Company Update : IRB Infra Ltd by Motilal Oswal Financial Services Ltd
Result marginally above our estimates Earnings snapshot: 3QFY26
* Revenue grew ~8% YoY to INR18.7b during 3Q FY26 (7% above our estimate). Revenue includes a) a gain on InvITs & Related Assets as per fair value measurement and b) dividend/Interest income from InvITs & Related Assets.
* EBITDA margin came in at 54.6% (vs. our estimate of 53%) in 3QFY26 (+600bp YoY and +180bp QoQ). EBITDA grew ~4% YoY to INR10.2b (10% above our estimate).
* APAT grew 41% to INR1.4b (in line).
* Construction revenues stood at INR 7.8b (-31% YoY); BOT revenue stood at INR 7.06b (+9% YoY); and InvIT & related assets revenue stood at INR3.8b.
* IRB to act as a project manager for the TOT – 18 project for an estimated amount of INR15.8b
* The Board declared an interim dividend of INR 0.07 per equity share.
* IRB also recommended bonus equity share in the ratio of 1:1.
* The order book stood at ~INR373b (excl. GST) at the end of Dec’25.
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SEBI Registration number is INH000000412
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