IRB Infrastructure Trust Reports ~43% YoY Jump in Gross Toll Revenue for April 2026
IRB Infrastructure Trust reported gross toll revenue of Rs. 3,931 million in April 2026, up approximately 43% from Rs. 2,744 million in April 2025. Revenue was collected across 14 project SPVs, with IRB Golconda Expressway Private Limited being the largest contributor at Rs. 790 million. Two newly operational SPVs — IRB Harihara Corridors Private Limited (Rs. 572 million) and IRB Chandibhadra Tollway Private Limited (Rs. 237 million) — commenced toll collection after receiving their Appointed Dates in January and April 2026, respectively, and were key contributors to the year-on-year increase.
*this image is generated using AI for illustrative purposes only.
IRB Infrastructure Trust reported a gross toll revenue of Rs. 3,931 million for April 2026, marking an approximately 43% increase on a year-on-year basis compared to Rs. 2,744 million recorded in April 2025. The disclosure was made by MMK Toll Road Private Limited, acting in its capacity as Investment Manager to IRB Infrastructure Trust, and submitted to the National Stock Exchange of India Limited on May 08, 2026.
Project-Wise Toll Revenue Performance
The revenue for April 2026 was collected across 14 project Special Purpose Vehicles (SPVs), including two newly operational entities that were not contributing in the corresponding period of the previous year. The following table presents the project-wise gross toll revenue for April 2026 and April 2025:
| Project SPV: | April 2026 (Rs. in Millions) | April 2025 (Rs. in Millions) |
|---|---|---|
| CG Tollway Limited | 349 | 327 |
| Udaipur Tollway Limited | 279 | 272 |
| Palsit Dankuni Tollway Private Limited | 249 | 153 |
| AE Tollway Limited | 245 | 221 |
| Yedeshi Aurangabad Tollway Limited | 241 | 206 |
| IRB Westcoast Tollway Limited | 139 | 129 |
| Solapur Yedeshi Tollway Limited | 132 | 113 |
| IRB Golconda Expressway Private Limited | 790 | 683 |
| Samakhiyali Tollway Private Limited | 99 | 120 |
| IRB Lalitpur Tollway Private Limited | 410 | 353 |
| IRB Kota Tollway Private Limited | 67 | 57 |
| IRB Gwalior Tollway Private Limited | 122 | 110 |
| IRB Harihara Corridors Private Limited* | 572 | — |
| IRB Chandibhadra Tollway Private Limited** | 237 | — |
| Total | 3,931 | 2,744 |
*IRB Harihara Corridors Private Limited received its Appointed Date on January 23, 2026 and commenced toll collection thereafter.
**IRB Chandibhadra Tollway Private Limited received its Appointed Date on April 01, 2026 and commenced toll collection thereafter.
Key Highlights Across SPVs
Among the established SPVs, several recorded notable revenue growth in April 2026 compared to April 2025:
- IRB Golconda Expressway Private Limited remained the highest revenue contributor at Rs. 790 million, up from Rs. 683 million.
- IRB Lalitpur Tollway Private Limited collected Rs. 410 million, compared to Rs. 353 million in the prior year period.
- Palsit Dankuni Tollway Private Limited recorded Rs. 249 million against Rs. 153 million, reflecting a significant increase.
- Samakhiyali Tollway Private Limited was the only SPV to report a decline, with revenue at Rs. 99 million versus Rs. 120 million in April 2025.
New SPVs Drive Incremental Revenue
Two project SPVs made their first contributions to the trust's toll revenue in April 2026. IRB Harihara Corridors Private Limited, which received its Appointed Date on January 23, 2026, contributed Rs. 572 million during the month. IRB Chandibhadra Tollway Private Limited, which received its Appointed Date on April 01, 2026, added Rs. 237 million to the total. Together, these two new SPVs accounted for Rs. 809 million of the April 2026 gross toll revenue, and had no corresponding contribution in April 2025, making them a significant driver of the year-on-year growth reported by the trust.
How will IRB Chandibhadra Tollway's revenue trajectory evolve over the next 12 months as it ramps up from its April 2026 appointed date, and what is its projected steady-state toll collection capacity?
What factors are driving the consistent revenue decline at Samakhiyali Tollway Private Limited, and could this trend signal broader traffic diversion risks for other SPVs in the portfolio?
Are there additional SPVs in IRB Infrastructure Trust's pipeline expected to receive appointed dates in FY2027, and how significantly could they impact the trust's overall distribution yield?
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