IRB Infrastructure Developers Limited (IRB.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+823.2%

₹151.03

vs ₹16.36 price

Levered DCF

₹54.72

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.68

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.87×	4.29×	61.3×	21.14×	28.9×	32.91×	2.6×	6.45×
P/B	1.25×	1.4×	2.69×	1.14×	0.83×	0.55×	0.28×	0.87×
P/S	4.03×	3.94×	5×	2.37×	1.8×	0.72×	0.27×	0.82×
EV / EBITDA	10.7×	14.71×	16.64×	9.79×	9.69×	8.11×	3.58×	7.43×
Gross margin	33.1%	56.1%	55.4%	61.0%	59.0%	59.2%	52.6%	53.6%
Operating margin	26.3%	49.6%	49.7%	55.1%	53.6%	53.6%	48.1%	48.9%
Net margin	13.0%	91.8%	8.2%	11.2%	6.2%	2.2%	10.5%	12.7%
Current ratio	1.24×	1.58×	1.24×	1.62×	1.78×	1.05×	0.35×	0.47×
Debt / equity	0.96×	1.04×	1.36×	1.25×	1.33×	2.78×	1.38×	2.63×
Interest coverage	0.98×	1.95×	1.97×	2.32×	1.64×	1.67×	2.1×	3.23×
Dividend yield	0.5%	0.9%	0.4%	0.5%	0.0%	4.6%	0.3%	1.6%
Payout ratio	14.9%	3.7%	27.4%	10.5%	0.0%	150.0%	0.7%	10.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.1%	32.7%	4.4%	5.4%	2.9%	1.7%	10.8%	13.5%
Return on invested capital	2.2%	6.4%	5.5%	5.8%	5.0%	3.3%	6.8%	5.2%
Return on assets	1.6%	12.0%	1.3%	1.7%	0.8%	0.3%	1.8%	2.1%
Free cash flow yield	5.2%	6.7%	10.3%	8.8%	-9.8%	-181.5%	-79.7%	-27.5%
Earnings yield	3.2%	23.3%	1.6%	4.7%	3.5%	3.1%	38.4%	15.5%
Enterprise value	₹443.7B	₹449.5B	₹554.4B	₹316.4B	₹271B	₹203.8B	₹106.4B	₹218.2B
Net debt / EBITDA	4.37×	5.62×	5.53×	5.09×	5.95×	6.59×	2.95×	5.56×
Cash conversion cycle (days)	19	-2	38	167	125	44	108	32