IRB Infrastructure Developers shares surged as much as 13% to hit an intraday high of ₹23.94 on the NSE following management guidance of over 20% toll revenue growth for FY27. According to Trade Brains reports, the stock has recovered 25% from its 52-week low of ₹19.15 per share touched earlier this year on March 2, 2026. Shares were trading at ₹23.38 per share with a market capitalisation of ₹28,214 crore as of the latest session. The positive momentum is driven by management's confidence in toll business growth, supported by strong traffic trends and new project additions.
As per the exchange filing reported by Business Standard, IRB Infrastructure reported a net profit of ₹296 crore in Q4FY26 as against ₹215 crore in the corresponding quarter of FY25. Total income stood at ₹1,977 crore versus ₹2,218 crore in Q4FY25, reflecting an 11% decline. For the full financial year FY26, net profit before exceptional item stood at ₹893 crore as against ₹677 crore in FY25, marking a 32% rise year-on-year. Total income for FY26 stood at ₹7,854 crore compared with ₹8,032 crore in FY25, a decline of 2%. The company's group toll revenue stood at ₹8,323 crore in FY26 versus ₹7,400 crore in FY25, marking a 12% growth.
According to Trade Brains interviews with Anil Yadav, CEO of Business Development and Investments at IRB, the company is positioning toll revenues as its primary growth engine for FY27. Following a strong fourth quarter that saw 21% growth and a healthy 24% increase in April toll collections, management has confidently guided for overall toll business growth of more than 20% plus for the full year. On an organic basis excluding tariff revisions and new highway asset additions, the company expects steady underlying traffic growth of about 5% to 6%, translating to roughly 9% to 10% organic revenue growth. Yadav attributed this baseline traffic resilience directly to robust domestic consumption trends across India. The newly operational Ganga project began contributing to toll revenues in mid-May, further bolstering the growth trajectory.
As reported by Trade Brains, IRB Infrastructure remains largely unaffected by labor shortages and rising input costs currently impacting the construction sector due to its operational structure. 99% of its massive ₹94,000 crore asset portfolio is already complete, with ongoing construction representing only 1% of its business. Operations and maintenance (O&M) costs make up a minor 15% of revenues, and since these revenues are indexed to inflation, the company enjoys a built-in hedge against raw material price hikes. The company holds around 40% market share in the TOT segment and plans to continue selective bidding for TOT and BOT projects. Additionally, it has received approval (NBO) for the transfer of a private InvIT asset, which is expected to unlock about ₹2,700 crore in equity.
According to Business Standard reports, the board declared a fourth interim dividend of 5% (Re 0.05 per equity share of face value Re 1 each) for FY2025–26. The record date for payment is May 26, 2026, and the dividend will be paid on or before June 18, 2026. The company's market capitalisation stood at ₹27,537.84 crore as of May 21, 2026. Looking ahead, the government has increased its road sector monetisation target from ₹3 lakh crore to ₹4.4 lakh crore to be executed over the next 4–5 years, providing strong long-term growth visibility for IRB's business model.
