Penny stock to buy: Analysts see upto 45% upside in Rs 20 share; check fresh target prices
IRB Infrastructure reported strong Q1 earnings, higher toll collections and improving balance sheet. Here's why brokerages remain bullish on the stock.
- Aug 3, 2026,
- Updated Aug 3, 2026 2:39 PM IST
IRB Infra shares target price: Domestic brokerage firms are bullish on IRB Infrastructure Developers Ltd (IRB Infra) as the road toll collection player reported a strong set of performance in the June 2026 quarter. Analysts tracking the stock, see up to 45 per cent upside in the counter from its current levels.
IRB Infra share price Shares of IRB Infrastructure Developers Ltd rose nearly 1.5 per cent to Rs 20.29 on Monday, with its market capitalization nearing Rs 25,000 crore. It has remained range bound in the last few months. The stock is down 15 per cent from its 52-week high at Rs 23.94 hit in May 2026, while it has gained 10 per cent from its 52-week low at Rs 18.50 hit in March this year.
Shares of IRB infra have delivered a mixed performance to investors. The stock has gained nearly 150 per cent in the last five year, while it is down 12 per cent in the last one year. The stock has delivered nearly 55 per cent gains to investors in the last three years, while it is down 5 per cent in the last one month.
IRB Infra Q1 results IRB Infra reported a 51.26 per cent growth in the net profit on a year-on-year (YoY) basis to Rs 306.27 crore for the June 2026 quarter, while its revenue from operations increased 1.8 per cent YoY to Rs 2,137.27 crore. EBITDA for the reported period improved 21 per cent YoY to Rs 1,152.4 crore even as the EBITDA margins contracted to 53.9 per cent.
Its toll revenue climbed 14 per cent YoY to Rs 733 crore. The company board also announced an interim dividend of Rs 0.05 per share, setting the record date as August 05, 2026 for the same. The company is targeting a Rs 1.4 lakh crore asset base by the year 2030.
IRB Infra target price IRB Infra's performance reflects resilient operating performance and disciplined cost management. The order book (OB) as of June 2026 stood at Rs 44,100 crore, while EPC and O&M contributed 4 per cent /96 per cent of the overall OB. IRB’s margin guidance was O&M at 20 per cent, while also becoming a net-debt-free balance sheet by FY30, driven by disciplined capital allocation and calibrated asset monetization, said HDFC Securities.
Improved capital efficiency can support cash RoE, targeted by IRB to expand to 14 per cent by FY32. Its access to two InvIT platforms has facilitated capital unlocking through asset monetization and will continue to unlock value with future asset transfer. It is planning to pursue opportunities in the TOT segment. Distribution received from both InvITs stood at Rs 136 crore in Q1FY27," it said with an 'add' rating with a target price of Rs 27.
IRB Infra reported a steady performance, supported by rising toll collections. However, amid subdued EPC order inflows, the company is strategically focusing on bidding for the ToT projects and building a sustainable O&M order book, said Motilal Oswal Financial Services Ltd.
"Earnings growth is expected to be more driven by O&M and toll revenue than core EPC construction. We expect a revenue CAGR of 19 per cent over FY26-28 with stable EBITDA margins. We retain our estimates and reiterate our 'buy' rating with an SoTP-based target price of Rs 25," it added.
IRB Infra reported a healthy performance in Q1FY27. EBITDA margin (ex-other income) expanded by 860bps YoY, aided by a richer business-mix, while PAT growth was further supported by lower finance cost following debt refinancing and continued deleveraging. With improving earnings quality, stronger balance sheet, disciplined capital recycling and robust BoT/ToT opportunity pipeline, said Anand Rathi Share & Stock Brokers.
"We expect EBITDA margin to expand to 55 per cent by FY29, supported by sustained toll revenue growth, driven by healthy traffic momentum, portfolio expansion and periodic toll tariff revisions. The company continues to execute its capital recycling strategy, having signed definitive agreements for monetisation of two BOT assets with an enterprise value of Rs 4,600 crore," it said and upgraded the stock with a target price of Rs 29.
