Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

IRB Infrastructure Developers Ltd

IRB
Infra - Construction & Contracting

IRB Infrastructure Developers Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: the price moved −16.7% in a year while annual EPS moved −87.0% — the difference is re-rating, and re-rating has to be repaid with earnings.

The price is in a downtrend (89 weeks in) while the P/E sits at the 58th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +37.7% year on year, and 102% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.

Stage
Mixed
partial read
Price
₹20.0
−16.7% 1Y
P/E
26.9×
58th pctile
of its own 10-year range
Revenue (Mar 26)
₹1,927 Cr
−10.3% YoY
Profit (Mar 26)
₹296 Cr
+37.7% YoY
Operating margin
56.0%
+10.0 pp YoY
ROCE
7%
FY26
Cash conversion
102%
of profit, last 3 FY
Withheld from this page: Part of this page is deliberately not drawn: its two data sources disagree by up to 3.2% on reported income across 14 comparable periods, so nothing from the second source is placed here — the PEG ratio and its quarterly curve, the quarterly return curves, the annual return-on-invested-capital overlay, the total-debt and debt-to-equity series and the F-score and the return-on-invested-capital reading are absent for that reason. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data. The quarterly history also begins where the primary source begins: 6 earlier quarters the second source carries are not spliced in front of it. Extending a reported profit series is stricter than showing a ratio chart — it needs a source that has been checked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

IRB Infrastructure Developers Ltd trades at ₹20.0, in a downtrend and 89 weeks into that stage. That is −7.0% against its own 200-day average. It sits at 6% of a 52-week range of ₹20 to ₹22. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (11 weeks and counting).

Today the stock is in a downtrend — week 89 of stage 4, confirmed. At ₹20.0 it trades −7.0% versus its 200-day average and sits at 6% of its 52-week range (₹20–₹22).

Jul 26: ₹20.0 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−7.0% versus the 200-day line, week 89 of stage 4
Price50-day avg200-day avg
S2S4₹40.5₹33.0₹25.5₹18.1₹10.6₹20₹22Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4₹40.5₹33.0₹25.5₹18.1₹10.6₹20₹22Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (543 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Apr 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −16% while the NIFTY 500 moved +266% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 weeks and counting; last ahead the week of 2026-06-04) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 58th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

IRB Infrastructure Developers Ltd trades at 26.9× P/E, mid-range by its own standards (58th percentile). Its long-run median P/E is 21.4×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 26.9× is mid-range by its own standards (58th percentile), against a long-run median of 21.4× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 26.9× vs a 21.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 64× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (58th percentile)
P/EMedianEPS (TTM) (quarterly)
69.1×₹1.951.8×₹1.434.6×₹1.017.3×₹0.50.0×₹0.0×26.90×₹1Feb 16Sep 18May 21Jan 24Jul 26
69.1×₹1.951.8×₹1.434.6×₹1.017.3×₹0.50.0×₹0.0×26.90×₹1Feb 16May 21Jul 26
P/E
26.9×
58th percentile of 10y

🚨 Why the multiple sits where it does: over the past year annual EPS moved −87.0% against a −16.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +16.7%/yr price move, ~+33.8%/yr came from earnings growth and ~−17.1 pp from the multiple (compressing); over 10y, of the +6.3%/yr price move, ~−2.2%/yr came from earnings growth and ~+8.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 3.2% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

IRB Infrastructure Developers Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 7.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
33%332%22%217%9.9%102%−1.8%−13%−14%−128%%%−10.3%37.7%−86.8%Jun 23Sep 24Mar 26
33%332%22%217%9.9%102%−1.8%−13%−14%−128%%%−10.3%37.7%−86.8%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
9.2%8.6%8.0%7.4%6.8%%7%FY23FY24FY26
9.2%8.6%8.0%7.4%6.8%%7%FY23FY24FY26
Revenue growth
Falling
latest −10.3% · span −10.3% to +30.0%
Profit growth
Steady high
latest +37.7% · span −96.5% to +96.5%
ROCE
Stuck low
latest 7.0% · span 7.0%–9.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +0.5% in FY26, profit −86.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
38%331%21%219%5.3%107%−11%−5.7%−27%−118%%%0.5%−86.9%FY16FY21FY26
38%331%21%219%5.3%107%−11%−5.7%−27%−118%%%0.5%−86.9%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+0.5%) with the last 8 annualized (+1.6%). Spikes shown pinned (▲).
revenue stabilising, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
16%331%12%218%7.6%106%3.5%−6.6%−0.6%−119%%%0.5%−86.9%Jun 23Sep 24Mar 26
16%331%12%218%7.6%106%3.5%−6.6%−0.6%−119%%%0.5%−86.9%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+0.5%+6.1%+7.6%+4.1%
Profit−86.9%+5.7%+48.7%+2.9%
EPS−87.0%+5.3%+32.7%−2.6%
Share price−16.7%+16.5%+16.7%+6.3%
Revenue YoY (Mar 26)
−10.3%
latest quarter vs a year ago
Profit YoY (Mar 26)
+37.7%
latest quarter vs a year ago
Revenue 10y
4.1%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

