Ircon International Limited (IRCON)
₹106.62 +0.27% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Ircon International's revenue was ₹1,956 Cr (+9.5% year on year, -38.7% on the previous quarter), and net profit ₹92.0 Cr (-43.9% year on year); the operating margin was 10.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,956 | +9.5% | -38.7% |
| Operating profit | ₹205 | +2.6% | -23.2% |
| Net profit | ₹92.0 | -43.9% | -51.8% |
| EPS (₹) | 0.99 | -43.4% | -51.5% |
| Operating margin | 10.5% | — | — |
IRCON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 20.8% of the IRCON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 30.89%. That is close to its usual level. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 1 session in about the last 20.
Delivery in the last 5 sessions: 23.7% · 10.5% · 20.2% · 25.1% · 20.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ircon International Limited has received a Letter of Acceptance (LOA) for an EPC contract valued at ₹862.46 crore from East Central Railway. The contract covers the supply of ballast and track materials, track laying, and linking for the Son Nagar-Andal Project. This single order represents approximately 9.3% of the company's TTM revenue of ₹9,241 crore. The project has a relatively quick execution timeframe of 365 days.
- Received Letter of Acceptance for an EPC contract valued at ₹862,45,93,012.51 (approx. ₹862.46 crore)
- Contract awarded by East Central Railway (Construction Organisation), Patna
- Scope covers Gomoh-Koderma and Gaya-Son Nagar sections for 3rd & 4th line of Son Nagar-Andal Project
- Execution timeline is stipulated at 365 days
- Not a related-party transaction and no promoter interest involved
Ircon International Limited has received a Letter of Acceptance (LOA) for a works contract from Konkan Railway Corporation Ltd. valued at ₹96.25 crore (inclusive of GST). The contract involves a 5-year Comprehensive Annual Maintenance Contract (AMC) for the Integrated Tunnel Communication System in the Katra-Banihal section of Northern Railway. Relative to IRCON's TTM revenue of ₹9,241 crore, the order is modest at approximately 1.04% of annual revenue spread over 60 months.
- Order size of ₹96,25,49,694 (inclusive of GST) awarded by Konkan Railway Corporation Ltd.
- Contract execution duration is 60 months (5 years).
- Scope covers Comprehensive AMC of Integrated Tunnel Communication System in the Katra-Banihal section.
- Contract is a domestic works contract with no related-party interest.
IRCON International reported the conclusion of arbitration proceedings initiated by Afcons regarding work package T-74R-A with an initial claim value of Rs 359.72 crore. The Majority Tribunal declared an award of Rs 147.15 crore against IRCON on June 29, 2026, while the Minority Tribunal issued a dissenting opinion on September 23, 2026, awarding Rs 23.64 crore. The awarded amount of Rs 147.15 crore represents roughly 28.3% of IRCON's TTM net profit of Rs 519 crore. IRCON announced it will challenge the arbitral award before the High Court of Delhi.
- Original claim raised by Afcons on 22.02.2023 was Rs 359.72 Cr for package T-74R-A
- Majority Tribunal awarded Rs 147,14,48,522/- on 29.06.2026
- Minority Tribunal issued dissent opinion on 23.09.2026 awarding Rs 23,64,20,885/-
- IRCON confirmed it will challenge the arbitral award before the High Court of Delhi
IRCON International announced that the Comptroller and Auditor General of India (C&AG) has appointed M/s. Vinod Singhal & Co LLP as the Statutory Auditors for FY 2026-27. The appointment, made under Section 139 of the Companies Act, covers both standalone and consolidated financial statements. The audit firm has 42 partners, 34 branches across 25 states, and held a 44th ranking in C&AG's latest list. This is a standard statutory appointment mandated by the government for public sector enterprises.
