IRB Infrastructure Developers Limited and its sponsored Infrastructure Investment Trusts (InvITs) have reported strong financial performance for February 2026, with aggregate toll revenue growing approximately 22% year-on-year. The combined toll revenue across all three entities reached Rs.746 crores in February 2026, compared to Rs.614 crores in the corresponding period of 2025.

Strong Performance Across Portfolio

The robust growth was driven by strong traffic patterns across the company's highway assets and the full-month contribution from the newly added IRB Harihara Corridor (TOT-17). According to Mr. Amitabh Murarka, Deputy CEO of IRB Infra, the collection trends for TOT-17 are aligned with bid estimates, and toll collection growth has strengthened from approximately 15% in the previous month to around 22% in February 2026.

Project-wise Revenue Performance

The toll revenue performance across the company's portfolio showed varied growth patterns:

Asset Portfolio Structure

The company's toll revenue is generated through three main entities:

• Wholly-owned Subsidiaries: Including major contributors like IRB MP Expressway and IRB Ahmedabad Vadodara Super Express Tollway
• IRB Infrastructure Trust (Private InvIT): Operating 14 highway assets with 10,674 lane kilometers
• IRB InvIT Fund (Public InvIT): Managing 10 highway assets with 4,445 lane kilometers

Notable Asset Additions

The IRB Harihara Corridors Private Limited, which covers the Lucknow-Ayodhya-Gorakhpur NH27 and Lucknow-Sultanpur NH731 (TOT-17), received its appointed date from NHAI and commenced toll collection from January 23, 2026. This asset contributed Rs.528 million in February 2026, marking its first full month of operations.

Future Outlook

The company expects continued upward momentum in toll revenues in the coming months, with the likely commencement of tolling on another new TOT asset. The IRB Group operates a comprehensive portfolio of 28 highways with approximately 17,500 operational lane kilometers and an asset base of approximately Rs.94,000 crores spread across 13 Indian states.

Market Position

IRB Group maintains its position as India's leading toll road concessionaire, contributing around 10% of national toll revenue with daily movement of approximately 1.5 million vehicles across all highway assets. The group maintains 97% FASTag penetration through approximately 1,000 FASTag compliant lanes at 86 toll plazas.

IRB Infrastructure Developers has secured a significant financial benefit from the Kaithal Tollway arbitral award against the National Highways Authority of India (NHAI). The company disclosed updated details regarding its specific entitlement from the arbitration proceedings concluded on February 27, 2026.

Company's Entitlement from Arbitral Award

As the Sponsor and Project Manager of Kaithal Tollway Limited (KTL), IRB Infrastructure Developers has clarified its specific share from the arbitral victory. The company's entitlement represents a substantial portion of the overall award granted by the arbitration tribunal.

Arbitration Background

Kaithal Tollway Limited, a Special Purpose Vehicle (SPV) of IRB InvIT Fund, received the unanimous arbitral award dated February 27, 2026, following arbitration proceedings initiated against NHAI. The award addresses compensation for construction delays specifically attributable to the highway authority.

Project Structure and Benefits

The arbitral award benefits IRB Infrastructure Developers through its dual role as Sponsor and Project Manager of the Kaithal Tollway project. The 136.77-day concession period extension specifically addresses construction delays caused by NHAI, providing operational relief alongside monetary compensation.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30, informing stock exchanges about the arbitration outcome. The detailed award information has been made available through the IRB InvIT Fund's separate disclosure filing with BSE Limited, ensuring comprehensive transparency for stakeholders.