IRB Infra Expects Strong Toll Revenue Boost After Rs 9,270 Crore NHAI Order Win

IRB Infrastructure Ltd. is eyeing a strong uptick in toll collections and a steady overall revenue growth after securing a Rs 9,270 crore order from the National Highways Authority of India (NHAI) for a 20-year project, according to the company's management.

Anil Yadav, CEO (Business Development & Investments) at IRB Infrastructure, believes IRB Infra is closing in on Rs 1 lakh crore asset base mark, thus strengthening its position as one of India's largest road and highway developers.

Speaking to NDTV Profit, Yadav said the new asset will meaningfully expand the company’s toll portfolio.

“This order is expected to increase the toll revenue of the group by 8–10%. After addition of the asset, we expect toll revenue of 18–20%,” he said.

When asked about the timeline of the project, Yadav revealed that the project could bringing in topline beginning from the 'next full financial year'.

"Project is expected to close by the end of this financial year and revenue will start coming from next full financial year," he said.

IRB Infra sees consistent growth visibility from FY27 onward, thanks in part to the fresh order from NHAI, adding that it could boost growth to 18-20% levels.

“From next FY, we can look at revenue growth coming from this asset around 8–10%. For the same period, we expect growth of around 18–20%, thanks to this project,” he said.

IRB’s order pipeline remains strong. with Yadav noting that the company sees a Rs 55,000-crore opportunity in (Build-to-operate) BOT and (Toll-to-operate) TOT segments, supported by its existing pan-India presence across highways, tolling and O&M operations.

On ongoing construction activity, Yadav noted weather-related delays.
“Q2 construction revenue was impacted by extended monsoons,” he said, adding that Rs 4,000 crore worth of orderbook will be executed in FY26.

IRB has also ramped up its operations and maintenance execution.
“We have moved to 25–30% execution for O&M versus 8–10% earlier,” Yadav said.

Despite the expansion, leverage remains comfortable for the company. “Our net debt-equity ratio is 0.6x,” he said.

With an asset base set to cross Rs 90,000 crore, a 42% share of India’s TOT market and a long residual concession life, IRB Infra expects sustained growth going forward.