IRB Infrastructure Developers has reported a 12% year-on-year growth in aggregate toll revenue for December 2025, demonstrating sustained traffic momentum across its highway portfolio. The infrastructure developer disclosed total toll collections of ₹753.80 crores across its parent company and sponsored Infrastructure Investment Trusts (InvITs) for December 2025, compared to ₹674.70 crores in December 2024.

Financial Performance Overview

The company's toll revenue performance reflects strong operational execution across its diversified highway network:

Management Commentary and Market Performance

Mr. Amitabh Murarka, Deputy CEO of IRB Infrastructure, attributed the growth to sustained economic activity: "IRB Group continues to see strong and consistent traffic growth, driving robust toll revenue growth for the month of December 2025, supported by healthy GDP expansion." He emphasized that the underlying demand trend remains strong and is expected to accelerate further as revenue from new toll-operate-transfer (TOT) projects and completed BOT assets begins to flow in the coming months.

Shares of IRB Infrastructure Developers ended 1.15% higher at ₹42.37 on the NSE ahead of the announcement, reflecting positive investor sentiment.

Corporate Structure and Reporting Changes

The IRB Group comprises the parent company IRB Infrastructure Developers Limited and two sponsored InvITs - IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT). The group operates across 13 states with a comprehensive highway portfolio.

From October 2025, IRB has started reporting combined toll revenues of the parent company and its sponsored InvITs, following its increased investment in the public InvIT and the transfer of certain assets as part of its asset-rotation strategy. This change provides enhanced transparency into the group's consolidated performance.

Strategic Asset Management

The company has implemented an active asset rotation strategy, transferring assets between its InvITs to optimize capital allocation and enhance returns. This strategic approach, combined with IRB Infrastructure's additional investment through preferential allotment in the Public InvIT's fund raise, demonstrates the company's commitment to maximizing shareholder value while maintaining operational excellence across its highway network.

IRB Infrastructure Trust , an arm of IRB Infrastructure Developers Ltd, has received a letter of award (LoA) from the National Highways Authority of India (NHAI) for a significant toll road project in Odisha. The trust will pay an upfront bid concession fee of ₹3,087 crore to NHAI to secure tolling rights for a 20-year operational period.

Project Specifications

The awarded project involves comprehensive tolling, operation, maintenance, and transfer responsibilities for the Chandikhole–Bhadrak section of National Highway-16. This strategic highway stretch spans approximately 74.5 km and forms part of the toll operate transfer (TOT)-18 bundle, representing a crucial infrastructure asset in Odisha's transportation network.

Market Performance

Shares of IRB Infrastructure Trust closed at ₹41.88 per unit on BSE, marking a 0.88% decline from the day's opening price. The stock performance reflects market sentiment following the project announcement.

Recent Contract Wins

This latest award adds to IRB Infrastructure Trust's expanding portfolio of NHAI projects. In November, the trust secured a substantially larger ₹9,270 crore NHAI project for the TOT-17 bundle, covering a 366.10 km stretch in Uttar Pradesh. The TOT-17 project encompasses the Lucknow-Ayodhya-Gorakhpur section of NH-27 and the Lucknow-Sultanpur section of NH-731.

Growth Outlook

The Mumbai-based highway developer has reaffirmed its double-digit toll revenue growth guidance for FY26. The company remains on track to achieve approximately ₹4,000 crore in revenue from its construction business during the current fiscal year, demonstrating strong operational momentum across its infrastructure portfolio.