41.8/100 — rank 11 of 17 in Infra - Construction & Contracting · 83% evidence confidence

IRB Infrastructure Developers Ltd scores 41.8 out of 100 against the 17 companies it is compared with in Infra - Construction & Contracting, ranking 11. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.9 + 10 + 9.5 + 5.4 = 41.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

IRB Infrastructure Developers Ltd reported ₹1,927 Cr of revenue in the Mar 26 quarter, −10.3% year on year. Over 10 years it has compounded at 4.1% a year. The last full year, FY26, came in at ₹7,648 Cr. The last four reported quarters add to ₹7,648 Cr.

IRB Infrastructure Developers Ltd reported ₹1,927 Cr of revenue in the Mar 26 quarter, −10.3% year on year. Over 10 years it has compounded at 4.1% a year. The last full year, FY26, came in at ₹7,648 Cr. The last four reported quarters add to ₹7,648 Cr.

FY26 revenue came in at ₹7,648 Cr (+0.5% on the year), capping 10 years at 4.1% compound. The latest quarter (Mar 26) printed ₹1,927 Cr, −10.3% year on year.

FY26 revenue ₹7,648 Cr (+0.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
4.1% a year over 10 years
RevenueYoY growth
8.3k38%6.2k21%4.1k5.3%2.1k−11%0−27%₹ Cr%₹7,6480.5%FY16FY21FY26
8.3k38%6.2k21%4.1k5.3%2.1k−11%0−27%₹ Cr%₹7,6480.5%FY16FY21FY26
Mar 26: ₹1,927 Cr (−10.3% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
2.3k33%1.7k22%1.2k9.9%580−1.8%0−14%₹ Cr%₹1,927−10.3%Jun 23Sep 24Mar 26
2.3k33%1.7k22%1.2k9.9%580−1.8%0−14%₹ Cr%₹1,927−10.3%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +1.5% growth against the decade's 4.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +0.5% over the last 4 quarters against +1.6%/yr over the last 8 — stabilising; TTM profit −86.9% vs +18.4%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 56.0% this quarter (+10.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

IRB Infrastructure Developers Ltd's operating margin is 56.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 41.0% to 58.0%. The current quarter sits inside that band.

IRB Infrastructure Developers Ltd's operating margin is 56.0% in the Mar 26 quarter, +10.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 41.0% to 58.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 56.0%, +10.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 41.0%–58.0%.

Why the margin moved: operating margin went +9.8 pp year on year while gross margin went +7.7 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 52.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 41.0–58.0% band over 13 years
operating marginYoY change (pp)
59%13%54%7.0%50%1.5%45%−4.0%40%−9.5%%%52%6%FY14FY20FY26
59%13%54%7.0%50%1.5%45%−4.0%40%−9.5%%%52%6%FY14FY20FY26
Mar 26: 56.0% operating margin (+10.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
58%11%52%6.2%47%1.0%41%−4.2%35%−9.4%%%56%10%Jun 23Sep 24Mar 26
58%11%52%6.2%47%1.0%41%−4.2%35%−9.4%%%56%10%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +37.7% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

IRB Infrastructure Developers Ltd earned ₹296 Cr of net profit in the Mar 26 quarter, +37.7% year on year. Full-year FY26 profit was ₹850 Cr. The 10-year compound rate is 2.9%. That is 15.4% of the quarter's revenue. The same quarter a year earlier earned ₹215 Cr.