IRB Infra shares target price: Domestic brokerage firms are bullish on IRB Infrastructure Developers Ltd (IRB Infra) as the road toll collection player reported a strong set of performance in the June 2026 quarter. Analysts tracking the stock, see up to 45 per cent upside in the counter from its current levels.
IRB Infra share price Shares of IRB Infrastructure Developers Ltd rose nearly 1.5 per cent to Rs 20.29 on Monday, with its market capitalization nearing Rs 25,000 crore. It has remained range bound in the last few months. The stock is down 15 per cent from its 52-week high at Rs 23.94 hit in May 2026, while it has gained 10 per cent from its 52-week low at Rs 18.50 hit in March this year.
Shares of IRB infra have delivered a mixed performance to investors. The stock has gained nearly 150 per cent in the last five year, while it is down 12 per cent in the last one year. The stock has delivered nearly 55 per cent gains to investors in the last three years, while it is down 5 per cent in the last one month.
IRB Infra Q1 results IRB Infra reported a 51.26 per cent growth in the net profit on a year-on-year (YoY) basis to Rs 306.27 crore for the June 2026 quarter, while its revenue from operations increased 1.8 per cent YoY to Rs 2,137.27 crore. EBITDA for the reported period improved 21 per cent YoY to Rs 1,152.4 crore even as the EBITDA margins contracted to 53.9 per cent.
Its toll revenue climbed 14 per cent YoY to Rs 733 crore. The company board also announced an interim dividend of Rs 0.05 per share, setting the record date as August 05, 2026 for the same. The company is targeting a Rs 1.4 lakh crore asset base by the year 2030.
IRB Infra target price IRB Infra's performance reflects resilient operating performance and disciplined cost management. The order book (OB) as of June 2026 stood at Rs 44,100 crore, while EPC and O&M contributed 4 per cent /96 per cent of the overall OB. IRB’s margin guidance was O&M at 20 per cent, while also becoming a net-debt-free balance sheet by FY30, driven by disciplined capital allocation and calibrated asset monetization, said HDFC Securities.
Improved capital efficiency can support cash RoE, targeted by IRB to expand to 14 per cent by FY32. Its access to two InvIT platforms has facilitated capital unlocking through asset monetization and will continue to unlock value with future asset transfer. It is planning to pursue opportunities in the TOT segment. Distribution received from both InvITs stood at Rs 136 crore in Q1FY27," it said with an 'add' rating with a target price of Rs 27.
IRB Infra reported a steady performance, supported by rising toll collections. However, amid subdued EPC order inflows, the company is strategically focusing on bidding for the ToT projects and building a sustainable O&M order book, said Motilal Oswal Financial Services Ltd.
"Earnings growth is expected to be more driven by O&M and toll revenue than core EPC construction. We expect a revenue CAGR of 19 per cent over FY26-28 with stable EBITDA margins. We retain our estimates and reiterate our 'buy' rating with an SoTP-based target price of Rs 25," it added.
IRB Infra reported a healthy performance in Q1FY27. EBITDA margin (ex-other income) expanded by 860bps YoY, aided by a richer business-mix, while PAT growth was further supported by lower finance cost following debt refinancing and continued deleveraging. With improving earnings quality, stronger balance sheet, disciplined capital recycling and robust BoT/ToT opportunity pipeline, said Anand Rathi Share & Stock Brokers.
"We expect EBITDA margin to expand to 55 per cent by FY29, supported by sustained toll revenue growth, driven by healthy traffic momentum, portfolio expansion and periodic toll tariff revisions. The company continues to execute its capital recycling strategy, having signed definitive agreements for monetisation of two BOT assets with an enterprise value of Rs 4,600 crore," it said and upgraded the stock with a target price of Rs 29.