IRB Infra.&Developer

IRB Infrastructure Trust, a privately held associate of IRB Infrastructure Developers, signed a binding term sheet on July 2 to transfer two highway tolling assets to the listed IRB InvIT Fund. The agreement covers Solapur Yedeshi Tollway Limited and CG Tollway Limited, which together have an enterprise value of ₹4,605 crore, unlocking equity proceeds of ₹2,744 crore. The transaction follows a non-binding offer exchanged on May 14 and is expected to close by September 30, 2026. Once transferred, the two build-operate-transfer projects will add approximately ₹2,400 crore to IRB's operation and maintenance order book. The sale proceeds are earmarked to fund upcoming infrastructure opportunities worth around ₹8,000 crore, reinforcing the company's asset-churning strategy. The deal marks another cycle of the company's 'Bid, Execute, Stabilize, Transfer' capital recycling model, moving mature assets to the public investment trust and freeing capital for new acquisitions.

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** Highway construction firm IRB Infrastructure Developers IRBI.NS shares rise 1% to 20.8 rupees

** Stock has gained in two of the last six trading sessions
** Co reports 25% rise in May toll revenue to 8.43 billion rupees ($88.2 million), compared with 6.73 billion rupees a year earlier

** "Revenue growth in May reflects continued traffic growth across our all projects despite rising inflation due to the ongoing geo-political unrest," CEO Amitabh Murarka says

** Stock trades at forward 12-month PE of 18.11 vs industry median of 17.02

** YTD, IRBI down 0.7% vs 6.7% fall in Nifty 500 Index .NIFTY500

($1 = 95.6000 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)

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April 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - GROSS TOLL COLLECTION FOR MARCH INCREASED BY 21 % Y/Y

Source text: ID:nBSE7Y89f0

Further company coverage: IRBI.NS

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Feb 5 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - TO CONSIDER ISSUE OF BONUS EQUITY SHARES

Source text: ID:nBSE1dHmcX

Further company coverage: IRBI.NS

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Adds revised estimates

By Ashwin Manikandan and Komal Salecha

MUMBAI, Feb 1 (Reuters) - India's federal government will spend a record 12.2 trillion rupees ($133.08 billion) on infrastructure in fiscal year 2027, an 11.4% annual rise, as Asia's third-biggest economy pledged to accelerate growth amid a volatile global environment.

India has significantly raised infrastructure spending after the COVID-19 pandemic, aiming to boost economic growth and create more jobs in the world's most-populous country. The federal budget, presented on Sunday by Finance Minister Nirmala Sitharaman, made a fresh bet on the country's manufacturing sector.

The government's capex plan for the ongoing fiscal year ending March 2026 was revised to 10.95 trillion rupees, as per revised estimates in the budget documents. This is lower than the 11.21 trillion rupees earmarked for the year, which was the highest on record back then.

"The capex outlay for fiscal year 2027 looks a bit modest and misses market expectations slightly, but overall, a positive for the manufacturing sector. It will also be good for private sector capex," said Amit Anwani, an analyst at Prabhudas Lilladher.

Shares of capital goods companies such as Larsen & Toubro LART.NS, IRB Infra IRBI.NS, NBCC NBCC.NS, Action Construction ACEL.NS jumped between 1.3% and 4% on higher capex spending and announcements to scale up infrastructure development.

India's economy has so far withstood punitive U.S. tariffs imposed by President Donald Trump. Economic growth for the current fiscal year has been forecast at 7.4%, with the help of government infrastructure spending and income and consumption tax cuts.

($1 = 91.6710 Indian rupees)

(Reporting by Ashwin Manikandan and Komal Salecha; Editing by Janane Venkatraman)

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Jan 7 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• GROSS TOLL COLLECTION FOR DECEMBER 25 INCREASED BY 12% Y-O-Y

Source text: ID:nBSE8SQSCp

Further company coverage: IRBI.NS

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By Vibhuti Sharma and Aditya Kalra

MUMBAI Oct 29 (Reuters) - KKR-backed Vertis Infrastructure Trust in India has selected Axis Capital and two other investment banks to manage its up to $568 million Indian initial public offering, investment banking sources said.

They said the company planned to seek regulatory approval for the offering before December.

A planned IPO for Vertis comes as Indian markets are trading near record highs. Companies have raised $16 billion so far this year via India's public markets, making it the world's third-largest market for debuts, according to Dealogic.

