IRB Infrastructure Developers Management
Management criteria checks 2/4
IRB Infrastructure Developers' CEO is Virendra Mhaiskar, appointed in Dec 2006, has a tenure of 19.58 years. directly owns 0.84% of the company’s shares, worth ₹2.06B. The average tenure of the management team and the board of directors is 2.5 years and 2.3 years respectively.
Key information
Virendra Mhaiskar
Chief executive officer
₹170.2m
Total compensation
| CEO salary percentage | n/a |
| CEO tenure | 19.6yrs |
| CEO ownership | 0.8% |
| Management average tenure | 2.5yrs |
| Board average tenure | 2.3yrs |
Recent management updates
Recent updates
Narrative Update • Jul 02
IRB: Long-Term Project Management Agreements Will Support Bullish Outlook
Analysts have lifted their fair value estimate for IRB Infrastructure Developers from ₹24.0 to ₹25.0, citing updated assumptions that reflect the latest views on revenue, profit margins, discount rate and future P/E levels. What’s in the News for IRB Infrastructure Developers IRB Infrastructure Developers has scheduled a board meeting on Jul 02, 2026 to consider entering into Project Implementation Agreements with IRB InvIT Fund and project SPVs Solapur Yedeshi Tollway Limited and CG Tollway Limited, for project management services valued at approximately ₹2,663 crore on a fixed price basis over a balance concession period of about 18 years, under SEBI InvIT Regulations, 2014.
Narrative Update • Jun 18
IRB: Stock Split And Dividend Actions Will Support Future Upside
Analysts have maintained their fair value estimate for IRB Infrastructure Developers at ₹28.25, with a slightly lower discount rate and largely unchanged assumptions for revenue growth, profit margin and future P/E, providing an updated narrative on the stock. What’s in the News for IRB Infrastructure Developers The board meeting on May 20, 2026 will consider consolidated and standalone audited financial results for the quarter and year ended March 31, 2026, and will also consider a fourth interim dividend for the 2025-26 financial year (company filing).Narrative Update • Jun 04
IRB: Upcoming Stock Split And Dividend Actions Will Support Future Upside
Analysts now peg their price target for IRB Infrastructure Developers at ₹28.25, a slight trim from ₹28.50, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News The board declared a fourth interim dividend of 5% (₹0.05 per equity share of face value ₹1) for the 2025-26 financial year, with a record date of May 26, 2026 and payment due on or before June 18, 2026.Analysis Article • May 28
Weak Statutory Earnings May Not Tell The Whole Story For IRB Infrastructure Developers (NSE:IRB)
Despite IRB Infrastructure Developers Limited's ( NSE:IRB ) recent earnings report having lackluster headline numbers...
Narrative Update • May 19
IRB: Upcoming Board Decisions And Dividend Plans Will Support Bullish Outlook
Analysts have revised their price target for IRB Infrastructure Developers to ₹34.5 from ₹72.0, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News Board meeting scheduled on May 20, 2026 to review consolidated and standalone audited financial results for the quarter and year ended March 31, 2026, and to consider a 4th interim dividend for FY 2025-26, if any (company filing).Narrative Update • Apr 28
IRB: Planned Stock Split And Bonus Shares Will Support Future Upside
Analysts have reduced their price target on IRB Infrastructure Developers from about ₹58 to about ₹29, citing revised assumptions for revenue growth, profit margins, and a higher future P/E multiple. Together, these changes indicate a lower fair value estimate, even though the stock fundamentals provided here remain unchanged.Narrative Update • Apr 14
IRB: Bonus Share Plan Will Shape Bullish Long Term Outlook
Analysts have kept the price target for IRB Infrastructure Developers unchanged at ₹24.00, citing slightly higher assumed discount rates and future P/E multiples, along with modestly adjusted revenue growth and profit margin expectations. What's in the News Board meeting scheduled for Feb 13, 2026 to consider consolidated and standalone unaudited results for the quarter and nine months ended Dec 31, 2025, a potential 3rd interim dividend for FY 2025-26, and a proposal to issue bonus equity shares subject to approvals (Key Developments).Narrative Update • Mar 30
IRB: Bonus Shares And Dividend Plans Will Shape Measured Future Outlook
