IRB Infrastructure Developers Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹13.95Overvalued by 26.19%vs CMP ₹18.90

P/E (23.2) × ROE (4.3%) × BV (₹17.30) × DY (0.82%)

₹16.30Overvalued by 13.76%vs CMP ₹18.90

MoS: -16% (Negative)Confidence: 50/100 (Moderate)Models: 1 Under, 1 Fair, 5 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹16.24	30%	Over (-14.1%)
Graham Number	Earnings	₹22.32	22%	Under (+18.1%)
Net Asset Value	Assets	₹17.34	10%	Fair (-8.3%)
EV/EBITDA	Enterprise	₹13.28	12%	Over (-29.7%)
Earnings Yield	Earnings	₹12.80	10%	Over (-32.3%)
ROCE Capital	Returns	₹16.64	10%	Over (-12%)
Revenue Multiple	Revenue	₹6.30	7%	Over (-66.7%)
Consensus (7 models)		₹16.30	100%	Overvalued

Key Drivers: ROE 4.3% is below cost of equity.

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

Analysis summary

Data coverage: Price-data record updated 25 August 2026, 7:03 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹7,613.00 Cr, versus ₹7,409.00 Cr in Mar 2024 (2.8% year on year). Net profit for Mar 2025 was ₹6,481.00 Cr, versus ₹606.00 Cr in Mar 2024 (969.5% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹1,971.00 Cr against net profit of ₹6,481.00 Cr. Cash flow covered 0.30 times reported profit. The gap warrants checking receivables, working capital and one-off items in the cash-flow statement.

Balance-sheet check

Reported borrowings were ₹20,027.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

IRB Infrastructure Developers Ltd scores 61/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health51/100 · Moderate

ROCE 7.5% WeakROE 4.3% WeakD/E 1.04 High debtInterest Coverage 2.3x AdequateProfitable 5/5 available years Reported history

Smart Money75/100 · Strong

FII holding up 0.47% (6mo) Slight increaseDII holding up 0.56% MF buyingPromoter holding at 30.8% Stable

Earnings Quality85/100 · Strong

CFO/NP ratio: 1.00x Cash-backed earningsOPM 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 Rank45/100 · Moderate

P/E 23.2 vs industry 49.7 Lower P/EROCE 7.5% vs industry 15.5% Below peersROE 4.3% vs industry 10.5% Below peers3Y sales CAGR: 9% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 7:03 am

Market Cap	22,840 Cr.
Current Price	18.9
Intrinsic Value	₹16.30
High / Low	24.0/18.5
Stock P/E	23.2
Book Value	17.3
Dividend Yield	0.82 %
ROCE	7.48 %
ROE	4.31 %
Face Value	1.00
PEG Ratio	1.42

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

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

Stock P/E Current Price Intrinsic Value

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	22,840 Cr.	18.9	24.0/18.5	23.2	17.3	0.82 %	7.48 %	4.31 %	1.00
NBCC (India) Ltd	23,917 Cr.	88.6	126/77.2	35.3	10.5	1.13 %	30.3 %	20.9 %	1.00
ITD Cementation India Ltd	13,472 Cr.	784	944/468	32.9	107	0.25 %	27.6 %	21.8 %	1.00
Welspun Enterprises Ltd	10,882 Cr.	786	825/391	30.7	220	0.38 %	16.7 %	13.6 %	10.0
NCC Ltd	9,251 Cr.	147	222/130	12.8	125	1.49 %	16.8 %	9.19 %	2.00
Industry Average	15,919.37 Cr	226.69		49.71	139.99	0.23%	15.51%	10.54%	19.68

All Competitor Stocks of IRB Infrastructure Developers Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,514	1,620	1,634	1,745	1,969	2,061	1,853	1,586	2,025	2,149	2,099	1,751	1,871
Expenses	782	898	910	1,026	1,150	1,307	1,049	903	1,041	1,151	1,147	826	849
Operating Profit	732	722	724	719	819	755	804	683	984	998	952	925	1,022
OPM %	48%	45%	44%	41%	42%	37%	43%	43%	49%	46%	45%	53%	55%
Other Income	56	79	111	130	109	443	119	166	5,869	69	66	49	-2
Interest	367	373	381	435	433	615	439	434	461	458	462	451	436
Depreciation	215	222	237	233	251	274	255	231	265	286	269	262	289
Profit before tax	206	205	217	182	243	309	229	183	6,127	323	286	261	295
Tax %	31%	37%	38%	47%	23%	39%	39%	46%	2%	33%	29%	46%	29%
Net Profit	141	130	134	96	187	189	140	100	6,026	215	202	141	211
EPS in Rs	0.23	0.22	0.22	0.16	0.31	0.31	0.23	0.17	9.98	0.36	0.34	0.23	0.35

