IRB Group reported a robust 22% Year-over-Year (YoY) growth in aggregate Toll Revenue for February 2026, reaching Rs. 746 Crores, up from Rs. 614 Crores in February 2025. This acceleration was attributed to strong traffic growth and the inclusion of the new IRB Harihara Corridor (TOT-17) revenue. The company anticipates this upward momentum to continue with the expected commencement of tolling on another new TOT asset soon.
IRB Group Achieves Significant Toll Revenue Hike
IRB Infrastructure Developers Limited, along with its two sponsored Infrastructure Investment Trusts (InvITs) – IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT) – announced impressive financial results for the month of February 2026. The consolidated Toll Revenue across all entities surged by approximately 22% year-on-year.
The aggregate revenue for February 2026 stood at Rs. 7,461 Million (Rs. 746 Crores), compared to Rs. 6,138 Million (Rs. 614 Crores) reported in February 2025. This growth marks an acceleration from the previous month’s ~15% increase.
Key Drivers of Growth
Mr. Amitabh Murarka, Dy. CEO of IRB Infra, highlighted that the primary drivers were “Robust traffic growth across our assets” and the inclusion of the full-month contribution from the newly added IRB Harihara Corridor (TOT-17). Collection trends for TOT-17 are reportedly in line with bid estimates.
The company is optimistic about future performance, noting the “likely commencement of tolling on another new TOT asset,” which is expected to sustain the upward trajectory in toll revenues.
Project-Wise Revenue Breakdown (February 2026 vs. February 2025)
The detailed breakdown shows significant growth across the portfolio. Below are the top contributors for February 2026 (Rs. in millions):
- IRB MP Expressway Pvt Limited: Grew to 1,482 from 1,409.
- IRB Ahmedabad Vadodara Super Express Tollway: Increased to 797 from 639.
- IRB Golconda Expressway Private Limited: Increased to 737 from 652.
- IRB Lalitpur Tollway Private Limited: Increased to 383 from 336.
The new asset, IRB Harihara Corridors Tollway Private Limited (#), contributed 528 Million, having commenced toll collection on January 23, 2026.
Portfolio Snapshot and Market Position
The IRB Group’s total asset portfolio spans approximately 17,500 Operational Lane Kms across 13 Indian States. The Group holds a significant 44% Market Share in the awarded Toll-Operate-Transfer (TOT) space. The consolidated assets handle a daily movement of around 1.5 million vehicles, contributing approximately 10% to India’s National Toll Revenue, with a 97% FASTag penetration rate.
Private InvIT Assets
IRB Infrastructure Trust (Private InvIT) manages 14 highway assets spanning 10,674 Lane Kms, with an Enterprise Value of approximately Rs. 66,000 Crores. Its assets have a Weighted Average Life of over 20 years plus.
Public InvIT Assets
IRB InvIT Fund (Public InvIT) manages 10 highways assets (including 8 BOT and 2 HAM projects) covering 4,445 Lane Kms, valued at approx. Rs. 17,600 Crores. The Weighted Average Life for these assets is 18 years plus.
Source: BSE