Vertis Infrastructure Trust, which is also backed by the Ontario Teachers' Pension Plan, is a so-called InvIT, or an infrastructure investment trust. These are schemes that allow investors to pool funds into income-generating infrastructure projects.

Vertis' plans to raise up to $568 million via an IPO have been previously reported. But three sources familiar with Vertis' plans told Reuters it is planning to file papers seeking regulatory clearance within weeks, before the end of December.

The sources added that India's Axis Capital, Ambit Capital and Avendus Capital were the three bankers appointed for the deal.

Vertis and the investment banks did not respond to requests for comment.

The company's current target for listing is the second quarter of 2026, one of the banker sources said.

Many private infrastructure investment trusts are seeking to go public on India's stock exchanges in an effort to broaden their investor bases and enhance liquidity for existing stakeholders.

India currently has 27 InvITs, but only six are publicly listed. Vertis Infrastructure Trust manages assets worth around $3 billion, according to its website.

(Reporting by Vibhuti Sharma in Mumbai and Aditya Kalra in New Delhi; Additional reporting by Vivek Kumar M in Bengaluru; Editing by Thomas Derpinghaus)

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Oct 8 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE - APPROVED INVESTMENT IN IRB INVIT FUND FOR UP TO 7.53 BILLION RUPEES

Source text: ID:nBSEcdY3dH

Further company coverage: IRBI.NS

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** Shares of IRB Infrastructure Developers IRBI.NS rise as much as 3.6% to 43.75 rupees, last up 1.5%

** Highway construction co's gross toll revenue for August rose 12% Y/Y to 5.63 bln rupees ($64 mln)

** Stock set to snap three session losing streak

** IRBI down ~25% YTD

($1 = 87.9650 Indian rupees)

(Reporting by Vijay Malkar)

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June 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - GROSS TOLL COLLECTION FOR MAY 2025 INCREASED BY 9% Y-O-Y

Source text: ID:nNSEFCVCh

Further company coverage: IRBI.NS

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April 8 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• GROSS TOLL REVENUE FOR MARCH 2025 INCREASED BY 16% Y/Y

Source text: ID:nBSE3vkTw

Further company coverage: IRBI.NS

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Recasts; adds comments, stock move and backgrounds

By Nikunj Ohri, Shivangi Acharya and Sarita Chaganti Singh

NEW DELHI, Feb 1 (Reuters) - India slashed personal tax rates in its annual budget on Saturday, as the world's fifth largest economy focuses on boosting domestic demand amid uncertainty over the global economic outlook due to potential new tariff barriers.

The world's most populous country is expected to post its slowest growth in four years next year amid frail urban demand and weak private investment, while stubbornly high food inflation has dented disposable incomes.

The government said people earning up to 1.28 million Indian rupees ($14,800) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. It also lowered tax rates for people earning above the new threshold.

"The new structure will reduce taxes on middle class and leave more money in their hands, boosting household consumption, savings and investment," Finance Minister Nirmala Sitharaman said in parliament.

The move will result in an annual 1 trillion Indian rupee ($11.6 billion) hit to Treasury revenues.

Measures to assist the poor, youth, farmers and women were also included in the budget for 2025-26, Sitharaman said.

Increasing living costs have weighed on the popularity of Prime Minister Narendra Modi, with one survey showing more Indians are becoming less hopeful about their quality of life.

Per capital income is around $2,700 for India's population of 1.4 billion, with about one-third considered middle class.

The tax cut is "likely to spur consumer demand and savings by the middle class that has faced challenges from elevated inflation and lower income growth," Sakshi Gupta, economist at HDFC Bank.

The move led to a rally in consumer stocks such as Maruti Suzuki MRTI.NS, Godrej Consumer Products GOCP.NS and Prestige Estates PREG.NS, which jumped by 4% to 8%.

To balance the revenue lost, the government has budgeted for a modest increase in capital spending this year, which will rise to 11.21 trillion rupees in 2025-26 compared to a lowered 10.18 trillion in the current year.

The modest infrastructure spending increase disappointed investors in the sector and stocks of firms including Larsen & Toubro LART.NS, NBCC NBCC.NS, IRB Infra IRBI.NS and KEC International < KECL.NS> were down between 1% and 6%.

The government expects to improve its finances, targeting a fiscal deficit of 4.4% of GDP in 2025-26, down from a revised 4.8% of GDP in the current year.

