IRB Infrastructure Developers Ltd Stock Analysis

BSE: 532947 | NSE: IRB | Engineering - Construction | Small Cap

BSE Share Price 29-Sep-2023 18:02
31.60 -0.04 (-0.13%)

DeciZen - Make an Informed Decision on IRB Infra.&Developer

Overall Rating

1. Quality

2. Valuation


3. Price Trend

IRB Infra.&Developer Price Chart

P/E Ratio (SA):
Market Cap:
19,083.2 Cr.
52-wk low:
52-wk high:
Bole Toh?

1. Is IRB Infrastructure Developers Ltd a good quality company?

Past 10 year’s financial track record analysis by Moneyworks4me indicates that IRB Infrastructure Developers Ltd is a below average quality company.

2. Is IRB Infrastructure Developers Ltd undervalued or overvalued?

The key valuation ratios of IRB Infrastructure Developers Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is IRB Infrastructure Developers Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of IRB Infrastructure Developers Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

10 Year X-Ray of IRB Infra.&Developer:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
IRB Infrastructure Developers Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation

Value Creation Index Colour Code Guide

ROCE % 12.2%7.6%9.8%7.3%8.5%6.5%5.7%4.5%6.1%4.2%-
Value Creation Index -0.1-0.5-0.3-0.5-0.4-0.5-0.6-0.7-0.6-0.7-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 2,2141,9572,7743,4222,9003,3853,9922,7502,6004,1603,765
YoY Gr. Rt. %--11.6%41.7%23.4%-15.2%16.7%17.9%-31.1%-5.5%60%-
YoY Gr. Rt. %--55.2%112.8%-31.3%119.3%-25.6%-15.1%-32.9%0%5.7%-
BVPS (₹)
Adj Net Profit 288138292201440328279187317337332
Cash Flow from Ops. 514648536619-1,7271,065-4251,422-291250-
Debt/CF from Ops.


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.3%7.5%1.4%60%
Adj EPS -4.8%-14.8%-10.8%5.7%
Share Price 15.1% 17% 41.3% 51.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on Equity %
Op. Profit Mgn % 10.310.38.510.91113.413.113.72610.46.9
Net Profit Mgn %
Debt to Equity
Working Cap Days 4456665573413663563696276975470
Cash Conv. Cycle 2121-47-102-66-16-38-96-124-580

Recent Performance Summary

Debt to equity has declined versus last 3 years average to 0.65

Sales growth is good in last 4 quarters at 50.70%

Return on Equity has declined versus last 3 years average to 3.70%

Sales growth has been subdued in last 3 years 1.39%

Net Profit has been subdued in last 3 years -10.84%

Latest Financials - IRB Infrastructure Developers Ltd.

Standalone Consolidated
TTM EPS (₹) 0.6 0.8
TTM Sales (₹ Cr.) 3,765 6,111
BVPS (₹.) 15 22.5
Reserves (₹ Cr.) 8,459 12,962
P/BV 2.11 1.41
PE 57.59 38.90
From the Market
52 Week Low / High (₹) 20.28 / 35.00
All Time Low / High (₹) 4.60 / 35.00
Market Cap (₹ Cr.) 19,083
Equity (₹ Cr.) 603.9
Face Value (₹) 1
Industry PE 36.3

Management X-Ray of IRB Infra.&Developer :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *17.3117.1017.1049.3849.3849.1249.1249.1249.1249.11
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of IRB Infra.&Developer

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)


IRB Infrastructure Developers Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of IRB Infra.&Developer on 29-Sep-2023 18:02 is : 31.60.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2023 18:02 the market cap of IRB Infra.&Developer stood at ₹ 19,083.2.
The latest PE ratio of IRB Infra.&Developer as of 29-Sep-2023 18:02 is 57.59.
The latest PB ratio of IRB Infra.&Developer as of 29-Sep-2023 18:02 is 2.11
The 52-week high of IRB Infra.&Developer is ₹ 35.00 and the 52-week low is ₹ 20.28.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of IRB Infra.&Developer is ₹ 3,765 ( Cr.) .

About IRB Infrastructure Developers Ltd

Incorporated way back in year 1998, IRB Infrastructure Developers Ltd. has become India’s leading and one of the largest Infrastructure Developing Company in BOT Space, committed to the Roads & Highway sector. Ever since the first ever project completed by the Company, is actions have been guided by the sole objective of delivering value.

Over the years, it has reinforced commitment by delivering large, technically complex projects across India, on difficult terrains and in a tough industry environment. Building seamless connections and facilitating Socio-Economic-Cultural developments, the company is proud to be part of India’s transformation.

Business area of the company

IRB Infrastructure Developers is among India’s leading infrastructure developers specialising in roadways and highways. It enjoys robust in-house integrated project execution capabilities - Engineering, Procurement and Construction (EPC) and Operation and Maintenance (O&M) - across all its business verticals.

