One angle that’s easy to miss: IRB’s asset monetization spree has given its balance sheet some breathing room, but it’s a tightrope act—selling stakes in projects for capital now means less annuity income down the road. Also, it’s not immune to regulatory whiplash; any policy changes around tolling or road concessions could slap the share price faster than a highway speed bump. Comparing with players like KNR or Ashoka Buildcon, IRB still carries a heavier debt load, and while their topline is growing, margins aren’t exactly lapping the field. So, while the story looks rosier post-InvIT deal, whether that’s sustainable or just a fresh coat of paint on an old road is still up for debate. Definitely a “handle with care” candidate for now.