New Risk • May 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 668% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • May 22
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹0.70 (down from ₹5.37 in FY 2025). Revenue: ₹78.5b (up 11% from FY 2025). Net income: ₹8.50b (down 87% from FY 2025). Profit margin: 11% (down from 92% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 2.0%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 21
Price target increased by 23% to ₹35.40 Up from ₹28.80, the current price target is an average from 5 analysts. New target price is 55% above last closing price of ₹22.87. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₹0.71 for next year compared to ₹5.37 last year. Duyuru • May 15
IRB Infrastructure Developers Limited to Report Q4, 2026 Results on May 20, 2026 IRB Infrastructure Developers Limited announced that they will report Q4, 2026 results on May 20, 2026 Reported Earnings • Feb 16
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: ₹0.35 (down from ₹9.98 in 3Q 2025). Revenue: ₹19.1b (up 7.4% from 3Q 2025). Net income: ₹2.11b (down 97% from 3Q 2025). Profit margin: 11% (down from 338% in 3Q 2025). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 05
IRB Infrastructure Developers Limited to Report Q3, 2026 Results on Feb 13, 2026 IRB Infrastructure Developers Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Board Change • Nov 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Ajay Singh was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: ₹23.00 (up from ₹0.17 in 2Q 2025). Revenue: ₹18.0b (up 2.8% from 2Q 2025). Net income: ₹1.41b (up 41% from 2Q 2025). Profit margin: 7.8% (up from 5.7% in 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.7% to ₹42.35. The fair value is estimated to be ₹53.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 95%. Revenue is forecast to grow by 18% in 2 years. Earnings are forecast to decline by 77% in the next 2 years. Declared Dividend • Nov 09
Dividend of ₹0.10 announced Shareholders will receive a dividend of ₹0.10. Ex-date: 18th November 2025 Payment date: 12th December 2025 Dividend yield will be 0.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (2% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 95% over the next 3 years. However, it would need to fall by 97% to increase the payout ratio to a potentially unsustainable range. Duyuru • Nov 08
IRB Infrastructure Developers Limited to Report Q2, 2026 Results on Nov 12, 2025 IRB Infrastructure Developers Limited announced that they will report Q2, 2026 results on Nov 12, 2025 Buy Or Sell Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₹41.06. The fair value is estimated to be ₹51.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 94%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to decline by 76% in the next 2 years. Declared Dividend • Aug 16
Dividend of ₹0.07 announced Shareholders will receive a dividend of ₹0.07. Ex-date: 29th August 2025 Payment date: 12th September 2025 Dividend yield will be 0.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (2% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 96% over the next 3 years. However, it would need to fall by 97% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 15
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: ₹0.34 (up from ₹0.23 in 1Q 2025). Revenue: ₹21.6b (up 17% from 1Q 2025). Net income: ₹2.02b (up 45% from 1Q 2025). Profit margin: 9.4% (up from 7.6% in 1Q 2025). Revenue exceeded analyst estimates by 6.9%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 14
IRB Infrastructure Developers Limited, Annual General Meeting, Sep 18, 2025 IRB Infrastructure Developers Limited, Annual General Meeting, Sep 18, 2025. Duyuru • Aug 11
IRB Infrastructure Developers Limited to Report Q1, 2026 Results on Aug 14, 2025 IRB Infrastructure Developers Limited announced that they will report Q1, 2026 results on Aug 14, 2025 Buy Or Sell Opportunity • Jul 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.3% to ₹45.43. The fair value is estimated to be ₹56.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 90%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are forecast to decline by 64% per annum over the same time period. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 22% to ₹52.18. The fair value is estimated to be ₹65.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 90%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are forecast to decline by 66% per annum over the same time period. Reported Earnings • May 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹10.73 (up from ₹1.00 in FY 2024). Revenue: ₹80.3b (up 8.4% from FY 2024). Net income: ₹64.8b (up ₹58.7b from FY 2024). Profit margin: 81% (up from 8.2% in FY 2024). Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 6.1% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Duyuru • May 14
IRB Infrastructure Developers Limited to Report Q4, 2025 Results on May 19, 2025 IRB Infrastructure Developers Limited announced that they will report Q4, 2025 results on May 19, 2025 Price Target Changed • Apr 09
Price target decreased by 8.3% to ₹63.60 Down from ₹69.33, the current price target is an average from 5 analysts. New target price is 39% above last closing price of ₹45.63. Stock is down 34% over the past year. The company is forecast to post earnings per share of ₹1.30 for next year compared to ₹1.00 last year. Board Change • Feb 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Ajay Singh was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Feb 05
