18 | ₹0.17 | ₹0.12 | ₹0.17 | ₹0.25 | ₹0.25 | ₹0.22 |
| Flags | 2 | 1 | 1 | 2 | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
IRB Infrastructure Developers Ltd. reported revenue of ₹1,897 cr (+8.3% on the year) and net profit of ₹260 cr (+84.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +59.7% on the year, against +84.9% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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