Buy IRB Infra; target of Rs 345: Religare

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26 Aug, 2025 12:21

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Religare’s report on IRB Infrastructure Developers

IRB Infrastructure's Q2 revenue/PAT grew 30%/22.5% YoY to Rs 11.5bn/Rs 1.5bn, in line with estimates even as toll revenues came in lower as traffic growth on the key Mumbai-Pune project was hit by a landslide in August. The construction business performed broadly in line, with margins likely to expand over the new few quarters on account of lower RM prices. On a SOTP basis, we value the BOT business at a FCFE of Rs 260/sh and EPC at Rs 85/sh on 6x EV/EBITDA basis to arrive at a Sep’16 TP of Rs 345.

View: We maintain BUY on IRB (Sep’16 TP: Rs 345) due to its timely and profitable execution, superior BOT assets, and possible reduction in cost of capital through the launch of InvIT.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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