IRB
Large CapIRB Infrastructure Developers Limited
Real Estate
IRB Infrastructure Developers Limited is an Indian company operating in the Real Estate sector, primarily focused on infrastructure development projects.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100Rev -10% YoY · PAT +38% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,927 Cr | -10.3% | +3.0% |
| EBITDA | ₹1,083 Cr | +8.5% | +6.0% |
| Operating margin | 56.0% | +1000 bps | +100 bps |
| PAT | ₹296 Cr | +37.7% | +40.3% |
| PAT margin | 15.4% | +536 bps | +408 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
No financial or operational results were disclosed in the provided document.
The document is an earnings call transcript announcement, providing no financial or operational data to assess the investment thesis. No information is available to support or contradict any thesis status.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document does not contain financial results or operational data. For the Real Estate sector, YoY comparison is generally preferred to account for seasonality and project cadence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The asset rotation transaction is expected to release ₹4,905 crore in cash.
"expected to release ₹4,905 crore in cash"
The equity release from the asset rotation enhances financial capacity to bid for new projects valued at approximately ₹15,000 crore.
"enhances our financial capacity to bid for new projects valued at approximately ₹15,000 crore"
This asset’s rotation will raise the Sponsor’s O&M order book by approximately ₹3,100 crore, taking the total O&M order book to approximately ₹33,600 crore post-acquisition.
"will raise the Sponsor’s O&M order book by approximately ₹3,100 crore"
The Palsit Dankuni BOT project's COD is expected to boost annual toll collections by approximately ₹100 crore.
"expected to boost annual toll collections by approximately ₹100 crore"
Outcome check: Revenue YoY averaged -9.0% across 2 later quarter(s).
Trend score and candlestick chart
41NeutralSMA20 -47.8% / mo · near 52W low
Technical chart
IRBdaily · 3Y-52.6%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 37.
- SMA20 falling (~2.6% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 11.2%.
- Growth contributes 16/25 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 21st percentile of the scored universe and 38th percentile within Real Estate. Main check: financial discipline is weak at 40/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.50.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Real Estate: 38th pctile, median 61 · Large: 14th pctile, median 74
51 documents indexed, but claim history is not strong enough yet.
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.6%.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 1.50.
- ▸ROCE is low at 7.5%.
- ▸ROE is low at 4.3%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 28.40
- P/B
- 1.19
- EV/EBITDA
- 8.78
- Market Cap
- 24941.00Cr
Profitability
- ROE
- 4.31%
- ROCE
- 7.48%
- ROA
- 1.57%
- Dividend Y
- 0.75%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 50.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.96
- Interest Coverage
- 2.27×
- Altman Z
- 1.50
- Book Value
- 17.30
Cash Flow
- FCF Yield
- 1.64%
- FCF Positive Y
- 3/5
- OCF
- 4054.00 Cr
- EPS TTM
- 0.70
Shareholding
- Promoter Hold
- 30.79%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.