Analysts have reduced their price target on IRB Infrastructure Developers from ₹52.00 to ₹24.00, citing updated assumptions on revenue growth, profit margins and future P/E that together reflect a more conservative view of fair value. What's in the News Board meeting scheduled for Feb 13, 2026 to review consolidated and standalone unaudited financial results for the quarter and nine months ended Dec 31, 2025, and to consider a 3rd interim dividend for FY 2025-26, if any, along with a proposal to issue bonus equity shares subject to approvals (Board Meeting).Narrative Update • Mar 16
IRB: Upcoming Bonus Shares And Capital Changes Will Support Future Upside
Analysts have held their fair value estimate steady at ₹57.6 per share, while trimming the discount rate and slightly adjusting long term P/E and margin assumptions. This reflects a more measured view of risk and earnings quality for IRB Infrastructure Developers.Narrative Update • Mar 02
IRB: Upcoming Capital Changes And Bonus Issue Will Support Future Upside
Analysts have nudged their price target on IRB Infrastructure Developers slightly lower, from ₹59.20 to ₹57.60, as updated assumptions on discount rate, revenue growth, profit margin and future P/E filter through their valuation work. What's in the News A board meeting is scheduled for Feb 13, 2026 to review consolidated and standalone unaudited financial results for the quarter and nine months ended Dec 31, 2025, and to consider a 3rd interim dividend for FY 2025-26, if any, and a potential issue of bonus equity shares, subject to shareholder and other approvals (company event filing).Narrative Update • Feb 16
IRB: Planned Bonus And Dividend Decisions Will Support Perceived Undervaluation
Analysts have kept their price target for IRB Infrastructure Developers steady at ₹52.00. The unchanged fair value reflects a balance between a lower implied discount rate, a shift to weaker revenue growth assumptions, higher forecast profit margins, and a reduced future P/E multiple.Analysis Article • Feb 08
Is IRB Infrastructure Developers (NSE:IRB) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Narrative Update • Feb 02
IRB: Upcoming Shareholder And Board Approvals Will Support Future Upside
Analysts have nudged their price target on IRB Infrastructure Developers slightly higher to ₹59.20 from ₹59, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations. What's in the News A special and extraordinary shareholders meeting is scheduled for January 13, 2026 at 11:00 Indian Standard Time to consider and approve material related party transactions linked to the Corridor of Lucknow Ayodhya Gorakhpur (NH-27) and Lucknow Sultanpur (NH-731) TOT-17 project (Key Developments).Analysis Article • Jan 25
Is IRB Infrastructure Developers Limited (NSE:IRB) Trading At A 27% Discount?
Key Insights Using the 2 Stage Free Cash Flow to Equity, IRB Infrastructure Developers fair value estimate is ₹54.22...Narrative Update • Jan 18
IRB: Higher Future P/E Outlook Will Support Undervalued Upside Potential
Analysts have kept their fair value estimate for IRB Infrastructure Developers steady at ₹52.0, citing reduced revenue growth and profit margin assumptions, a higher discount rate, and a higher future P/E input as the key drivers behind the unchanged price target despite shifts in the underlying model. What's in the News Special / extraordinary shareholders meeting scheduled for January 13, 2026, at 11:00 Indian Standard Time to consider and approve material related party transactions for the Corridor of Lucknow Ayodhya Gorakhpur (NH-27) and Lucknow Sultanpur (NH-731) (TOT-17) TOT project (Key Developments).Analysis Article • Jan 11
Getting In Cheap On IRB Infrastructure Developers Limited (NSE:IRB) Is Unlikely
IRB Infrastructure Developers Limited's ( NSE:IRB ) price-to-sales (or "P/S") ratio of 3.6x may look like a poor...Narrative Update • Jan 04
IRB: Higher Future P E Outlook May Drive Stronger Upside Potential
Analysts have nudged their price target on IRB Infrastructure Developers higher from $50 to $52. This reflects slightly increased fair value expectations, despite moderating revenue growth and profit margin assumptions, which are offset by a richer future P/E outlook and higher discount rate.Analysis Article • Dec 24
Be Wary Of IRB Infrastructure Developers (NSE:IRB) And Its Returns On Capital
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Narrative Update • Dec 15
IRB: Upcoming Board Meetings Will Support Upside Through Dividend And Trust Investment Decisions
