Revenue from operations rose 66.4% to ₹474.6 crore from ₹285.2 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 54.5% to ₹378.7 crore from ₹245.1 crore.
However, EBITDA margin narrowed to 79.8% from 85.9% in the corresponding quarter last year, indicating that costs grew faster than operating income despite the sharp increase in revenue.
The company attributed the rise in gross income to the addition of three highway assets acquired in November 2025. Total income for the quarter stood at ₹491.1 crore, compared with ₹292.3 crore a year ago.
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Sequential performance
On a sequential basis, the trust also reported a softer quarter.
PAT declined 17.8% from ₹96.6 crore in the March quarter, while revenue from operations fell 7.9% from ₹515.2 crore. Total income also declined from ₹561.3 crore in the preceding quarter.
Toll collections remain resilient
Commenting on the results, Rushabh Gandhi, Executive Director and Chief Financial Officer of IRB Infrastructure Private Limited, said FY26 had been a “defining year” for the trust, with the addition of four assets strengthening its portfolio.
“Q1FY27 has carried this forward, with toll revenue growing approximately 8% year-on-year across our projects, even as ongoing geopolitical developments in West Asia weighed on the broader economy to some extent,” Gandhi said.
On a like-for-like basis, toll revenue rose to ₹490 crore in the June quarter from ₹455 crore a year ago, suggesting that traffic and collections remained healthy across the existing portfolio.
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Eyes portfolio expansion
Looking ahead, Gandhi said the InvIT plans to expand its portfolio through the acquisition of two operational road assets worth ₹4,605 crore.
The trust is set to acquire Solapur Yedeshi Tollway Limited, which operates the NH211 build-operate-transfer (BOT) project in Maharashtra, and CG Tollway Limited, which operates the NH79 BOT project in Rajasthan.
The proposed transaction carries an aggregate equity value of ₹2,744 crore and an enterprise value of ₹4,605 crore. If completed, it will take the trust’s assets under management to around ₹23,000 crore across 12 assets, subject to unitholder, regulatory and other customary approvals.
Shares of IRB InvIT Fund closed 0.17% lower at ₹62.88 on the National Stock Exchange on Thursday compared with the previous close.
