Ventura Securities report on IRB Infrastructure Developers
Since we initiated coverage on IRB Infrastructure Developers Ltd (IRB) on Oct 14, 2022, the stock has surged 67.4% to reach its record high of INR 36 per share, attributed to enhanced cash flows from ongoing projects and robust cash flows from private InvIT distribution.
Outlook
Given the substantial business developments that have taken place over the past 12 months, we reinitiate coverage on IRB as a buy with the recommended price target of INR 94.5 per share (FY26 P/E of 37.7X). This represents an upside potential of 173.9% from the CMP of INR 34.5over the next 24 months.
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