Narrative Update on IRB Infrastructure Developers Analysts have modestly raised their price target on IRB Infrastructure Developers to ₹59.00 per share, reflecting a slightly higher required return while maintaining stable assumptions for growth, margins, and future valuation multiples. What's in the News Board meeting scheduled for November 20, 2025 to consider and approve an Invitation to Offer to be issued to IRB InvIT Fund, the company sponsored publicly listed infrastructure investment trust (Key Developments).Narrative Update • Dec 01
IRB: Upcoming Board Meetings Will Support Momentum Through Dividend And Fund Initiatives
Analysts have raised their price target for IRB Infrastructure Developers from ₹58.20 to ₹59.00, reflecting improved outlooks on revenue growth and profit margin forecasts. What's in the News Board meeting on November 20, 2025, to consider and approve an invitation to offer to be issued to the IRB InvIT Fund, a publicly offered and listed InvIT sponsored by the company (Board Meeting Agenda).Analysis Article • Nov 26
IRB Infrastructure Developers' (NSE:IRB) Profits Appear To Have Quality Issues
IRB Infrastructure Developers Limited's ( NSE:IRB ) robust recent earnings didn't do much to move the stock. However...Narrative Update • Nov 17
IRB: Upcoming Board Meeting Will Drive Positive Momentum For Shareholders
Analysts have revised their fair value estimate for IRB Infrastructure Developers downward from ₹60.50 to ₹58.20. This change is based on updated assessments of revenue growth and profit margins.Analysis Article • Nov 15
IRB Infrastructure Developers (NSE:IRB) Will Pay A Dividend Of ₹0.07
IRB Infrastructure Developers Limited ( NSE:IRB ) will pay a dividend of ₹0.07 on the 11th of December. However, the...Analysis Article • Oct 28
Does IRB Infrastructure Developers (NSE:IRB) Deserve A Spot On Your Watchlist?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Sep 22
Be Wary Of IRB Infrastructure Developers (NSE:IRB) And Its Returns On Capital
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll...Analysis Article • Sep 09
Estimating The Fair Value Of IRB Infrastructure Developers Limited (NSE:IRB)
Key Insights IRB Infrastructure Developers' estimated fair value is ₹52.37 based on 2 Stage Free Cash Flow to Equity...Analysis Article • Aug 23
IRB Infrastructure Developers (NSE:IRB) Has Announced That Its Dividend Will Be Reduced To ₹0.07
The board of IRB Infrastructure Developers Limited ( NSE:IRB ) has announced that the dividend on 12th of September...Analysis Article • Jul 12
IRB Infrastructure Developers Limited's (NSE:IRB) Business Is Yet to Catch Up With Its Share Price
When you see that almost half of the companies in the Construction industry in India have price-to-sales ratios (or...Analysis Article • Jun 27
We Think IRB Infrastructure Developers (NSE:IRB) Is Taking Some Risk With Its Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Jun 11
IRB Infrastructure Developers (NSE:IRB) Could Be Struggling To Allocate Capital
What are the early trends we should look for to identify a stock that could multiply in value over the long term...Analysis Article • May 27
Solid Earnings May Not Tell The Whole Story For IRB Infrastructure Developers (NSE:IRB)
IRB Infrastructure Developers Limited's ( NSE:IRB ) robust recent earnings didn't do much to move the stock. We believe...Analysis Article • May 13
We Ran A Stock Scan For Earnings Growth And IRB Infrastructure Developers (NSE:IRB) Passed With Ease
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Analysis Article • Apr 04
Some Confidence Is Lacking In IRB Infrastructure Developers Limited's (NSE:IRB) P/S
When close to half the companies in the Construction industry in India have price-to-sales ratios (or "P/S") below...Analysis Article • Mar 20
Here's Why IRB Infrastructure Developers (NSE:IRB) Has A Meaningful Debt Burden
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Analysis Article • Mar 04
IRB Infrastructure Developers Limited's (NSE:IRB) Intrinsic Value Is Potentially 77% Above Its Share Price
Key Insights Using the 2 Stage Free Cash Flow to Equity, IRB Infrastructure Developers fair value estimate is ₹75.89...Analysis Article • Feb 04
IRB Infrastructure Developers' (NSE:IRB) Dividend Will Be ₹0.10
IRB Infrastructure Developers Limited ( NSE:IRB ) has announced that it will pay a dividend of ₹0.10 per share on the...Analysis Article • Jan 28
Is Now The Time To Put IRB Infrastructure Developers (NSE:IRB) On Your Watchlist?