- C&AG appointed M/s. Vinod Singhal & Co LLP via letter dated September 7, 2026
- Auditor consented on September 8, 2026, for FY 2026-27 standalone and consolidated accounts
- Appointed audit firm has 42 partners and 34 branches across 25 states
- Firm holds CAG ranking 44 and reported an average 3-year turnover of Rs 16.06 Crores (2023-26)
Ircon International Limited has submitted its Business Responsibility and Sustainability Report (BRSR) along with an Independent Assurance Statement for FY 2025-26 pursuant to SEBI Listing Regulations. The report disclosures cover standalone operations, which reported a turnover of Rs 8,478.86 crore and a net worth of Rs 6,626.62 crore for FY26. Construction and maintenance of Railways and Rail Bridges comprised 82.27% of turnover, while roads and highways contributed 17.02%. Reasonable assurance over BRSR Core KPIs was provided by EKI Energy Services Limited.
- Civil Engineering Construction accounted for 99.19% of standalone turnover in FY26.
- Railway and Rail Bridge construction contributed 82.27% of total turnover, while roads/highways contributed 17.02%.
- Standalone FY26 turnover reported at Rs 8,478.86 crore with a net worth of Rs 6,626.62 crore.
- Permanent employee turnover rate stood at 8.44% for FY26 with a total headcount of 1,070 employees.
- EKI Energy Services Limited provided reasonable assurance on the BRSR Core KPIs.
IRCON International has scheduled its 50th Annual General Meeting (AGM) for September 24, 2026, via video conferencing. The company is seeking shareholder approval for a final dividend of ₹0.70 per share (₹65.84 crore), taking total FY26 dividend to ₹1.90 per share (₹178.70 crore including the interim payout of ₹1.20 per share). Key resolutions also include regularizing the appointments of Shri Saleem Ahmad as Chairman & Managing Director (additional charge) and Shri Rajesh Naik as Director (Projects).
- 50th AGM scheduled for September 24, 2026 at 12:30 PM IST via VC/OAVM
- Final dividend proposed at ₹0.70 per equity share (35% on FV ₹2), totaling ₹65.84 crore
- Interim dividend already paid was ₹1.20 per share (60%), totaling ₹112.86 crore
- Total FY26 dividend payout stands at ₹1.90 per share (₹178.70 crore)
- Approval sought for appointment of Shri Saleem Ahmad as CMD (additional charge for 1 year) and Shri Rajesh Naik as Director (Projects)
Ircon International Limited has announced the cessation of Shri P.V. Sreekanth, Executive Director (S&T), from the Senior Management Personnel of the company effective 31st August 2026. The departure is due to attaining the age of superannuation. The company reported TTM revenue of Rs 9,241 crore and net profit of Rs 519 crore. This change represents a routine management superannuation in the normal course of operations.
- Shri P.V. Sreekanth ceased to be Senior Management Personnel w.e.f. 31st August 2026
- Reason for cessation: superannuation (retirement upon reaching retirement age)
- Role held: Executive Director / S&T (Signalling & Telecommunication)
Ircon International Limited has informed exchanges that its management will participate in the Ashwamedh - Elara India Dialogue 2026 investor conference in Mumbai on September 2, 2026. The meetings will be held physically in one-on-one and group formats. The company clarified that only general business details and publicly available information will be discussed.
- Conference scheduled for September 2, 2026, in Mumbai
- Event: Ashwamedh - Elara India Dialogue 2026
- Format: Physical one-on-one and group meetings
- Scope: General business information already in public domain
NSE and BSE have levied a fine of ₹9,66,420 each (inclusive of GST, totaling ₹19.33 lakh) on IRCON for non-compliance with board and committee composition regulations for the quarter ended June 30, 2026. IRCON clarified that director appointments are solely vested with the Government of India via the Ministry of Railways. Pursuant to an MoR order, a Woman Independent Director was appointed and board committees were reconstituted effective August 17, 2026. IRCON is seeking a waiver of the fine under SEBI's exemption policy, and the financial impact on the company is negligible.
