IRB InvIT Fund

What IRB InvIT Fund does

IRB InvIT Fund is India's first listed Infrastructure Investment Trust (InvIT), established in 2015–16 under the Indian Trusts Act, 1882 and listed on BSE (Scrip 540526) and NSE (Symbol: IRBINVIT) in 2017. The trust owns, operates, and maintains a portfolio of toll-road assets transferred from its sponsor, IRB Infrastructure Developers Limited, under BOT and HAM concession frameworks granted by the National Highways Authority of India (NHAI). As of mid-2026 it operates 10 toll roads spanning 9 Indian states — Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Haryana, and Uttar Pradesh — with 2,439 lane kilometers under tolling (rising to ~3,583 lane kms after pending acquisitions). Toll collection is conducted via FASTag/UPI electronic systems across 86 toll plazas with ~97% FASTag penetration, processing approximately 1.5 million daily vehicle movements and contributing ~10% of India's national toll revenue.

The trust generates revenue from three primary streams: usage-based toll collections on BOT assets, semi-annual annuity payments from NHAI on HAM projects (Vadodara Kim and Gandeva Ena on the Delhi-Mumbai Expressway), and fixed-price project management fees paid to IRB Infrastructure Developers for operating the SPVs (including a recently approved ₹2,663 crore deal covering ~18 years of O&M for two highway stretches). FY26 consolidated net sales reached ₹1,549.44 crore, up 39.97% year-over-year, with Q4 FY26 quarterly net sales of ₹528.18 crore (+87.46% YoY). Distributions to unitholders are declared quarterly from operating cash flows after debt service, with the Q4 FY26 distribution at ₹1.60 per unit (+7% YoY) and cumulative 9MFY26 distributions at ₹5.00 per unit. Direct digital remittance of FASTag/UPI collections to NHAI became effective June 18, 2026.

Capital structure comprises listed unit equity on BSE/NSE plus AAA-rated non-convertible debentures. Public investors hold 82.07% of units (Foreign Portfolio Investors being the largest cohort at 35.34%), with the sponsor retaining ~17.93%. In October–November 2025 the trust executed the largest QIP of FY26 (₹3,248.43 crore at ₹62.95/unit), a preferential allotment to IRB Infrastructure Developers (₹753.48 crore) and Larsen & Toubro (₹251.80 crore), and a ₹1,800 crore debut AAA-rated bond issuance. Enterprise value has expanded from ₹7,800 crore to ₹18,250 crore via serial acquisitions, with a stated target to double AUM to ~₹40,000 crore within three years, supported by a ₹65,000 crore sponsor pipeline. The trust is governed by a board of six directors (including three independent directors) with a professionally managed independent trustee (IDBI Trusteeship Services Limited) and reports 100% compliance across 29 SEBI regulatory parameters.

Name

IRB InvIT Fund

Legal name

IRB InvIT Fund

Website

https://irbinvit.co.in

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

IRB InvIT Fund is India's first listed Infrastructure Investment Trust, operating 10 toll-road assets across 9 states with 2,439+ lane kms. It serves institutional and retail investors through quarterly distributions funded by NHAI concession toll revenues and sponsor-driven asset acquisitions.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Trust (Toll Road Operations)

NAICS

Trusts, Estates, and Agency Accounts (52592), Open-End Investment Funds (525910)

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Directed Trust & Trust Advisory Services (FSAAANAK)

Keywords

• Infrastructure investment trust
• Toll road operations
• Highway concessions
• Build-operate-transfer projects
• Hybrid annuity model

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Infrastructure, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Toll Revenue from BOT Assets: The trust generates toll revenue by operating and maintaining Build-Operate-Transfer (BOT) highway assets under concessions granted by NHAI. Revenue is driven by traffic volume and tariff revisions across the toll road portfolio. As of June 2026, gross toll revenue was ₹1,601 million for the month, up 8% year-over-year.
2. Government Annuity from HAM Assets: The trust earns annuity payments from Hybrid Annuity Model (HAM) highway assets, which provide semi-annuity returns from NHAI over the concession period. These include Vadodara Kim (Delhi Mumbai Expressway) and Gandeva Ena HAM projects.
3. Project Management Fees: IRB Infrastructure Developers serves as project manager for toll-road SPVs under the trust, receiving fixed-price fees over the concession period. A Rs 2,663 crore project management deal was approved for managing the Solapur-Yedeshi and Gulabpura-Chittorgarh highway stretches over approximately 18 years.
4. Capital Appreciation through Asset Growth: The trust grows its enterprise value from ₹7,800 crore to ₹18,250 crore through acquisitions, increasing the per-unit value for unitholders. Distributions to unitholders are made from operating cashflows after debt servicing.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

IRB InvIT Fund is an irrevocable trust that owns, operates, and maintains a portfolio of toll-road assets under BOT and HAM concessions granted by NHAI. The trust generates revenue through toll collection at 86 toll plazas using FASTag technology and through government annuity payments from HAM assets. Investors participate in the trust by purchasing units listed on BSE and NSE, receiving quarterly distributions funded by operational cashflows.

Product overview

IRB InvIT Fund operates as a publicly listed Infrastructure Investment Trust owning a diversified portfolio of 10 operational toll road assets (9 BOT concessions and 1 HAM asset) spanning 4,245+ lane kilometers across 9 Indian states, plus 2 completed and handed-over concessions. The fund generates revenue through toll collections at 86+ toll plazas with 97% FASTag penetration, serving approximately 1.5 million daily vehicle movements. The trust structure enables retail and institutional investors to participate in India's highway infrastructure development, with the sponsor IRB Infrastructure Developers providing project management and operations services. Capital structure includes unit equity (institutional placement, preferential issues) and NCD debt instruments.

