IRB Infrastructure Developers has reported robust operational performance with its March 2026 gross toll collection reaching Rs.783.50 crores, representing a significant 21% year-over-year growth from Rs.648.90 crores in March 2025. The company disclosed this performance under Regulation 30 through a comprehensive project-wise revenue breakdown.

Strong Revenue Performance

The infrastructure major's toll collection operations demonstrated substantial growth momentum during March 2026, with the 21% increase reflecting improved traffic volumes and operational efficiency across its extensive portfolio of 23 operational toll road projects.

Project-wise Revenue Breakdown

The company's diversified portfolio spans across multiple states with IRB MP Expressway Private Limited leading revenue generation at Rs.165.10 crores, followed by IRB Ahmedabad Vadodara Super Express Tollway at Rs.81.00 crores. Notable additions include IRB Harihara Corridors Private Limited, which commenced toll collection from January 23, 2026, contributing Rs.53.60 crores.

Market Leadership Position

According to Deputy CEO Amitabh Murarka, the company reported annual toll revenue of Rs.8,323 crores for FY26, representing 10% market share of India's total toll revenue of Rs.82,900 crores. The group operates 28 highways with approximately 17,500 operational lane kilometers across 13 Indian states.

Business Structure and Growth Outlook

The IRB Group comprises the parent company and two Infrastructure Investment Trusts - IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT). The company's portfolio includes wholly-owned subsidiaries and InvIT-managed assets, with recent commissioning of new TOT assets in Odisha and expected commissioning of Ganga Expressway in Uttar Pradesh driving future growth prospects.

Management expressed optimism for FY27, citing improved growth trajectory driven by new assets and revised toll tariffs on existing ones, positioning the company for continued operational excellence in India's highway infrastructure sector.

IRB Infrastructure Developers Limited has received a credit rating outlook upgrade from India Ratings and Research (Ind-Ra), which revised the company's outlook to Positive from Stable while affirming existing ratings. The development was communicated to stock exchanges through a regulatory filing under Regulation 30.

Rating Details and Instrument Breakdown

The rating agency maintained the company's issuer rating at IND AA- while upgrading the outlook. The comprehensive rating action covers multiple financial instruments with varying sizes and terms.

Bank Facility Composition

The bank loan facilities worth INR12,899 million represent a reduction from the previous INR15,419 million. These facilities comprise specific components that support the company's operational and capital requirements.

The bank facilities include:

• Non-fund based working capital limit of Rs.10,500 million
• Term loan of Rs.2,399 million

Regulatory Compliance and Communication

The rating update was formally communicated to both BSE Limited and National Stock Exchange of India Limited as part of mandatory disclosure requirements. The company referenced its scrip code 532947 and trading symbol IRB in the communication.

The rating agency has provided detailed rationale for the rating decision, with the complete communication available through the company's official channels. This upgrade reflects the rating agency's improved assessment of IRB Infrastructure Developers' credit profile and financial standing.

Corporate Governance

The disclosure was signed by Mehul Patel, Company Secretary, and filed on April 3, 2026. The company maintains its registered office in Mumbai and operates under CIN L65910MH1998PLC115967, demonstrating compliance with corporate governance standards and regulatory requirements.