Desk note · industry · Infrastructure / travel
Festive travel pushed IRB’s highway toll collections up 24% in September
IRB Group said gross toll revenue reached ₹773 crore in September 2026, up from ₹622 crore a year earlier. The Mumbai-Pune expressway and Ahmedabad-Vadodara routes led the gain as Navaratri traffic picked up.
- •September 2026 gross toll revenue: ₹773 crore, up 24% year on year.
- •Mumbai-Pune expressway collections rose to ₹162.1 crore.
- •Management expects Navaratri and Diwali traffic to support the next two months.
What's going on here?
On 9 October 2026, IRB Infrastructure reported that gross toll revenue across its highway portfolio reached ₹773 crore in September 2026, up 24% from ₹622 crore in September 2025. Wholly owned subsidiaries grew 17% on a like-for-like basis. The Mumbai-Pune expressway collected ₹162.1 crore versus ₹139.6 crore a year ago. Ahmedabad-Vadodara and Hyderabad outer ring assets also posted higher monthly receipts. Management linked the lift to economic activity and the start of the festive travel season.
What does this mean?
Toll receipts are a blunt read on wheeled trips: goods trucks, inter-city cars, and holiday buses. A September jump ahead of Navaratri and Diwali fits the pattern seen in other discretionary data this week, where people still spend when the occasion is clear. Not every road in the portfolio grew; a few mature assets were flat or slightly down, which is normal when comparing overlapping construction phases.
Why should I care?
If you track consumer demand, highway cash registers are a ground-level check beyond mall footfall surveys. If you invest in road operators or InvITs, one strong month does not reset traffic risk from fuel prices or monsoon disruptions. Watch October and November collections for confirmation that festive traffic sustained, and whether newer assets added in 2026 keep ramping without cannibalising older routes.
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For informational purposes only. Not investment advice. Verify with filings and a licensed adviser.