IRB Infrastructure Developers shares surged 2.4% to touch an intraday high of ₹43.35 on Thursday, January 8, following the company's robust December performance. Aggregate gross toll collection for the IRB Group — comprising IRB Infrastructure Developers and its two sponsored InvITs — rose about 12% year-on-year to ₹754 crore in December 2025, compared with ₹675 crore in the same month last year. According to regulatory filings, the strong performance reflects consistent traffic momentum across key corridors supported by healthy economic activity.
Among IRB's 24 assets, three major expressways dominated the revenue contribution in December 2025. IRB MP Expressway in Maharashtra led with ₹170.3 crore, showing growth from ₹163.4 crore in December 2024. The IRB Ahmedabad Vadodara Super Express Tollway emerged as the second-largest contributor with ₹84.1 crore, up significantly from ₹70.7 crore a year ago. IRB Golconda Expressway (Hyderabad ORR) rounded out the top three with ₹78.8 crore, compared to ₹71.3 crore in the previous year, according to the company's exchange filing.
In a significant development, IRB secured a toll-operate-transfer (TOT) project from NHAI in Odisha for an upfront consideration of ₹3,087 crore on January 6, 2026. Amitabh Murarka, Deputy CEO of IRB Infrastructure, stated that this award places the company on a fast track to building an asset portfolio of ₹1 lakh crore in the near future, the largest by any private toll road developer in India. He noted that the group witnessed strong and consistent traffic growth, driving robust toll revenue growth for December 2025, supported by healthy GDP expansion.
As of 11:25 AM on January 8, IRB Infrastructure Developers shares were trading at ₹42.50 apiece on NSE, up 0.4% from previous close. The company has a total market capitalisation of ₹25,629.52 crore according to NSE data. Over the past month, shares have gained 1.2%, though they have declined over 14% in six months and 26% year-on-year. The stock touched its 52-week high of ₹60.88 on February 1, 2025, while the 52-week low of ₹40.51 was recorded on September 26, 2025. IRB operates as India's largest integrated private toll road and highway infrastructure developer with an asset base of around ₹94,000 crore across 13 states.
From October 2025, IRB has started reporting combined toll revenues of the parent company and its sponsored InvITs, including IRB InvIT Fund (Public InvIT) and IRB Infrastructure Trust (Private InvIT). This change follows the company's increased investment in the public InvIT and the transfer of certain assets as part of its asset-rotation strategy, reflecting the company's evolving portfolio structure and investment approach.
