IRB Infrastructure Developers Limited submitted a regulatory disclosure to BSE Limited and National Stock Exchange of India Limited regarding its toll revenue performance for October 2026.
Key Financial Figures
- Gross Toll Revenue for October 2026: ₹8,356 million (₹836 crore)
- Gross Toll Revenue for October 2025: ₹6,635 million (₹664 crore)
- Year-on-Year Growth: Approximately 26%
Project-wise Toll Revenue Breakdown (₹ in millions)
The company provided detailed revenue figures for 24 project special purpose vehicles (SPVs) under three ownership structures:
Wholly-owned Subsidiaries:
- IRB MP Expressway Private Limited: ₹1,714 (Oct 2025: ₹1,520)
Subsidiaries under IRB Infrastructure Trust (Private InvIT):
- IRB Ahmedabad Vadodara Super Express Tollway Private Limited: ₹856 (₹729)
- Udaipur Tollway Limited: ₹305 (₹277)
- Palsit Dankuni Tollway Private Limited: ₹232 (₹198)
- AE Tollway Limited: ₹249 (₹245)
- Yedeshi Aurangabad Tollway Limited: ₹238 (₹261)
- IRB Westcoast Tollway Limited: ₹150 (₹124)
- IRB Golconda Expressway Private Limited: ₹863 (₹738)
- Samakhiyali Tollway Private Limited: ₹123 (₹120)
- IRB Lalitpur Tollway Private Limited: ₹451 (₹360)
- IRB Kota Tollway Private Limited: ₹67 (₹54)
- IRB Gwalior Tollway Private Limited: ₹136 (₹108)
New Projects Commenced in 2026:
- IRB Harihara Corridors Private Limited: ₹564 (commenced January 23, 2026)
- IRB Chandibhadra Tollway Private Limited: ₹227 (commenced April 1, 2026)
- Meerut Budaun Expressway Limited: ₹178 (commenced May 17, 2026)
Entities under IRB InvIT Fund (Public InvIT):
- IRB Tumkur Chitradurga Tollway Limited: ₹403 (₹358)
- IRB Pathankot Amritsar Toll Road Limited: ₹154 (₹149)
- IRB Jaipur Deoli Tollway Limited: ₹182 (₹159)
- IRB Talegaon Amaravati Tollway Limited: ₹83 (₹77)
- Kaithal Tollway Limited: ₹134 (₹123) - acquired November 1, 2025
- Kishangarh Gulabpura Tollway Limited: ₹234 (₹231) - acquired November 1, 2025
- IRB Hapur Moradabad Tollway Limited: ₹338 (₹337) - acquired November 1, 2025
- Solapur Yedeshi Tollway Limited: ₹121 (₹128) - acquired September 30, 2026
- CG Tollway Limited: ₹354 (₹339) - acquired September 30, 2026
Management Commentary
Shri Amitabh Murarka, Deputy CEO of IRB Infrastructure Developers Limited, commented that October 2026 recorded the highest month-on-month growth in toll revenue, reflecting strong traffic momentum across their diversified portfolio of highway assets spanning 13 Indian states. He attributed this performance to sustained economic activity and increased travel during the ongoing festive and holiday season, expecting this positive momentum to continue in the coming months.
Company Background
IRB Group is India's leading integrated infrastructure assets platform in the roads and highways sector with:
- Current portfolio of 27 revenue-generating highway assets
- Portfolio value: Approximately ₹94,000 crores
- Geographic spread: Across 13 Indian states
- Daily vehicle crossings: Approximately 1.5 million
- Market share: Nearly one-tenth of India's total toll revenue
- Weighted average residual concession life: Approximately 21 years
InvIT Structure Details
IRB Infrastructure Trust (Private InvIT):
- Sponsorer: IRB Infrastructure Developers Limited
- Regulation: SEBI's Infrastructure Investment Trusts Regulations 2014
- Assets: 14 highway assets
- Lane kilometers: 9,525
- Enterprise value: Approximately ₹68,300 crores
- Weighted average life: 20+ years
- Listing: NSE since 2023 under ticker "IRBIT"
IRB InvIT Fund (Public InvIT):
- Sponsorer: IRB Infrastructure Developers Limited
- Regulation: SEBI's Infrastructure Investment Trust Regulations 2014
- Assets: 10 highway assets (9 BOT and 2 HAM projects)
- Lane kilometers: 5,314
- Enterprise value: Approximately ₹23,000 crores
- Weighted average life: 17+ years
- Listing: NSE & BSE since 2017 under tickers "IRBN" and "IRBINVIT" respectively
Growth Strategy
The Group has a clear roadmap to expand its asset base to approximately ₹1,400 billion by FY2030 through asset churn strategy and reinvesting proceeds into new opportunities.