IRB Infrastructure Developers Limited (IRB) Fair Value & Analysis
Industrials · IN · Market cap ₹259B (≈ $2.7B) · ISIN INE821I01022
What is IRB Infrastructure Developers Limited really worth?
Below-average quality, trading 26% below our fair value of ₹26.62.
Strengths
Risks
For context
Fair value as of: Aug 21, 2026
From 25 valuation models · updated 15 days ago
Fair value updated Aug 21, 2026, revised from ₹14.79 to ₹26.62 (+80.0%) since Aug 13, 2026. Share price −2.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
- Solid quality (47/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (₹14.58 to ₹33.26) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range ₹5.16 – ₹996,049 · fair‑value band ₹14.58 – ₹33.26 · the ₹19.65 price screens below the ₹26.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.
Analysis
IRB Infrastructure Developers Limited (IRB) currently trades at ₹19.65, while our model-based Fair Value estimate is ₹26.62, implying the stock looks roughly 26.2% undervalued today. The Quality Score stands at 47/100 (below-average quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of ₹20.46 per share, and 6 of the 23 models we run sit above the ₹19.65 price. Bear case: the Growth DCF group reads lowest at ₹6.41, and 17 of the 23 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, IRB Infrastructure Developers Limited generated revenue of ₹63.3B at a net margin of 13.4%. Revenue declined 17.2% year over year. It earns a return on equity of 4.2%. Net debt stands at ₹181B. Fundamentals as of Aug 21, 2026
Our scenario range runs from ₹14.58 (bear case) to ₹33.26 (bull case); at ₹19.65, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Industrials peers we cover trades at 9% fair-value upside, at 35%, IRB screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹0.2344 per share, which is 0.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Growth Earnings (₹20.46) versus Dividend Discount (₹1.81). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 34
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
IRB Infrastructure Developers Limited engages in the infrastructure development business in India. It operates through Built, Operate and Transfer/Toll Operate and Transfer; InvITs & Related Assets; and Construction segments. The company develops, operates, and maintains road.
Full company description
IRB Infrastructure Developers Limited engages in the infrastructure development business in India. It operates through Built, Operate and Transfer/Toll Operate and Transfer; InvITs & Related Assets; and Construction segments. The company develops, operates, and maintains road. It also provides invests in units of IRB Infrastructure Trust, IRB InvIT Fund and other related assets. In addition, the company is involved in road Infrastructure, real estate, hospitality, and airport development, as well as operates as an investment manager. The company was incorporated in 1998 and is based in Mumbai, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
IRB Infrastructure Developers Limited reported revenue of ₹65.2B in FY2026 versus ₹58.0B in FY2022, a compound +3.0%/yr. Reported net income was ₹8.5B in FY2026, compounding +23.9%/yr from FY2022.
of which total revenue +3.9 % · buybacks/dilution +4.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Infrastructure Operations · 64 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Infrastructure Operations median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Infrastructure Operations stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Merchants Expressway Network & Technology Holdings 001965 | ¥9.36 | ¥10.25 | +10% |
| Jiangsu Expressway Company 600377 | ¥12.01 | ¥14.47 | +20% |
| Shandong Hi-speed Company 600350 | ¥10.90 | ¥8.68 | −20% |
| Zhejiang Expressway Co 0576 | HK$6.31 | HK$18.50 | +193% |
| Guangdong Provincial Expressway Development Co 000429 | ¥13.04 | ¥13.79 | +6% |
| Anhui Expressway Company 600012 | ¥16.15 | ¥14.90 | −8% |
| Shenzhen Expressway Corporation 600548 | ¥8.37 | ¥9.16 | +9% |
| Sichuan Expressway Company 601107 | ¥5.53 | ¥5.73 | +4% |
| CUBEINVIT CUBEINVIT | ₹159.18 | ₹33.83 | −79% |
| PT Jasa Marga (Persero) Tbk JSMR | 2,740 IDR | 7,830 IDR | +186% |
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