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...Analysis Article • Jan 15
Returns On Capital At IRB Infrastructure Developers (NSE:IRB) Have Hit The Brakes
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common...Analysis Article • Jan 01
Should You Investigate IRB Infrastructure Developers Limited (NSE:IRB) At ₹57.24?
While IRB Infrastructure Developers Limited ( NSE:IRB ) might not have the largest market cap around , it saw a...
New Narrative • Dec 25
Asset Monetization And Highway Expansion Strategy Will Triple Portfolio And Boost Earnings
Strengthened liquidity and cash flow generation could boost business stability and future revenue growth through strategic asset monetization and projects.Analysis Article • Dec 17
IRB Infrastructure Developers (NSE:IRB) Has A Somewhat Strained Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Analysis Article • Nov 18
The Price Is Right For IRB Infrastructure Developers Limited (NSE:IRB)
When close to half the companies in India have price-to-earnings ratios (or "P/E's") below 31x, you may consider IRB...Analysis Article • Nov 04
IRB Infrastructure Developers Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now
IRB Infrastructure Developers Limited ( NSE:IRB ) just released its latest second-quarter report and things are not...Analysis Article • Nov 02
IRB Infrastructure Developers (NSE:IRB) Is Due To Pay A Dividend Of ₹0.10
The board of IRB Infrastructure Developers Limited ( NSE:IRB ) has announced that it will pay a dividend of ₹0.10 per...Analysis Article • Oct 15
Is IRB Infrastructure Developers Limited (NSE:IRB) Trading At A 36% Discount?
Key Insights The projected fair value for IRB Infrastructure Developers is ₹91.83 based on 2 Stage Free Cash Flow to...Analysis Article • Sep 05
We Ran A Stock Scan For Earnings Growth And IRB Infrastructure Developers (NSE:IRB) Passed With Ease
The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...Analysis Article • Aug 13
Results: IRB Infrastructure Developers Limited Beat Earnings Expectations And Analysts Now Have New Forecasts
As you might know, IRB Infrastructure Developers Limited ( NSE:IRB ) just kicked off its latest first-quarter results...Analysis Article • Jul 30
Should You Investigate IRB Infrastructure Developers Limited (NSE:IRB) At ₹66.77?
