IRB Infrastructure shares surged 4% on Monday, October 12, following the company's management's decision to raise FY27 toll collection guidance to 22-24%, up from the initial guidance of 20%. As reported by CNBC-TV18, Anil Yadav, CEO of IRB Infra's business development and investments, announced the enhanced outlook during an interaction with the channel. The stock was trading 3.4% higher at ₹18.07, though it remains down 14% year-to-date. All six analysts covering IRB Infra maintain a 'buy' recommendation, with consensus estimates implying an upside potential of 41% from current levels.
IRB Infrastructure Developers Ltd reported gross toll revenue of ₹773 crore for September 2026, representing a 24% year-on-year increase from ₹622 crore in September 2025. According to latest reports, the company's wholly owned subsidiaries generated ₹2,416 million, showing 17.2% growth compared to ₹2,062 million in the previous year. The strong performance was driven by healthy traffic volumes during the festive season and the inclusion of revenue from newly operational assets. The company's toll revenue from 100% subsidiaries grew 17% on a like-for-like basis during the month.
CLSA noted that the overall toll growth for IRB Infrastructure improved 12% during the September quarter, with the company demonstrating strong operational momentum. As reported by CNBC-TV18, toll growth at the 100%-owned Mumbai-Pune expressway stood at 11% compared to just 4% over the same period in FY2026. Tolls at infrastructure trust (InvIT) assets rose 13% from the previous year, indicating robust performance across the company's asset portfolio. This enhanced quarterly performance supports the management's decision to raise the full-year guidance.
IRB MP Expressway, which operates the Mumbai-Pune Expressway and Old Mumbai-Pune Highway, recorded toll revenue of ₹1,621 million in September, compared with ₹1,39.6 crore a year ago. As reported by latest data, IRB Ahmedabad Vadodara Super Express Tollway reported revenue of ₹79.5 crore, up from ₹66.6 crore. IRB Golconda Expressway reported toll revenue of ₹81.2 crore against ₹70.4 crore year ago, while IRB Lalitpur Tollway reported ₹42.5 crore compared with ₹37.1 crore. The Mumbai-Pune Expressway alone contributed significantly to the overall performance.
CLSA maintains an 'outperform' rating on IRB Infrastructure with a price target of ₹34.5, implying a 90% upside potential from current levels. As reported by CNBC-TV18, the investment bank noted that the National Highways Authority of India (NHAI) is planning a $30 billion asset monetization plan, with IRB Infrastructure having won concessions worth $3 billion over FY2023-2026. The company is positioned to benefit from the National Monetisation Fund as it aims to win additional projects by churning assets. CLSA views IRB Infrastructure as India's number one toll platform with sufficient capacity to re-leverage its equity, supporting the positive analyst sentiment despite the stock's year-to-date decline.
