Rs 30,000+ crore order book: IRB Infra executed PIA with IRBHCPL to act as Project Manager for TOT-17 Project

IRB Infrastructure Developers Limited has officially finalised a Project Implementation Agreement (PIA) with IRB Harihara Corridors Private Limited (IRBHCPL) for the TOT-17 project. Following shareholder approval at the Extraordinary General Meeting on January 13, 2026, IRB Infra will serve as the Project Manager for this venture. IRBHCPL functions as a special-purpose vehicle under the IRB Infrastructure Trust, the company’s associate, and this partnership adheres to the regulatory frameworks established by SEBI for Infrastructure Investment Trusts.

The group also reported robust financial performance, achieving approximately 12 per cent year-on-year growth in aggregate toll revenue for December 2025. Total revenue across the parent company and its two sponsored InvITs reached Rs. 754 crores, compared to Rs. 675 crores in the same month of the previous year. This growth trend reflects the company's refined reporting strategy, which now includes toll numbers from both its own concessions and sponsored InvITs to provide a comprehensive view of its market performance.

Strategic asset rotation has played a key role in the company's recent operational shifts. Following a preferential allotment in November 2025, IRB Infra invested an additional Rs. 753 crores into its Public InvIT. This move facilitated the transfer of three assets from the Private InvIT to the Public InvIT, optimising the group's capital structure. These manoeuvres are part of a broader effort to maintain the group's dominant position in India's infrastructure sector, where it currently holds an asset base of approximately Rs. 94,000 crores spanning 13 states.

With over 25 years of experience, IRB remains India's largest multi-national toll road developer, managing around 20,500 lane kilometres. The group’s portfolio now includes 28 highway projects, consisting of BOT, TOT, and HAM models, and commands a significant 44 per cent share of the nation's TOT space. Furthermore, IRB maintains a substantial presence on major national routes, including a 16 per cent share of the Golden Quadrilateral and a 12 per cent share of North-South highway connectivity, backed by multiple international ISO certifications for quality and safety.

The company has a market cap of over Rs 24,000 crore. As of September 2025, LIC owns a 4.71 per cent stake in the company and has an Order Book worth over Rs 30,000 crore. The stock is up by 2 per cent from its 52-week low of Rs 40.54 per share and has given multibagger returns of 250 per cent in 5 years.

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