It will borrow 14.82 trillion Indian rupees via the bond markets to fund this year's fiscal deficit.

The government, however, refrained from pre-empting the impact of potential tariffs from U.S. President Donald Trump on India and focussed on lowering some input costs for industries that have been raising output such as electronics and

renewables.

FOCUS ON FARM, MANUFACTURING AND FINANCIAL SECTOR

India has faced a bout of high food inflation over the past year due to weather changes impacting output.

To boost productivity across the farm sector, the government will launch a national mission to push high-yielding crops, with a special focus on pulses and cotton production.

To help farmers, the limit for subsidised credit has been raised to 500,000 Indian rupees ($5,778) from 300,000 rupees earlier.

The government will also launch missions to push manufacturing and exports, Sitharaman said, without going into details.

India has long aimed to boost the share of manufacturing and exports in its economy but has had little success. The share of manufacturing in the economy has remained close to 17%, short of its long-standing goal of 25%.

To deepen the penetration of insurance in the economy, the foreign direct investment limit on insurance was raised to 100% from 74% currently.

($1 = 86.5360 Indian rupees)

(Reporting by Shivangi Acharya and Nikunj Ohri in New Delhi; Writing by Ira Dugal and Aftab Ahmed; Editing by Lincoln Feast)

(([email protected]; +91 99109 33884;))

Dec 16 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• EXECUTION OF AGREEMENTS FOR GANGA EXPRESSWAY PROJECT

• ENTERED AGREEMENT FOR ACQUISITION BY PRIVATE INVIT OF 80.40% STAKE IN MBEL

Source text: ID:nBSE2xT3Ch

Further company coverage: IRBI.NS

(([email protected];;))

** Shares of IRB Infrastructure Developers IRBI.NS down 4.3% to 51.7 rupees

** Highways and bridges maker reported a 9% drop in Q2 consol rev

** At least 4 of 6 brokerages cut TP, lowering the median to 67 rupees - LSEG data

** HDFC Securities ("add") cuts by 4% on delay in project execution

** Antique Stock Broking ("buy") cuts TP by 5% on declining order book in road, construction segments

** Motilal Oswal ("neutral") cuts by TP by 1.6% due to lower execution in construction business

** Analysts' avg rating on stock is "buy" -LSEG data

** Stock is up 1.7% so far this week, on track to snap five straight weeks of losses

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Oct 30 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS SEPT-QUARTER CONSOL NET PAT 998.7 MILLION RUPEES

• IRB INFRASTRUCTURE DEVELOPERS SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 15.86 BILLION RUPEES

Source text: ID:nBSE9VFJvP

Further company coverage: IRBI.NS

(([email protected];;))

Oct 14 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS- APPROVES TAP ISSUANCE OF ADDITIONAL USD-DENOMINATED NOTES FOR UP TO $200 MILLION

Source text for Eikon: [ID:]

Further company coverage: IRBI.NS

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Oct 8 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• SEPTEMBER GROSS TOLL COLLECTION INCREASE 19% Y/Y

Source text for Eikon: ID:nBSE2Rf6sz

Further company coverage: IRBI.NS

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Sept 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS - AUGUST TOLL COLLECTION INCREASES ABOUT 20% Y/Y

Source text for Eikon: ID:nNSE3PlKdC

Further company coverage: IRBI.NS

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Aug 9 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD JUNE-QUARTER CONSOL NET PAT 1.40 BILLION RUPEES

• IRB INFRASTRUCTURE DEVELOPERS LTD JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 18.53 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: IRBI.NS

(([email protected];))

July 10 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• JUNE TOLL REVENUE OF IRB INFRA & IRB INFRASTRUCTURE TRUST UP 35% Y/Y

Source text for Eikon: ID:nBSE51KfSh

Further company coverage: IRBI.NS

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** Shares of IRB Infrastructure Developers IRBI.NS down 6.4% at 65.67 rupees

** Stock falls as much as 10.2% in early trade before recouping some losses

** More than 444.4 mln shares traded in 80 block deals at 64 rupees-66 rupees, as per National Stock Exchange data, a ~6%-9% discount to IRBI's closing price on Monday

** Cintra, a unit of Dutch infra firm Ferrovial FERF.AS, plans to sell 5% stake in IRBI to raise around $228 mln, Moneycontrol reports

** Cintra, which owns 24.86% stake in IRBI, did not immediately respond to Reuters' requests for comment; IRBI also yet to comment

** Stock down ~15% in last two sessions, its worst two-day fall in over 1 year

** IRBI up 58% YTD, its fifth straight annual gain

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Ashoka Buildcon ABDL.NS surges 13.8% to a record high of 212 rupees

** Fellow highway maker IRB Infrastructure IRBI.NS jumps 7% on reporting over 30% rise in toll collection for May

** ABDL last up ~12%, set for best one-day rise since Jan 9 and taking YTD gains to ~50%

** Trading vol tops 11 mln shares for first time since Jan 9

** IRB and Ashok Buildcon expected to benefit from 3%-5% hike in road toll charges from last Monday

(Reporting by Anuran Sadhu in Bengaluru)

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June 6 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS LTD - MAY TOLL COLLECTION INCREASE ABOUT 30% Y/Y

Source text for Eikon: ID:nBSE9skBDK

Further company coverage: IRBI.NS

(([email protected];))

Repeats story that ran on Sunday, with no changes

By Manoj Kumar

NEW DELHI, June 2 (Reuters) - India will hike road toll charges across the country by 3-5% from Monday, officials said, after putting the annual increase on hold in April due to the country's general elections.

Toll charges in India are revised annually in line with inflation and highway operators put notices in local newspapers announcing hikes of 3% to 5% at nearly 1,100 toll plazas from Monday.

"As the election process is over, the revision of user fee (toll) rates, which was put on hold during the elections, would become effective from June 3," a senior official at the National Highways Authority of India told Reuters.

The official said hikes in toll charges and taxation on fuel products help pay for the expansion of national highways, but opposition parties and many motorists criticise the annual rise in charges, saying they increase transport costs of essential commodities and burden commuters.

High operators like IRB Infrastructure Developers IRBI.NS and Ashok Buildcon Ltd ABDL.NS will benefit from the toll increases.

India has invested billions of dollars over the last decade to expand the national highways, with a total length of about 146,000 kilometres, the second-largest global road network.

Toll collections jumped to more than 540 billion rupees ($6.5 billion) in the 2022/23 fiscal year from 252 billion in 2018/19, helped by a rise in road traffic as well as by increases in the number of toll plazas and charges.

India's general election concluded on Saturday with Prime Minister Narendra Modi's Bharatiya Janata Party (BJP)-led alliance projected to win a big majority, TV exit polls showed.

($1 = 83.4240 Indian rupees)

(Reporting by Manoj Kumar; Editing by Susan Fenton)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

By Manoj Kumar

NEW DELHI, June 2 (Reuters) - India will hike road toll charges across the country by 3-5% from Monday, officials said, after putting the annual increase on hold in April due to the country's general elections.

Toll charges in India are revised annually in line with inflation and highway operators put notices in local newspapers announcing hikes of 3% to 5% at nearly 1,100 toll plazas from Monday.

"As the election process is over, the revision of user fee (toll) rates, which was put on hold during the elections, would become effective from June 3," a senior official at the National Highways Authority of India told Reuters.

The official said hikes in toll charges and taxation on fuel products help pay for the expansion of national highways, but opposition parties and many motorists criticise the annual rise in charges, saying they increase transport costs of essential commodities and burden commuters.

High operators like IRB Infrastructure Developers IRBI.NS and Ashok Buildcon Ltd ABDL.NS will benefit from the toll increases.

India has invested billions of dollars over the last decade to expand the national highways, with a total length of about 146,000 kilometres, the second-largest global road network.

Toll collections jumped to more than 540 billion rupees ($6.5 billion) in the 2022/23 fiscal year from 252 billion in 2018/19, helped by a rise in road traffic as well as by increases in the number of toll plazas and charges.

India's general election concluded on Saturday with Prime Minister Narendra Modi's Bharatiya Janata Party (BJP)-led alliance projected to win a big majority, TV exit polls showed.

($1 = 83.4240 Indian rupees)

(Reporting by Manoj Kumar; Editing by Susan Fenton)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

** Shares of IRB Infrastructure Developers IRBI.NS rise 3.5% to 68.40 rupees, set for best day in 4 weeks

** Highways and bridges maker reports 45.1% Y/Y rise in Q4 profit, while rev rose 27.2%

** Stock on track to snap two consecutive sessions of losses

** Average rating of six analysts covering the stock is "buy"; median PT is 65.50 rupees - LSEG data

** Stock's rise takes YTD gains to ~65%

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

May 7 (Reuters) - IRB Infrastructure Developers Ltd IRBI.NS:

• IRB INFRASTRUCTURE DEVELOPERS MARCH-QUARTER CONSOL NET PAT 1.89 BILLION RUPEES VERSUS PROFIT 1.3 BILLION RUPEES

• IRB INFRASTRUCTURE DEVELOPERS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 20.61 BILLION RUPEES VERSUS 16.2 BILLION RUPEES

Source text for Eikon: ID:nBSE6tYkHb

Further company coverage: IRBI.NS

(([email protected];;))

By Manoj Kumar

NEW DELHI, April 1 (Reuters) - India on Monday put on hold a proposed hike in road toll charges, in a move that will be welcomed by millions of motorists, truckers and commercial vehicle owners just ahead of a general election.

The annual hike in road toll charges would have benefited highway operators like IRB Infrastructure Developers IRBI.NS and Ashok Buildcon Ltd ABDL.NS while putting an extra burden on commuters and businesses who could see freight rates rise as a result.

"The revision of user fee (toll) rates with effect from April 1 has been put on hold after taking permission from the Election Commission," a senior official at National Highways Authority of India told Reuters.

India will hold a general election in seven phases from April 19 to early June. Prime Minister Narendra Modi and his regional allies are aiming for a comfortable win against an alliance of two dozen opposition parties.

Highway operators have already put notices in local newspapers about hikes in toll charges of 3% to 5% at nearly 1,100 toll plazas from April 1. Toll charges are revised annually in line with inflation.

Opposition parties and commuters had criticised the proposed toll hikes as both tolls and fuel prices have gone up significantly since Modi came to office.

The government says hikes in toll charges and taxation on fuel products help pay for the expansion of national highways.

Separately, the election commission also allowed the government to put on hold the proposed annual hike in electricity tariffs till the completion of the election process, the government statement said.

India's toll collections have jumped to more than 540 billion rupees ($6.5 billion) in the 2022/23 fiscal year from 252 billion in 2028/19, helped by a rise in road traffic as well as by increases in the number of toll plazas and charges.

($1 = 83.3600 Indian rupees)

(Reporting by Manoj Kumar; Editing by Hugh Lawson)

(([email protected]; +919810286200; Twitter:@manojgulnar;))

** IRB Infrastructure Developers' IRBI.NS shares up 7% at 57.70 rupees

** Kotak Institutional Equities upgrades company's shares to "add" from "sell", raises PT to 65 rupees from 60 rupees

** New concession model by India's highways authority will benefit companies such as IRBI - brokerage

** Brokerage expects medium-term pipeline for built-operate-transfer projects at around 2 trillion rupees over next two years

** Companies such as IRB with strong balance sheet could be key beneficiary and could garner healthy market share - brokerage

** IRBI shares up ~39% YTD, after gaining 43% last year

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

Adds detail on IRB Infrastructure Trust in paragraph 3, detail from filing in paragraphs 5 and 6

March 14 (Reuters) - Spanish construction giant Ferrovial FERF.AS said on Thursday it will buy a 24% stake in IRB Infrastructure Trust, an investment vehicle that holds a portfolio of 12 toll road concessions in India, for 740 million euros (about $810 million).

The group will acquire this stake from affiliates of Singapore's sovereign fund GIC, which currently owns a 49% stake in IRB Infrastructure Trust, Ferrovial said in a filing to Spanish stock market regulator CNMV.

IRB Infrastructure Trust has a pipeline of three additional concessions in a country that is expanding its highways and plans to invest around 240 billion euros in roads until 2025, Ferrovial said, citing a report by India's Department of Economic Affairs.

The transaction is expected to close by the end of April, subject to regulatory approvals.

Ferrovial said the deal completes its investment in the Indian market after reaching its internal size target.

The Spanish group, which manages highways in North America and Europe, also holds a 24.86% stake in IRB Infrastructure Developers, an Indian infrastructure company that is one the country's largest toll road developers.

GIC's affiliates will retain a 25% stake in IRB Infrastructure Trust and IRB Infrastructure Developers will keep its current 51% stake, it said.

($1 = 0.9140 euros)

(Reporting by Matteo Allievi and Corina Pons, editing by David Latona and Savio D'Souza)

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