IRB Infrastructure Developers Limited Announces Cessation of Sandeep Shah as Independent Director IRB Infrastructure Developers Limited announced that Mr. Sandeep Shah has completed his second term as an Independent Director and consequently ceased to be a Director of the Company effective the close of business hours on February 4, 2025. Declared Dividend • Feb 03
Third quarter dividend of ₹0.10 announced Shareholders will receive a dividend of ₹0.10. Ex-date: 6th February 2025 Payment date: 1st March 2025 Dividend yield will be 0.8%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (7% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 82% over the next 2 years. However, it would need to fall by 96% to increase the payout ratio to a potentially unsustainable range. New Risk • Feb 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 66% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings are forecast to decline by an average of 66% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Duyuru • Feb 01
Irb Infrastructure Developers Limited Announces Executive Changes IRB Infrastructure Developers Limited at its board meeting held on January 31, 2025, announced Mr. Sudhir Hoshing will continue to advise/assist the Group as the Chief Mentor. He will step down as Chief Executive Officer - Execution with effect from end of business hours on March 31, 2025. Elevation of Mr. Rajpaul S. Sharma, as Chief Executive Officer Execution with effect from April 1, 2025. Further, Mr. Sharma will be designated as Key Managerial Personnel of the Company. Mr. Rajpaul S. Sharma, Aged 54 Years, Joined the Irb Group in October 2002. He Is Responsible for Evaluation and Budgeting of New Projects, Finalizing Contracts and Ensuring Completion of Projects Within Approved Budgets. He Holds A Bachelor's Degree in Civil Engineering from Amravati University, Amravati. Mr. Sharma Has Overall Experience of Approximately 29 Years in the Construction Industry, Including Highways Construction, for 18 Years. The company announced the Appointment of Mr. Umesh Wagh as Group Chief Human Resources Officer (CHRO) with effect from April 1, 2025. Mr. Wagh Is A Law Graduate (Llb) with a Master's Degree in Labour Law and Labour Welfare from Pune University. He Has over 28 Years of Work Experience in Diverse Aspects of Hr & Admin. Previously, He Has Worked with Reputed organizations Such as Si Group India Ltd., Godrej & Boyce Manufacturing Co. Ltd., Jubilant Life Sciences Ltd., to Name A Few. His Last Assignment Was with D-Mart /Avenue Supermarts Limited, Mumbai. The company announced the Resignation of Dr Prashant Salgaonkar - Group President HR and Admin, effective from March 31, 2025. Duyuru • Jan 31
IRB Infrastructure Developers Limited Declares Third Interim Dividend for Financial Year 2024-25, Payable on or Before March 1, 2025 IRB Infrastructure Developers Limited announced that at the board meeting held on January 31, 2025 the board declared third Interim dividend of INR 0.10/- per equity share of face value of INR 1/- each (@ 10% of face value of share) for financial year 2024-25. The record date for the purpose of payment of dividend is February 6, 2025. The Interim dividend shall be paid /dispatched to the eligible shareholders on or before March 1, 2025. Duyuru • Jan 28
IRB Infrastructure Developers Limited to Report Q3, 2025 Results on Jan 31, 2025 IRB Infrastructure Developers Limited announced that they will report Q3, 2025 results on Jan 31, 2025 Buy Or Sell Opportunity • Jan 06
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to ₹57.27. The fair value is estimated to be ₹74.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 104% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹53.63, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 22x in the Construction industry in India. Total returns to shareholders of 140% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹76.30 per share. Reported Earnings • Oct 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: ₹0.17 (up from ₹0.16 in 2Q 2024). Revenue: ₹17.5b (flat on 2Q 2024). Net income: ₹998.7m (up 4.3% from 2Q 2024). Profit margin: 5.7% (up from 5.5% in 2Q 2024). Revenue missed analyst estimates by 8.6%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Duyuru • Oct 24
IRB Infrastructure Developers Limited to Report Q2, 2025 Results on Oct 30, 2024 IRB Infrastructure Developers Limited announced that they will report Q2, 2025 results on Oct 30, 2024 Duyuru • Aug 30
IRB Infrastructure Developers Limited, Annual General Meeting, Sep 24, 2024 IRB Infrastructure Developers Limited, Annual General Meeting, Sep 24, 2024, at 12:00 Indian Standard Time. Upcoming Dividend • Aug 13
Upcoming dividend of ₹0.10 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 08 September 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). In line with average of industry peers (0.6%). Reported Earnings • Aug 10
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: ₹0.23 (up from ₹0.22 in 1Q 2024). Revenue: ₹19.7b (up 21% from 1Q 2024). Net income: ₹1.40b (up 4.6% from 1Q 2024). Profit margin: 7.1% (down from 8.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 130%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 05
