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Industrials · Engineering & Construction
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Research updated
IRB Infrastructure Developers Ltd.
NSE: IRBIndustrialsInfrastructure Operations
- Last close
- ₹16.24
- Day change
- −₹0.55 (−3.28%)vs
- Market cap
- ₹21,221 crIndian rupees
- Research updated
- 1 report
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About IRB Infrastructure Developers
IRB Infrastructure Developers Ltd. is a prominent player in the Indian infrastructure sector, primarily engaged in the construction, development, and management of road and highway projects. This company plays a critical role in enhancing India's transportation network, focusing on large-scale infrastructure developments under the Public-Private Partnership (PPP) model. IRB's portfolio includes a variety of sophisticated projects, ranging from expressways and city roads to bridges and flyovers, contributing significantly to the country's economic development and connectivity. In addition to road infrastructure, IRB Infrastructure Developers Ltd. also diversifies its services into real estate development, leveraging its vast experience in large-scale project execution. The company's operations are fundamental to several industries, including transportation, logistics, and real estate, amplifying its strategic importance in the infrastructure space. Headquartered in Mumbai, IRB Infrastructure Developers Ltd.'s pivotal role is underscored by its commitment to innovation, adherence to high-quality standards, and sustainable development practices. It stands as a crucial entity within the financial market for investors seeking exposure to India's burgeoning infrastructure growth.
- Sector
- Industrials
- Industry
- Infrastructure Operations
- Listing
- NSE: IRB
- Chief executive
- Mr. Ajay P. Deshmukh
- Employees
- 2,963
- Headquarters
- Mumbai, India
- ISIN
- INE821I01022
- Website
- irb.co.in
Public research · Report of
Business model & financial foundation
IRB Infra (NSE: IRB), Road concessions (BOT/TOT toll) developer, EPC construction and O&M; sponsor of road InvITs: revenue of ₹7,648 crore in FY26 (+0.5% on FY25), an EBITDA margin of 54.8%, net profit of ₹850.4 crore and net debt of ₹17,916 crore.
- Revenue, FY26 (₹ crore)
- 7,648
- consolidated
- Revenue growth, FY26
- +0.5%
- on FY25
- EBITDA margin, FY26
- 54.8%
- EBITDA (Company EBITDA including other income (bridge-derived)) / revenue
- Net profit, FY26 (₹ crore)
- 850.4
- to owners
- Return on equity, FY26
- 4.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 17,916
- Net debt (borrowings less cash, bank balances, liquid MFs)
- Market capitalisation (₹ crore)
- 23,009
- at the close of 16 Oct 2026
Company profile
IRB Infrastructure Developers is India's largest private toll-road platform: 28 highways and ~17,500 operational lane-km at 31-Mar-2026. It owns 100% of a few large toll concessions (Mumbai-Pune, Ahmedabad-Vadodara; ~2,236 lane-km) and runs in-house EPC construction (Modern Road Makers) and O&M/project management for all its assets; the order book was ~INR 44,900 cr at 31-Mar-2026, mostly O&M. Most assets sit in two InvITs it sponsors: a 51% stake in the Private InvIT (IRB Infrastructure Trust, with GIC 25% and Cintra 24%), a JV measured at fair value through P&L since Q3FY25, which acquired TOT-17 and TOT-18 in FY26; and a ~16-17% stake in the listed Public InvIT (IRB InvIT Fund). Group toll collection was ~INR 8,315 cr in FY26.
| Item | Value |
|---|---|
| Legal name | IRB Infrastructure Developers Limited |
| Exchange and ticker | NSE: IRB; BSE: 532947 |
| ISIN | INE821I01022 |
| CIN | L65910MH1998PLC115967 |
| Sector | Infrastructure |
| Industry | Road concessions (BOT/TOT toll) developer, EPC construction and O&M; sponsor of road InvITs |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | M S K A & Associates LLP (FRN 105047W/W101187) |
| Market capitalisation | ₹23,009 crore (16 Oct 2026) |
| Shares outstanding | 1,208 crore shares (FY26) |
| Price | ₹17.57 (close, 16 Oct 2026) |
| 52-week range | ₹16.75 - ₹23.95 (to 16 Oct 2026) |
| Website | https://www.irb.co.in |
Corporate structure and shareholding
Parent: IRB Holding Pvt Ltd (promoter, 29.94% Jun-2026; promoter group 30.81%).
