IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
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Kerala Chief Minister V D Satheesan told the state Assembly on 27 October that the Anakkampoyil-Kalladi-Meppadi tunnel road will not resume until an expert committee clears it on:
- slope stability
- groundwater behaviour
- rainfall thresholds
- the effects of construction itself
Work on the corridor, the alternative to the Thamarassery Ghat road linking Kozhikode and Wayanad, has effectively been frozen since a landslide hit the Kalladi tunnel road area in July 2026, roughly eleven months after construction started in August 2025.
The stated decision is binary.
Resume, or abandon.
Satheesan has ruled out abandonment. The more useful admission came later in his reply: no designated agency exists to supervise construction.
Konkan Railway Corporation Ltd (KRCL) is now the hinge. The committee meets the PSU before filing its findings, and KRCL's ghat-section and tunnel record makes it the only realistic candidate to hold a supervision mandate on this alignment. Whether Kerala hands oversight of a state-controlled hill corridor to a central agency is a procurement call dressed up as a technical one.
The committee's own scope exposes the sequencing problem. It is assembling a geotechnical baseline after excavation. Where no baseline exists at tender stage, geological and interface risk defaults back to the owner. Contractors either price it visibly as contingency or recover it through claims. The exchequer pays either way, but only one route is transparent.
Union Environment Ministry clearance conditions carry only as much force as the entity assigned to enforce them. Two items need to clear before restart: a named supervising authority with stop-work powers, and an audit of whether the July 2026 slope behaviour was foreseeable from the pre-construction investigation. Foreseeable, and the contractor carries it. Not foreseeable, and the state does.
Satheesan's framing that the government would be held responsible for an accident during construction protects the politician and prices the project badly. It tells every prospective bidder where residual risk now sits.
The signal runs wider than one alignment. Clearances issued to Western Ghats and Himalayan corridors without a named supervising authority convert post-failure expert committees into a standing cost-transfer mechanism onto state budgets.
Insights

IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
2 min read

IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
2 min read

IRB Infrastructure Developers' Q2FY27 net profit rose 84.85% to ₹260.15 crore on 15% toll revenue growth and higher InvIT distributions.
2 min read
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