IRB Infrastructure Developers Limited to Report Q1, 2025 Results on Aug 09, 2024 IRB Infrastructure Developers Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Buy Or Sell Opportunity • Jul 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.8% to ₹70.96. The fair value is estimated to be ₹58.41, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹77.13, the stock trades at a forward P/E ratio of 47x. Average forward P/E is 24x in the Construction industry in India. Total returns to shareholders of 446% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹65.99 per share. Duyuru • Jun 02
IRB Infra Promoters Reportedly Likely to Sell 4% to Raise $181 Million Promoters of IRB Infrastructure Developers Limited (NSEI:IRB) are likely to sell a 4% stake in the company on 30 May 2024 to raise $181 million, according to a term sheet reviewed by ET. The selling entities include IRB Holding Private and Deepali Virendra Mhaaiskar. As of March 2024, IRB Infrastructure promoters held a stake of 34.29% in the company, as per BSE filings. The sellers have put up 240 million shares for sale with a floor price ranging from INR 63 to INR 72.7 per share. This represents a 13% discount on the lower range compared to the closing price on Wednesday. Jefferies and CLSA India are serving as bankers for the deal. Price Target Changed • May 11
Price target increased by 7.8% to ₹71.17 Up from ₹66.00, the current price target is an average from 6 analysts. New target price is 14% above last closing price of ₹62.62. Stock is up 124% over the past year. The company is forecast to post earnings per share of ₹1.88 for next year compared to ₹1.00 last year. Price Target Changed • May 09
Price target increased by 7.8% to ₹71.17 Up from ₹66.00, the current price target is an average from 6 analysts. New target price is 8.4% above last closing price of ₹65.66. Stock is up 133% over the past year. The company is forecast to post earnings per share of ₹1.86 for next year compared to ₹1.00 last year. Reported Earnings • May 08
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹1.00 (down from ₹1.19 in FY 2023). Revenue: ₹82.0b (up 28% from FY 2023). Net income: ₹6.06b (down 16% from FY 2023). Profit margin: 7.4% (down from 11% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 4.8%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 08
IRB Infrastructure Developers Limited Declares Third Interim Dividend for Financial Year 2023-2024 IRB Infrastructure Developers Limited announced that at its board meeting held on May 7, 2024, declared third interim dividend of INR 0.10 per equity share of face value of INR 1 each (at 10% of face value of share) for financial year 2023-2024. The record date for the purpose of payment of dividend is May 15, 2024. The third interim dividend shall be paid within stipulated timelines as prescribed under law. Duyuru • May 03
IRB Infrastructure Developers Limited to Report Q4, 2024 Results on May 07, 2024 IRB Infrastructure Developers Limited announced that they will report Q4, 2024 results on May 07, 2024 Board Change • Apr 10
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Priti Savla was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 14
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to ₹56.07. The fair value is estimated to be ₹43.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 109% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹50.98, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 18x in the Construction industry in India. Total returns to shareholders of 353% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹44.28 per share. Duyuru • Feb 03
IRB Infrastructure Developers Limited Announces Second Interim Dividend for Fiscal Year 2023-24 IRB Infrastructure Developers Limited at its board meeting held on January 31, 2024 declared second interim dividend of INR 0.10 per equity share of face value of INR 1 each (@10% of face value of share) for financial year 2023-24. The record date for the purpose of payment of dividend is February 8, 2024. The 2nd Interim dividend shall be paid within stipulated timelines as prescribed under law. Reported Earnings • Feb 01
Third quarter 2024 earnings released: EPS: ₹0.31 (vs ₹0.23 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.31 (up from ₹0.23 in 3Q 2023). Revenue: ₹20.8b (up 37% from 3Q 2023). Net income: ₹1.87b (up 33% from 3Q 2023). Profit margin: 9.0% (down from 9.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (7.7% net profit margin). Buy Or Sell Opportunity • Jan 30
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 102% to ₹67.81. The fair value is estimated to be ₹54.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 22%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 115% in the next 2 years. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹59.88, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 18x in the Construction industry in India. Total returns to shareholders of 464% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹41.58 per share. Duyuru • Jan 17
IRB Infrastructure Developers Limited to Report Q3, 2024 Results on Jan 31, 2024 IRB Infrastructure Developers Limited announced that they will report Q3, 2024 results on Jan 31, 2024 Price Target Changed • Jan 12
