...Fitch Ratings expects India-based IRB Infrastructure Developers Ltd's financial profile to remain commensurate with the Long-Term Issuer Default Ratings of 'BB+' with Stable Outlook. Our view is based on our projection of its debt service coverage ratio (DSCR) at 1.29x over the financial year ending March 2027 (FY27) to FY31. However, our DSCR estimate indicates reduced rating headroom and incorporates risk of weaker revenues from the engineering, procurement and construction (EPC) business due to IRB's shift towards toll-operate-transfer (TOT) projects, which typically involve limited EPC works and capital requirements at the outset. Nevertheless, we expect this shift to support stronger cash flow stability and visibility, which should benefit the overall credit profile over the longer term. The rating also reflects IRB's position as India's largest private toll road developer. It owns and manages around 15,500 lane kilometres (km) of build-operate-transfer (BOT), TOT and hybrid-annuity-model...