- Fines of ₹9,66,420 each (incl. GST) levied by NSE and BSE under Regulations 17(1), 18(1), and 19(1)/19(2)
- Non-compliance pertained to board and committee composition for the quarter ended 30th June, 2026
- One Woman Independent Director appointed on the Board w.e.f. 17th August, 2026
- Audit Committee and NRC reconstituted w.e.f. 17th August, 2026 to attain full compliance
Ircon International Limited has scheduled its 50th Annual General Meeting (AGM) for Thursday, September 24, 2026, via video conferencing. The company fixed September 17, 2026, as the record date to determine shareholder eligibility for the final dividend for FY 2025-26. Subject to approval at the AGM, the dividend payment will commence from October 12, 2026 onwards. Remote e-voting will run from September 21 to September 23, 2026.
- Record date for FY 2025-26 final dividend fixed as September 17, 2026
- 50th Annual General Meeting (AGM) scheduled for September 24, 2026, at 12:30 PM
- Dividend payment slated to start from October 12, 2026 onwards, subject to AGM approval
- Remote e-voting window open from September 21 (09:00 AM) to September 23, 2026 (05:00 PM)
Ircon International Limited has scheduled its 50th Annual General Meeting (AGM) for Thursday, September 24, 2026, via Video Conferencing. The company has fixed Thursday, September 17, 2026, as the record date for determining shareholder eligibility for the FY25-26 final dividend. If approved at the AGM, the dividend will be disbursed starting October 12, 2026. Remote e-voting will run from September 21 to September 23, 2026.
- 50th Annual General Meeting scheduled for September 24, 2026, at 12:30 PM
- Record date for FY 2025-26 final dividend set for September 17, 2026
- Dividend payout scheduled to commence from October 12, 2026 onwards
- Remote e-voting window open from September 21 (09:00 AM) to September 23, 2026 (05:00 PM)
Ircon International Limited has appointed Smt. Suman Bala as a Non-Executive Independent (Part-Time Non-official) Director effective August 17, 2026. The appointment is for a tenure of 3 years, pursuant to a Ministry of Railways order dated August 13, 2026. Smt. Suman Bala, aged 50, previously served as Mayor of the Municipal Corporation, Faridabad, bringing public administration and urban governance experience. The appointment satisfies statutory corporate governance requirements and does not involve any operational or financial restructuring.
- Appointment of Smt. Suman Bala as Independent Director effective August 17, 2026
- Term of appointment is 3 years or until further orders, per Ministry of Railways Order dated August 13, 2026
- Appointee is 50 years old with background in public administration and municipal governance (former Mayor of Faridabad)
- No inter-se relationship with any existing Director on IRCON's Board
IRCON International has announced the appointment of Smt. Suman Bala as a Non-Official (Independent) Director, effective August 13, 2026. The appointment was made by the Ministry of Railways for a tenure of three years. This is a routine regulatory requirement for Public Sector Undertakings (PSUs) to maintain board composition and corporate governance standards. The company currently operates with a TTM revenue of 9,071 crore and a high dependency on the Ministry of Railways for over 80% of its revenue.
- Appointment of Smt. Suman Bala as Non-Official (Independent) Director effective August 13, 2026
- Tenure fixed for a period of 3 years or until further orders
- Nomination directed by the Ministry of Railways via order no. 2026/PL/57/16
- IRCON maintains a zero-debt standalone balance sheet with cash reserves of 4,100 crore as per qualitative profile
IRCON International reported a 9.5% YoY growth in consolidated revenue from operations to ₹1,955.8 crore for Q1FY27. However, consolidated Profit After Tax (PAT) declined sharply by 43.9% YoY to ₹92.0 crore, down from ₹164.1 crore in the year-ago period. The profitability was impacted by a contraction in EBITDA, which fell to ₹278.7 crore from ₹323.9 crore. Notably, standalone PAT at ₹163.5 crore was significantly higher than consolidated PAT, suggesting losses or high expenses within subsidiaries or joint ventures.
