IRB Infrastructure Developers promoter declares no new encumbrance on shares for FY 2025-26

IRB Infrastructure Developers disclosed that its promoter group has not created any fresh encumbrances on the company's shares during the financial year 2025-26. The declaration confirms that no shares have been pledged or otherwise encumbered directly or indirectly beyond those already disclosed. This compliance filing was submitted to the stock exchanges under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

The revised disclosure was submitted on April 08, 2026, on behalf of the promoter group, including Ideal Toll & Infrastructure Private Limited. The declaration was signed by Jayant Dattatray Mhaiskar, Director of Ideal Toll & Infrastructure Private Limited. The submission was addressed to the Corporate Relationship Department of BSE Limited and the Listing Department of National Stock Exchange of India Limited.

Promoter and Promoter Group List

The annexure to the disclosure provides the complete list of individuals and entities classified as promoters or promoter group members as on March 31, 2026.

Sr. No.	Name	Promoter / Promoter Group
1.	Mr. Virendra D. Mhaiskar	Promoter
2.	Mrs. Deepali V. Mhaiskar	Promoter
3.	Virendra D. Mhaiskar HUF	Promoter
4.	IRB Holding Private Limited	Promoter Group
5.	Mr. Aryan V. Mhaiskar	Promoter Group

The disclosure explicitly states that the status of share encumbrances remains limited to those reported in the previous financial period.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.64%	-2.42%	-4.40%	-1.32%	-15.80%	+126.85%

IRB Infrastructure Developers Group reported a 25% year-on-year increase in toll revenue for May 2026, reaching ₹843Cr compared to ₹672Cr in the corresponding period of the previous year. The consolidated toll revenue for the group stood at ₹8,427 million in May 2026, up from ₹6,725 million in May 2025. The growth was driven by robust traffic expansion across existing projects and the contribution from newly operational assets. The group comprises IRB Infrastructure Developers and its two sponsored InvITs — IRB Infrastructure Trust and IRB InvIT Fund.

Amitabh Murarka, Dy. CEO of IRB Infrastructure Developers Limited, attributed the performance to strong economic fundamentals despite inflationary pressures and geopolitical unrest, highlighting the support from tolling commencement on newly operational assets as a key factor.

Project-wise Revenue Breakdown

The revenue was generated across 25 project entities, including wholly-owned subsidiaries and assets held under the private and public InvITs. IRB MP Expressway Pvt Limited contributed the highest revenue at ₹1,762 million, followed by IRB Ahmedabad Vadodara Super Express Tollway Private Limited at ₹838 million. The following table presents the detailed project-wise performance:

Sr. No:	Company Name	May 2026 (Rs. In Mn)	May 2025 (Rs. In Mn)	Relationship with Entities
1	IRB MP Expressway Pvt Limited	1,762	1,595	Wholly-owned Subsidiaries
2	IRB Ahmedabad Vadodara Super Express Tollway Pvt. Limited	838	687
3	CG Tollway Limited	354	338	IRB Infrastructure Trust (Private InvIT)
4	Udaipur Tollway Limited	301	283
5	Palsit Dankuni Tollway Private Limited	220	167
6	AE Tollway Limited	244	229
7	Yedeshi Aurangabad Tollway Limited	260	222
8	IRB Westcoast Tollway Limited	153	133
9	Solapur Yedeshi Tollway Limited	143	121
10	IRB Golconda Expressway Private Limited	826	730
11	Samakhiyali Tollway Private Limited	113	127
12	IRB Lalitpur Tollway Private Limited	440	375
13	IRB Kota Tollway Private Limited	68	59
14	IRB Gwalior Tollway Private Limited	129	114
15	IRB Harihara Corridors Tollway Private Limited	615	-
16	IRB Chandibhadra Tollway Limited	241	-
17	Meerut Budaun Expressway Limited*	64	-	IRB InvIT Fund (Public InvIT)
18	IRB Tumkur Chitradurga Tollway Limited	392	377
19	IRB Pathankot Amritsar Toll Road Limited	157	129
20	IRB Jaipur Deoli Tollway Limited	186	166
21	M.V.R. Infrastructure & Tollways Limited	163	156
22	IRB Talegaon Amaravati Tollway Limited	87	85
23	Kaithal Tollway Limited	122	116
24	Kishangarh Gulabpura Tollway Limited	233	219
25	IRB Hapur Moradabad Tollway Limited	316	297
Total		8,427	6,725

New Operational Assets

Several projects commenced toll operations during the current financial year, contributing to the revenue growth. IRB Harihara Corridors Tollway Private Limited and IRB Chandibhadra Tollway Limited received the appointed date from NHAI and began toll collection in January and April 2026, respectively. Meerut Budaun Expressway Limited commenced tolling on May 17, 2026. Additionally, assets acquired on November 1, 2025 — including Kaithal Tollway Limited, Kishangarh Gulabpura Tollway Limited, and IRB Hapur Moradabad Tollway Limited — are presented for comparison purposes.

Strategic Outlook

The IRB Group currently manages a portfolio of 28 revenue-generating highway assets with an enterprise value of approximately ₹940 billion across 13 states. The group has transitioned into a cash-harvesting phase, supported by its InvIT monetization strategy. Management expressed confidence in sustaining the growth momentum in the coming months, citing a weighted average residual concession life of approximately 21 years.