IRB InvIT Fund’s Kaithal Tollway gets ₹274 crore arbitral award, 137-day extension from NHAI

IRB InvIT Fund, sponsored by IRB Infrastructure Developers Ltd</a>, on Friday (February 27) said Kaithal Tollway Ltd (KTL), a project SPV of the fund, has received a unanimous Arbitral Award in arbitration proceedings against the Highways Authority of India (NHAI).

Under the award, Kaithal Tollway Ltd is entitled to ₹273.54 crore, along with interest applicable up to the date of realisation. The arbitral decision also grants a concession period extension of 136.77 days, attributable to construction delays caused by NHAI, as per the applicable transaction documents.

Last week, IRB Infrastructure Developers said it expects its asset base to increase from around ₹80,000 crore to about ₹1,40,000 crore over time as it sharpens its focus on asset-led growth, according to Anil Yadav, CEO of Business Development and Investments. The asset business currently accounts for nearly 95% of the company’s value.

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Over the last two quarters, IRB Infrastructure monetised assets worth ₹8,400 crore. The company used this capital to acquire assets worth ₹14,000 crore. He said the strategy supports asset base expansion and helps build long-term revenue from operating assets.

IRB Infra reported a 7.61% year-on-year (YoY) drop in total consolidated revenue from operations at ₹1,871.17 crore in Q3 compared to ₹2,025.44 crore in the year-ago period. Net profit plunged 96.5% YoY to ₹210.79 crore in Q3FY26 from ₹6,026.11 crore in Q3FY25.

However, margins expanded by 600 bps to 54.6% in the quarter under review. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) rose 1.4% YoY to ₹1,063.5 crore in Q3FY26 from ₹1,049.2 crore in Q3FY25.

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Shares of IRB Infrastructure Developers Ltd ended at ₹41.70, up by ₹0.12, or 0.29%, on the BSE.