India · Delayed Price · Currency is INR IRB Infrastructure Developers Earnings Call Transcripts
Fiscal Year 2026
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Secured major TOT wins, expanded asset base, and improved profitability with a 14% PAT increase year-over-year. Monetization and asset churn drive growth, with a strong order book and robust InvIT distributions supporting future expansion.
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Q2 FY26 saw 11%–13% growth in toll collections and a 3% rise in consolidated income, with a major asset acquisition unlocking INR 4,905 crore for future bids. O&M revenue share is rising, and a robust INR 55,000 crore bid pipeline is expected to drive growth.
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Q1 FY 2026 delivered 10% revenue growth and a 45% PAT increase, driven by higher toll collections and InvIT income. Major SPV acquisitions and a strong order book position the company for future project bids, despite subdued industry awarding activity.
Fiscal Year 2025
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Toll revenue grew 23% year-over-year, outpacing the sector, while Q4 income and EBITDA declined due to lower construction activity. FY 26 guidance points to stable InvIT income and construction revenue near INR 4,000 crore, with sector order inflows expected to recover.
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Q3 FY25 saw modest revenue growth, robust toll income, and a surge in InvIT segment earnings. Asset monetization and new accounting treatment are set to unlock capital for future growth, with management optimistic about order inflows and improved ROE.
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Q2 FY25 saw resilient toll growth despite heavy rains, with consolidated income down 7% year-over-year due to lower construction revenue. Strong liquidity from a $200 million note issuance, robust order book, and positive outlook for project awards support future growth.
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Q1 FY25 saw 13% revenue growth, strong toll collections, and robust order book expansion. BOT and TOT project awards are expected to accelerate in Q2 and Q3, with the company well-capitalized and maintaining a low net debt to equity ratio.