IRB’s revenue grew 13% YoY (in line) to ~INR21b in 1QFY26. Revenue included 1) gains on InvIT & related assets as per fair value measurement, and b) dividend/interest income from InvITs & related assets. EBITDA margin came in at 45.4% (our estimate was 45%) in 1QFY26 (-90bp YoY and -110bp QoQ). EBITDA grew 11% YoY to ~INR9.5b (in line). APAT grew 45% YoY to INR2b (against our estimate of INR 1.8b). Construction revenues stood at INR 12.2b (-1.5% YoY); BOT revenue stood at INR 6.5b (+5% YoY); and InvIT & related assets revenue stood at INR 2.3b. The Board declared an interim dividend of INR 0.07 per equity share.
OutlookWith a strong order book and a robust tender pipeline, driven by BOT projects, we expect a revenue CAGR of 23% over FY25-27E. Reiterate Neutral with an SoTP-based TP of INR50.
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