| Entity | Holding | Business |
|---|---|---|
| IRB MP Expressway Pvt Ltd | 100% | Mumbai-Pune Expressway toll concession SPV |
| IRB Ahmedabad Vadodara Super Express Tollway Pvt Ltd | 100% | Ahmedabad-Vadodara expressway toll concession SPV |
| Modern Road Makers Pvt Ltd | 100% | In-house EPC construction arm |
| IRB Infrastructure Pvt Ltd | 100% | Investment manager of the Public InvIT (IRB InvIT Fund) |
| IRB Infrastructure Trust (Private InvIT) | 51% | Private InvIT with GIC 25% and Cintra 24%; classified as JV, measured at FVTPL since Q3FY25 (Ind AS 28/109); IRB is project manager/O&M |
| IRB InvIT Fund (Public InvIT) | 16.12% | Public InvIT FVTOCI quoted stake:266.4millionunits/16.12%at30Sep2026 after351crore issue(S106). Not a subsidiary; supersedes approximate16-17%andCARE16.57%. |
The two InvITs are not subsidiaries: Private InvIT is a JV at fair value through P&L; Public InvIT is neither subsidiary, associate nor JV in the AR list (accounting basis not stated in scanned text). Gokhale & Sathe's joint-auditor tenure ended at the 27th AGM (18-Sep-2025); MSKA continues to the 29th AGM (2027).
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 30.42% | 30.42% | 30.79% | 30.81% |
| Promoter holding pledged | 0.27% | 0.04% | 0.04% | 0.03% |
| Foreign institutions | 43.41% | 43.32% | 43.85% | 43.87% |
| Domestic institutions | 9.57% | 9.97% | 10.02% | 10.15% |
| of which mutual funds | 4.53% | 4.54% | 4.61% | 4.72% |
| Retail | 14.88% | 14.66% | 13.77% | 13.60% |
| Other | 1.73% | 1.63% | 1.58% | 1.58% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IRB develops and operates Indian road concessions, executes construction and earns O&M/project-management fees. The consolidated business contains wholly owned toll SPVs and Modern Road Makers. Private InvIT economic interest is51%, but not line-by-line consolidated: eligible investments moved from equity method to FVTPL in Q3FY25. Public InvIT units are FVTOCI; after September2026 placement direct stake16.12%. The platform's all-road gross toll is not consolidated operations revenue. Private/Public project growth adds investment cash/distributions and management opportunity, not the full underlying toll to IRB sales. Noncash FV gains are revenue; issuer-style EBITDA also includes other income. Initial FY25 election gain5804.128 was net of exceptional deferred tax and is not a sustainable operating base.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| BOT/TOT Projects | 2,692 | 35.2% | 1,317 | 42.8% | 23,065 | 42.7% |
| InvITs & Related Assets | 1,318 | 17.2% | 1,220 | 39.6% | 23,278 | 43.1% |
| Construction (includes HAM annuity and O&M) | 3,622 | 47.4% | 568.6 | 18.5% | 3,375 | 6.2% |
| Unallocated corporate | 15.6 | 0.2% | -28.3 | -0.9% | 4,336 | 8.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| PNC Infratech (PNCINFRA) | Road EPC + HAM developer with BOT toll/annuity assets; monetised 12 road assets to Vertis InvIT (2026) - closest developer-model peer |