IRB Infrastructure Developers Ltd earned ₹296 Cr of net profit in the Mar 26 quarter, +37.7% year on year. Full-year FY26 profit was ₹850 Cr. The 10-year compound rate is 2.9%. That is 15.4% of the quarter's revenue. The same quarter a year earlier earned ₹215 Cr.

Mar 26 profit was ₹296 Cr, +37.7% year on year. On the full year, FY26 printed ₹850 Cr (−86.9%), and the 10-year compound rate is 2.9%.

FY26 profit ₹850 Cr (−86.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
2.9% a year over 10 years
Net profitYoY growth
7.0k1,054%5.2k748%3.5k441%1.7k135%0−171%₹ Cr%₹850−86.9%FY16FY21FY26
7.0k1,054%5.2k748%3.5k441%1.7k135%0−171%₹ Cr%₹850−86.9%FY16FY21FY26
Mar 26: ₹296 Cr (+37.7% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
6.5k3,380%4.9k2,447%3.3k1,513%1.6k579%0−354%₹ Cr%₹29637.7%Jun 23Sep 24Mar 26
6.5k3,380%4.9k2,447%3.3k1,513%1.6k579%0−354%₹ Cr%₹29637.7%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed −10.3% and the margin +10.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +6.6% vs revenue +1.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 102% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 102% of IRB Infrastructure Developers Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,098 Cr of operating cash against ₹850 Cr of profit. After ₹425 Cr of capital spending, ₹1,673 Cr was left as free cash.

FY26: operating cash of ₹2,098 Cr against reported profit of ₹850 Cr, leaving free cash of ₹1,673 Cr after ₹425 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 102% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹2,098 Cr vs profit ₹850 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY17/FY20 reflects an acquisition year — point shown clipped.
102% of 3-year profit arrived as cash
Operating cashNet profitFree cash
7.3k4.3k1.3k−1.7k−4.8k₹ Cr₹2,098₹850₹1,673FY16FY21FY26
7.3k4.3k1.3k−1.7k−4.8k₹ Cr₹2,098₹850₹1,673FY16FY21FY26
FY26: CFO = 247% of profit (three-year rate 102%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
322%243%165%87%8.4%%247%FY16FY21FY26
322%243%165%87%8.4%%247%FY16FY21FY26

Why conversion sits at 102%: the cash cycle stretched 358 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 22-day cycle and ₹587 Cr of building.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

IRB Infrastructure Developers Ltd's cash conversion cycle runs 22 days in FY26, up from −336 days in FY21. Capital spending ran ₹587 Cr over the last 3 years. At FY26 sales of ₹7,648 Cr each day of that cycle holds about ₹21.0 Cr, so roughly ₹461 Cr sits inside the business at any moment.

FY26: debtors at 7 days, inventory at 48 days — roughly 1.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 22 days, looser than FY21's −336.

The full loop: cash goes out to suppliers and production on day 0; stock waits 48 days to sell; customers pay about 7 days after that; and suppliers themselves are paid at 33 days — netting out to the 22-day cycle.

In money terms: at FY26 sales of ₹7,648 Cr, each day of the cycle holds about ₹21.0 Cr — so the 22-day loop keeps roughly ₹461 Cr sitting inside the business at any moment.

FY26: a 22-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+358 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
733446159−128−415days22d48d7d33dFY14FY17FY20FY23FY26
733446159−128−415days22d48d7d33dFY14FY20FY26

On the investment side: capital spending of ₹587 Cr over the last 3 fiscal years against ₹3,175 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹425 Cr, work-in-progress ₹4.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
steady investment
CapexWork-in-progress
8.0k3.7k−696−5.0k−9.4k₹ Cr₹425₹4FY16FY18FY21FY23FY26
8.0k3.7k−696−5.0k−9.4k₹ Cr₹425₹4FY16FY21FY26

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7%.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

IRB Infrastructure Developers Ltd earns a ROCE of 7% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 11.1% net margin on 0.14× asset turns.

FY26 ROCE is 7%.

Why the return is what it is — the wiring (FY26): 11.1% net margin × 0.14× asset turns × 2.58× balance-sheet leverage ≈ 4.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

FY26: ROCE 7% Return on capital employed by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the full ladder
ROCEWACC
15%13%11%8.5%6.4%%7%FY14FY17FY20FY23FY26
15%13%11%8.5%6.4%%7%FY14FY20FY26

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 3.2% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.96.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

IRB Infrastructure Developers Ltd carries ₹20,027 Cr of borrowings against ₹20,949 Cr of equity in FY26, a debt-to-equity of 0.96. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹19,219 Cr to ₹20,027 Cr. Capital spending ran ₹587 Cr across the last 3 of those years.