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

Quarterly Chart

Profit & Loss - Annual Report

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

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,732	3,849	5,128	5,846	5,694	6,707	6,852	5,299	5,804	6,402	7,409	7,613	7,870
Expenses	1,973	1,631	2,461	2,789	3,005	3,763	3,887	2,947	3,229	3,271	4,387	4,141	3,974
Operating Profit	1,759	2,218	2,667	3,057	2,689	2,944	2,965	2,352	2,575	3,130	3,022	3,472	3,897
OPM %	47%	58%	52%	52%	47%	44%	43%	44%	44%	49%	41%	46%	50%
Other Income	120	113	127	123	295	196	252	189	552	300	793	6,222	182
Interest	760	937	1,070	1,342	976	1,126	1,574	1,697	1,894	1,521	1,868	1,795	1,807
Depreciation	477	707	853	855	544	540	468	582	683	832	995	1,038	1,107
Profit before tax	642	686	870	984	1,464	1,473	1,175	262	550	1,077	951	6,861	1,165
Tax %	28%	21%	26%	27%	37%	42%	39%	55%	34%	33%	36%	6%
Net Profit	460	542	640	715	920	850	721	117	361	720	606	6,481	769
EPS in Rs	1.38	1.54	1.82	2.04	2.62	2.42	2.05	0.33	0.60	1.19	1.00	10.73	1.28
Dividend Payout %	29%	26%	22%	25%	19%	10%	24%	0%	0%	17%	30%	3%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
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: September 10, 2026, 1:30 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	351	351	351	351	351	351	351	604	604	604	604	604
Reserves	4,009	4,485	4,920	5,341	5,964	6,331	6,549	11,962	12,775	13,141	19,223	20,345
Borrowings	12,576	15,626	13,963	13,832	16,599	9,205	19,219	16,697	16,748	18,653	20,599	20,027
Other Liabilities	22,453	21,699	27,406	20,865	17,549	23,997	15,052	13,218	12,575	12,472	13,423	13,022
Total Liabilities	39,391	42,162	46,641	40,389	40,464	39,885	41,171	42,481	42,703	44,870	53,849	53,998
Fixed Assets	31,764	35,149	24,388	31,071	32,943	27,671	27,102	27,271	26,480	25,514	24,616	23,896
CWIP	4,835	4,020	6,806	5,648	3,797	403	673	63	8	8	1	4
Investments	9	36	146	945	645	4,146	4,799	4,904	5,141	9,642	17,097	19,328
Other Assets	2,783	2,957	15,301	2,724	3,079	7,666	8,597	10,243	11,074	9,706	12,135	10,770
Total Assets	39,391	42,162	46,641	40,389	40,464	39,885	41,171	42,481	42,703	44,870	53,849	53,998

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	1,823	2,340	3,192	2,132	2,710	3,709	867	364	1,764	4,054	1,971	2,098
Cash from Investing Activity +	-2,297	-3,144	-2,981	-2,621	-4,081	-4,932	-8,176	-1,553	-650	-3,644	375	-910
Cash from Financing Activity +	475	671	-202	410	1,438	1,388	7,520	589	-860	-477	-720	-2,702
Net Cash Flow	2	-133	9	-79	66	165	211	-601	253	-68	1,627	-1,513
Free Cash Flow	-486	-819	417	-1,838	-1,507	-1,492	-6,924	-1,010	1,354	3,816	1,776	1,417
CFO/OP	92%	99%	116%	98%	104%	138%	46%	22%	63%	142%	62%	54%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	-486.00	-819.00	417.00	-1,838.00	-1,507.00	-1,492.00	-6,924.00	-1,010.00	1,354.00	3,816.00	1,776.00	1,417.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	1	0	1	4	8	6	23	23	62	93	37	16
Inventory Days	195	218	304				277	294	246	261	263	206
Days Payable	296	196	304				622	654	296	438	607	317
Cash Conversion Cycle	-101	22	1	4	8	6	-321	-336	13	-84	-306	-95
Working Capital Days	-150	-165	-161	-144	-394	-265	-563	-166	3	3	-54	-62
ROCE %	10%	10%	10%	12%	12%	12%	14%	9%	9%	9%	9%	8%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	34.39%	34.39%	34.39%	30.42%	30.42%	30.42%	30.42%	30.42%	30.42%	30.42%	30.79%	30.81%
FIIs	47.29%	47.16%	47.21%	44.47%	45.99%	45.07%	44.31%	43.61%	43.40%	43.32%	43.84%	43.87%
DIIs	7.38%	7.85%	7.78%	7.65%	8.10%	8.57%	9.34%	10.21%	9.58%	9.97%	10.02%	10.14%
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	10.94%	10.59%	10.59%	17.46%	15.49%	15.92%	15.92%	15.74%	16.59%	16.29%	15.32%	15.17%
No. of Shareholders	3,31,140	4,65,282	8,68,966	16,98,570	17,17,191	17,17,295	17,25,502	16,72,808	16,34,099	15,84,438	15,31,356	15,25,882

