IRB Infrastructure Developers Limited (IRB) fair value: what the stock is really worth
As of Oct 6, 2026: fair value of IRB Infrastructure Developers Limited ₹19.95, price ₹17.84, upside +11.8%, quality 47 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.
How to read this chart
60‑month range ₹7.37 – ₹996,049 · fair‑value band ₹11.61 – ₹26.60 · the ₹17.84 price screens below the ₹19.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 1, 2026.
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IRB Infrastructure Developers Limited engages in the infrastructure development business in India. It operates through Built, Operate and Transfer/Toll Operate and Transfer; InvITs & Related Assets; and Construction segments. The company develops, operates, and maintains road.
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IRB Infrastructure Developers Limited engages in the infrastructure development business in India. It operates through Built, Operate and Transfer/Toll Operate and Transfer; InvITs & Related Assets; and Construction segments. The company develops, operates, and maintains road. It also provides invests in units of IRB Infrastructure Trust, IRB InvIT Fund and other related assets. In addition, the company is involved in road Infrastructure, real estate, hospitality, and airport development, as well as operates as an investment manager. The company was incorporated in 1998 and is based in Mumbai, India.
Stock analysis
IRB Infrastructure Developers Limited (IRB) currently trades at ₹17.84, while our model-based Fair Value estimate is ₹19.95, implying the stock looks roughly 10.6% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of ₹26.55 per share, and 10 of the 23 models we run sit above the ₹17.84 price.
Bear case: the Asset-Based group reads lowest at ₹11.62, and 13 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹11.61 (bear) to ₹26.60 (bull), the price of ₹17.84 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 47/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
IRB Infrastructure Developers Limited reported revenue of ₹65.2B in FY2026 versus ₹58.0B in FY2022, a compound +3.0%/yr. Reported net income was ₹8.5B in FY2026, compounding +23.9%/yr from FY2022.
Key figures
Market cap ₹217B (≈ $2.3B) · P/E ratio 22.9 · P/S ratio 2.98 · EPS (TTM) ₹0.7800 · Dividend yield 1.0% · Net margin 13.0% · Return on equity 4.2% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 12%, IRB screens cheaper than that median.
Fair Value models
Bear ₹11.61Fair Value ₹19.95Bull ₹26.60
Price ₹17.84 · Upside +11.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹0.3159 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.66/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.7%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.2%
Start year 2021 (pandemic). Over 10 years: +2.4% a year
Revenue growth 21 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+45.5%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−3.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.2%
Dividend (yield on the price)1.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−4.2% vs 6.8%, slowing
Profit margin 2005 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1% → 26%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +18.3% a year for the price and +6.4% for the forecasts.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Infrastructure Operations · 66 stocks
Beats the industry median on 1/13 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+11.8% · Below median
Profitability
Return on equity (TTM)4.2% · Below median
Return on assets1.8% · Below median
Net margin (TTM)15.5% · Above median
Operating margin (TTM)22.5% · Below median
Growth and dividend
Revenue growth−8.9% · Bottom 25%
Dividend yield (TTM)1.0% · Bottom 25%
Balance sheet
Debt / equity0.85× · Above median
Valuation Multiplesvs Infrastructure Operations median · lower = cheaper
P/E (TTM)22.9× · Priciest 25%
P/B1.03× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is IRB Infrastructure Developers Limited (IRB) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of ₹19.95 versus a price of ₹17.84, about +12% upside (undervalued).
What is the fair value of IRB?
Our model-based fair value for IRB Infrastructure Developers Limited is ₹19.95 (as of Oct 1, 2026), built from audited fundamentals. The current price: ₹17.84.
What is the quality score of IRB?
IRB Infrastructure Developers Limited has a Quality Score of 47/100. 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 price target for IRB Infrastructure Developers Limited (IRB)?
Our model-based price target is the fair value of ₹19.95 (as of Oct 1, 2026) from 23 valuation models. Cautious scenario ₹11.61, optimistic scenario ₹26.60. It is a calculation from audited fundamentals, not an analyst target.
What is the IRB Infrastructure Developers Limited stock forecast for 2026?
Our models put fair value at ₹19.95, about +12% upside versus a price of ₹17.84 (undervalued). Cautious scenario ₹11.61, optimistic scenario ₹26.60. The calculation is refreshed regularly with new filings.
What is the revenue of IRB Infrastructure Developers Limited (IRB)?
IRB Infrastructure Developers Limited reported trailing-twelve-month revenue of about ₹61.6B (latest available figure, as of Oct 1, 2026).
Does IRB Infrastructure Developers Limited pay a dividend?
IRB Infrastructure Developers Limited currently shows a dividend yield of about 0.95% relative to its recent price (as of Oct 1, 2026).
What growth is priced into IRB Infrastructure Developers Limited (IRB)?
For today's price to be fair in a discounted-cash-flow model, IRB Infrastructure Developers Limited would have to grow free cash flow by +23.2 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.2 % per year. As of Oct 1, 2026.
What discount rate (WACC) does the fair value of IRB use?
Our models discount IRB Infrastructure Developers Limited at 12.4 %: a base by market capitalisation (mid), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For IRB Infrastructure Developers Limited that is +23.2 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has IRB Infrastructure Developers Limited (IRB) delivered so far?
