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Last Updated: April 2, 2026, 3:08 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532947 | NSE: IRB

IRB Infrastructure Developers Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹26.31Undervalued by 21.81%vs CMP ₹21.60

P/E (32.7) × ROE (5.9%) × BV (₹16.90) × DY (0.69%)

₹20.45Fairly Valued by 5.32%vs CMP ₹21.60
MoS: -5.6% (Negative)Confidence: 50/100 (Moderate)Models: 1 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹30.6130%Under (+41.7%)
Graham NumberEarnings₹22.0622%Fair (+2.1%)
Net Asset ValueAssets₹16.8710%Over (-21.9%)
EV/EBITDAEnterprise₹12.6012%Over (-41.7%)
Earnings YieldEarnings₹12.8010%Over (-40.7%)
ROCE CapitalReturns₹16.7510%Over (-22.5%)
Revenue MultipleRevenue₹6.307%Over (-70.8%)
Consensus (7 models)₹20.45100%Fairly Valued
Key Drivers: Wide model spread (₹6–₹31) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 16.4%

*Investments are subject to market risks

Investment Snapshot

46
IRB Infrastructure Developers Ltd scores 46/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health38/100 · Weak
ROCE 7.8% WeakROE 5.9% WeakD/E 2.62 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 0.63% MF buyingPromoter holding at 30.4% Stable
Earnings Quality60/100 · Moderate
OPM stable around 44% SteadyWorking capital: -62 days (improving) Efficient
Quarterly Momentum50/100 · Moderate
Revenue (4Q): 5% YoY FlatProfit (4Q): -88% YoY DecliningOPM: 55.0% (up 6.0% YoY) Margin expansion
Industry Rank20/100 · Weak
P/E 32.7 vs industry 19.4 Premium to peersROCE 7.8% vs industry 14.0% Below peersROE 5.9% vs industry 16.7% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

IRB Infrastructure Developers Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
30/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 32.7 vs Ind 19.4 | ROCE 7.8% | ROE 5.9% | CFO/NP N/A
Balance Sheet Stress
50/100
Manageable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 2.62x | IntCov 0.0x | Current 1.05x | Borrow/Reserve 1.05x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹6,481 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII -0.08 pp | DII +0.39 pp | Prom 0.00 pp
Business Momentum
+74
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +6.9% | Q NP +49.6% | Q OPM +2.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-5.3%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.05xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change-0.08 ppLatest FII% minus previous FII%
DII Change+0.39 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-49,661Latest shareholder count minus previous count
Quarterly Sales Change+6.9%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+49.6%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+2.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:08 am

Market Cap 26,101 Cr.
Current Price 21.6
Intrinsic Value₹20.45
High / Low 27.2/18.5
Stock P/E32.7
Book Value 16.9
Dividend Yield0.69 %
ROCE7.82 %
ROE5.91 %
Face Value 1.00
PEG Ratio2.00

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for IRB Infrastructure Developers Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
IRB Infrastructure Developers Ltd 26,101 Cr. 21.6 27.2/18.532.7 16.90.69 %7.82 %5.91 % 1.00
Ahluwalia Contracts (India) Ltd 4,550 Cr. 679 1,129/64517.0 2870.09 %18.5 %11.9 % 2.00
Ashoka Buildcon Ltd 3,109 Cr. 111 231/1012.97 1500.00 %39.7 %54.8 % 5.00
Marathon Nextgen Realty Ltd 2,668 Cr. 396 775/36812.5 3260.25 %12.0 %13.2 % 5.00
Mangalam Cement Ltd 2,195 Cr. 798 940/64027.0 3270.19 %9.87 %5.70 % 10.0
Industry Average89,147.00 Cr628.2719.35214.440.24%13.97%16.65%5.56