Differentiator

Problem solved

Functional benefit

Products and services

• IRB InvIT Fund - Toll Road Portfolio Core portfolio of operational toll road assets operated by IRB InvIT Fund, including toll road concessions spanning 4,245+ lane kilometers across Indian states. Revenue generated through toll collections managed via FASTag and UPI systems across 86 toll plazas.
• Institutional Placement & Preferential Issue Platform Capital raising mechanism through qualified institutional placement and preferential issue of units, enabling strategic investors and sponsors to participate in fund growth. Used to acquire highway assets and expand the trust's portfolio.
• Non-Convertible Debentures (NCD) Program Debt capital program involving issuance of non-convertible debentures with periodic interest payments, providing infrastructure project funding. Compliance with SEBI regulations for large entity debt disclosures and security cover certificates.

Quantifiable outcome

• 8% year-over-year growth in gross toll revenue to ₹1,601 million in June 2026
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• IRB Infrastructure Trust (Private InvIT)coreStrategic or Co-development Partner · 2 July 2026IRB Infrastructure Trust, the private InvIT sponsored by IRB Infrastructure Developers, transfers operational BOT highway assets to IRB InvIT Fund in capital recycling transactions. The ₹4,605 crore deal involves transfer of Solapur Yedeshi NH211 and Chittorgarh Gulabpura NH79 assets, aggregating 1,144 lane kms, expected to complete by September 30, 2026.
• IDBI Trusteeship Services Limited (Trustee)coreStrategic or Co-development Partner · 29 March 2017IDBI Trusteeship Services Limited serves as the Trustee to IRB InvIT Fund, appointed by the sponsor in compliance with SEBI InvIT Regulations. The trustee is professionally managed, jointly promoted by IDBI Bank, LIC, and GIC, providing independent oversight of the trust's operations and investor protection.
• IRB Infrastructure Private Limited (Investment Manager)coreStrategic or Co-development Partner · 29 March 2017IRB Infrastructure Private Limited, a wholly-owned subsidiary of the sponsor, serves as the Investment Manager of IRB InvIT Fund with approximately 18 years of experience in road BOT project operations. The Investment Manager manages the trust's portfolio, acquisitions, and regulatory compliance.
• SBICAP Trustee Company Limited (Debenture Trustee)minorStrategic or Co-development PartnerSBICAP Trustee Company Limited serves as the Debenture Trustee for IRB InvIT Fund's non-convertible debentures (NCDs). Located at Mistry Bhavan, Churchgate, Mumbai, the debenture trustee protects the interests of NCD holders.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Dilip Buildcon Limited: Large Indian highway construction and BOT operator in the same NHAI concession framework. While not structured as an InvIT, it competes for the same toll-road asset pipeline that could be transferred to IRB InvIT or similar vehicles.
• Sadbhav Infrastructure Project Limited: Indian highway BOT operator holding multiple toll-road concessions under NHAI framework. Comparable operational model with toll collection assets, though primarily held by the operating company rather than a listed InvIT vehicle.

Direct peers

• Brookfield India Infrastructure Trust: Listed infrastructure investment trust sponsored by Brookfield, holding operating infrastructure assets including toll roads. Competes with IRB InvIT for institutional unitholders and represents global institutional infrastructure capital in India.
• Oriental Infratrust Private Limited: Private InvIT structured similarly to IRB InvIT holding highway assets. Notably co-issued AAA-rated bonds with IRB InvIT in 2025, indicating a comparable scale and credit profile within the Indian toll-road InvIT space.
• National Highways Infra Trust (NHAI InvIT): Government-sponsored InvIT holding operating toll road assets transferred from NHAI. Most direct structural peer to IRB InvIT, operating in the same regulatory framework with similar concession-based cash flows, though portfolio is sourced from NHAI rather than a private developer.
• Powergrid Infrastructure Investment Trust (PGInvIT): Listed InvIT sponsored by Power Grid Corporation holding operating power transmission assets. Same SEBI InvIT regulatory structure, similar institutional unitholder base, and competing for the same pool of yield-seeking infrastructure capital.
• IndiGrid InvIT (by KKR/GIC): India's first listed power-sector InvIT sponsored by KKR and GIC, holding power transmission assets. Structurally the original listed InvIT competitor in India and a direct peer for institutional infrastructure capital allocation.
• India Infrastructure Trust (L&T InvIT): InvIT sponsored by Larsen & Toubro's infrastructure arm, holding road and transmission assets. Structurally identical to IRB InvIT and a direct competitor for institutional capital and toll-road pipeline assets in India.

Others

• IRB Infrastructure Developers Limited: Sponsor of IRB InvIT and India's largest toll-road developer with 44% TOT market share. Not a peer in the listed InvIT sense, but is the originator and project manager for the trust's entire portfolio, making it the most closely related entity from a business model perspective.

Broad incumbents

• National Infrastructure Investment Fund (NIIF): Government of India-backed infrastructure investment platform managing multi-asset infrastructure funds. Indirect competitor for institutional capital allocation and a potential consolidator in the Indian InvIT ecosystem.

Market position

Strengths2 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/irb-invit-fund

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRB InvIT Fund