12-Oct-2026 08:01:11
CLSA on IRB Infra ; O-P, TP Rs 34.5
2QFY27 tolling trends for IRB Infra (a Ferrovial and GIC investee company) was that overall toll growth improved 12%. Notably, toll growth in FY27YTD at its 100%-owned Mumbai-Pune e-way was 11% vs 4% over the same period in FY26, while tolls at its infrastructure trust (InvIT) assets rose 13% LFL. A spike in WPI to 6% in 9M26 should drive a toll-rate hike in FY28 NHAI plans US$30bn in asset monetisation & IRB has won a concession of assets worth US$3bn over FY23-26 See more to come as IRB aims to win projects in the National Monetisation funded by churning assets, as it successfully demonstrated its B.E.S.T. model by sell-down of Rs46bn to public InvIT funded via fund raise. IRB, India’s No.1 toll platform, has enough steam left from re-leveraging its equity, in our view.
IRB INFRA DEV LTD.