IRB Group Reports 24% Y-o-Y Toll Revenue Growth in April 2026, Marking a Promising Start to FY27

IRB Infrastructure Developers Ltd., along with its two sponsored Infrastructure Investment Trusts — IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT) — collectively reported a 24% year-on-year (Y-o-Y) gross toll revenue growth in April 2026, signalling a strong start to the new financial year FY27. The Group's aggregate toll revenue for April 2026 stood at Rs. 793 Crs, compared to Rs. 642 Crs recorded in April 2025. The disclosure was filed with stock exchanges on May 8, 2026, under Regulation 30.

Strong Revenue Growth Across Portfolio

The Group's combined toll collections across 24 project SPVs totalled Rs. 7,935 million in April 2026, up from Rs. 6,418 million in April 2025. The growth was attributed to strong underlying traffic trends, addition of new projects, and tariff revisions. Two new project SPVs — IRB Harihara Corridors Private Limited and IRB Chandibhadra Tollway Private Limited — commenced toll collection during the period and contributed Rs. 572 million and Rs. 237 million respectively in April 2026, with no corresponding revenue in April 2025.

Commenting on the performance, Shri Amitabh Murarka, Dy. CEO, IRB Infrastructure Developers Limited, said: "Its promising start of new financial year. We have commenced FY27 on a positive note, with revenue growth maintaining healthy momentum across our portfolio. Toll revenue for the month grew by 24% Y-O-Y, driven by strong underlying traffic trends, addition of new projects, and tariff revisions. Backed by the resilience of the Indian economy, we remain confident of sustaining this growth trajectory in the coming months as well."

Project-wise Toll Revenue Breakdown

The following table presents the project and SPV-wise gross toll collection figures for April 2026 and April 2025 (Rs. in millions):

Sr. No.	Company Name	April 2026 (Rs. In Mn)	April 2025 (Rs. In Mn)	Relationship with Entities
1	IRB MP Expressway Pvt Limited (Mumbai Pune Expressway & Old Mumbai Pune Highway NH4)	1,570	1,507	Wholly-owned Subsidiaries
2	IRB Ahmedabad Vadodara Super Express Tollway Private Limited (Ahmedabad Vadodara Expressway NE1 & Highway NH48)	787	654
3	CG Tollway Limited (Chittorgarh to Gulabpura NH79)	349	327	IRB Infrastructure Trust (Private InvIT)
4	Udaipur Tollway Limited (Udaipur to Shamlaji NH48)	279	272
5	Palsit Dankuni Tollway Private Limited (Palsit to Dankuni NH19)	249	153
6	AE Tollway Limited (Agra to Etawah NH19)	245	221
7	Yedeshi Aurangabad Tollway Limited (Yedeshi to Aurangabad NH211)	241	206
8	IRB Westcoast Tollway Limited (Karwar to Kundapura NH66)	139	129
9	Solapur Yedeshi Tollway Limited (Solapur to Yedeshi NH211)	132	113
10	IRB Golconda Expressway Private Limited (Hyderabad Outer Ring Road)	790	683
11	Samakhiyali Tollway Private Limited (Samakhiyali to Santalpur NH27)	99	120
12	IRB Lalitpur Tollway Private Limited (Lalitpur Lakhnadon NH44 – TOT 12)	410	353
13	IRB Kota Tollway Private Limited (Kota Bypass – TOT 13)	67	57
14	IRB Gwalior Tollway Private Limited (Jhansi Gwalior NH44 – TOT 13)	122	110
15	IRB Harihara Corridors Private Limited (Lucknow-Ayodhya-Gorakhpur NH27 & Lucknow-Sultanpur NH731 – TOT 17) #	572	-
16	IRB Chandibhadra Tollway Private Limited (Chandikhole Bhadrak NH16 – TOT 18) ##	237	-
17	IRB Tumkur Chitradurga Tollway Limited (Tumkur Chitradurga NH48)	374	344	IRB InvIT Fund (Public InvIT)
18	IRB Pathankot Amritsar Toll Road Limited (Pathankot Amritsar NH54)	154	141
19	IRB Jaipur Deoli Tollway Limited (Jaipur Deoli NH12)	189	168
20	M.V.R. Infrastructure & Tollways Limited (Omalur Salem Namakkal NH44)	151	146
21	IRB Talegaon Amaravati Tollway Limited (Talegaon Amaravati NH53)	88	82
22	Kaithal Tollway Limited (Kaithal to Rajasthan Border NH152/65) *	120	119
23	Kishangarh Gulabpura Tollway Limited (Kishangarh to Gulabpura NH79A & NH79) *	231	212
24	IRB Hapur Moradabad Tollway Limited (Hapur to Moradabad NH9) *	340	301
Total		7,935	6,418

Notes:

# IRB Harihara Corridors Private Limited: The Project SPV received the Appointed Date from NHAI and toll collection commenced from January 23, 2026.
## IRB Chandibhadra Tollway Private Limited: The Project SPV received the Appointed Date from NHAI and toll collection commenced from April 1, 2026.
* Kaithal Tollway Limited, Kishangarh Gulabpura Tollway Limited, and IRB Hapur Moradabad Tollway Limited: These assets were acquired by IRB InvIT Fund on November 1, 2025. The numbers for the previous period are presented only for comparison purposes.

