NSE: IRCON · BSE: 541956
IRCON INTERNATIONAL LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| International | 418 | 4.4 |
| Domestic | 9,084 | 95.6 |
| Total, before eliminations | 9,502 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.7 | 13.5 | 61 of 101 | 40% |
| P/B | 1.4 | 1.2 | 45 of 85 | 48% |
| ROCE | 4.8 | 10.0 | 71 of 107 | 34% |
| ROE | 8.9 | 9.1 | 46 of 87 | 48% |
| Debt / Equity | 0.8 | 0.4 | 71 of 87 | 19% |
| 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 | 9287 | 465 | 10 of 107 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · High Court pauses action in IRCON's Rs 72.41 crore GST dispute | regulatory legal | medium | — | — |
| 19 Oct 2026 · IRCON gets NSE waiver of fines for compliance delays across multiple quarters | regulatory legal | medium | — | — |
| 12 Oct 2026 · IRCON bags Rs 862.46 crore EPC order from East Central Railway | business updates | high | — | — |
| 9 Oct 2026 · IRCON wins Rs 96.25 crore maintenance contract from Konkan Railway | business updates | high | — | — |
| 7 Oct 2026 · Compliance certificate for dematerialisation filed with BSE and NSE | compliance | minimal | — | — |
| 1 Oct 2026 · No undisclosed info behind Ircon volume surge | compliance | medium | — | — |
| 30 Sept 2026 · Public notice on special window for physical share dematerialisation | compliance | minimal | — | — |
| 24 Sept 2026 · IRCON management to attend Bharat Connect virtual conference on Sept 30 | board shareholder meetings | low | — | — |
| 24 Sept 2026 · IRCON AGM 2026: All 9 resolutions passed; final dividend of Rs 65.84 cr approved | compliance | minimal | — | — |
| 24 Sept 2026 · IRCON 50th AGM held; confirms Rs 1.90 total dividend for FY26 | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.