IRB Infrastructure Developers reported a 28% year-on-year increase in toll revenue to ₹8,078 million for June 2026, driven by consistent traffic growth and strategic asset expansion. The collection rose from ₹6,308 million in the same period last year, reflecting the strength of the company's operational model across its highway portfolio. Adding to the positive momentum, global brokerage CLSA has maintained its Outperform rating on the stock with a target price of ₹34.50, citing improved revenue growth trends and further upside potential.

The performance was bolstered by the commencement of toll operations at three new projects. IRB Harihara Corridors Private Limited began operations on January 23, 2026, while IRB Chandibhadra Tollway Private Limited and Meerut Budaun Expressway Private Limited started collections on April 1, 2026, and May 17, 2026, respectively. Additionally, assets acquired on November 1, 2025, contributed to the comparative figures.

Project-wise Performance

The toll collection data covers the company's wholly-owned subsidiaries, joint ventures under IRB Infrastructure Trust, and assets within the IRB InvIT Fund. IRB MP Expressway Pvt Limited led the collection with ₹1,666 million, followed by IRB Golconda Expressway Private Limited at ₹826 million and IRB Ahmedabad Vadodara Super Express Tollway Private Limited at ₹761 million. The detailed project-wise breakdown is presented below:

CLSA Analyst View

CLSA has maintained its Outperform rating on IRB Infrastructure with a target price of ₹34.50, highlighting that 1QFY27 toll revenue growth improved to 12% year-on-year, with June alone registering a stronger 15% growth. The brokerage noted that the improvement was driven by stronger growth at the 100%-owned Mumbai–Pune Expressway and 11% growth at InvIT assets. CLSA also pointed to further upside potential from the company re-leveraging its equity base as a key positive factor underpinning its constructive stance.

Strategic Outlook

Amitabh Murarka, Dy. CEO of IRB Infrastructure Developers, attributed the record revenue to traffic growth, tariff revisions, and asset expansion. The group currently manages 28 revenue-generating highway assets with an enterprise value of approximately ₹940 billion across 13 states. The company aims to expand its asset base to approximately ₹1,400 billion by FY2029 through asset churn and reinvestment strategies.

IRB Infrastructure Developers has initiated a postal ballot process to seek shareholder approval for material related party transactions involving 12 Project SPVs of IRB Infrastructure Trust. The transactions, which aggregate to approximately ₹22,940.25 crore including GST, pertain to the extension of project implementation agreements for operation and maintenance (O&M) works and project management services. The approval is crucial for ensuring the continuity of project management services for long-term concession assets, aligning the O&M period with the concession period to maintain operational efficiency and stability.

The Board of Directors approved the postal ballot notice on July 2, 2026, in accordance with Section 110 of the Companies Act, 2013 and Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has engaged KFin Technologies Limited to facilitate the remote e-voting process. Mihen Halani & Associates has been appointed as the scrutinizer to oversee the voting process in a fair and transparent manner.

Resolution Details

The postal ballot notice includes one key resolution for member approval. The details of the resolution are outlined below:

Transaction Overview

The proposed transactions involve extending the term of project implementation agreements with the following 12 Project SPVs: AE Tollway Limited, CG Tollway Limited, IRB Westcoast Tollway Limited, Solapur Yedeshi Tollway Limited, Yedeshi Aurangabad Tollway Limited, Udaipur Tollway Limited, Palsit Dankuni Tollway Private Limited, IRB Golconda Expressway Private Limited, Samakhiyali Tollway Private Limited, IRB Lalitpur Tollway Private Limited, IRB Kota Tollway Private Limited, and IRB Gwalior Tollway Private Limited. The total estimated value of these transactions is up to ₹22,940.25 crore, inclusive of GST.

E-Voting Schedule

The remote e-voting facility will be available to members whose names appear in the Register of Members as on the cut-off date of June 30, 2026. The voting schedule is as follows:

The results of the e-voting will be announced on or before Wednesday, August 5, 2026, and will be available on the company's website and the stock exchanges. The resolutions, if approved, shall be deemed to have been passed on the last date of e-voting.