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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹12844 Cr.
Stock P/E
17.6
P/B
1.9
Current Price
₹136.6
Book Value
₹ 70.6
Face Value
2
52W High
₹224.7
52W Low
₹ 114.5
Dividend Yield
1.39%

Ircon International Overview

Business

Ircon International Ltd. is a leading Indian public sector undertaking (PSU) specializing in Engineering, Procurement, and Construction (EPC) services for various infrastructure projects. Its core business revolves around executing turnkey projects for railways, highways, buildings, and other infrastructure segments, both domestically and internationally. The company primarily operates as a contractor, earning revenue through project execution and management fees, with a significant focus on government, semi-government, and public sector clients.

Revenue Mix

Ircon's revenue is primarily driven by its railway projects, which typically constitute the largest portion of its order book and revenue (historically often 80% or more). Other significant segments include:

Railways: Construction of new railway lines, railway electrification, signaling and telecommunication, bridges, workshops, and associated infrastructure.

Highways: Construction, rehabilitation, and upgrade of national and state highways.

Buildings & Other: Construction of commercial, residential, and institutional buildings, as well as other infrastructure like airport runways and power transmission projects.

While specific percentages fluctuate year-on-year, Railways remains the dominant revenue generator.

Industry

Ircon operates in the highly competitive Indian Engineering & Construction sector, which is largely driven by government capital expenditure on infrastructure. The industry is fragmented but also features large, well-established players. Ircon holds a unique and strong position as a Central Public Sector Enterprise (CPSE) under the Ministry of Railways, Government of India. This affiliation provides it with strategic importance, preferred access to large-scale railway projects, and a robust balance sheet backed by the sovereign. It competes with other large private and public sector EPC firms but distinguishes itself with deep specialization and experience in complex railway infrastructure.

MOAT

Ircon's key competitive advantages stem largely from its PSU status and specialized expertise:

Government Backing: Being a CPSE under the Ministry of Railways provides implicit sovereign support, strong credibility, and often preferential consideration for strategic national railway projects.

Specialized Expertise: Decades of experience and a strong track record in executing complex railway projects, including high-speed rail corridors, electrification, and international projects, give it a significant technical edge.

Financial Strength & Brand: Access to government funding, strong credit ratings, and a reputable brand built over years of successful project delivery.

Established Processes: Adherence to rigorous public sector governance and project management standards.

Growth Drivers

Government Infrastructure Push: Continued strong capital expenditure by the Indian government on infrastructure, particularly under initiatives like the National Rail Plan (NRP) 2030, Gati Shakti Master Plan, and Bharatmala Pariyojana (for highways).

Railway Modernization: Expansion of railway networks (new lines, doubling/tripling), electrification of entire routes, upgrading signaling systems, and development of dedicated freight corridors.

Urbanization & Metro Projects: Growing demand for urban transport infrastructure, including metro rail systems in various cities.

International Opportunities: Leveraging its global experience to secure projects in neighboring countries and other developing regions, particularly in railways.

Diversification: Strategic expansion into related infrastructure segments like power transmission, airports, and urban development projects.

Risks

Project Execution Risks: Delays in project approvals, land acquisition, cost overruns, and unforeseen operational challenges can impact profitability and timely completion.

Dependence on Government Policy: High reliance on government spending and policy decisions in the infrastructure sector makes the company susceptible to shifts in priorities or budget allocations.

Intense Competition & Margin Pressure: The EPC sector is highly competitive, leading to aggressive bidding and potential pressure on profit margins.

Working Capital Management: Efficient management of receivables from government entities and timely payments to subcontractors is crucial.

Regulatory and Environmental Risks: Changes in environmental norms, labor laws, or construction regulations can impact project timelines and costs.

Geopolitical Risks: For international projects, political instability or economic downturns in host countries pose risks.

Management & Ownership

Ircon International Ltd. is majority-owned by the President of India, acting through the Ministry of Railways, Government of India (typically holding over 70% of shares). The company's management consists of a Board of Directors, usually comprising government nominees, independent directors, and experienced professionals appointed through public sector processes. As a PSU, its governance structure and management decisions are subject to government oversight and public accountability norms.

Outlook

Ircon is well-positioned to capitalize on India's ambitious infrastructure development agenda, particularly the extensive plans for railway expansion and modernization. Its strong parentage (Ministry of Railways), specialized expertise, and proven execution capabilities provide a solid foundation for securing a significant share of upcoming government projects. The company's robust order book provides near-term revenue visibility. However, the cyclical nature of infrastructure spending, intense competition, and inherent project execution risks common to the EPC sector remain key considerations. Its ability to manage working capital efficiently and diversify its project portfolio while maintaining profitability will be crucial for sustained long-term growth.