- Consolidated PAT declined 43.9% YoY to ₹92.0 crore from ₹164.1 crore in Q1FY26.
- Total Order Book as of June 30, 2026, stands at ₹23,366 crore, which is approximately 2.57x of TTM revenue.
- Consolidated EBITDA margin for the quarter stood at 13.6%, down from the previous year's levels.
- Railway projects continue to dominate the order book, accounting for ₹17,989 crore or 77% of the total.
- Standalone PAT grew 8.6% YoY to ₹163.5 crore, highlighting a stark divergence from consolidated performance.
IRCON reported a weak consolidated performance for Q1FY27, with PAT falling 43.9% YoY to ₹92 Cr despite a 9.5% increase in consolidated revenue to ₹1,956 Cr. In contrast, standalone PAT grew 8.6% YoY to ₹163.5 Cr, indicating significant drag from subsidiaries or joint ventures. The order book remains healthy at ₹23,366 Cr, representing approximately 2.57x the TTM revenue of ₹9,071 Cr. The company continues its transition toward competitive bidding, which now constitutes 55% of the total order book compared to 45% from nominations.
- Consolidated Profit After Tax (PAT) fell to ₹92 Cr in Q1FY27 from ₹164 Cr in Q1FY26.
- Total Order Book stands at ₹23,366 Cr as of June 30, 2026, providing ~2.5 years of revenue visibility.
- Competitive bidding projects now account for 55% (₹12,920 Cr) of the order book, up from 52% in the previous year.
- Standalone revenue grew 8.2% YoY to ₹1,800.3 Cr, while standalone PAT rose 8.6% to ₹163.5 Cr.
- Railways remain the dominant sector in the order book at 77% (₹17,989 Cr), followed by Highways at 16% (₹3,747 Cr).
Financial Performance
Revenue Growth by Segment
The Railway sector, IRCON's primary segment, contributed 80.97% of revenue in FY25 at INR 8,252.97 Cr, representing a 17.6% decline from INR 10,018.45 Cr in FY24. The Highway sector contributed 18.36% at INR 1,871.31 Cr, a marginal 0.9% decrease from INR 1,888.57 Cr in FY24. Other segments (Electrical/Building) contributed 0.67% at INR 68.86 Cr, growing 58.7% YoY.
Geographic Revenue Split
Approximately 90% of projects are domestic, while 10% are executed in foreign countries as of December 31, 2024. Foreign operations expose the company to regulatory risks and local conditions in international geographies.
Profitability Margins
Standalone PAT margins remained stable at 6.91% in FY25 compared to 6.97% in FY24. However, consolidated PAT declined 21.7% to INR 727.83 Cr in FY25 from INR 929.51 Cr in FY24. Management targets future PAT margins in the range of 6% to 7% despite competitive pressures.
EBITDA Margin
Standalone EBITDA margin (excluding other income) moderated to 4.70% in FY25 from 6.39% in FY24, a decline of 169 basis points. This was driven by a shift from high-margin 'cost-plus' nomination projects to competitive bidding and provisions for losses in two specific projects.
Capital Expenditure
IRCON has significant equity commitments in subsidiaries and JVs, with total exposure standing at INR 2,429 Cr as of March 31, 2024, up 7.5% from INR 2,258 Cr. It generated annual accruals of INR 890 Cr in FY24 to fund these commitments.
Credit Rating & Borrowing
The company maintains a strong credit profile with an 'Excellent' rating from the Department of Public Enterprises for FY24. It is a zero-debt company on a standalone basis, with an interest service coverage ratio (ISCR) of 64.66x in FY25, down from 79.49x in FY24.
Operational Drivers
Raw Materials
Key raw materials include steel, cement, bitumen, and fuel. While specific percentage splits per material are not disclosed, raw material price fluctuations are cited as a primary risk to margins, especially in fixed-price contracts.
