NewsIRB Infrastructure Trust FY26 Audited Results: NAV Rs. 319.73/Unit, Net Profit Rs. 23,755.09 MillionIRB Infrastructure Trust FY26 Audited Results: NAV Rs. 319.73/Unit, Net Profit Rs. 23,755.09 Million
IRB Infrastructure Trust reported audited FY26 consolidated revenue from operations of Rs. 87,033.23 million and net profit of Rs. 23,755.09 million, reversing a prior-year loss. The NAV was disclosed at Rs. 319.73 per unit with total assets of Rs. 74,582 crore. A 4th distribution of Rs. 1.70 per unit as interest was declared, taking total FY26 distributions to Rs. 3.02 per unit. The Trust's 15-SPV portfolio spans road assets across multiple states, with key corporate actions including the sale of three SPVs to IRB InvIT Fund and addition of two new TOT assets.
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IRB Infrastructure Trust reported its audited consolidated and standalone financial results for the year ended March 31, 2026, at a Board meeting of its Investment Manager MMK Toll Road Private Limited held on May 14, 2026. The Trust disclosed a Net Asset Value (NAV) of Rs. 319.73 per unit and declared its 4th distribution of Rs. 1.70 per unit as interest for FY26, with May 19, 2026 fixed as the record date and payment due on or before May 26, 2026. Total distribution for FY26 stands at Rs. 3.02 per unit, including the 1st distribution of Rs. 0.45, 2nd of Rs. 0.44, and 3rd of Rs. 0.43 per unit.
NAV and Balance Sheet Summary
The following table presents key financial metrics as on March 31, 2026, based on the valuation report dated May 14, 2026, issued by KPMG Valuation Services LLP:
| Particulars: | Amount (Rs. in Crore) |
|---|---|
| Assets: | 74,582 |
| Liabilities (at book value): | 37,107 |
| Net Assets [A-B]: | 37,475 |
| Outstanding Units (in Crore): | 117.21 |
| NAV at Fair Value (Rupees/per Unit): | 319.73 |
Consolidated Financial Performance
The following table summarises the consolidated audited financial performance for the year ended March 31, 2026 (all amounts in INR million unless otherwise stated):
| Particulars: | Year ended March 31, 2026 | Year ended March 31, 2025 |
|---|---|---|
| Revenue from Operations: | 87,033.23 | 53,346.24 |
| Total Income: | 88,522.28 | 54,295.51 |
| Total Expenses: | 63,673.15 | 57,441.28 |
| Profit/(Loss) Before Tax: | 24,849.13 | (3,145.77) |
| Tax Expenses: | 1,094.04 | (96.35) |
| Profit/(Loss) After Tax: | 23,755.09 | (3,049.42) |
| Total Comprehensive Income: | 23,755.09 | (3,049.42) |
| Earnings Per Unit (Basic & Diluted) (Rs.): | 20.23 | (2.72) |
The consolidated revenue from operations includes a gain of Rs. 25,931.44 million recognised under 'Revenue from Operations' on the sale of three Project SPVs — IRB Hapur Moradabad Tollway Limited, Kaithal Tollway Limited, and Kishangarh Gulabpura Tollway Limited — to IRB InvIT Fund, concluded via a Share Purchase Agreement dated October 2, 2025, for an agreed consideration of Rs. 49,050 million.
Consolidated Statement of Net Assets at Fair Value
The table below presents the consolidated net assets at fair value as at March 31, 2026 and March 31, 2025 (all amounts in INR million):
| Particulars: | Book Value (Mar 31, 2026) | Fair Value (Mar 31, 2026) | Book Value (Mar 31, 2025) | Fair Value (Mar 31, 2025) |
|---|---|---|---|---|
| A. Assets: | 5,38,169.08 | 7,45,820.24 | 4,64,260.18 | 6,70,082.24 |
| B. Liabilities (at book value): | 3,71,071.09 | 3,71,071.09 | 3,13,761.45 | 3,13,761.45 |
| C. Net Assets (A-B): | 1,67,097.99 | 3,74,749.15 | 1,50,498.73 | 3,56,320.79 |
| D. Number of Units (in million): | 1,172.09 | 1,172.09 | 1,172.09 | 1,172.09 |
| E. NAV (C/D) (Rs.): | 142.56 | 319.73 | 128.40 | 304.00 |
Valuation Conclusion – SPV-wise Enterprise Values
KPMG Valuation Services LLP conducted the Enterprise Valuation of 15 SPVs using the Discounted Cash Flow (DCF) method under the Income Approach. The following table summarises the enterprise value of each SPV and the derivation of the Trust's equity value:
| Particulars: | INR Crore |
|---|---|
| IRB Golconda Expressway Private Limited: | 17,208 |
| IRB Westcoast Tollway Limited: | 3,049 |
| Solapur Yedeshi Tollway Limited: | 2,354 |
| Yedeshi Aurangabad Tollway Limited: | 4,480 |
| AE Tollway Limited: | 3,557 |
| Udaipur Tollway Limited: | 2,460 |
| CG Tollway Limited: | 2,309 |
| Palsit Dankuni Tollway Private Limited: | 2,523 |
| Samakhiyali Tollway Private Limited: | 1,582 |
| Lalitpur Tollway Private Limited: | 5,832 |
| IRB Kota Tollway Private Limited: | 941 |
| IRB Gwalior Tollway Private Limited: | 1,620 |
| Meerut Budaun Expressway Limited: | 8,393 |
| IRB Harihara Corridors Private Limited: | 10,189 |
| IRB Chandibhadra Tollway Private Limited: | 3,547 |
| Enterprise Value of the SPVs: | 70,043 |
| Cash and cash equivalents: | 170 |
| Surplus Assets: | 637 |
| Debt and debt like items: | (31,150) |
| PV of standalone expenses of IRBI Trust: | (492) |
| Capital Creditors: | (599) |
| Non-controlling interest: | (1,134) |
| Equity value of IRBI Trust: | 37,475 |
