Constructs railway, highway and other civil infrastructure on an engineering, procurement and construction (EPC) basis as a government-owned Central Public Sector Enterprise under the Ministry of Railways, designated as a Navratna company. The business is split into two reporting segments: Domestic at ₹8,561.75 crores (95.4% of segment revenue) serving Indian Railways, NHAI and other Indian government clients, and International at ₹416.83 crores (4.6%) executing projects in Algeria, Myanmar, Bangladesh and Nepal for foreign governments. International projects typically deliver higher segment EBIT margins than domestic work. The company runs 11 subsidiaries and 7 joint ventures, plans ₹700-800 crores of equity/quasi-equity investment in SPVs and PPP projects in FY27, and is bidding on 107 tenders worth ₹48,000 crores. Costs are dominated by other operating expenses at 79.6% of revenue, with materials at 9.1%, employees at 2.9% and depreciation at 1.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic (95%), International (5%). Cyclical, government-owned civil construction EPC contractor dependent on public infrastructure spending
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 74 | 10,368 | 12,331 | 10,760 | 9,071 |
| EBITDA (ex other income) | 6 | 703 | 924 | 845 | 766 |
| margin % | 7.9 | 6.8 | 7.5 | 7.9 | 8.4 |
| Owners' profit | 6 | 765 | 930 | 727 | 595 |
| EPS, as reported (₹) | 6.30 | 8.14 | 9.88 | 7.73 | 6.33 |
| ROE % · ROCE % | 12.7 · 10.4 | 14.6 · 11.8 | 15.7 · 13.2 | 11.4 · 8.9 | 8.9 · 7.3 |
| Debt / equity (x) | 0.30 | 0.29 | 0.43 | 0.67 | 0.85 |
| Cash from operations | 14 | (168) | (79) | (1,110) | (618) |
| Capex | (0) | (65) | (845) | (1,048) | (532) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,448 | 2,613 | 3,412 | 1,786 | 1,977 | 2,119 | 3,189 | 1,956 |
| Profit before tax | 211 | 124 | 270 | 194 | 152 | 110 | 228 | 140 |
| Net profit | 206 | 86 | 212 | 164 | 137 | 100 | 191 | 92 |
| EPS (₹) | 2.19 | 0.92 | 2.24 | 1.75 | 1.47 | 1.07 | 2.04 | 0.99 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| International | 418 | 4.4 |
| Domestic | 9,084 | 95.6 |
| Total, before eliminations | 9,502 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,40,766 | 32.6 | 4.21 | 19.5 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 42,722 | 47.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · IRCON appoints Vinod Singhal and Co LLP as statutory auditor for FY26-27 | management changes | medium | — | — |
| 2 Sept 2026 · Newspaper publication of 50th AGM notice - meeting on 24 Sept 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · IRCON files BRSR for FY 2025-26 with reasonable assurance from EKI Energy | compliance | low | — | — |
| 1 Sept 2026 · IRCON Annual Report FY25-26: PAT Rs 618 Cr, Order Book Rs 24,984 Cr | results | high | — | — |
| 1 Sept 2026 · IRCON FY25-26 Annual Report: Revenue Down 17%, PAT at Rs 618 Cr | results | high | — | — |
| 1 Sept 2026 · IRCON 50th AGM on 24 Sep 2026; final dividend Rs 0.70 per share proposed | board shareholder meetings | medium | — | — |
| 31 Aug 2026 · Executive Director S&T ceases as Senior Management Personnel on superannuation | management changes | medium | — | — |
| 27 Aug 2026 · Ircon to attend Ashwamedh-Elara India Dialogue 2026 on Sept 2 | board shareholder meetings | low | — | — |
| 27 Aug 2026 · IRCON 50th AGM scheduled for 24 September 2026 via video conferencing | compliance | minimal | — | — |
| 25 Aug 2026 · IRCON faces NSE/BSE fine for board composition non-compliance | regulatory legal | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 4.35 |
| 30.4 |
| 8.9 |
| 7.5 |
| 5.8 |
| 7.5 |
| KALPATARU PROJECT INT LTD | 24,541 | 21.6 | 3.17 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 23,770 | 18.2 | 1.13 | 10.5 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 22,383 | 30.3 | 6.96 | 18.8 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 21,472 | 35.7 | 8.95 | 18.2 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 15,144 | 19.3 | 4.81 | 16.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,339 | 26.3 | 2.73 | 18.6 | 11.4 | 12.4 | 29.6 | 20.4 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.4 | 14.9 | 68 of 107 | 37% |
| P/B | 1.6 | 1.4 | 46 of 86 | 46% |
| ROCE | 4.8 | 10.0 | 72 of 109 | 34% |
| ROE | 8.9 | 9.2 | 49 of 91 | 47% |
| Debt / Equity | 0.8 | 0.3 | 75 of 91 | 18% |
| EBITDA margin | 14.9 | 12.4 | 38 of 88 | 58% |
| Revenue growth | 9.5 | 6.2 | 37 of 86 | 58% |
| Profit growth | (43.9) | 2.7 | 60 of 84 | 29% |
| Market cap | 10661 | 485 | 11 of 108 | 91% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
