Company Update : IRB Infrastructure Ltd by Motilal Oswal Financial Services Ltd
In-line performance
Earnings snapshot: 2QFY26
* IRB Infrastructure’s revenue grew 10% YoY to INR17.5b in 2QFY26 (in line). Revenue included: a) gains on InvITs & Related Assets measured at fair value, and b) dividend/interest income from InvITs & Related Assets.
* EBITDA margin came in at 52.8% (vs our estimate of 48.5%) in 2QFY26 (+450bp YoY and +740bp QoQ). EBITDA grew ~21% YoY to INR9.2b (8% above our estimate).
* APAT grew 41% to INR1.4b (in line).
* Construction revenue stood at INR8.2b (-18.4% YoY); BOT revenue stood at INR6.27b (+8% YoY). InvIT & related assets revenue stood at INR3b (INR1.3b in 2Q FY25).
* The company declared an interim dividend of INR0.07 per equity share.
* Its order book stood at ~INR320b (excluding GST) as of Sep’25.
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SEBI Registration number is INH000000412
