India’s Largest Road BOT Operator Reports 21% YoY Growth in March Toll Collection

On Friday, Indian markets opened on a positive note, with the Nifty 50 rising 0.89 per cent to 23,986.65 as of 9:50 AM, up 211.55 points from the previous close. The Nifty Infrastructure index also traded higher, gaining 0.96 per cent to 9,085.75 from its previous close of 8,999. Amid this, IRB Infrastructure Developers (IRB) share price was trading at Rs 21.57, up 3.26 per cent from the previous close of Rs 20.89, supported by strong toll revenue growth.

IRB Reports Strong Toll Revenue Growth

IRB Infrastructure Developers reported consolidated toll revenue of Rs 8,323 crore for FY2026, accounting for around 10 per cent of India’s total toll revenue of Rs 82,900 crore during the year.

For March 2026, the company reported toll revenue of Rs 783 crore, registering approximately 21 per cent YoY growth from Rs 649 crore in March 2025. 

On a project basis, key contributors included IRB MP Expressway, IRB Ahmedabad Vadodara Super Express Tollway, and IRB Golconda Expressway, which reported steady growth in toll collections during the month.

IRB Infrastructure Operational Updates and Outlook

The company highlighted that IRB Harihara Corridors Tollway commenced toll collection from January 23, 2026, following receipt of the appointed date from NHAI. Additionally, certain assets, including Kaithal Tollway, Kishangarh Gulabpura Tollway, and IRB Hapur Moradabad Tollway were acquired by IRB InvIT Fund, supporting overall revenue growth.

Management expects that the recent commissioning of new assets, along with the anticipated commissioning of the Ganga Expressway, will support growth in FY2027, aided by tariff revisions across existing assets.

IRB Infrastructure Management Commentary

Commenting on the performance, Shri Amitabh Murarka, Deputy CEO of IRB Infrastructure Developers Limited, said that the company reported a robust 21 per cent growth for the month. He added that the recent commissioning of a new TOT asset in Odisha, along with the expected commissioning of the Ganga Expressway in Uttar Pradesh, is likely to support a stronger growth trajectory in FY2027, driven by new assets and revised toll tariffs on existing projects.

IRB Infrastructure Share Price Performance

Over the past one year, the stock has declined 8.53 per cent, while it has fallen 40.65 per cent over two years and gained 61.28 per cent over three years. The stock has traded in a 52-week range of Rs 19.51 to Rs 26.58. The company has a market capitalisation of Rs 25,835 crore.

About IRB Infrastructure 

IRB Infrastructure Developers Ltd is India’s largest roads and highways infrastructure developer and a leading toll road concessionaire. The company operates a diversified portfolio of highway assets across BOT, TOT, and HAM models and has a significant presence across multiple states in India.

The IRB Group, including its InvIT platforms, manages a large asset base with extensive operational lane kilometres and contributes significantly to India’s toll revenue, supported by strong traffic growth and high FASTag penetration across its toll network.

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Disclaimer: The article is for informational purposes only and not investment advice.