Over the past 5 years revenue at IRB Infrastructure Developers Limited grew +4.2 % a year. The price currently implies +23.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of IRB Infrastructure Developers Limited (IRB) growing?
The median revenue growth in the sector is +7.4 % a year. That is the yardstick for the growth priced into IRB Infrastructure Developers Limited (+23.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of IRB Infrastructure Developers Limited (IRB)?
The free-cash-flow yield on the price is 6.30 %: that much free cash flow IRB Infrastructure Developers Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IRB Infrastructure Developers Limited (IRB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IRB Infrastructure Developers Limited it is ₹19.95 per share (as of Oct 1, 2026), against a price of ₹17.84. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is IRB Infrastructure Developers Limited stock overvalued or undervalued in 2026?
As of Oct 1, 2026, IRB trades below its calculated fair value: price ₹17.84, fair value ₹19.95, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IRB?
No. The price is what the market pays today (₹17.84); the fair value is what the company's own numbers justify (₹19.95). For IRB Infrastructure Developers Limited the two are ₹2.11 per share apart. That gap is exactly why we show both numbers side by side.
How much is IRB Infrastructure Developers Limited worth?
The market values IRB Infrastructure Developers Limited at about ₹217B (market capitalisation, as of Oct 1, 2026). Per share that is ₹17.84; our models calculate a fair value of ₹19.95 per share.
What do the bullish and bearish scenarios say about IRB?
Our models span a range for IRB Infrastructure Developers Limited: cautious scenario ₹11.61, base ₹19.95, optimistic ₹26.60 per share (as of Oct 1, 2026, price ₹17.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IRB?
IRB Infrastructure Developers Limited trades at a price-to-earnings ratio of 22.9 (as of Oct 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹19.95 is built from several models across several years. Other multiples: P/B 1.0, P/S 3.5, EV/EBITDA 14.3.
How solid is the balance sheet of IRB Infrastructure Developers Limited (IRB)?
Balance-sheet figures for IRB Infrastructure Developers Limited (as of Oct 1, 2026): return on equity 4.2%, debt of 0.85 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is IRB from its 52-week high?
IRB Infrastructure Developers Limited trades at ₹17.84, about 21% below its 52-week high of ₹22.45 and 6% above the low of ₹16.87 (as of Oct 6, 2026). Distance from the high says nothing about value: that is what the fair value of ₹19.95 is for.
Which stocks are comparable to IRB Infrastructure Developers Limited?
From the same area (Industrials) we also value Transurban Group, China Merchants Expressway Network & Technology Holdings, Jiangsu Expressway Company, Shandong Hi-speed Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is IRB Infrastructure Developers Limited stock attractive at the current price?
The data as of Oct 1, 2026: price ₹17.84, calculated fair value ₹19.95 (+12%), Quality Score 47/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IRB calculated?
We run IRB Infrastructure Developers Limited through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹19.95, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.0 % above its aggregate fair value. IRB Infrastructure Developers Limited currently trades 11 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of IRB Infrastructure Developers Limited (IRB)?
The closing price on Oct 6, 2026 was ₹17.84. Our model-based fair value is ₹19.95, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IRB Infrastructure Developers Limited right now?
A fairly wide model range (₹11.61 to ₹26.60) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of IRB Infrastructure Developers Limited (IRB) come from?
Earnings per share at IRB Infrastructure Developers Limited grew +22.0 % a year from 2015 to 2026. Broken into its drivers: revenue per share +8.1 %, EBIT margin −3.2 %, tax rate +1.8 %, residual (interest, one-offs) +14.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of IRB Infrastructure Developers Limited
How large is the market capitalisation of IRB Infrastructure Developers Limited (IRB)?
The market capitalisation of IRB Infrastructure Developers Limited is ₹217B (≈ $2.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of IRB Infrastructure Developers Limited (IRB)?
The price-to-sales ratio of IRB Infrastructure Developers Limited is 2.98 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IRB Infrastructure Developers Limited (IRB)?
Earnings per share at IRB Infrastructure Developers Limited are ₹0.7800 (price ÷ EPS = P/E 22.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IRB Infrastructure Developers Limited (IRB)?
The dividend yield of IRB Infrastructure Developers Limited is 1.0% (payout 21.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of IRB Infrastructure Developers Limited (IRB)?
The net margin of IRB Infrastructure Developers Limited is 13.0% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of IRB Infrastructure Developers Limited (IRB)?
The return on equity (ROE) of IRB Infrastructure Developers Limited is 4.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of IRB Infrastructure Developers Limited (IRB)?
On an EBIT basis the return on assets of IRB Infrastructure Developers Limited is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of IRB Infrastructure Developers Limited (IRB)?
The operating margin of IRB Infrastructure Developers Limited is 22.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IRB Infrastructure Developers Limited (IRB)?
Revenue at IRB Infrastructure Developers Limited is growing −8.9% versus a year earlier (3y avg +0.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at IRB Infrastructure Developers Limited (IRB)?
Earnings per share at IRB Infrastructure Developers Limited are growing +47.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does IRB Infrastructure Developers Limited (IRB) carry?
The net debt of IRB Infrastructure Developers Limited is ₹181B (fiscal year 2026, ≈ 13.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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