Import Sources
Not specifically disclosed in available documents; however, the company operates in India and various foreign geographies for project execution.
Capacity Expansion
Not applicable as a service-based construction firm; however, the order book of INR 23,865 Cr as of September 30, 2025, provides revenue visibility for the next 2 years.
Raw Material Costs
Raw material costs are susceptible to market fluctuations; however, IRCON mitigates this by including price escalation clauses in contract agreements to protect margins against inflationary pressures.
Manufacturing Efficiency
Not applicable; efficiency is measured by project execution. The company reported a 14% decline in Total Operating Income to INR 10,193.14 Cr in FY25 due to the transition from nomination-based to competitive bidding.
Strategic Growth
Expected Growth Rate
6-7%
Growth Strategy
Growth will be achieved by diversifying into new segments like Solar, High-Speed Rail, and Dedicated Freight Corridors. The company is also increasing its mix of competitive bidding projects (now 63% of the order book) and expanding its international footprint to 10% of the portfolio to hedge against domestic concentration.
Products & Services
Infrastructure construction services including Railway tracks, Highways, Tunnels, Metro systems, EHP substations, and MRTS (Mass Rapid Transit Systems).
Brand Portfolio
IRCON (Ircon International Limited).
New Products/Services
New focus areas include Solar power projects and High-Speed Rail infrastructure, intended to diversify the revenue base beyond traditional railway construction.
Market Expansion
Targeting international markets and domestic diversification into non-railway infrastructure to reduce dependency on the Ministry of Railways, which currently accounts for over 80% of revenue.
Market Share & Ranking
Not disclosed as a specific percentage, but recognized as a leading turnkey construction company for the Ministry of Railways.
Strategic Alliances
Joint ventures include Bastar Railway Private Limited (BRPL), which is currently in the process of closure and asset transfer to the Ministry of Railways.
External Factors
Industry Trends
The industry is shifting from nomination-based awards to mandatory competitive bidding for PSUs, increasing competition and squeezing EBITDA margins toward the 4-6% range.
Competitive Landscape
Facing intense competition from private sector infrastructure players in tender-based bidding for NHAI and Railway projects.
Competitive Moat
Moat is based on a 49-year track record and 'Excellent' DPE rating, providing a competitive edge in complex railway and tunnel projects. Sustainability is supported by a zero-debt standalone balance sheet and strong cash reserves of INR 4,124 Cr.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and Ministry of Railways budget allocations.
Geopolitical Risks
Regulatory and political risks in foreign countries where 10% of projects are located could impact project timelines and profitability.
Regulatory & Governance
Industry Regulations
Operations are governed by the Ministry of Railways and Department of Public Enterprises (DPE) guidelines. The transition to competitive bidding is a key regulatory shift affecting the business model.
Environmental Compliance
IRCON is ISO certified for Environment and Quality standards. ESG risks are currently considered credit-neutral by rating agencies.
Taxation Policy Impact
Not specifically disclosed; however, the company follows standard Indian corporate tax norms.
Legal Contingencies
The company faces project-specific risks related to land acquisition and environmental clearances; specific court case values were not disclosed in the provided text.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to maintain profit margins (currently 6.91% PAT) as the order book shifts further toward competitive bidding. Project execution delays in complex terrains (tunnels/highways) pose a 5-10% risk to projected margins.
Geographic Concentration Risk
High domestic concentration in India, with over 80% of revenue tied to the Indian Railway sector.
Third Party Dependencies
Significant dependency on the Ministry of Railways for 47% of orders (nomination basis) and project advances which serve as working capital.
Technology Obsolescence Risk
Low risk; the company is upgrading to SAP S/4 Hana to maintain digital transformation in finance and HR functions.
Credit & Counterparty Risk
Low risk as major clients are Government of India entities (MoR, NHAI). Receivables are considered high quality due to the sovereign nature of counterparties.