All Competitor Stocks of IRB Infrastructure Developers Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,5141,6201,6341,7451,9692,0611,8531,5862,0252,1492,0991,7511,871
Expenses 7828989101,0261,1501,3071,0499031,0411,1511,147826849
Operating Profit 7327227247198197558046839849989529251,022
OPM % 48%45%44%41%42%37%43%43%49%46%45%53%55%
Other Income 56791111301094431191665,869696649-2
Interest 367373381435433615439434461458462451436
Depreciation 215222237233251274255231265286269262289
Profit before tax 2062052171822433092291836,127323286261295
Tax % 31%37%38%47%23%39%39%46%2%33%29%46%29%
Net Profit 141130134961871891401006,026215202141211
EPS in Rs 0.230.220.220.160.310.310.230.179.980.360.340.230.35

Last Updated: March 4, 2026, 8:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3,7323,8495,1285,8465,6946,7076,8525,2995,8046,4027,4097,6137,870
Expenses 1,9731,6312,4612,7893,0053,7633,8872,9473,2293,2714,3874,1413,974
Operating Profit 1,7592,2182,6673,0572,6892,9442,9652,3522,5753,1303,0223,4723,897
OPM % 47%58%52%52%47%44%43%44%44%49%41%46%50%
Other Income 1201131271232951962521895523007936,222182
Interest 7609371,0701,3429761,1261,5741,6971,8941,5211,8681,7951,807
Depreciation 4777078538555445404685826838329951,0381,107
Profit before tax 6426868709841,4641,4731,1752625501,0779516,8611,165
Tax % 28%21%26%27%37%42%39%55%34%33%36%6%
Net Profit 4605426407159208507211173617206066,481769
EPS in Rs 1.381.541.822.042.622.422.050.330.601.191.0010.731.28
Dividend Payout % 29%26%22%25%19%10%24%0%0%17%30%3%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)17.83%18.08%11.72%28.67%-7.61%-15.18%-83.77%208.55%99.45%-15.83%969.47%
Change in YoY Net Profit Growth (%)0.00%0.26%-6.36%16.95%-36.28%-7.57%-68.60%292.32%-109.10%-115.28%985.31%

IRB Infrastructure Developers Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:7%
5 Years:2%
3 Years:9%
TTM:3%
Compounded Profit Growth
10 Years:6%
5 Years:8%
3 Years:41%
TTM:36%
Stock Price CAGR
10 Years:7%
5 Years:28%
3 Years:22%
1 Year:-31%
Return on Equity
10 Years:7%
5 Years:5%
3 Years:5%
Last Year:6%

Last Updated: September 5, 2025, 7:50 am

Balance Sheet

Last Updated: December 4, 2025, 1:27 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 332351351351351351351351604604604604604
Reserves 3,2284,0094,4854,9205,3415,9646,3316,54911,96212,77513,14119,22319,777
Borrowings 11,08412,57615,62613,96313,83216,5999,20519,21916,69716,74818,65320,59920,852
Other Liabilities 1,05922,45321,69927,40620,86517,54923,99715,05213,21812,57512,47213,42313,114
Total Liabilities 15,70439,39142,16246,64140,38940,46439,88541,17142,48142,70344,87053,84954,346
Fixed Assets 8,55431,76435,14924,38831,07132,94327,67127,10227,27126,48025,51424,61624,428
CWIP 4,4874,8354,0206,8065,6483,7974036736388130
Investments 159361469456454,1464,7994,9045,1419,64217,09718,453
Other Assets 2,6482,7832,95715,3012,7243,0797,6668,59710,24311,0749,70612,13511,436
Total Assets 15,70439,39142,16246,64140,38940,46439,88541,17142,48142,70344,87053,84954,346