FY26: borrowings of ₹20,027 Cr against equity of ₹20,949 Cr — a debt-to-equity of 0.96. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹19,219 Cr to ₹20,027 Cr while capital spending ran ₹587 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹20,027 Cr at 0.96× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 13-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
22.2k3.4×16.7k2.8×11.1k2.1×5.6k1.4×00.8×₹ Cr×₹20,0270.96×FY14FY17FY20FY23FY26
22.2k3.4×16.7k2.8×11.1k2.1×5.6k1.4×00.8×₹ Cr×₹20,0270.96×FY14FY20FY26

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 3.2% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 2.1 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 2.1 points of IRB Infrastructure Developers Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 43.9% of the company. Domestic institutions moved +2.0 points over the same window, to 10.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −2.1 points over 8 quarters to 43.9%; Domestic institutions: +2.0 points over 8 quarters to 10.1%; Promoters: +0.4 points over 8 quarters to 30.8%.

Why the register moved: rotation — foreign institutions −2.1 points against domestic institutions +2.0 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −3.6 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
50%39%27%16%4.6%%30.8%43.8%10.0%15.3%Mar 24Mar 25Mar 26
50%39%27%16%4.6%%30.8%43.8%10.0%15.3%Mar 24Mar 25Mar 26
Foreign institutions cut 2.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
50%39%27%16%4.2%%30.8%43.9%10.1%15.2%Sep 23Mar 25Jun 26
50%39%27%16%4.2%%30.8%43.9%10.1%15.2%Sep 23Mar 25Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

IRB Infrastructure Developers Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Infra - Construction & Contracting Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
IRB Infrastructure Developers Ltd this page26.9×₹23,685 CrMixed
Larsen & Toubro Ltd31.7×₹5.2L CrMixed
Rail Vikas Nigam Ltd53.5×₹46,815 CrMixed
NBCC (India) Ltd38.3×₹25,337 CrMixed
Cemindia Projects Ltd42.1×₹24,755 CrConsistent
PNC Infratech Ltd13.6×₹6,111 CrTurning around
Hindustan Construction Company Ltd40.8×₹5,614 CrNo read
H.G. Infra Engineering Ltd11.8×₹3,499 CrMixed
KNR Constructions Ltd7.8×₹3,409 CrImproving
Patel Engineering Ltd7.0×₹2,780 CrTurning around
Ramky Infrastructure Ltd11.3×₹2,568 CrImproving
Simplex Infrastructures Ltd48.0×₹1,892 CrNo read
SPML Infra Ltd22.6×₹1,692 CrNo read
Likhitha Infrastructure Ltd22.8×₹894 CrDeteriorating
Hazoor Multi Projects Ltd26.7×₹723 CrNo read
Hazoor Multi Projects Ltd13.9×₹595 CrNo read
Giriraj Civil Developers Ltd21.1×₹454 CrTurning around
Vishnu Prakash R Punglia Ltd59.9×₹412 CrDeteriorating
12 · Frequently asked questions

Frequently asked questions

What is IRB Infrastructure Developers Ltd's share price today?

IRB Infrastructure Developers Ltd trades at ₹20.0, −16.7% over the past year. The company is valued at ₹23,685 Cr. The stock sits at 6% of its 52-week range of ₹20–₹22, −7.0% versus its 200-day average. On the tape, the price is in a downtrend, 89 weeks in. — as of 24 July 2026.

What were IRB Infrastructure Developers Ltd's latest quarterly results?

IRB Infrastructure Developers Ltd reported revenue of ₹1,927 Cr and net profit of ₹296 Cr for the Mar 26 quarter. Revenue fell 10.3% and profit rose 37.7% year on year. Earnings per share were ₹0.25. The operating margin was 56.0%, 10.0 pp higher than a year earlier. — as of 24 July 2026.

What is IRB Infrastructure Developers Ltd's revenue?

IRB Infrastructure Developers Ltd reported revenue of ₹1,927 Cr in the Mar 26 quarter, −10.3% year on year. For the full FY26 fiscal year, revenue was ₹7,648 Cr (+0.5%). Over the last 10 years revenue compounded at 4.1% a year. — as of 24 July 2026.

