Stock to buy below Rs 20: Should you buy this multibagger share after 650% rally? 

IRB Infra share target price: Domestic brokerage firms continue to remain positive on IRB Infrastructure Developers Ltd (IRB Infra) after the company reported a strong set of performance in the September 2026 quarter. They see another 20 per cent upside potential in the counter.

IRB Infra reported a 85 per cent jump in the net profit on a year-on-year (YoY) basis to Rs 260 crore, while its revenue from operations increased 8.33 per cent YoY to 1,897 crore for quarter ended on September 30, 2026. The company also announced an interim dividend of Rs 0.05 per share for the eligible shareholders of the company with November 12 as the record date for it.

IRB Infra reported a 14 per cent YoY jump in the EBITDA at Rs 1,050 crore, while margins expanded to 280 basis points to 55.6 per cent for the reported quarter. Its toll revenue growth came in at Rs 773 crore for September 2026 quarter, marking a 24 per cent YoY increase.

Shares of IRB Infra settled at Rs 18.27 on Monday, rising 5.36 per cent for the day. It commanded a total market capitalization slightly more than Rs 22,000 crore. The stock has tumbled 24 per cent from its 52-week high at Rs 23.94 hit in May 2026. Despite the fall, the stock has gained 650 per cent from its covid-19 lows around Rs 2.42.

IRB Infra reported a steady performance, supported by rising toll collections. It is strategically focusing on bidding for the toll-operate-transfer (ToT) projects and building a sustainable O&M order book. Therefore, earnings growth is expected to be more driven by O&M and toll revenue than core EPC construction, said Motilal Oswal Financial Services Ltd.

"Order book stands at Rs 43,300 crore (excluding GST) as at the end of September 2026. We expect a revenue and EBITDA CAGR of 19 per cent and 21 per cent, respectively, over FY26-28 with stable EBITDA margins. We retain our estimates and reiterate our 'buy' rating with an SoTP-based target of Rs 22," it added.

Three projects were added to the private InvIT in 4QFY26-1QFY27. Three projects were transferred to public InvIT in November 25. On September 30, 2026, IRB transferred Solapur–Yedeshi and CG Tollway to IRB InvIT for Rs46bn EV. Like to like toll rise was 13 per cent YoY. IRB toll revenue rose 15 per cent YoY. Private InvIT distribution to IRB Infra was Rs 120 crore in 2Q, said InCred Equities.

"We value EPC business at 3.5 times FY28F EV/EBITDA, IRB Infra Trust at 1.1 times FY27F P/BV, IRB Infra’s stake in IRB InvIT and IRB Infra’s BOT projects using DCF. IRB is trading at attractive valuation of 0.9 times P/BV FY27F, 15 per cent below 12-year median," it said with an 'add' rating with a target price of Rs 22.