| Ashoka Buildcon (ASHOKA) | Integrated EPC, BOT and HAM player; sold BOT and HAM SPVs in FY26, retains Jaora-Nayagaon toll - asset-recycling peer |
| KNR Constructions (KNRCON) | Road EPC contractor with 6 HAM and 2 annuity assets; sells SPVs to Cube/Indus InvIT - EPC/HAM benchmark |
| H.G. Infra Engineering (HGINFRA) | Road EPC with 8 NHAI/MoRTH HAM projects, diversifying into rail, solar, BESS - EPC/HAM benchmark for IRB's construction arm |
| Dilip Buildcon (DBL) | Largest HAM developer-contractor; recycles HAM assets via Shrem InvIT and own Anantam InvIT - InvIT-sponsor peer |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations excluding other income | 5,689 | 6,325 | 7,409 | 7,613 | 7,648 |
| Cost of revenue (vendor classification) * | 2,379 | 2,495 | 3,299 | 3,093 | 2,800 |
| Other operating costs (vendor classification) * | 333.1 | 317.8 | 367.0 | 325.7 | 231.8 |
| EBITDA (vendor classification) * | 3,021 | 3,323 | 3,680 | 3,426 | 3,104 |
| EBIT * | 2,355 | 2,520 | 2,698 | 8,558 | 2,899 |
| Finance costs | 1,805 | 1,443 | 1,863 | 1,792 | 1,755 |
| Reported PBT after JV share and exceptional | 549.6 | 1,077 | 951.4 | 6,861 | 1,248 |
| Total tax expense | 188.2 | 356.9 | 345.6 | 380.7 | 397.5 |
| Consolidated PAT incl. JV share | 361.4 | 720.0 | 605.8 | 6,481 | 850.4 |
| Diluted EPS adjusted for April 2026 1:1 bonus (₹) | 0.87 | 1.19 | 0.50 | 5.37 | 0.70 |
| Materials consumed + road work and site expenses | 3,299 | 3,093 | 2,800 | ||
| Employee benefits expense | 394.0 | 425.6 | 423.5 | ||
| Other expenses | 384.2 | 488.6 | 443.3 | ||
| Company EBITDA including other income (bridge-derived) | 4,125 | 4,024 | 4,188 | ||
| Other income | 792.8 | 418.1 | 205.8 | ||
| Depreciation and amortisation | 994.9 | 1,038 | 1,142 | ||
| Share of profit/(loss) of joint ventures | -314.9 | -137.1 | 0.00 | ||
| Exceptional items; gain positive | 0.00 | 5,804 | -42.7 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 605.8 | 6,481 | 850.4 | ||
| Revenue from services | 7,409 | 7,062 | 6,330 | ||
| InvIT fair value gain included in operations revenue | 0.00 | 513.1 | 1,128 | ||
| InvIT dividend/interest in operations revenue | 0.00 | 38.4 | 190.3 | ||
| Operating EBITDA excluding other income | 3,332 | 3,606 | 3,982 | ||
| Services EBITDA excl. InvIT gains, distributions and other income | 3,332 | 3,054 | 2,664 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 12,566 | 13,379 | 13,745 | 19,827 | 20,949 |
| Borrowings (non-current + current, excl. leases) | 16,697 | 16,748 | 18,649 | 20,577 | 20,008 |
| Cash & cash equivalents | 46.2 | 286.1 | 232.7 | 1,860 | 346.3 |
| Trade receivables, total (current + non-current) | 1,021 | 1,672 | 758.6 | 749.0 | 573.4 |
| Inventories | 317.5 | 299.0 | 293.1 | 338.6 | 367.0 |
| Trade payables (MSE + others) | 718.4 | 741.6 | 675.7 | 521.8 | 256.8 |
| Net block: PPE + intangible concession assets + ROU (excl. goodwill, CWIP, IAUD) | n.r. | n.r. | 25,506 | 24,608 | 23,888 |
| Capital work in progress (excl. intangible assets under development) | 26.8 | 7.54 | 7.65 | 0.77 | 4.01 |
| Total assets | 42,567 | 42,766 | 44,920 | 53,896 | 54,054 |