What is IRB Infrastructure Developers Ltd's profit?

IRB Infrastructure Developers Ltd earned ₹296 Cr of net profit in the Mar 26 quarter, +37.7% year on year. Full-year FY26 profit was ₹850 Cr. The operating margin ran 56.0% in the latest quarter. — as of 24 July 2026.

What is IRB Infrastructure Developers Ltd's market cap?

IRB Infrastructure Developers Ltd's market capitalisation is ₹23,685 Cr at a share price of ₹20.0. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is IRB Infrastructure Developers Ltd's P/E ratio?

IRB Infrastructure Developers Ltd trades at a P/E of 26.9×, at the 58th percentile of its own 10-year range, against a long-run median of 21.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does IRB Infrastructure Developers Ltd pay a dividend?

Yes — IRB Infrastructure Developers Ltd's dividend payout was 18% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is IRB Infrastructure Developers Ltd overvalued?

On its own history, IRB Infrastructure Developers Ltd looks mid-range against its own history: its P/E of 26.9× sits at the 58th percentile of its 10-year range (long-run median 21.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is IRB Infrastructure Developers Ltd growing?

Yes — IRB Infrastructure Developers Ltd is growing: latest-quarter revenue −10.3% year on year, profit +37.7%, and the margin +10.0 pp at 56.0%. The 10-year compound rates are 4.1% (revenue) and 2.9% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is IRB Infrastructure Developers Ltd performing?

IRB Infrastructure Developers Ltd is in a downtrend, 89 weeks in. Its latest quarter's revenue fell 10.3% and profit rose 37.7% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is IRB Infrastructure Developers Ltd in?

Mixed — no clean majority across the growth curves, ROCE holding at 7.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth −10.3% latest, profit growth +37.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is IRB Infrastructure Developers Ltd in an uptrend?

No — the price is in a downtrend (week 89 of stage 4), trading −7.0% versus its 200-day average and at 6% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is IRB Infrastructure Developers Ltd beating the market?

Not lately — on a trailing-13-week view IRB Infrastructure Developers Ltd is currently behind the NIFTY 500 (11 weeks and counting; last ahead the week of 2026-06-04), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved −16% against the NIFTY 500's +266% — behind the index over the full window. — as of 24 July 2026.

Will IRB Infrastructure Developers Ltd's share price go up?

This page publishes no price forecast for IRB Infrastructure Developers Ltd. What it measures instead: the share price is ₹20.0, the price is in a downtrend 89 weeks in. Its P/E of 26.9× sits at the 58th percentile of its own 10-year range. — as of 24 July 2026.

Who owns IRB Infrastructure Developers Ltd?

Promoters hold 30.8% of IRB Infrastructure Developers Ltd, foreign institutions 43.9%, domestic institutions 10.1% and the public 15.2% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 2.1 points over 8 quarters. — as of 24 July 2026.

Does IRB Infrastructure Developers Ltd have too much debt?

It is moderate — IRB Infrastructure Developers Ltd's debt-to-equity is 0.96, and operating profit covers the interest bill 2×. FY26 borrowings were ₹20,027 Cr against equity of ₹20,949 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is IRB Infrastructure Developers Ltd's capex?

IRB Infrastructure Developers Ltd spent ₹587 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹425 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is IRB Infrastructure Developers Ltd's cash flow?

IRB Infrastructure Developers Ltd generated ₹2,098 Cr of operating cash flow in FY26 and ₹1,673 Cr of free cash flow after ₹425 Cr of capital spending. Reported profit that year was ₹850 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is IRB Infrastructure Developers Ltd's profit real cash?

Yes — over the last 3 fiscal years, 102% of IRB Infrastructure Developers Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹2,098 Cr against reported profit of ₹850 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is IRB Infrastructure Developers Ltd in its business cycle?

IRB Infrastructure Developers Ltd's FY26 operating margin was 52.0%, against a 13-year band of 41.0%–58.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 56.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the IRB Infrastructure Developers Ltd story?

The sharpest disagreement: the price moved −16.7% in a year while annual EPS moved −87.0% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is IRB Infrastructure Developers Ltd a stock worth studying right now?

This is not investment advice. The machine read: IRB Infrastructure Developers Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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