About IRB Group

IRB Group, comprising IRB Infrastructure Developers Ltd. (Parent Company) and two listed Infrastructure Investment Trusts (InvITs) — IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT) — is India's leading and largest toll road concessionaire. The Group's assets portfolio includes 28 highways with approximately 17,500 operational lane kms and an asset base of approximately Rs. 94,000 Crs spread across 13 Indian states. Key highlights of the Group's scale and operations include:

Market share: 44% in the awarded TOT space through 6 TOT assets
Portfolio composition: Largest BOT portfolio of 18 highway assets and 4 Hybrid Annuity highway assets
Golden Quadrilateral: Approximately 16% share in India's Golden Quadrilateral connectivity
North-South connectivity: Approximately 12% share in North-South highway connectivity
Daily traffic: Around 1.5 million vehicles across all highway assets
National toll contribution: Around 10% of national toll revenue
FASTag penetration: Robust 97% FASTag penetration through approximately 1,000 FASTag compliant lanes at 86 toll plazas

InvIT Portfolio Overview

IRB Infrastructure Trust (Private InvIT), sponsored by IRB Infrastructure Developers Ltd. and registered under SEBI's Infrastructure Investment Trusts Regulations 2014, operates and manages 14 highway assets with 10,674 lane kms and an enterprise value of approximately Rs. 66,000 Crs across the states of Maharashtra, Rajasthan, Gujarat, Goa, Karnataka, Uttar Pradesh, West Bengal, Telangana, Madhya Pradesh, and Odisha. The weighted average life of these assets is 20 years plus.

IRB InvIT Fund (Public InvIT), the first Infrastructure Investment Trust sponsored by IRB Infrastructure Developers Ltd. and registered under SEBI's Infrastructure Investment Trust Regulations 2014, operates and manages 10 highway assets — including 8 BOT and 2 HAM projects — with 4,445 lane kms and an enterprise value of approximately Rs. 17,600 Crs across the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Haryana, and Uttar Pradesh. The weighted average life of these assets is 18 years plus.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.15%	-0.56%	+4.23%	-3.73%	-5.05%	+301.12%

irb infrastructure developers announced through its associate IRB Infrastructure Trust that Meerut Budaun Expressway Limited, the project SPV for Ganga Expressway Group 1, will commence trial run traffic operations on the Meerut to Budaun corridor from April 30, 2026. The announcement follows the inauguration of the six-lane greenfield Ganga Expressway by Prime Minister Narendra Modi on April 29, 2026. Toll collection on the corridor is expected to commence soon after the trial runs.

Project Details

The Meerut-Budaun corridor represents Group 1 of the Ganga Expressway project, featuring the following specifications:

Parameter	Details
Project Length	129.7 Kms – 6 Lane Greenfield Expressway
Project Cost	Rs.6,538Crs
Viable Gap Funding	Rs.1,746Crs
Project Financing from Consortium of Lenders	Rs.2,659Crs
Equity by IRB Infrastructure Trust	Rs.2,133Crs
Concession Period	30 Years (Extendable to 36 Years)

The corridor traverses through six districts of Uttar Pradesh: Meerut, Hapur, Bulandshahar, Amroha, Sambhal and Budaun. Major structures include a 1 km long Ganga River Bridge, 9 major flyovers, 5 major bridges, 5 interchange flyovers, 14 minor bridges and 90 vehicular underpasses.

Strategic Impact

Virendra D. Mhaiskar, Chairman and Managing Director of IRB Group, highlighted that the corridor will significantly enhance regional connectivity and drive economic growth while enabling more efficient travel through reduced time, cost and environmental impact. The expressway provides the fastest road connectivity between the National Capital Region (NCR) and Eastern Uttar Pradesh and Bihar, reducing travel time by almost 50%.

The project offers easy access for Northern States, Punjab, Haryana and Delhi through Meerut via the Delhi-Meerut Expressway and Eastern Peripheral Expressway. It is expected to improve logistics and trade for agriculture and industrial sectors of Punjab and Haryana, de-congest the NCR and Delhi, and promote religious tourism through connectivity to pilgrimage places like Varanasi and Prayagraj.

IRB Group Portfolio

With the commissioning of this project, all projects in IRB Infrastructure Trust's portfolio are revenue generating. IRB Group has invested a total of approximately Rs.25,000 crore across five highways in Uttar Pradesh comprising three BOT and two TOT projects, all of which are now operational. These include the Agra-Etawah BOT Project, Hapur-Moradabad BOT Project, Lucknow-Ayodhya-Gorakhpur TOT Project, and Lucknow Sultanpur TOT Project.

IRB Group, comprising IRB Infrastructure Developers Limited and two listed Infrastructure Investment Trusts (IRB Infrastructure Trust and IRB InvIT Fund), is India's largest toll road concessionaire with an assets portfolio of 28 highways having approximately 17,500 operational lane kms and an asset base of approximately Rs.94,000 crore spread across 13 Indian states.