The company said IRB Infrastructure Trust has been selected as the preferred bidder for NHAI's TOT-18 concession. The project involves tolling, operation, maintenance and transfer of the 74.5 km Chandikhole-Bhadrak section of NH-16 in Odisha.

The trust will make an upfront concession fee payment of Rs 3,087 crore to National Highways Authority of India after achieving financial closure. The concession period is 20 years and is revenue-linked. Tolling and operations are expected to commence from the appointed date, with annual tariff revision set at a fixed 3% plus 40% of the wholesale price index.

IRB Infrastructure Developers will act as the project manager for the concession. The project marks the group’s entry into its 13th Indian state and its second project in eastern India, following its West Bengal asset on NH-19.

The company said the order book is expected to increase by about Rs 1,600 crore with this project. The TOT-18 asset is part of the Golden Quadrilateral network and further strengthens IRB Group’s presence in the TOT segment.

IRB Infrastructure Developers is India’s first Integrated multi-national transport infrastructure developer in roads & highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of approx. Rs 94,000 crore in 13 States across the parent company and two InvITs.

The company reported a 41% surge in consolidated net profit to Rs 140.82 crore on a 10.42% increase in total revenue from operations to Rs 1,751.02 crore in Q2 FY26 over Q2 FY25.