IRB Infrastructure Developers Ltd

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 91 weeks into that stage. That is −6.3% against its own 200-day average. It sits at 14% 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 (13 weeks and counting).

Today the stock is in a downtrend — week 91 of stage 4, confirmed. At ₹20.0 it trades −6.3% versus its 200-day average and sits at 14% of its 52-week range (₹20–₹22).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −16% while the NIFTY 500 moved +268% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (13 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.

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 24.6× P/E, mid-range by its own standards (55th percentile). Its long-run median P/E is 21.6×, 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 24.6× is mid-range by its own standards (55th percentile), against a long-run median of 21.6× 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.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −87.0% against a −9.8% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +19.5%/yr price move, ~+36.6%/yr came from earnings growth and ~−17.1 pp from the multiple (compressing); over 10y, of the +6.3%/yr price move, ~−1.2%/yr came from earnings growth and ~+7.5 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.

Stage: Deteriorating 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 deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −2.2% latest against +14.7% at its 12-quarter best), ROCE holding at 7.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

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.

4-Factor Sector Score

43.8/100 — rank 9 of 17 in Infra - Construction & Contracting · 82% evidence confidence

IRB Infrastructure Developers Ltd scores 43.8 out of 100 against the 17 companies it is compared with in Infra - Construction & Contracting, ranking 9. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.5 + 10.6 + 9.7 + 7 = 43.8. 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.

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

IRB Infrastructure Developers Ltd reported ₹2,137 Cr of revenue in the Jun 26 quarter, +1.8% 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 ₹7,686 Cr.

FY26 revenue came in at ₹7,648 Cr (+0.5% on the year), capping 10 years at 4.1% compound. The latest quarter (Jun 26) printed ₹2,137 Cr, +1.8% year on year.

Pace check: the last four quarters averaged −1.4% 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 −2.2% over the last 4 quarters against +0.4%/yr over the last 8 — stabilising; TTM profit −85.4% vs +24.9%/yr — rolling over.

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 54.0% in the Jun 26 quarter, +9.0 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 54.0%, +9.0 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 +8.6 pp year on year while gross margin went +10.4 pp — the gain came mostly from the gross line: input costs and pricing.

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 ₹306 Cr of net profit in the Jun 26 quarter, +51.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹850 Cr. The 10-year compound rate is 2.9%. That is 14.3% of the quarter's revenue. The same quarter a year earlier earned ₹202 Cr.

Jun 26 profit was ₹306 Cr, +51.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹850 Cr (−86.9%), and the 10-year compound rate is 2.9%.

Why profit moved: revenue contributed +1.8% and the margin +9.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +8.4% vs revenue −1.4%. 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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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