| Other bank balances (FDs incl. DSRA/margin money) | 1,530 | 1,586 | 1,565 | ||
| Current investments in overnight/liquid funds | 265.0 | 16.7 | 181.2 | ||
| Net debt (borrowings less cash, bank balances, liquid MFs) | 16,621 | 17,115 | 17,916 | ||
| JV investments incl equity, NCDs and deemed sub-debt | 8,756 | 16,616 | 17,830 | ||
| Deemed investments sub-debt to Private InvIT SPVs | 1,692 | 1,189 | |||
| Meerut Budaun NCD investment | 159.9 | 159.9 | |||
| Sub-debt to Public InvIT SPVs (FVTPL) | 0.00 | 35.8 | |||
| Deferred consideration receivable from Private InvIT | 4,224 | 4,132 | |||
| Total non-current investments Note5 | 17,081 | 19,147 | |||
| Private InvIT units plus SPV sub-debt Note56 (overlap) | 16,363 | 17,234 | |||
| Public InvIT units plus SPV sub-debt Note56 (overlap) | 463.5 | 1,316 | |||
| Public InvIT Kaithal SPV sub-debt (component) | 9.39 | ||||
| Public InvIT Kishangarh Gulabpura sub-debt (component) | 26.4 | ||||
| Union Bank quoted equity investment (FVTPL) | 0.12 | 0.15 | |||
| Other unquoted equity FVTOCI investments net | 0.63 | 0.63 | |||
| National saving certificates amortised cost | 0.02 | 0.02 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities (after tax paid, before finance cost paid) | 2.40 | 937.1 | 4,054 | 1,971 | 2,098 |
| Free cash flow (vendor definition) * | -1,025 | 1,333 | 3,815 | 1,773 | 1,366 |
| Dividend paid on equity shares (positive = outflow) | 75.5 | 166.1 | 241.6 | 126.8 | |
| Capex: PPE + intangibles incl. IAUD & capital advances (positive = outflow) | 232.1 | 28.7 | 239.0 | 198.7 | 732.1 |
| Free cash flow = CFO less capex (before finance cost paid) | 3,815 | 1,773 | 1,366 | ||
| Finance cost paid (financing CF, positive = outflow) | 1,659 | 1,398 | 1,340 | ||
| Proceeds from non-current borrowings | 6,191 | 2,297 | 103.9 | ||
| Repayment of non-current borrowings excl. NCDs (positive = outflow) | 1,346 | 1,105 | 1,380 | ||
| Repayment of non-convertible debentures (positive = outflow) | 2,741 | 110.2 | 58.5 | ||
| Proceeds/(repayment) of current borrowings, net (signed) | -749.9 | -157.3 | 104.3 | ||
| Net borrowing cash flow (signed; + = net raise) | 1,353 | 924.9 | -1,231 | ||
| Payment of lease liabilities (positive = outflow) | 4.78 | 4.66 | 4.78 | ||
| Investment in joint ventures (InvIT units etc; positive = outflow) | 4,986 | 940.2 | 339.5 | ||
| Purchase of non-current investments (positive = outflow) | 0.00 | 753.5 | |||
| Consideration received on sale of subsidiary, net | 0.00 | 511.3 | |||
| Net cash from investing activities (signed) | -3,645 | 375.4 | -909.6 | ||
| Net cash from financing activities (signed) | -477.2 | -719.7 | -2,702 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Bonus-adjusted shares outstanding (crore shares) | 415.77 | 603.90 | 1,208 | 1,208 | 1,208 |
| Historical shares issued before bonus (crore shares) | 603.90 | 603.90 | 603.90 | ||
| Diluted EPS printed in original source (₹) | 1.00 | 10.73 | 0.70 | ||
| Net debt per audited Note 47 (gross borrowings less cash & equivalents only) | 18,869 | 19,784 | |||
