IRB Infrastructure Developers reported a sharp rise in toll collections for May 2026, with the group’s aggregate revenue climbing 25% year-on-year to Rs 843 crore, according to an exchange filing submitted to BSE on Monday.
What drove the numbers
The group’s combined toll collections, across IRB Infrastructure Developers and its two sponsored infrastructure investment trusts, IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT), came in at Rs 8,427 crore for the month, compared to Rs 6,725 crore in May 2025.
IRB Harihara Corridors, which covers the Lucknow-Ayodhya-Gorakhpur and Lucknow-Sultanpur corridors under TOT-17, commenced tolling in January 2026 and collected Rs 61.5 crore during the month, as per the filing.
IRB Chandibhadra Tollway, covering the Chandikhole-Bhadrak stretch on NH16, began operations in April 2026 and collected Rs 24.1 crore.
Meerut Budaun Expressway, part of the Ganga Expressway Group-1, commenced tolling only on May 17 and still contributed Rs 6.4 crore for the partial month.
The anchor assets held firm
IRB’s two wholly-owned subsidiaries remained the biggest contributors. IRB MP Expressway, which operates the Mumbai-Pune Expressway and Old Mumbai-Pune Highway, reported collections of Rs 176.2 crore, up from Rs 159.5 crore in the same month last year. IRB Ahmedabad Vadodara Super Express Tollway followed with Rs 83.8 crore against Rs 68.7 crore, the filing said.
Within the Private InvIT portfolio, IRB Golconda Expressway, which operates the Hyderabad Outer Ring Road, was the standout, collecting Rs 82.6 crore compared to Rs 73 crore a year ago. IRB Lalitpur Tollway posted Rs 44 crore, up from Rs 37.5 crore.
As per the filing, not all projects saw gains. Samakhiyali Tollway, covering the Samakhiyali-Santalpur stretch on NH27, saw collections dip to Rs 11.3 crore from Rs 12.7 crore in May 2025, the filing added.
Management commentary
Amitabh Murarka, Deputy CEO of IRB Infrastructure Developers, attributed the growth to sustained traffic momentum across the portfolio and the contribution of newly commissioned assets. He noted that the numbers came despite inflationary pressures stemming from ongoing geopolitical uncertainty, and said the company expects to maintain the growth trajectory in the months ahead.
Scale and outlook
IRB Group currently operates 28 revenue-generating highway assets spanning approximately Rs 94,000 crore across 13 states, with around 1.5 million vehicle crossings recorded daily. The group says it accounts for roughly one-tenth of India’s total toll revenue.
The company has set a target to expand its asset base to approximately Rs 1,40,000 crore by FY2029, through an asset churn strategy that involves monetising mature assets via the InvIT route and redeploying proceeds into new opportunities.
For the quarter ended March 2026, IRB Infra reported a net profit of Rs 296.2 crore, up 38% year-on-year, though revenue for the period fell 10.3% to Rs 1,927 crore. EBITDA margins expanded to 56.2% from 46.4% in the year-ago quarter.