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IRB Price Target Potential

BrokerageTargetPotential
HDFC Securities30230.78%

IRB Ratings

Long term IRB rating by FrontPage users
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IRB share price target reports by brokerages below. See what is analyst's view on IRB share price forecast, rating, estimates, valuation and prediction behind the target. You may use these research report forecasts for long-term to medium term for your investment or trades in 2020.
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IRB Share Price Target

IRB Share Price Target - Broker Reports - 2022

Price @ Call: 287
12-Feb-22
Target: 302
ADD

IRB Share Price Target - Broker Reports - 2021

Price @ Call: 153
12-Aug-21
Target: 175
BUY
Price @ Call: 106
29-May-21
Target: 179
BUY
Price @ Call: 118.62
20-Jan-21
Target: 157
BUY
Price @ Call: 115.5
19-Jan-21
Target: 122
NEUTRAL
Price @ Call: 115.5
19-Jan-21
Target: 157
BUY

IRB Share Price Target - Broker Reports - 2020

Price @ Call: 109.92
13-Nov-20
Target: 152
BUY
Price @ Call: 72.47
19-Jun-20
Target: 139
BUY
For 4QFY20, IRB’s reported decent set of numbers despite construction activities and toll collection coming to halt, largely impacted by the nationwide lockdown in Mar ’20 and Covid-19. However, with partial lifting of lockdown, the company resumed its construction activity at all its sites. Further, toll collection has reached ~70% pre-covid levels in June’20 led by pent-up demand and pick-up in economic activity. To manage cash flow mismatch due to Pandemic, IRB have availed moratorium (relief given by government) on its loans till Aug '20 for its BOT portfolio, post which it expects to be able to service its debt from the rising toll revenues. IRB Infrastructure is one of the largest BOT toll operators in the country having market share of ~22% in the total Golden Quadrilateral projects with over 3,700km of total projects successfully executed. At CMP, the stock trades at a P/E of 8.7x/3.2x on FY21E/FY22E EPS and is trading at an EV of 10.2x/8.9x FY21E/FY22E EBITDA. We maintain BUY rating on the stock with revised TP of Rs139 (earlier TP of 127).
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Price @ Call: 97.45
26-Feb-20
Target: 130
BUY
We believe this development is positive for the company, as it would further boost the toll revenues. We expect an IRR in the range of 14-15% for the Mumbai-Pune expressway, assuming annual traffic growth of 4%. IRB Infrastructure is one of the largest BOT toll operators in the country having market share of ~22% in the total Golden Quadrilateral projects with over 3,700km of total projects successfully executed. Despite having an asset heavy model, IRB has survived the industry downturns and has given a revenue CAGR of ~30% (FY07- FY19) while maintaining its debt levels (under 2x) well below the industry average (3-3.5x). Further, conclusion of the deal with GIC for monetization of nine BOT assets (valued at P/BV of ~1x) and receipt of first tranche of Rs37.5bn (of total Rs44bn) strengths its balance sheet and liquidity position. We maintain BUY rating on the stock with an SOTP based TP of Rs130, in which we have not included the NPV value of Mumbai-Pune project of ~Rs10 per share (assumptions: Cost of Equity 12% and annual traffic growth of 4%), cash component of the GIC deal and cash equity invested in the HAM projects. At CMP, the stock trades at a P/E of 5.5x/7.1x on FY20E/FY21E EPS and is trading at an EV of 11.3x/11.1x FY20E/FY21E EBITDA.
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Price @ Call: 103.89
14-Feb-20
Target: 130
BUY