IRB Infrastructure Developers Limited ( NSE:IRB ), might not be a large cap stock, but it saw significant share price...Analysis Article • Jun 26
Is IRB Infrastructure Developers (NSE:IRB) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Analysis Article • Jun 08
Return Trends At IRB Infrastructure Developers (NSE:IRB) Aren't Appealing
What are the early trends we should look for to identify a stock that could multiply in value over the long term...Analysis Article • May 21
IRB Infrastructure Developers' (NSE:IRB) Soft Earnings Are Actually Better Than They Appear
Investors were disappointed with the weak earnings posted by IRB Infrastructure Developers Limited ( NSE:IRB...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | ₹9b |
| Dec 31 2025 | n/a | n/a | ₹8b |
| Sep 30 2025 | n/a | n/a | ₹66b |
| Jun 30 2025 | n/a | n/a | ₹65b |
| Mar 31 2025 | ₹170m | n/a | ₹65b |
| Dec 31 2024 | n/a | n/a | ₹65b |
| Sep 30 2024 | n/a | n/a | ₹6b |
| Jun 30 2024 | n/a | n/a | ₹6b |
| Mar 31 2024 | ₹206m | n/a | ₹6b |
| Dec 31 2023 | n/a | n/a | ₹5b |
| Sep 30 2023 | n/a | n/a | ₹5b |
| Jun 30 2023 | n/a | n/a | ₹5b |
| Mar 31 2023 | ₹167m | n/a | ₹7b |
| Dec 31 2022 | n/a | n/a | ₹8b |
| Sep 30 2022 | n/a | n/a | ₹7b |
| Jun 30 2022 | n/a | n/a | ₹7b |
| Mar 31 2022 | ₹82m | n/a | ₹4b |
| Dec 31 2021 | n/a | n/a | ₹3b |
| Sep 30 2021 | n/a | n/a | ₹3b |
| Jun 30 2021 | n/a | n/a | ₹2b |
| Mar 31 2021 | ₹70m | n/a | ₹1b |
| Dec 31 2020 | n/a | n/a | ₹2b |
| Sep 30 2020 | n/a | n/a | ₹3b |
| Jun 30 2020 | n/a | n/a | ₹5b |
| Mar 31 2020 | ₹165m | ₹165m | ₹7b |
Compensation vs Market: Virendra's total compensation ($USD1.78M) is above average for companies of similar size in the Indian market ($USD656.16K).
Compensation vs Earnings: Virendra's compensation has been consistent with company performance over the past year.
CEO
Virendra Mhaiskar (55 yo)
19.6yrs
Tenure
₹170,200,000
Compensation
Mr. Virendra Dattatraya Mhaiskar has been the Chairman and Managing Director of IRB Infrastructure Developers Limited since December 2006. Mr. Mhaiskar is responsible for directing the IRB group's strategy...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & MD | 19.6yrs | ₹170.20m | 0.84% ₹ 2.1b | |
| Chief Financial Officer | 5.3yrs | ₹47.95m | no data | |
| President of Corporate Affairs & Group Company Secretary | 19.2yrs | ₹23.01m | no data | |
| Whole Time Director | no data | ₹152.50m | 0.019% ₹ 46.4m | |
| Chief Executive Officer of Corporate | 2.5yrs | ₹14.45m | no data | |
| Director of Operations | no data | no data | no data | |
| Chief Executive Officer of Business Development & Investment | less than a year | no data | no data | |
| Chief Information Officer | less than a year | no data | no data | |
| Director of Investments & Investor Relations | 5.3yrs | ₹38.18m | no data | |
| Head of Business Development & Techno Legal | 1.5yrs | no data | no data | |
| Head of Corporate Communications | no data | no data | no data | |
| Group Chief Human Resources Officer | 1.3yrs | no data | no data |
2.5yrs
Average Tenure
53yo
Average Age
Experienced Management: IRB's management team is considered experienced (2.5 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman & MD | 28yrs | ₹170.20m | 0.84% ₹ 2.1b | |
| Whole Time Director | 28yrs | ₹152.50m | 0.019% ₹ 46.4m | |
| Non-Executive Director | 3.9yrs | ₹900.00k | no data | |
| Advisor to the Board | 1.5yrs | no data | no data | |
| Independent Director | 4.4yrs | ₹1.60m | no data | |
| Additional Independent Director | 2.3yrs | ₹1.60m | no data | |
| Independent Director | 1.4yrs | no data | no data | |
| Additional Independent Director | 2.3yrs | ₹1.60m | no data | |
| Non-retiring Non-Executive Director | 1.6yrs | ₹280.00k | no data |
2.3yrs
Average Tenure
55yo
Average Age
Experienced Board: IRB's board of directors are not considered experienced ( 2.3 years average tenure), which suggests a new board.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/12 05:36 |
| End of Day Share Price | 2026/07/10 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2026/03/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
IRB Infrastructure Developers Limited is covered by 40 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| null null | 360 ONE Capital Market Private Limited |
| null null | Anand Rathi Shares and Stock Brokers Limited |
| Bhavin Modi | Anand Rathi Shares and Stock Brokers Limited |