| Company headline net debt KPI (unaudited overview; definition not disclosed) | 11,057 | ||||
| Contingent liabilities not provided for (Note 36b) | 391.4 | 360.4 | 183.8 | ||
| CFO / reported PAT (x) | 6.69x | 0.30x | 2.47x | ||
| PAT less signed exceptional item (headline bridge) | 605.8 | 676.6 | 893.0 | ||
| CFO / PAT less signed exceptional item | 6.69x | 2.91x | 2.35x | ||
| Company EBITDA excluding recurring InvIT FV gain | 4,125 | 3,511 | 3,060 | ||
| EBITDA interest cover reported (x) | 2.21x | 2.25x | 2.39x | ||
| Carrying gross debt/EBITDA (x) | 4.52x | 5.11x | 4.78x | ||
| Dossier liquidity-net debt/EBITDA (x) | 4.03x | 4.25x | 4.28x | ||
| EBITDA interest cover excluding FV | 2.21x | 1.96x | 1.74x | ||
| Carrying gross debt/EBITDA ex-FV | 4.52x | 5.86x | 6.54x | ||
| Dossier liquidity-net debt/EBITDA ex-FV | 4.03x | 4.87x | 5.86x | ||
| Quantified contingent liabilities / equity (%) | 2.8% | 1.8% | 0.9% | ||
| Closing total trade receivable days / revenue | 37 | 36 | 27 | ||
| Closing total trade receivable days / revenue_services | 37 | 39 | 33 | ||
| Recurring InvIT FVTPL gain / reported PBT (%) | 0.0% | 7.5% | 90.4% | ||
| CFO less capex, dividends and cash finance cost | 1,990 | 132.6 | -100.4 | ||
| Cumulative CFO / reported PAT since FY24 (x) | 6.69x | 0.85x | 1.02x | ||
| Cumulative CFO / PAT less exceptionals since FY24 | 6.69x | 4.70x | 3.73x | ||
| CFO / finance cost paid (x) | 2.44x | 1.41x | 1.57x | ||
| JV construction/O&M revenue as share of total (%) | 35.8% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations excluding other income | 1,586 | 2,025 | 2,149 | 2,099 | 1,751 | 1,871 | 1,927 | 2,137 |
| Cost of revenue (vendor classification) * | 635.0 | 809.3 | 887.2 | 949.1 | 600.7 | 603.0 | 646.8 | 745.0 |
| Other operating costs (vendor classification) * | 76.6 | 123.3 | -114.6 | 93.6 | 105.9 | 140.8 | 102.9 | 130.5 |
| EBITDA (vendor classification) * | 848.8 | 821.0 | 833.9 | 862.0 | 695.4 | 721.8 | 780.4 | 884.3 |
| Company EBITDA less D&A, before exception/JV | 701.3 | 784.1 | 780.2 | 748.4 | 711.8 | 774.1 | 811.4 | 854.6 |
| Finance costs | 434.2 | 461.4 | 457.6 | 462.0 | 451.0 | 436.4 | 405.8 | 438.0 |
| Reported PBT after JV share and exceptional | 183.4 | 6,127 | 322.5 | 286.4 | 260.8 | 295.0 | 405.6 | 416.6 |
| Total tax expense | 83.5 | 100.7 | 107.8 | 83.9 | 120.0 | 84.2 | 109.4 | 110.3 |
| Consolidated PAT incl. JV share | 99.9 | 6,026 | 214.7 | 202.5 | 140.8 | 210.8 | 296.3 | 306.3 |
| Diluted EPS adjusted for April 2026 1:1 bonus (₹) | 0.08 | 4.99 | 0.18 | 0.17 | 0.12 | 0.17 | 0.25 | 0.25 |
| Materials consumed + road work and site expenses | 635.0 | 809.3 | 887.2 | 949.1 | 600.7 | 602.9 | 646.8 | 745.0 |
| Employee benefits expense | 107.5 | 108.7 | 108.8 | 104.3 | 119.7 | 105.0 | 94.5 | 109.3 |
| Other expenses | 76.6 | 123.3 | 155.4 | 93.6 | 105.9 | 140.8 | 102.9 | 130.4 |
| Company EBITDA including other income (bridge-derived) | 932.5 | 1,049 | 1,066 | 1,018 | 973.9 | 1,063 | 1,133 | 1,188 |