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1,6551,8232,3403,1922,1322,7103,7098673641,7644,0541,971
Cash from Investing Activity + -2,394-2,297-3,144-2,981-2,621-4,081-4,932-8,176-1,553-650-3,644375
Cash from Financing Activity + 925475671-2024101,4381,3887,520589-860-477-720
Net Cash Flow 1862-1339-7966165211-601253-681,627
Free Cash Flow -996-486-819417-1,838-1,507-1,492-6,924-1,0101,3543,8161,776
CFO/OP 107%92%99%116%98%104%138%46%22%63%142%62%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-10.00-10.00-13.00-10.00-11.00-14.00-7.00-17.00-14.00-13.00-15.00-17.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 101486232362933716
Inventory Days 195218304277294246261263206
Days Payable 296196304622654296438607317
Cash Conversion Cycle -101221486-321-33613-84-306-95
Working Capital Days -150-165-161-144-394-265-563-16633-54-62
ROCE %10%10%10%12%12%12%14%9%9%9%9%8%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 34.20%34.21%34.39%34.39%34.39%30.42%30.42%30.42%30.42%30.42%30.42%30.42%
FIIs 48.52%48.37%47.29%47.16%47.21%44.47%45.99%45.07%44.31%43.61%43.40%43.32%
DIIs 6.98%6.98%7.38%7.85%7.78%7.65%8.10%8.57%9.34%10.21%9.58%9.97%
Government 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 10.28%10.43%10.94%10.59%10.59%17.46%15.49%15.92%15.92%15.74%16.59%16.29%
No. of Shareholders 2,03,6542,40,2583,31,1404,65,2828,68,96616,98,57017,17,19117,17,29517,25,50216,72,80816,34,09915,84,438

Shareholding Pattern Chart

No. of Shareholders

IRB Infrastructure Developers Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Mid Cap Fund 124,766,074 7.12 518.4127,785,0742026-02-23 03:43:12-2.36%
Quant Multi Cap Fund 45,107,942 2.51 187.42N/AN/AN/A
Quant Small Cap Fund 36,656,792 0.56 152.3133,637,7922026-02-23 03:43:128.98%
ICICI Prudential Infrastructure Fund 19,885,692 1.02 82.63N/AN/AN/A
ICICI Prudential Multicap Fund 18,059,510 0.47 75.04N/AN/AN/A
ICICI Prudential India Opportunities Fund 10,018,642 0.12 41.63N/AN/AN/A
ICICI Prudential MidCap Fund 6,977,439 0.42 28.99N/AN/AN/A
Bandhan Infrastructure Fund 1,857,776 0.54 7.72284,5782026-02-23 03:43:12552.82%
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund 66,103 0.11 0.2764,8192026-02-23 03:43:121.98%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.0010.0010.00
Basic EPS (Rs.) 10.731.001.198.693.33
Diluted EPS (Rs.) 10.731.001.198.693.33
Cash EPS (Rs.) 12.683.172.7521.0424.60
Book Value[Excl.RevalReserv]/Share (Rs.) 32.8322.7622.15208.07196.35
Book Value[Incl.RevalReserv]/Share (Rs.) 32.8322.7622.15208.07196.35
Revenue From Operations / Share (Rs.) 12.6112.2710.6096.10150.76
PBDIT / Share (Rs.) 6.666.835.8555.4676.87
PBIT / Share (Rs.) 4.955.184.4744.1560.32
PBT / Share (Rs.) 11.592.101.9612.8512.16
Net Profit / Share (Rs.) 10.961.521.379.738.05
NP After MI And SOA / Share (Rs.) 10.731.001.195.983.33
PBDIT Margin (%) 52.8555.6655.1557.7050.98
PBIT Margin (%) 39.2242.2442.1545.9440.00
PBT Margin (%) 91.9217.0918.4913.368.06
Net Profit Margin (%) 86.9212.4212.9110.125.33
NP After MI And SOA Margin (%) 85.128.1711.246.222.21
Return on Networth / Equity (%) 32.684.405.382.871.69
Return on Capital Employeed (%) 5.957.637.016.715.89
Return On Assets (%) 12.021.341.680.840.28
Long Term Debt / Equity (X) 0.941.231.061.232.39
Total Debt / Equity (X) 1.041.361.251.332.62
Asset Turnover Ratio (%) 0.150.160.150.090.10
Current Ratio (X) 1.581.241.621.781.05
Quick Ratio (X) 1.491.161.551.670.98
Inventory Turnover Ratio (X) 24.111.371.360.000.00
Dividend Payout Ratio (NP) (%) 3.7227.4110.480.000.00
Dividend Payout Ratio (CP) (%) 3.2110.374.860.000.00
Earning Retention Ratio (%) 96.2872.5989.520.000.00
Cash Earning Retention Ratio (%) 96.7989.6395.140.000.00
Interest Coverage Ratio (X) 2.252.212.331.771.60
Interest Coverage Ratio (Post Tax) (X) 1.451.491.551.311.17
Enterprise Value (Cr.) 44385.6452220.5829492.5130132.5319564.61
EV / Net Operating Revenue (X) 5.837.054.615.193.69
EV / EBITDA (X) 11.0312.668.359.007.24
MarketCap / Net Operating Revenue (X) 3.584.772.372.620.72
Retention Ratios (%) 96.2772.5889.510.000.00
Price / BV (X) 1.372.571.131.210.55
Price / Net Operating Revenue (X) 3.584.772.372.620.72
EarningsYield 0.230.010.040.020.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