Ircon International Share Price

Live · BSE / NSE · Inception: 1976
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Ircon International Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 2930 3787 2287 2448 2613 3412 1786 1977 2119 3189
Other Income 82 107 98 91 79 103 106 135 87 102
Total Income 3012 3894 2385 2539 2692 3515 1892 2112 2206 3291
Total Expenditure 2671 3456 2037 2247 2481 3151 1586 1836 1961 2922
Operating Profit 341 438 349 292 211 365 306 277 245 369
Interest 37 41 48 53 56 62 75 85 93 97
Depreciation 27 27 27 28 31 32 37 40 42 44
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 277 370 273 211 124 270 194 152 110 228
Provision for Tax 69 109 58 56 46 51 47 36 35 56
Profit After Tax 208 260 215 155 79 219 146 116 76 171
Adjustments 37 -13 9 51 8 -8 18 23 25 20
Profit After Adjustments 245 247 224 206 87 211 165 139 101 192
Adjusted Earnings Per Share 2.6 2.6 2.4 2.2 0.9 2.2 1.7 1.5 1.1 2

Ircon International Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 3047 2481 3067 4024 4798 5391 5350 7380 10368 12514 10760 9071
Other Income 304 514 431 389 621 507 404 428 788 676 732 430
Total Income 3350 2995 3498 4414 5420 5898 5754 7808 11156 13190 11491 9501
Total Expenditure 2364 2228 2773 3612 4343 4805 4851 6841 9888 11622 10226 8305
Operating Profit 987 767 725 802 1077 1093 903 966 1268 1568 1265 1197
Interest 69 104 222 235 422 368 265 242 301 252 268 350
Depreciation 57 31 27 16 52 83 92 95 107 100 118 163
Exceptional Income / Expenses 0 0 74 0 0 0 0 0 0 0 0 0
Profit Before Tax 861 637 556 555 624 672 578 689 891 1261 939 684
Provision for Tax 277 219 172 147 174 187 186 96 126 332 211 174
Profit After Tax 583 419 384 409 450 485 391 592 765 930 728 509
Adjustments -1 -1 2 0 0 0 0 0 0 0 -0 86
Profit After Adjustments 582 418 386 409 450 485 391 592 765 930 727 597
Adjusted Earnings Per Share 5.9 4.2 3.9 4.3 4.8 5.2 4.2 6.3 8.1 9.9 7.7 6.3

Ircon International Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 3304 3639 3817 3761 3964 4171 4403 4666 5211 5871 6326
Minority's Interest 21 22 20 0 0 0 0 1 13 35 36
Borrowings 171 0 0 3200 2560 0 312 1304 1440 2457 4135
Other Non-Current Liabilities 1177 1019 1887 1181 1007 688 685 1127 1498 1952 1654
Total Current Liabilities 3555 3248 3363 4494 5659 5232 5783 7276 7265 7018 7226
Total Liabilities 8228 7928 9086 12637 13190 10091 11183 14374 15428 17333 19377
Fixed Assets 736 228 217 210 1413 1493 1411 1290 1273 1193 1911
Other Non-Current Assets 1666 1063 1971 4814 4282 1950 2274 2831 3010 4993 5994
Total Current Assets 5827 6637 6898 7610 7493 6647 7498 10251 11144 11146 11472
Total Assets 8228 7928 9086 12637 13190 10091 11183 14374 15428 17333 19377

Ircon International Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 1609 1324 2591 1454 1554 477 513 414 1258 2338 2180
Cash Flow from Operating Activities 536 1446 919 -2617 -1185 -136 518 1414 -278 -79 -1110
Cash Flow from Investing Activities -575 -94 -1796 -22 618 447 -777 -1227 1578 -705 32
Cash Flow from Financing Activities -222 -219 -222 2737 -93 -275 169 671 -223 640 1156
Net Cash Inflow / Outflow -262 1132 -1098 99 -660 36 -91 857 1077 -144 78
Closing Cash & Cash Equivalent 1367 2591 1454 1554 892 513 414 1258 2338 2180 2280