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
Quant Mid Cap Fund	124,766,074	7.12	518.4	127,785,074	2026-02-23 03:43:12	-2.36%
Quant Multi Cap Fund	45,107,942	2.51	187.42	N/A	N/A	N/A
Quant Small Cap Fund	36,656,792	0.56	152.31	33,637,792	2026-02-23 03:43:12	8.98%
ICICI Prudential Infrastructure Fund	19,885,692	1.02	82.63	N/A	N/A	N/A
ICICI Prudential Multicap Fund	18,059,510	0.47	75.04	N/A	N/A	N/A
ICICI Prudential India Opportunities Fund	10,018,642	0.12	41.63	N/A	N/A	N/A
ICICI Prudential MidCap Fund	6,977,439	0.42	28.99	N/A	N/A	N/A
Bandhan Infrastructure Fund	1,857,776	0.54	7.72	284,578	2026-02-23 03:43:12	552.82%
Zerodha ELSS Tax Saver Nifty LargeMidcap 250 Index Fund	66,103	0.11	0.27	64,819	2026-02-23 03:43:12	1.98%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	1.00	1.00	1.00	10.00	10.00
Basic EPS (Rs.)	10.73	1.00	1.19	8.69	3.33
Diluted EPS (Rs.)	10.73	1.00	1.19	8.69	3.33
Cash EPS (Rs.)	12.68	3.17	2.75	21.04	24.60
Book Value[Excl.RevalReserv]/Share (Rs.)	32.83	22.76	22.15	208.07	196.35
Book Value[Incl.RevalReserv]/Share (Rs.)	32.83	22.76	22.15	208.07	196.35
Revenue From Operations / Share (Rs.)	12.61	12.27	10.60	96.10	150.76
PBDIT / Share (Rs.)	6.66	6.83	5.85	55.46	76.87
PBIT / Share (Rs.)	4.95	5.18	4.47	44.15	60.32
PBT / Share (Rs.)	11.59	2.10	1.96	12.85	12.16
Net Profit / Share (Rs.)	10.96	1.52	1.37	9.73	8.05
NP After MI And SOA / Share (Rs.)	10.73	1.00	1.19	5.98	3.33
PBDIT Margin (%)	52.85	55.66	55.15	57.70	50.98
PBIT Margin (%)	39.22	42.24	42.15	45.94	40.00
PBT Margin (%)	91.92	17.09	18.49	13.36	8.06
Net Profit Margin (%)	86.92	12.42	12.91	10.12	5.33
NP After MI And SOA Margin (%)	85.12	8.17	11.24	6.22	2.21
Return on Networth / Equity (%)	32.68	4.40	5.38	2.87	1.69
Return on Capital Employeed (%)	5.95	7.63	7.01	6.71	5.89
Return On Assets (%)	12.02	1.34	1.68	0.84	0.28
Long Term Debt / Equity (X)	0.94	1.23	1.06	1.23	2.39
Total Debt / Equity (X)	1.04	1.36	1.25	1.33	2.62
Asset Turnover Ratio (%)	0.15	0.16	0.15	0.09	0.10
Current Ratio (X)	1.58	1.24	1.62	1.78	1.05
Quick Ratio (X)	1.49	1.16	1.55	1.67	0.98
Inventory Turnover Ratio (X)	24.11	1.37	1.36	0.00	0.00
Dividend Payout Ratio (NP) (%)	3.72	27.41	10.48	0.00	0.00
Dividend Payout Ratio (CP) (%)	3.21	10.37	4.86	0.00	0.00
Earning Retention Ratio (%)	96.28	72.59	89.52	0.00	0.00
Cash Earning Retention Ratio (%)	96.79	89.63	95.14	0.00	0.00
Interest Coverage Ratio (X)	2.25	2.21	2.33	1.77	1.60
Interest Coverage Ratio (Post Tax) (X)	1.45	1.49	1.55	1.31	1.17
Enterprise Value (Cr.)	44385.64	52220.58	29492.51	30132.53	19564.61
EV / Net Operating Revenue (X)	5.83	7.05	4.61	5.19	3.69
EV / EBITDA (X)	11.03	12.66	8.35	9.00	7.24
MarketCap / Net Operating Revenue (X)	3.58	4.77	2.37	2.62	0.72
Retention Ratios (%)	96.27	72.58	89.51	0.00	0.00
Price / BV (X)	1.37	2.57	1.13	1.21	0.55
Price / Net Operating Revenue (X)	3.58	4.77	2.37	2.62	0.72
EarningsYield	0.23	0.01	0.04	0.02	0.03

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

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

IRB Infrastructure Developers Ltd: the stored intrinsic value estimate is ₹16.30, compared with a stored share price of ₹18.90. The model value is 13.8% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for IRB Infrastructure Developers Ltd?

The stored share price is ₹18.90. Price-data record updated: 25 August 2026, 7:03 am +05:30. This is not a live quote. The stored 52-week high / low is 24.0/18.5; this is a rolling range, not a financial-year range.

How have IRB Infrastructure Developers Ltd's revenue and profit changed?

Does IRB Infrastructure Developers Ltd's profit convert into cash?

What should I check in IRB Infrastructure Developers Ltd's balance sheet?

Reported borrowings were ₹20,027.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare IRB Infrastructure Developers Ltd's P/E with other stocks?

The stored P/E is 23.20. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change IRB Infrastructure Developers Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.