Price target increased by 7.7% to ₹44.52 Up from ₹41.32, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₹46.03. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₹1.35 for next year compared to ₹1.19 last year. Price Target Changed • Nov 01
Price target increased by 8.1% to ₹39.12 Up from ₹36.20, the current price target is an average from 5 analysts. New target price is 17% above last closing price of ₹33.54. Stock is up 44% over the past year. The company is forecast to post earnings per share of ₹1.26 for next year compared to ₹1.19 last year. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Earnings have declined by 13% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (156% payout ratio). Profit margins are more than 30% lower than last year (7.7% net profit margin). Reported Earnings • Oct 31
Second quarter 2024 earnings released: EPS: ₹0.16 (vs ₹0.14 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.16 (up from ₹0.14 in 2Q 2023). Revenue: ₹17.4b (up 30% from 2Q 2023). Net income: ₹957.5m (up 12% from 2Q 2023). Profit margin: 5.5% (down from 6.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Oct 21
IRB Infrastructure Developers Limited to Report Q2, 2024 Results on Oct 27, 2023 IRB Infrastructure Developers Limited announced that they will report Q2, 2024 results on Oct 27, 2023 Price Target Changed • Oct 10
Price target increased by 7.7% to ₹35.40 Up from ₹32.87, the current price target is an average from 5 analysts. New target price is 8.0% above last closing price of ₹32.78. Stock is up 53% over the past year. The company is forecast to post earnings per share of ₹1.32 for next year compared to ₹1.19 last year. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹33.00, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 15x in the Construction industry in India. Total returns to shareholders of 174% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹55.74 per share. Duyuru • Aug 31
IRB Infrastructure Developers Limited, Annual General Meeting, Sep 27, 2023 IRB Infrastructure Developers Limited, Annual General Meeting, Sep 27, 2023. Reported Earnings • Aug 01
First quarter 2024 earnings: Revenues in line with analyst expectations First quarter 2024 results: Revenue: ₹17.5b (down 9.3% from 1Q 2023). Net income: ₹1.34b (down 63% from 1Q 2023). Profit margin: 7.7% (down from 19% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 26
IRB Infrastructure Developers Limited to Report Q1, 2024 Results on Jul 31, 2023 IRB Infrastructure Developers Limited announced that they will report Q1, 2024 results on Jul 31, 2023 Recent Insider Transactions • Jun 10
Insider recently bought ₹15m worth of stock On the 5th of June, Sudha Mhaiskar bought around 500k shares on-market at roughly ₹29.16 per share. This transaction amounted to 52% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹16m more in shares than they have sold in the last 12 months. Price Target Changed • May 24
Price target increased by 8.8% to ₹33.04 Up from ₹30.37, the current price target is an average from 6 analysts. New target price is 23% above last closing price of ₹26.82. Stock is up 16% over the past year. The company is forecast to post earnings per share of ₹1.46 for next year compared to ₹1.19 last year. Reported Earnings • May 20
Full year 2023 earnings released: EPS: ₹1.19 (vs ₹0.87 in FY 2022) Full year 2023 results: EPS: ₹1.19 (up from ₹0.87 in FY 2022). Revenue: ₹67.0b (up 16% from FY 2022). Net income: ₹7.20b (up 99% from FY 2022). Profit margin: 11% (up from 6.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 13
IRB Infrastructure Developers Limited to Report Fiscal Year 2023 Results on May 19, 2023 IRB Infrastructure Developers Limited announced that they will report fiscal year 2023 results on May 19, 2023 Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment deteriorates as stock falls 90% After last week's 90% share price decline to ₹2.82, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 18x in the Construction industry in India. Total loss to shareholders of 70% over the past three years. Buying Opportunity • Feb 21
Now 92% undervalued after recent price drop Over the last 90 days, the stock is down 89%. The fair value is estimated to be ₹33.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 44% in the next 2 years. Price Target Changed • Feb 15
Price target increased by 7.5% to ₹306 Up from ₹285, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of ₹292. Stock is up 7.4% over the past year. The company is forecast to post earnings per share of ₹12.40 for next year compared to ₹8.69 last year. Reported Earnings • Feb 14
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: ₹2.34 (up from ₹2.02 in 3Q 2022). Revenue: ₹15.7b (up 23% from 3Q 2022). Net income: ₹1.41b (up 95% from 3Q 2022). Profit margin: 9.0% (up from 5.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Duyuru • Feb 08
IRB Infrastructure Developers Limited to Report Q3, 2023 Results on Feb 13, 2023 IRB Infrastructure Developers Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Reported Earnings • Oct 22
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: ₹1.41 (up from ₹1.20 in 2Q 2022). Revenue: ₹14.4b (down 1.8% from 2Q 2022). Net income: ₹853.1m (up 102% from 2Q 2022). Profit margin: 5.9% (up from 2.9% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 8.0%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in India. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Duyuru • Oct 15