Products & services offered by the company

  • Highway Projects
  • BOT Projects
  • HAM Projects
  • TOT Projects
  • Airport Divison
  • Equipment & Technology


FY 2018-19

  • ET Edge Maharashtra Achievers’ Award 2018 - Best Infra Person of the Year
  • Asia's Dream Company to Work for Award 2018
  • Construction Times Awards 2018 - Best BOT Project of the Year - Solapur-Yedeshi Project
  • EPC Company of the Year 2018 Award conferred on by the EPC World
  • EPC World Award 2019 - BEST EPC Company of the Year
  • National Best Employer Brand in Construction and Engineering Sector at the World HRD Congress

FY 2019-20

  • Young Turk of the Year- Mr. Virendra D. Mhaiskar, Chairman & Managing Director of IRB, was chosen as the “Young Turk of the Year” at the 6th Edition of CNBC TV18 India Business Leader Awards presented by Honorable Finance Minister, Shri Prana Mukherjee on December 11, 2010 at Mumbai.
  • FinanceAsia Achievement Award 2017- Best India Deal’ Award by Hong Kong based FinanceAsia, on successfully launching and listing India’s first InvIT IPO and raising Rs 50 billion.
  • ET Edge Maharashtra Achievers’ Award 2018 was conferred on to Shri Virendra D. Mhaiskar. Chairman & Managing Director, IRB Infrastructure Developers Ltd.,as ‘The Best Infra Person of the Year’ for his visionary leadership as well as valuable contribution to the Infrastructure Sector.
  • Construction Times Award by Construction Times & Equipment Times, for Solapur Yedeshi Project under category - Best BOT (Road Project of the Year) 2018.
  • National Best Employer Brand in the construction and engineering Sector at the World HRD Congress
  • CNBC TV 18 Essar Steel Infrastructure Excellence Award IRB has been awarded the CNBC TV18 Essar Steel Infrastructure Excellence Award in the Highways & Flyovers category for Mumbai - Pune section of National Highways (NH-4). This award was in recognition of the high-quality work implemented on the development and maintenance of the Mumbai-Pune section of NH-4.



  • IRB Infrastructure Developers Limited incorporated


  • Upfront payment of Rs 9,180 million to MSRDC for Mumbai - Pune Project


  • Upfront payment of Rs 5,040 million to NHAI for Bharuch - Surat


  • Successful launch of IRB Infrastructure Developers Limited IPO
  • Raised Rs 9,445.7 million


  • First ever Airport Project in IRB’s portfolio
  • Greenfield Airport Project in Sindhudurg, Maharashtra.
  • Project Development Agreement executed with MIDC
  • Awarded Surat - Dahisar Project, the first mega highway project of the country
  • Awarded Integrated Road Development (IRD) programme in Kolhapur city
  • Awarded 3 National Highways Authority of India (NHAI) Projects:
  • Amritsar - Pathankot,Punjab
  • Talegaon - Amravati, Maharashtra
  • Jaipur - Deoli, Rajasthan


  • Awarded Tumkur Chitradurga BOT Project of NHAI on DBFOT pattern in the state of Karnataka.


  • Awarded “Ahmedabad Vadodara Project”, the First ever Ultra Mega project of NHAI on BOT basis & DBFOT pattern in the state of Gujarat


  • Awarded “Goa/ Karnataka Border to Kundapur Project on NH-17 in the state of Karnataka


  • Acquired M.V.R. Infrastructure and Tollways Pvt. Ltd
  • Awarded 3 NHAI Projects on DBFOT Pattern
  • Soalpur - Yedeshi (Maharashtra)
  • Yedeshi - Aurangabad (Maharashtra)
  • Kaithal -Rajasthan Border (Rajasthan)


  • Awarded project of Six Laning of Agra - Etawah section of NH-2
  • Successfully raised Rs 4,400.06 million by way of QIP


  • Awarded 3 Nos. of Six Laning Projects of NHAI on DBFOT Pattern in the state of Rajasthan
  • Udaipur to Gujarat Border section on NH-8
  • Gulabpura to Chittorgarh section on NH-79
  • Kishangarh to Gulabpura section of NH-79


  • Achieved COD for Kaithal - Rajasthan Border four laning highway project.
  • Successfully Launched India’s first ever Infrastructure Investment Trust Fund and raised Rs 5032 crore
  • Executed Concession Agreement with NHAI for Kishangarh - Gulabpura Section of NH-79 & NH-79A


  • Bagged Hapur - Moradabad Bypass Project of 99.867 Kms under BOT space in UP, with Cost Outlay of Rs 3,400 crore
  • Bagged Padra - Kim project of 23.740 Kms stretch on upcoming Vadodara - Mumbai Expressway in Gujarat under Hybrid Annuity (HAM) with Cost Outlay of Rs 2,043 crore
  • Achieved COD for Solapur - Yedeshi four laning highway project in Maharashtra


  • Achieved COD for Yedeshi - Aurangabad four laning highway project in Maharashtra


  • Bagged Gandeva - Ena project of 27.500 Kms stretch on upcoming Vadodara - Mumbai Expressway in Gujarat, under the Hybrid Annuity Model (HAM) with Cost Outlay of Rs 1,755 crore
  • Achieved Financial Closure for prestigious Mumbai Pune Expressway Concession through a single largest debt tie-up of Rs 6,610 crore, in the stipulated time, amidst COVID-19 pandemic
  • Upfront payment of the 1st Installment of Rs 6,500 crore made to the MSRDC out of the total consideration of Rs 8,262 crore
  • Achieved COD for its Goa/Karnataka Border - Kundapur four laning highway project
  • Bagged prestigious Mumbai - Pune Expressway and Old Mumbai Pune NH-48 Projects under Toll-Operate-Transfer model.
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