IRB Share Price Target - Broker Reports - 2019

Price @ Call: 71.26
19-Nov-19
Target: 105
BUY
Valuation – Maintain Buy with a revised PT of Rs. 105: We have trimmed down our earnings estimates for FY2020-FY2021, factoring lower construction revenue especially in FY2021, factoring cancellation of Tamil Nadu projects along with delay in execution of few projects. We believe the induction of GIC as a financial partner for IRB resolves key issues of high leverage and easing of funding requirement of under- construction projects. Moreover, it provides another vehicle for IRB to transfer future projects, especially in privately held InvIT (which has much lesser restrictions than its listed IRB InvIT). However, we have notaccounted the deal in our financials. We have cut our SOTP-based PT to Rs. 105 (factoring lower BOT valuation compared to GIC deal), while we maintain our Buy rating due to comfort on valuation.
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Price @ Call: 81.37
24-Oct-19
Target: 172
BUY
IRB delivered strong 9/15/28% 2QFY20 Rev/EBIDTA/APAT beat. With limited visibility on NHAI BOT project awards we cut IRB EPC multiple from 6x to 4x 1-yr forward. We maintain BUY with a reduced TP of Rs 172/Sh.
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Price @ Call: 92.95
6-Aug-19
Target: 150
BUY
Upgrade to Buy with unchanged PT of Rs. 150: We believe the induction of GIC as a financial partner for IRB resolves key issues of high leverage and easing of funding requirement of under-construction projects. Moreover, it provides another vehicle for IRB to transfer future projects, especially in privately held InvIT (which has much lesser restrictions than its listed IRB InvIT). Further, GIC’s partnership provides financial strength to bid for more and larger projects, leading to enhanced visibility for IRB’s EPC and O&M book. At this stage, we have not accounted the deal in our financials as it will take another three to four months for the deal to get consumed. However, on account of removal of key hangovers mentioned above and improved growth outlook, we upgrade the stock to Buy with unchanged PT of Rs. 150.
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Price @ Call: 124.74
31-May-19
Target: 140
HOLD
IRB’s construction revenues are expected to grow robustly on the back of strong OB position. However, appointed date for Tamil Nadu Ham projects remain key for construction revenue growth in FY20E. Moreover, toll revenues from some of its key projects like Agra-Etawah and other three Rajasthan projects continue to remain weak due to construction activities and traffic diversion. Hence, we maintain our HOLD rating on the stock with a revised SOTP based target price of Rs 140/share.
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Price @ Call: 131.05
30-May-19
Target: 212
BUY
Despite a challenging environment (liquidity crunch faced by NBFCs and a few PSUs), IRB has managed to successfully get financial closures for all its projects. With Mumbai Pune BOT set to end in 2QFY19, further delays in appointed dates for the 2 Kerala HAMs will lead to a pressure on consolidated revenue.We maintain BUY with a TP of Rs 212/Sh. We have made minor +1.2/1.7% change to consolidated FY20/21E EPS.
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Price @ Call: 123.2
6-Feb-19
Target: 246
BUY
Price @ Call: 139.35
5-Feb-19
Target: 155
NEUTRAL

IRB Share Price Target - Broker Reports - 2018

Price @ Call: 127.44
30-Oct-18
Target: 256
BUY
Price @ Call: 203.14
28-Jul-18
Target: 225
NEUTRAL
Price @ Call: 203.14
27-Jul-18
Target: 230
HOLD
Price @ Call: 194.4
26-Jul-18
Target: 270
BUY
Price @ Call: 194.4
26-Jul-18
Target: 328
BUY
Price @ Call: 194.4
26-Jul-18
Target: 271
BUY
Price @ Call: 268.72
8-May-18
Target: 292
ACCUMULATE
Price @ Call: 266.57
4-May-18
Target: 290
HOLD
Price @ Call: 261.9
4-May-18
Target: 290
NEUTRAL
Price @ Call: 238.93
4-Apr-18
Target: 270
BUY
Price @ Call: 218
27-Mar-18
Target: 295
ACCUMULATE
Price @ Call: 218.85
8-Feb-18
Target: 271
BUY
Price @ Call: 218.85
8-Feb-18
Target: 250
NEUTRAL

IRB Share Price Target - Broker Reports - 2017

Price @ Call: 230.8
15-Nov-17
Target: 250
HOLD
Price @ Call: 236.95
9-Nov-17
Target: 271
BUY
Price @ Call: 222.9
29-Sep-17
Target: 225
ADD
Price @ Call: 214.85
27-Jul-17
Target: 305
BUY
Price @ Call: 216
25-Jul-17
Target: 288
BUY
Price @ Call: 230.9
7-Jun-17
Target: 273
BUY
Price @ Call: 232
5-Jun-17
Target: 288
BUY
Price @ Call: 235
30-Jan-17
Target: 260
HOLD

IRB Share Price Target - Broker Reports - 2016

Price @ Call: 217.8
20-May-16
Target: 345
BUY
Price @ Call: 193.8
29-Dec-16
Target: 270
BUY
Price @ Call: 183
23-Nov-16
Target: 235
BUY
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