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The trust will make an upfront concession fee payment of Rs 3,087 crore to National Highways Authority of India after achieving financial closure. The concession period is 20 years and is revenue-linked. Tolling and operations are expected to commence from the appointed date, with annual tariff revision set at a fixed 3% plus 40% of the wholesale price index.
IRB Infrastructure Developers will act as the project manager for the concession. The project marks the group’s entry into its 13th Indian state and its second project in eastern India, following its West Bengal asset on NH-19.
The company said the order book is expected to increase by about Rs 1,600 crore with this project. The TOT-18 asset is part of the Golden Quadrilateral network and further strengthens IRB Group’s presence in the TOT segment.
IRB Infrastructure Developers is India’s first Integrated multi-national transport infrastructure developer in roads & highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of approx. Rs 94,000 crore in 13 States across the parent company and two InvITs.
The company reported a 41% surge in consolidated net profit to Rs 140.82 crore on a 10.42% increase in total revenue from operations to Rs 1,751.02 crore in Q2 FY26 over Q2 FY25.
IRB is India's first integrated multi-national transport infrastructure developer in roads & highways segment. The company has strong track record of constructing, tolling, operating, and maintaining around 19,000 Lane Kms pan India in its existence of more than 25 years in India.
The TOT 17 project lifts the Trust’s asset base to about Rs 65,000 crore. The IRB Group’s overall portfolio will also cross Rs 90,000 crore. Management said this win strengthens IRB’s position in the highway monetisation space. Its market share in TOT projects now rises to 42%. The project adds long term visibility to toll revenues and cash flows. It also expands the group’s O&M order book by around 20%.
IRB will act as the Project Manager for this corridor. The company noted that this award brings the platform closer to the Rs 1 lakh crore milestone.
It reported a 41% surge in consolidated net profit to Rs 140.82 crore on a 10.42% increase in total revenue from operations to Rs 1,751.02 crore in Q2 FY26 over Q2 FY25.
Key highlights of the project:
IRB Infrastructure Developers will be the Project Manager for the Project.
The Trust to pay upfront Bid Concession Fee of Rs. 9,270 crore to NHAI for revenue-linked Concession Period of 20 years.
Trust's asset portfolio will increase by ~20% to ~Rs 65,000 Crore with addition of this project with a long-term revenue & cashflow generation visibility.
EBITDA in Q2 FY26 was at Rs 974 crore, registering a growth of 4% from Rs 933 crore posted in Q2 FY25.
On a half-year basis, the company’s net profit surged 43.14% to Rs 343.31 crore on an 11.96% rise in total revenue from operations to Rs 384.99 crore in H1 FY26 over H1 FY25.
Virendra D. Mhaiskar, chairman & MD, IRB Infrastructure Developers, said, “The first half of the year, particularly Q2, continued to demonstrate strong momentum in toll revenue growth, despite a severe and extended monsoon period. We have also successfully completed the sale of three assets, in line with our B.E.S.T. (Bid, Execute, Stabilize, Transfer) strategy of efficient asset churn and sustainable growth without any dilution.
This has enabled us to unlock approximately Rs 5,000 crore of equity in the Private InvIT, positioning us to pursue further opportunities of around Rs 15,000 crore in the sector. These developments keep us firmly on track to achieve an asset base of Rs 1.4 trillion over the next three years.” He added, “This robust performance strengthens our confidence that growth will further accelerate in the coming quarters, supported by the ongoing pace of consolidation.”
Meanwhile, the board declared a second interim dividend of Rs 0.07 per equity share for FY26. The record date is set as 18 November 2025, and the dividend will be paid or dispatched to eligible shareholders on or before December 2025.
IRB Infrastructure Developers (IRB) is one of the leading infrastructure development companies in India in the road and highway sector, with a presence in Build-Operate-Transfer (BOT) and HAM space. The company undertakes development of various infrastructure projects in the road sector through several special purpose vehicles. IRB's work spans from the building of roads, highways, bridges, and tunnels; recently, the company diversified its business into the real estate development sector also.
Shares of IRB Infrastructure Developers shed 0.23% to Rs 43.15 on the BSE.
Amitabh Murarka, deputy CEO, IRB Infrastructure Developers, said, “After a strong performance in the first half of FY26, the third quarter has also commenced on a positive trajectory. October 2025 witnessed robust toll revenue growth across all our assets under IRB Infra and our two sponsored InvITs, despite the impact of an extended monsoon. With the extended monsoon season now behind us, we expect the momentum in traffic growth to continue in the coming months.”
IRB Infrastructure Developers (IRB) is one of the leading infrastructure development companies in India in the road and highway sector, with presence in Build-Operate-Transfer (BOT) and HAM space. The company undertakes development of various infrastructure projects in the road sector through several special purpose vehicles. IRB's work spans from the building of roads, highways, bridges, and tunnels; recently, the company diversified its business into the real estate development sector also.
The company’s consolidated net profit surged 44.64% to Rs 202.48 crore in Q1 FY26 as against Rs 139.98 crore posted in Q1 FY25. Revenue from operations rose 13.27% YoY to Rs 2,098.97 crore in the quarter ended 30 June 2025.
The counter slipped 1.82% to Rs 42.66 on the BSE.