| Other income | 165.8 | 64.9 | 68.6 | 65.6 | 49.3 | 41.1 | 49.9 | 35.4 |
| Depreciation and amortisation | 231.2 | 265.1 | 286.3 | 269.2 | 262.1 | 289.4 | 321.3 | 333.4 |
| Share of profit/(loss) of joint ventures | -83.7 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Exceptional items; gain positive | 0.00 | 5,804 | 0.00 | 0.00 | 0.00 | -42.7 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 99.9 | 6,026 | 214.7 | 202.5 | 140.8 | 210.8 | 296.3 | 306.3 |
| Revenue from services | 1,586 | 1,781 | 1,843 | 1,866 | 1,448 | 1,490 | 1,526 | 1,701 |
| InvIT fair value gain included in operations revenue | 0.00 | 228.1 | 284.9 | 155.6 | 278.5 | 341.7 | 352.3 | 303.6 |
| InvIT dividend/interest in operations revenue | 0.00 | 16.8 | 21.6 | 77.5 | 24.9 | 39.6 | 48.2 | 133.1 |
| Operating EBITDA excluding other income | 766.7 | 984.2 | 997.9 | 952.0 | 924.6 | 1,022 | 1,083 | 1,153 |
| Services EBITDA excl. InvIT gains, distributions and other income | 766.7 | 739.3 | 691.3 | 718.9 | 621.2 | 641.1 | 682.2 | 715.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 9.3% | 11.2% | 17.1% | 2.8% | 0.5% |
| EBITDA margin | 55.7% | 52.9% | 54.8% | ||
| Net margin | 8.2% | 85.1% | 11.1% | ||
| Return on equity | 4.5% | 38.6% | 4.2% | ||
| Return on capital employed | 8.5% | 8.5% | 8.6% | 23.5% | 7.1% |
| Return on assets | 1.4% | 13.1% | 1.6% | ||
| Net debt (₹ crore) | 16,621 | 17,115 | 17,916 | ||
| Net debt / EBITDA | 4.03x | 4.25x | 4.28x | ||
| Interest cover | 1.30x | 1.75x | 1.45x | 4.78x | 1.65x |
| Asset turnover | 0.14x | 0.15x | 0.17x | 0.15x | 0.14x |
| Receivable days | 66 | 96 | 37 | 36 | 27 |
| Inventory days (on revenue) | 20 | 17 | 14 | 16 | 18 |
| Payable days (on revenue) | 46 | 43 | 33 | 25 | 12 |
| Cash conversion | 6.69x | 0.30x | 2.47x | ||
| Capex intensity | 4.1% | 0.5% | 3.2% | 2.6% | 9.6% |
| Free cash flow (₹ crore) | -229.7 | 908.3 | 3,815 | 1,773 | 1,366 |
| Dividend payout | 27.4% | 3.7% | 14.9% | ||
| EPS, diluted (₹) | 0.87 | 1.19 | 0.50 | 5.37 | 0.70 |
| Book value per share (₹) | 30,22,23,642 | 22,15,41,646 | 11,37,97,814 | 16,41,54,661 | 17,34,45,935 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Company EBITDA including other income (bridge-derived)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, bank balances, liquid MFs); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Company EBITDA including other income (bridge-derived)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS adjusted for April 2026 1:1 bonus).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on IRB Infrastructure Developers
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₹362.00 last close on 23 Oct 2026 −0.69%Research updated
InterGlobe Aviation Ltd.
NSE: INDIGO
Industrials · Airlines
₹4,549.00 last close on 23 Oct 2026 −1.11%Research updated
Bharat Heavy Electricals Ltd.
NSE: BHEL
Industrials · Specialty Industrial Machinery
₹387.50 last close on 23 Oct 2026 −2.86%Research updated
Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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