IRB Infrastructure Trust, an arm of IRB Infrastructure Developers Ltd, has received a letter of award from the National Highways Authority of India for a revenue-linked toll road project in Odisha. Under the agreement, the trust will pay an upfront concession fee of Rs 30.87 billion to NHAI to secure tolling rights for a 20-year period.

The project involves the tolling, operation, maintenance and transfer of the Chandikhole–Bhadrak section of National Highway 16, spanning around 74.5 km, awarded under the TOT-18 bundle.

Shares of IRB Infrastructure Trust closed at Rs 41.88 apiece on Tuesday, 0.88 per cent lower than the day’s opening on the BSE. In November 2025, the trust had secured a Rs 92.7 billion NHAI project under the TOT-17 bundle, covering a 366.1-km stretch across the Lucknow–Ayodhya–Gorakhpur section of National Highway 27 and the Lucknow–Sultanpur section of National Highway 731 in Uttar Pradesh.

In the same month, the Mumbai-based highway developer reiterated its guidance for double-digit toll revenue growth in FY26 and said it remains on track to generate around Rs 40 billion in revenue from its construction business during the current financial year.