IRB Infrastructure Developers

“Net debt status yes, we stand by that. We have continued that articulation in our presentation as well.”

“Our total order book stands at about ₹43,400 crore, including an EPC order book of ~ ₹1,200 crore.”

“The transaction also adds these assets to our O&M order book.”

“The Income from InvIT & related Assets Segment for Q2FY27 have increased to ₹356 crores from ₹ 303 crores for Q2FY26, registering growth of 17%.”

“The Income from BOT Segment for Q2FY27 have increased to ₹721 crores from ₹627 crores for Q2FY26, registering growth of 15%.”

“The Income from Construction Segment for Q2FY27 have increased to ₹821 crores from ₹820 crores in Q2FY26.”

“You are right that the low hanging fruit of BOT is definitely behind us. And as more challenging, more complex BOT projects come up we definitely are going to be more selective in looking at them. But the asset monetization side looks promising, and we certainly will be more focused on that.”

“If I plot a graph for a BOT or a TOT project where the CAPEX is already done, the revenue tends to grow at a CAGR of 10-12%. Whereas the debt keeps coming down over a period of time.”

“And the three TOT bids which were under bidding for quite some time have already gone under the hammer. The next set of TOT bids should be out soon and likely to be concluded before March ‘27 as per our discussions with the authority.”

“This was supported by steady traffic demand and tariff mechanisms linked to inflation.”

“India’s domestic growth remains our strongest anchor, and the Government’s continued support for Public-Private Partnerships gives the sector a strong runway.”

“The growth was driven by healthy traffic momentum and the addition of new assets.”

“EBITDA for Q2FY27 increased to ₹1,102 crores from ₹974 crores in Q2FY26, registering growth of 13%.”

“Depreciation cost increased to ₹329 crores in Q2FY27 from ₹262 crores in Q2FY26, increased by 26%.”

“Finance cost decreased to ₹388 crores in Q2FY27 from ₹451 crores in Q2FY26, decreased by 14%.”

“As you may have seen, last year we transferred one of our HAM projects, VM7, to the public InvIT, which has reduced the corresponding interest cost this quarter. In addition, we have made repayments in most of our SPVs, such as MP and AV, and have also achieved a reduction in interest rate in IRB MP through refinancing.”

“So yes, you are right, this quarter’s figure should be considered the new run-rate, and interest costs will reduce further in line with scheduled repayments.”

“This will be a new normal of a declining interest payment regime going forward.”

“interest out go as well as the outstanding loan book will start coming off very aggressively and you will see the further reduction coming into interest expense side of it.”

“The transaction attracted strong interest from leading global and domestic investors and raised equity capital of ₹2,000 crore into the Fund.”

“It acquired two operational highway assets from our Private InvIT, IRB Infrastructure Trust, with an aggregate enterprise value of ₹4,605 crore.”

“IRB also participated in preferential issue by the Fund and invested ₹351 Crore.”

“IRB Infrastructure Trust realises equity consideration of about ₹2,744 crore. This is non-dilutive capital that strengthens the Group’s balance sheet and financial flexibility.”

“So, look we had originally 9 projects which formed part of the Private InvIT and as you have seen 5 of those have now been transferred to the Public InvIT. So, we still have 4 left from the original set of projects as far as Private InvIT is concerned.”

“And once the eligibility criteria is hit, those HAM projects also will be available for transfer into the Public InvIT from IRB in balance sheet.”

“In line with our dividend distribution policy, the Company has declared an interim dividend of about ₹60 crore for Q2FY27.”

“You are right that the TOT bids had been delayed a bit, and that was primarily because of the ongoing discussions on the compensation mechanism for the MLFF, the multi-lane free flow that we intend to bring into India. That has been now sorted.”

“As regards the HAM or EPC or BOT side is concerned, there have been some changes in the concession agreement. But on the HAM EPC, I am not very sure that it can prevent frivolous players from coming in.”

“Across our 100% subsidiaries, Private InvIT and Public InvIT, toll revenue grew around 24% year-on-year this quarter.”

“Equally important, this capital recycling positions us to pursue new opportunities worth about ₹8,000 crore, while maintaining balance sheet strength.”

“Year-on-year, gross toll collections on the Mumbai–Pune Expressway and the Ahmedabad– Vadodara Expressway grew by 14% and 16% respectively, for overall growth of about 15% across our wholly owned portfolio.”

“Our Private InvIT reported average daily toll collections of ₹13.1 crore for the quarter ended September 30, 2026, compared with ₹9.2 crore in the same quarter last year. That is about 42% year-on-year growth, on a like-for-like basis that excludes the 3 assets transferred to Public InvIT.”

“The Private InvIT declared a distribution of about ₹231 crore for Q2FY27. IRB’s 51% stake translates into about ₹118 crore, compared with ₹26 crore in Q2FY26.”