IRB Infrastructure Developers Ltd. is a Public Limited Listed company incorporated on 27/07/1998 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L65910MH1998PLC115967 and registration number is 115967. Currently Company is involved in the business activities of Construction and maintenance of motorways, streets, roads, other vehicular and pedestrian ways, highways, bridges, tunnels and subways. Company's Total Operating Revenue is Rs. 5063.34 Cr. and Equity Capital is Rs. 603.90 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Construction, Contracting & EngineeringOffice No. 1101, 11th Floor, Mumbai Maharashtra 400076Contact not found
Management
NamePosition Held
Mr. Virendra Dattatraya MhaiskarChairman & Managing Director
Mrs. Deepali Virendra MhaiskarWhole Time Director
Mr. Ravindra DhariwalNon Executive Director
Mr. Luis Aguirre De Carcer CabezasNon Executive Director
Mr. Vijay Nautamlal BhattIndependent Director
Mr. Bajarang Lal GuptaIndependent Director
Ms. Priti Paras SavlaIndependent Director
Dr. Ajay Kumar SinghIndependent Director

FAQ

What is the intrinsic value of IRB Infrastructure Developers Ltd and is it undervalued?

As of 06 April 2026, IRB Infrastructure Developers Ltd's intrinsic value is ₹20.45, which is 5.32% lower than the current market price of ₹21.60, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (5.91 %), book value (₹16.9), dividend yield (0.69 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of IRB Infrastructure Developers Ltd?

IRB Infrastructure Developers Ltd is trading at ₹21.60 as of 06 April 2026, with a FY2026-2027 high of ₹27.2 and low of ₹18.5. The stock is currently in the middle of its 52-week range. Market cap stands at ₹26,101 Cr..

How does IRB Infrastructure Developers Ltd's P/E ratio compare to its industry?

IRB Infrastructure Developers Ltd has a P/E ratio of 32.7, which is above the industry average of 19.35. The premium over industry average may reflect growth expectations or speculative interest.

Is IRB Infrastructure Developers Ltd financially healthy?

Key indicators for IRB Infrastructure Developers Ltd: ROCE of 7.82 % is on the lower side compared to the industry average of 13.97%; ROE of 5.91 % is below ideal levels (industry average: 16.65%). Dividend yield is 0.69 %.

Is IRB Infrastructure Developers Ltd profitable and how is the profit trend?

IRB Infrastructure Developers Ltd reported a net profit of ₹6,481 Cr in Mar 2025 on revenue of ₹7,613 Cr. Compared to ₹361 Cr in Mar 2022, the net profit shows an improving trend.

Does IRB Infrastructure Developers Ltd pay dividends?

IRB Infrastructure Developers Ltd has a dividend yield of 0.69 % at the current price of ₹21.60. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in IRB Infrastructure Developers Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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