Transcript of the post result Analyst Conference Call held on Monday, 25th May, 2026 to discuss the financial results of the Company for the quarter and financial year ended on 31st March, 2026
IRCON · price
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IRCON reported FY26 total revenue of Rs. 9,502 crore (down from Rs. 11,131 crore in FY25) and PAT of Rs. 592 crore (vs Rs. 724 crore prior year). Despite the revenue decline, core EBITDA margins improved to 9.35%, up 94 bps YoY, aided by better international project performance and FX gains. The order book stood at Rs. 24,984 crore (~2X annual revenue), with 54% from competitive bidding and 92% domestic. The company submitted 107 bids worth ~Rs. 48,000 crore (under evaluation) and secured ~Rs. 5,000 crore in new orders during FY26. Management guided FY27 revenue similar to FY26 (~Rs. 9,500 crore) and expects standalone core EBITDA margins of 4.0-4.2% due to intense EPC competition, while consolidated PAT margins are guided at 6.1-6.3%. CAPEX of Rs. 400-500 crore is planned for PPP projects in FY27. JV performance is improving with CERL expected to break even in two years.
The company faces revenue headwinds due to sectoral competition and project execution delays, but improved margins and a large order pipeline provide some support. Intense margin pressure in standalone EPC work means PAT growth depends heavily on PPP subsidiary contributions and successful bid conversion.