Ircon International Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 5.88 4.23 3.9 4.35 4.79 5.16 4.16 6.3 8.14 9.88 7.73
CEPS(Rs) 6.47 4.54 4.15 4.52 5.33 6.04 5.14 7.31 9.28 10.95 8.99
DPS(Rs) 1.84 1.7 5.46 2.05 2.15 2.38 1.5 2.5 3 3.1 2.65
Book NAV/Share(Rs) 33.38 36.76 38.56 39.99 42.15 44.35 46.82 49.61 55.41 62.42 67.27
Core EBITDA Margin(%) 22.42 10.18 9.6 10.24 9.48 10.87 9.32 7.29 4.63 7.12 4.96
EBIT Margin(%) 30.51 29.89 25.36 19.64 21.81 19.3 15.75 12.62 11.5 12.09 11.22
Pre Tax Margin(%) 28.24 25.69 18.11 13.8 13.01 12.46 10.8 9.33 8.59 10.08 8.73
PAT Margin (%) 19.14 16.88 12.52 10.16 9.38 9 7.31 8.03 7.38 7.43 6.76
Cash Profit Margin (%) 21.02 18.13 13.39 10.56 10.46 10.54 9.03 9.32 8.42 8.23 7.86
ROA(%) 7.36 5.18 4.51 3.76 3.49 4.17 3.68 4.63 5.14 5.67 3.97
ROE(%) 18.67 12.06 10.3 10.79 11.65 11.93 9.12 13.06 15.5 16.77 11.93
ROCE(%) 27.51 20.65 20.87 14.66 14.95 18.56 18.93 17.24 18.66 19.97 12.69
Receivable days 82.39 94.03 68.68 52.07 51.01 41.21 40.32 32.79 27.44 24.31 36.16
Inventory Days 14.89 19.49 16.66 12.7 17.98 22.09 15.05 9.82 8.2 3.45 2.35
Payable days 866.21 464.93 428.49 469.26 887.12 576.39 424.05 939.18 774.42 547.31 587.63
PER(x) 0 0 0 0 8.39 7.39 10.62 6.31 6.88 22.15 20.21
Price/Book(x) 0 0 0 0 0.95 0.86 0.94 0.8 1.01 3.51 2.32
Dividend Yield(%) 0 0 0 0 5.37 6.23 3.4 6.29 5.36 1.42 1.7
EV/Net Sales(x) -1.04 -1.9 -1.52 -0.35 0.79 0.17 0.19 -0.05 0.16 1.45 1.32
EV/Core EBITDA(x) -3.22 -6.13 -6.42 -1.74 3.52 0.83 1.15 -0.39 1.3 11.59 11.21
Net Sales Growth(%) -26.37 -18.57 23.64 31.2 19.24 12.35 -0.77 37.94 40.49 20.7 -14.02
EBIT Growth(%) -30.7 -20.23 4.93 1.57 32.42 -0.59 -18.98 10.46 28.07 26.93 -20.25
PAT Growth(%) -34.57 -28.17 -8.32 6.42 10.13 7.82 -19.41 51.45 29.2 21.47 -21.7
EPS Growth(%) -34.59 -28.15 -7.65 11.36 10.13 7.82 -19.41 51.47 29.19 21.48 -21.75
Debt/Equity(x) 0.07 0 0 0.85 0.78 0 0.08 0.3 0.29 0.44 0.67
Current Ratio(x) 1.64 2.04 2.05 1.69 1.32 1.27 1.3 1.41 1.53 1.59 1.59
Quick Ratio(x) 1.6 2 2.01 1.66 1.27 1.21 1.28 1.37 1.51 1.58 1.57
Interest Cover(x) 13.47 7.12 3.5 3.37 2.48 2.82 3.18 3.84 3.96 6 4.51
Total Debt/Mcap(x) 0 0 0 0 0.81 0 0.08 0.37 0.29 0.12 0.29

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -14% +13% +15% +13%
Operating Profit CAGR -19% +9% +3% +3%
PAT CAGR -22% +7% +8% +2%
Share Price CAGR -37% +19% +23%
ROE Average +12% +15% +13% +13%
ROCE Average +13% +17% +18% +19%

Ircon International Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 65.17 %
FII 4.78 %
DII (MF + Insurance) 2.07 %
Public (retail) 34.83 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 65.1765.1765.1765.1765.1765.1765.1765.1765.1765.17
FII 4.114.584.173.944.084.114.574.614.544.78
DII 1.21.583.161.891.721.851.881.9222.07
Public 34.8334.8334.8334.8334.8334.8334.8334.8334.8334.83
Others 0000000000
Total 100100100100100100100100100100

Ircon International Peer Comparison

Engineering - Construction Edit Columns

Ircon International Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Ircon International Pros & Cons

Pros

Cons

  • Debtor days have increased from 547.31 to 587.63days.
  • The company has delivered a poor profit growth of 8% over past five years.
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