IRB Infrastructure Developers Ltd , one of India's leading multi-national transport infrastructure developers, has reported a significant increase in its toll collection for September 2025. The company, along with IRB Infrastructure Trust, saw an 11% year-on-year growth in toll revenue, amounting to ₹557.00 crores compared to ₹502.00 crores in September 2024.

Key Highlights

• Total toll collection for September 2025: ₹557.00 crores
• Year-on-year growth: 11%
• Number of projects contributing to toll collection: 17

Project-wise Performance

The company's toll collection data reveals varied performance across its different projects. Here's a breakdown of the top-performing projects:

Management Commentary

Amitabh Murarka, Deputy Chief Executive Officer of IRB Infrastructure Developers Limited, commented on the performance: "Despite the extended monsoon impacting traffic, September 2025 toll revenue rose by 11%, showing notable resilience. The GST reform, announced in August and implemented in late September, caused temporary softness in goods movement, slightly moderating the upside."

Future Outlook

Looking ahead, the company expects the onset of the festive season and the implementation of GST 2.0 to drive economic activities, potentially sustaining the growth in toll revenue in the coming months.

Company Profile

IRB Infrastructure Developers Ltd is India's first Integrated Multi-National Transport Infrastructure Developer in the Roads & Highways segment. With an asset base of approximately ₹80,000.00 crores spread across 12 states, IRB has a strong track record of constructing, tolling, operating, and maintaining around 19,000 Lane Kms pan India over more than 25 years.

The company currently operates 15,500 Lane Kms and holds a significant market share in the TOT (Toll-Operate-Transfer) space at around 33%. IRB also commands about 14% share in the prestigious Golden Quadrilateral Project and 12% share in India's North-South highway connectivity.

As the toll collection data indicates, IRB Infrastructure continues to demonstrate strong performance in its core business, reflecting the company's robust position in India's infrastructure development sector.

IRB Infrastructure Developers Limited has announced a significant transaction involving its infrastructure trust and InvIT fund. The company's subsidiary, IRB Infrastructure Trust, has executed a share purchase agreement with IRB InvIT Fund for the transfer of three Project Special Purpose Vehicles (SPVs) valued at ₹8,436.00 crore.

Transaction Details

The share purchase agreement, dated October 2, 2025, outlines the transfer of 100% equity share capital of three project SPVs from IRB Infrastructure Trust (Private InvIT) to IRB InvIT Fund (Public InvIT). The three SPVs involved in this transaction are:

1. IRB Hapur Moradabad Tollway Limited (IRBHMTL)
2. Kaithal Tollway Limited (KTL)
3. Kishangarh Gulabpura Tollway Limited (KGTL)

Financial Implications

The parties have agreed to an equity value of ₹4,905.00 crore for the SPVs, resulting in a minimum enterprise value of ₹8,436.00 crore. The consideration for this transaction will be received in cash, marking a significant monetary exchange in the infrastructure sector.

Project Details

IRB Hapur Moradabad Tollway Limited (IRBHMTL)

Incorporated on April 18, 2018, this SPV is responsible for the six-laning of Hapur bypass to Moradabad Section, including Hapur bypass from Km 50.000 to Km 148.277 of NH 24 (New NH-9) in Uttar Pradesh.

Kaithal Tollway Limited (KTL)

Established on June 11, 2014, KTL is tasked with the four-laning of Kaithal to Rajasthan Border section of NH-152/65 from km 33+250 to km 241+580 in Haryana.

Kishangarh Gulabpura Tollway Limited (KGTL)

Incorporated on January 12, 2017, this SPV is handling the six-laning of Kishangarh to Gulabpura Section of NH 79A and NH 79 in Rajasthan, covering a length of 90.000 km.

Impact on IRB Infrastructure Trust

These three SPVs collectively contributed approximately ₹469.00 crore (about 8.80%) towards the Trust's consolidated turnover and approximately ₹8,518.00 crore (about 14.00%) towards the Enterprise Value of the Trust for the financial year 2024-25.

Transaction Timeline

The share purchase agreement was signed on October 2, 2025. The expected completion date for the sale is on or before October 31, 2025, subject to mutual agreement between the parties.

Related Party Transaction

This transaction falls under the category of related party transactions. IRB Infrastructure Developers Limited, which is the Sponsor of IRB Infrastructure Trust, also functions as the Sponsor of IRB InvIT Fund. However, the company has affirmed that these related party transactions are being conducted at arm's length.

Regulatory Compliance

The transaction is subject to receipt of relevant approvals, and the company has duly informed the stock exchanges about this development as part of its regulatory obligations under the SEBI Listing Obligations and Disclosure Requirements (LODR).

This strategic move by IRB Infrastructure Developers Limited represents a significant reshuffling of assets within its group entities, potentially aimed at optimizing its infrastructure portfolio and unlocking value for investors.