IRB Infrastructure Developers Limited to Report Q2, 2023 Results on Oct 21, 2022 IRB Infrastructure Developers Limited announced that they will report Q2, 2023 results on Oct 21, 2022 Recent Insider Transactions • Sep 26
Insider recently bought ₹1.1m worth of stock On the 22nd of September, Aryan Mhaiskar bought around 5k shares on-market at roughly ₹224 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹248m more in shares than they have sold in the last 12 months. Duyuru • Aug 23
IRB Infrastructure Developers Limited, Annual General Meeting, Sep 20, 2022 IRB Infrastructure Developers Limited, Annual General Meeting, Sep 20, 2022. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: ₹6.01 (vs ₹2.05 in 1Q 2022) First quarter 2023 results: EPS: ₹6.01 (up from ₹2.05 in 1Q 2022). Revenue: ₹20.0b (up 23% from 1Q 2022). Net income: ₹3.63b (up 405% from 1Q 2022). Profit margin: 18% (up from 4.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 12% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₹251, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 16x in the Construction industry in India. Total returns to shareholders of 174% over the past three years. Duyuru • Jul 30
IRB Infrastructure Developers Limited to Report Q1, 2023 Results on Aug 05, 2022 IRB Infrastructure Developers Limited announced that they will report Q1, 2023 results on Aug 05, 2022 Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹180, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Construction industry in India. Total returns to shareholders of 93% over the past three years. Recent Insider Transactions • May 27
Chairman & MD recently bought ₹39m worth of stock On the 24th of May, Virendra Mhaiskar bought around 165k shares on-market at roughly ₹236 per share. This was the largest purchase by an insider in the last 3 months. This was Virendra's only on-market trade for the last 12 months. Reported Earnings • May 19
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ₹8.69 (up from ₹3.33 in FY 2021). Revenue: ₹58.0b (up 9.5% from FY 2021). Net income: ₹3.61b (up 209% from FY 2021). Profit margin: 6.2% (up from 2.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 38%. Over the next year, revenue is forecast to grow 23%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Duyuru • May 14
IRB Infrastructure Developers Limited to Report Q4, 2022 Results on May 17, 2022 IRB Infrastructure Developers Limited announced that they will report Q4, 2022 results on May 17, 2022 Price Target Changed • Apr 27
Price target increased to ₹311 Up from ₹266, the current price target is an average from 6 analysts. New target price is 32% above last closing price of ₹236. Stock is up 123% over the past year. The company is forecast to post earnings per share of ₹6.32 for next year compared to ₹3.33 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Sandeep Shah was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 17
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Sandeep Shah was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Feb 14
Price target increased to ₹297 Up from ₹266, the current price target is an average from 8 analysts. New target price is 8.7% above last closing price of ₹273. Stock is up 151% over the past year. The company is forecast to post earnings per share of ₹8.20 for next year compared to ₹3.33 last year. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: ₹2.02 (up from ₹1.98 in 3Q 2021). Revenue: ₹12.8b (down 17% from 3Q 2021). Net income: ₹726.8m (up 4.6% from 3Q 2021). Profit margin: 5.7% (up from 4.5% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 55%. Over the next year, revenue is forecast to grow 13%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Duyuru • Feb 11
IRB Infrastructure Developers Limited Announces Board Changes IRB Infrastructure Developers Limited announced that Ms. Heena Raja has tendered her resignation from the post of Independent Directorship with effect from February 10, 2022 and based on the recommendations of the Nomination and Remuneration Committee, the Board of Directors of the Company unanimously approved the appointment of Ms. Priti Savla as an Additional Independent Director of the Company, at its board of directors meeting held on February 10, 2022. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improved over the past week After last week's 20% share price gain to ₹280, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Construction industry in India. Total returns to shareholders of 127% over the past three years. Duyuru • Dec 30
IRB Infrastructure Developers Limited announced that it has received INR 53.4663855 billion in funding from Bricklayers Investment Pte. Ltd., Cintra Global S.E. On December 29, 2021, IRB Infrastructure Developers Limited closed the transaction. Duyuru • Nov 30
IRB Infrastructure Developers Limited announced that it has received INR 53.4663855 billion in funding from Bricklayers Investment Pte. Ltd., Cintra Global S.E. On November 29, 2021, IRB Infrastructure Developers Limited closed the transaction. Reported Earnings • Oct 28
Second quarter 2022 earnings released: EPS ₹1.20 (vs ₹0.56 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹14.7b (up 30% from 2Q 2021). Net income: ₹423.1m (up ₹619.7m from 2Q 2021). Profit margin: 2.9% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings.