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IRB Infrastructure Developers Limited (532947) Fair Value & Analysis

Industrial Goods · IN · Market cap ₹38.7B

II IRB Infrastructure Developers Limited 532947 · BSE
Price₹19.03
Fair Value₹19.49
Upside+2.4%
Quality50/100
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Weak Growth
Thin margins · 7.9% net margin
Moderate debt
4.58% dividend yield
Ranks above peers (8/13)
Wide moat 75/100
Evidence: High Range ₹12.39 – ₹50.55 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 5 days ago

Fair value updated Aug 13, 2026, revised from ₹19.68 to ₹19.49 (−1.0%) since Aug 11, 2026.

A solid business, currently priced close to our fair value.

What matters now

  • The model range is unusually wide (₹12.39 to ₹50.55). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
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Price vs Fair Value (5 years)

₹38.09 ₹4.97 Fair Value ₹19.49 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹4.97 – ₹38.09 · fair‑value band ₹12.39 – ₹50.55 · the ₹19.03 price screens below the ₹19.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

IRB Infrastructure Developers Limited (532947) currently trades at ₹19.03, while our model-based Fair Value estimate is ₹19.49, implying the stock looks roughly 2.4% fairly valued today. The Quality Score stands at 50/100 (solid quality), in the Industrial Goods sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, IRB Infrastructure Developers Limited generated revenue of ₹61.0B at a net margin of 7.9%. Revenue declined 42.3% year over year. The stock trades on a trailing P/E of 7.9 (as of Jul 4, 2026). Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹12.39 (bear case) to ₹50.55 (bull case); at ₹19.03, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 3% above its 52-week low. For context, the median of 10 Industrial Goods peers we cover trades at -68% fair-value upside, at 2%, 532947 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF ₹8.78 ₹55.66 ₹122.29 80
Residual Income ₹248.72 ₹399.11 ₹5,120 76
Rev-Margin DCF ₹30.88 74
All 25 models by family
DCF Models
FCF DCF ₹6.90 ₹59.43 ₹138.71 38
Owner Earnings ₹312.90 ₹529.85 ₹857.21 31
5Y Revenue Exit ₹30.48 39
5Y EBITDA Exit ₹191.21 ₹406.98 ₹659.50 41
5Y P/E Exit ₹232.25 ₹483.10 ₹746.30 38
10Y Revenue Exit ₹9.01 ₹43.80 36
10Y EBITDA Exit ₹123.09 ₹292.14 ₹520.20 37
10Y P/E Exit ₹149.16 ₹344.75 ₹585.95 35
Earnings-Based
Graham-Dodd ₹216.43 ₹645.46 ₹854.70 54
Lynch FV ₹136.35 ₹194.79 ₹253.23 50
PEG = 1.0 ₹136.35 ₹194.79 ₹253.23 46
EPV ₹243.53 ₹299.27 ₹348.03 59
Dividend Discount
Gordon GGM ₹10.89 ₹22.65 ₹35.93 70
DDM Multi-Stage ₹10.89 ₹17.68 ₹23.77 61
Multiples
P/E Multiple ₹501.30 ₹668.40 ₹835.50 63
P/S Multiple ₹52.03 ₹69.37 ₹86.71 58
P/B Multiple ₹328.64 ₹438.18 ₹547.73 55
EV/EBIT ₹406.56 ₹572.37 ₹738.18 53
EV/EBITDA ₹339.20 ₹482.56 ₹625.92 54
Asset-Based
NCAV (Graham) ₹48.69 ₹65.24 ₹97.37 50
Growth DCF
Growth DCF ₹8.78 ₹55.66 ₹122.29 80
Rev-Margin DCF ₹30.88 74
Economic Profit
Residual Income ₹248.72 ₹399.11 ₹5,120 76
ROIC Compounder ₹265.56 ₹358.89 ₹467.67 72
Growth Earnings
Growth-Adj P/E ₹408.51 ₹583.59 ₹758.66 68

Widest divergence: Growth Earnings (₹583.59) versus Dividend Discount (₹17.68). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹61.0B
Revenue growth (YoY) -42.3%
Net margin 7.9%
P/E ratio 7.9 as of Jul 4, 2026
Operating margin 36.0%
EPS (TTM) ₹13.78
More key figures
Dividend yield 4.6%
EPS growth (YoY) +12.6%

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 47 · Market factors (momentum, volatility) 31

Profitability 58
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 20
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

IRB Infrastructure Developers Limited engages in the construction, development, and operation and maintenance of roads and highways on build-operate-transfer (BOT) basis in India. The company operates in two segments, BOT/ Toll Operate and Transfer Projects, and Construction.

Full company description

IRB Infrastructure Developers Limited engages in the construction, development, and operation and maintenance of roads and highways on build-operate-transfer (BOT) basis in India. The company operates in two segments, BOT/ Toll Operate and Transfer Projects, and Construction. It is also involved in real estate development; generation and sale of electricity through windmill; and hospitality and airport infrastructure activities. The company has 21 projects with 12,317 lane kilometers of roads and highways. The company was incorporated in 1998 and is based in Mumbai, India. IRB Infrastructure Developers Limited is a subsidiary of Mhaiskar Ventures Private Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

IRB Infrastructure Developers Limited reported revenue of ₹70.6B in FY2025 versus ₹53.0B in FY2021, a compound +7.4%/yr. Reported net income was ₹64.8B in FY2025, compounding +172.7%/yr from FY2021.

Growth Quality 37/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
₹70.6B
Latest YoY
−4.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.6%
Avg. growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.0%
Revenue +7.4%/yr
FY21 ₹53.0B
FY22 ₹58.0B
FY23 ₹64.0B
FY24 ₹74.1B
FY25 ₹70.6B
Net income +172.7%/yr
FY21 ₹1.2B
FY22 ₹3.6B
FY23 ₹7.2B
FY24 ₹6.1B
FY25 ₹64.8B

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Cite: Fair Value Calculator (2026). "IRB Infrastructure Developers Limited Fair Value". https://www.fairvalue-calculator.com/stock/532947

Peer Group

Industrial Goods · 22 stocks

How this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Heavy Construction” was too small, so the broader sector is used.)

Quality Score 50 · Below median
Fair Value upside +2% · Above median
Return on assets 0% · Above median
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 36% · Top 25%
Revenue growth -42% · Below median
Dividend yield (TTM) 4.6% · Top 25%
Debt / equity 0.94× · Higher than 75% of peers

Valuation Multiples vs Industrial Goods median · lower = cheaper

P/E (TTM) 7.9× · Cheaper than median
P/B 0.20× · Cheaper than 75% of peers
P/S (TTM) 0.64× · Pricier than median
EV/EBITDA 8.5× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 37 · sector 0
FUTURE 0 · sector 0
PAST 0 · sector 0
HEALTH 53 · sector 98
DIVIDEND 92 · sector 2

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Heavy Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Shree Cement Limited 500387 ₹25,410 ₹4,548 -82%
Siemens Limited 500550 ₹4,019 ₹892.67 -78%
Bharat Electronics Limited 500049 ₹404.00 ₹294.84 -27%
Thermax Limited 500411 ₹4,086 ₹679.90 -83%
GMM Pfaudler Limited 505255 ₹1,045 ₹247.43 -76%
Carborundum Universal Limited 513375 ₹1,152 ₹194.24 -83%
ELGI Equipments Limited 522074 ₹609.05 ₹194.23 -68%
KNR Constructions Limited 532942 ₹133.80 ₹476.65 +256%
JK Lakshmi Cement Limited 500380 ₹549.95 ₹305.50 -44%
Suzlon Energy Limited 532667 ₹48.92 ₹25.61 -48%

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Frequently asked questions

Is IRB Infrastructure Developers Limited (532947) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹19.49 versus a price of ₹19.03, about +2% (fairly valued).
What is the fair value of 532947?
Our model-based fair value for IRB Infrastructure Developers Limited is ₹19.49 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹19.03.
What is the quality score of 532947?
IRB Infrastructure Developers Limited has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of IRB Infrastructure Developers Limited (532947)?
IRB Infrastructure Developers Limited reported trailing-twelve-month revenue of about ₹61.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 532947?
The net profit margin of IRB Infrastructure Developers Limited is about 7.9%, meaning it keeps roughly 7.9% of revenue as net income. Based on the latest reported figures.
Does IRB Infrastructure Developers Limited pay a dividend?
IRB Infrastructure Developers Limited currently shows a dividend yield of about 4.58% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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