Key Financial Ratios
The following table presents select financial ratios for the year ended March 31, 2026:
| Particulars: | Year ended Mar 31, 2026 | Year ended Mar 31, 2025 |
|---|---|---|
| Debt-Equity Ratio: | 1.90 | 1.29 |
| Debt Service Coverage Ratio (times): | 2.15 | 1.05 |
| Interest Service Coverage Ratio (times): | 2.36 | 1.11 |
| Asset Cover Available (times): | 1.66 | 2.33 |
| Total Debts to Total Assets (times): | 0.59 | 0.42 |
| Net Worth (Rs. in million): | 1,67,097.99 | 1,29,343.78 |
| Distribution Per Unit (Rs.): | 1.32 | 2.14 |
| EBITDA Margin: | 65.15% | 43.85% |
| Net Profit Margin: | 27.29% | (5.72%) |
| Current Ratio (times): | 1.38 | 0.97 |
Net Borrowings Ratio
The following table presents the net borrowings ratio as at March 31, 2026:
| Particulars: | As at Mar 31, 2026 | As at Mar 31, 2025 |
|---|---|---|
| Borrowings (Rs. in million): | 3,17,219.57 | 2,56,716.31 |
| Cash and Cash Equivalents (Rs. in million): | 4,303.98 | 4,173.20 |
| Aggregate Borrowings net of Cash (Rs. in million): | 3,12,915.58 | 2,52,543.10 |
| Value of InvIT Assets (Rs. in million): | 7,00,431.57 | 6,17,370.56 |
| Net Borrowings Ratio: | 44.67% | 40.91% |
Net Distributable Cash Flow (NDCF)
The following table summarises the NDCF at the Trust level for the year ended March 31, 2026 (all amounts in INR million):
| Particulars: | Year ended Mar 31, 2026 | Year ended Mar 31, 2025 |
|---|---|---|
| NDCF of Trust (A): | 3,236.48 | 2,549.72 |
| (+) NDCF of SPVs (B): | 7,806.03 | 8,883.38 |
| (-) Amount distributed by SPVs (C): | 7,609.43 | 8,966.62 |
| Amount of NDCF Distributable D=(A+B-C): | 3,433.08 | 2,466.48 |
The Trust has ensured that a minimum 90% of the above amount will be distributed as NDCF.
Valuation Methodology and Key Assumptions
The valuation was performed using the DCF method under the Income Approach, consistent with internationally accepted valuation methodologies and ICAI Valuation Standards 2018. No terminal value was computed given the finite concession periods of the SPVs. Key parameters used in the WACC computation include:
- Risk-free rate: 6.8% (based on 10-year Government of India securities yield)
- Equity Risk Premium: 7.0%
- Levered adjusted beta: 1.08 (median of comparable companies)
- Pre-tax cost of debt: 7.95%
- Tax rate: 25.17%
- Normalised capital structure: 60% debt and 40% equity
- WACC range: 9.31% to 9.71% across SPVs
An additional alpha of 1.0% was applied for Samakhiyali Tollway Private Limited (STPL) given its under-construction status. No alpha was applied for Meerut Budaun Expressway Limited (MBEL) as approximately 99% physical progress had been achieved. IRB Harihara Corridors Private Limited (IHCPL) and IRB Chandibhadra Tollway Private Limited (CBTPL) are being valued for the first time.
Trust Portfolio Overview and Corporate Developments
As on March 31, 2026, IRB Infrastructure Trust's portfolio comprised 15 SPVs operating 9 DBFOT assets and 6 TOT assets across Maharashtra, Gujarat, Rajasthan, Goa, Karnataka, Madhya Pradesh, Uttar Pradesh, Telangana, West Bengal, and Odisha. All SPVs except MBEL are revenue-generating. Notable corporate developments during the period include:
- In December 2024, the Trust raised INR 1,714.9 crore through a rights issue for the acquisition of an 80.4% stake in MBEL.
- IRBI Trust transferred three highway assets — IHMTL, KGTL, and KTL — to IRB InvIT Fund at an enterprise value of INR 8,436 crore on November 6, 2025.
- The Trust received the Letter of Award for IHCPL on November 14, 2025 and for CBTPL on January 6, 2026, and paid INR 9,270 crore for IHCPL and INR 3,087 crore to NHAI as upfront bid concession fees.
Disclosure Details
The financial results were approved by the Board of Directors of MMK Toll Road Private Limited at its meeting held on May 14, 2026, and were jointly audited by M S K A & Associates LLP and Gokhale & Sathe, Chartered Accountants. The disclosure was signed by Kaustubh Shevade, Company Secretary and Compliance Officer. The financial statements of the Investment Manager for the year ended March 31, 2026 have not been separately disclosed as there is no material erosion in its net worth as assessed by IDBI Trusteeship Services Limited, the Trustee to the Trust.
Source: None/Company/INE0C8K23012/25cc6fb79ea74e66.pdf
With IRB Harihara Corridors and IRB Chandibhadra Tollway being valued for the first time and the Trust having paid over ₹12,000 crore in upfront concession fees, how will these new assets impact future NDCF and distribution per unit once fully operational?
Given the significant rise in the debt-equity ratio from 1.29 to 1.90 and net borrowings ratio climbing to 44.67%, what refinancing or deleveraging strategies might the Trust pursue to manage its growing debt burden?
Following the successful transfer of three highway assets to IRB InvIT Fund, could IRB Infrastructure Trust pursue further asset recycling transactions to optimize its portfolio and unlock additional value for unitholders?
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