IRCON

Ircon International share price & financials

Price
₹129.33
Market cap
₹10.6k Cr
Sector
Construction
Calls analysed
6
Latest concall · Q4 FY26 · call held 25 May 2026

Ircon Intl. Q4 FY26

Revenue ₹9,502 cr −15%EBITDA ₹1,279 cr PAT ₹592 cr −18%EPS ₹6.33 −18%

What went well

  • Core EBITDA margins (percentage) improved by 94 bps to 9.35% in FY26.
  • Order book remains robust at ₹24,984 crores, offering approximately 2.6 times FY26 revenue visibility.
  • The company secured new orders worth around ₹5,000 crores in FY26 and achieved a 10% success ratio on bids submitted.

What to watch

  • Total revenue declined to ₹9,502 crores in FY26 from ₹11,131 crores in the previous year, a 14.6% YoY decrease.
  • PAT decreased to ₹592 crores in FY26 from ₹724 crores in the previous year, an 18.2% YoY decline.
Read the full call →

What Ircon International Limited does

IRCON International is a Navratna Central Public Sector Enterprise under India's Ministry of Railways that designs, builds and manages railway, highway and other infrastructure projects on an EPC (design-to-commissioning) basis, using its own construction equipment and in-house civil, mechanical, electrical, signalling and telecom design teams. It also delivers Public-Private Partnership rail projects through joint-venture SPVs on DBFOT/toll/annuity models, offers project-management-and-consultancy (PMC) services for railway, highway and building works (directly or via subsidiary Ircon Infrastructure & Services Ltd), and develops and leases commercial real estate. The group comprises 11 subsidiaries and 7 joint ventures and has executed projects both domestically and in around two dozen countries across Asia, Africa, the Middle East, Europe and South America.

Segments

  • EPC (Engineering, Procurement & Construction)
  • PPP (Public-Private Partnership)
  • PMC (Project Management & Consultancy)
  • Real Estate
Corporate status
Navratna Central Public Sector Enterprise under Ministry of Railways
Group structure
11 subsidiaries and 7 joint ventures
International footprint
Projects executed across ~24 countries in Asia, Africa, the Middle East, Europe and South America
Domestic projects completed
405
International projects completed
130
Railway track laid
5,740 TKM
Founded 1976Headquarters New Delhi, IndiaEmployees 1,182 (2025-03-31) Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 2 delivered 2 missed 8 open
  • FY26 PAT Margin delivered said Q3 FY25 Promised: 5% to 5.5% Q4 FY26: Actual FY26 PAT of ₹592 cr on revenue of ₹9,502 cr resulted in a PAT margin of 6.23%, meeting the revised guidance and exceeding the original target.
  • Asset Monetization delayed said Q4 FY24 Promised: Monetize operational road/highway assets Q4 FY26: The topic of asset monetization was not addressed in the earnings call or presentation.
  • CERL JV Loss Period delayed said Q4 FY24 Promised: Losses for another 2 years Q4 FY26: The timeline was pushed out again, with management now expecting break-even 'in the next two years'.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 9.5%, net profit down 43.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,448 2,613 3,412 1,786 1,977 −19%2,119 −19%3,189 −7%1,956 +10%
EBITDA201 132 254 200 141 −30%158 +20%267 +5%192 −4%
Net profit206 86 212 164 137 −33%100 +16%191 −10%92 −44%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −34.4% 1Y

₹120₹140₹160₹180Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q4 FY26 — 25 May 2026

1Y: ₹172.75 on 10 Sept 2025 → ₹113.26. High ₹187.02 (17 Sept 2025), low ₹113.26 (11 Sept 2026).

How the price took the results

close before → close after

Q4 FY26
+1.2%
25 May
Q2 FY26
−3.2%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 4.4% a year over 3 years, FY23 to FY26. Operating margin widened to 8.4%.

Year endingFY23FY24FY25FY26
Revenue₹10.4k Cr₹12.5k Cr₹10.8k Cr₹9.1k Cr
Operating profit₹699 Cr₹1.0k Cr₹838 Cr₹766 Cr
Operating margin6.7%8.4%7.8%8.4%
Interest₹123 Cr₹148 Cr₹219 Cr₹350 Cr
Depreciation₹108 Cr₹100 Cr₹118 Cr₹163 Cr
Net profit₹765 Cr₹930 Cr₹728 Cr₹592 Cr
Net margin7.4%7.5%6.8%6.5%
Cash from operations₹-278 Cr₹-79 Cr₹-1.1k Cr₹-618 Cr
Free cash flow₹-376 Cr₹-887 Cr₹-2.2k Cr₹-1.1k Cr
ROCE16.0%18.0%12.0%9.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹94 Cr₹188 Cr₹188 Cr₹188 Cr₹188 Cr₹188 Cr
Reserves₹4.3k Cr₹4.5k Cr₹5.0k Cr₹5.7k Cr₹6.3k Cr₹6.5k Cr
Borrowings₹331 Cr₹1.4k Cr₹1.5k Cr₹2.6k Cr₹5.1k Cr₹5.7k Cr
Other liabilities₹6.5k Cr₹8.4k Cr₹8.8k Cr₹9.0k Cr₹8.6k Cr₹8.9k Cr
Total liabilities₹11.3k Cr₹14.4k Cr₹15.5k Cr₹17.5k Cr₹20.2k Cr₹21.3k Cr
Fixed assets₹1.9k Cr₹1.8k Cr₹1.8k Cr₹1.7k Cr₹3.5k Cr₹3.5k Cr
Capital work in progress₹13 Cr₹36 Cr₹19 Cr₹549 Cr₹620 Cr₹595 Cr
Investments₹850 Cr₹971 Cr₹1.0k Cr₹1.6k Cr₹1.9k Cr₹1.4k Cr
Other assets₹8.5k Cr₹11.6k Cr₹12.6k Cr₹13.6k Cr₹14.3k Cr₹15.8k Cr
Total assets₹11.3k Cr₹14.4k Cr₹15.5k Cr₹17.5k Cr₹20.2k Cr₹21.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −0.21 pp while DIIs added +0.19 pp. The shareholder count shrank 10% to 10,80,370.

Promoters
65.2%
FIIs
4.6%
DIIs
1.8%
Government
0.3%
Public
28.2%

Since Jun 2025

  • Public −0.21 pp
  • DIIs +0.19 pp
  • FIIs +0.03 pp

How it drifted, 12 quarters

Over this window promoters fell from 73.2% to 65.2% — −8.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 73.2%, FIIs 4.0%, DIIs 0.4%, Government 0.3%, Public 22.2%.Dec '23: Promoters 65.2%, FIIs 4.1%, DIIs 0.9%, Government 0.3%, Public 29.5%.Mar '24: Promoters 65.2%, FIIs 4.6%, DIIs 1.3%, Government 0.3%, Public 28.7%.Jun '24: Promoters 65.2%, FIIs 4.2%, DIIs 2.9%, Government 0.3%, Public 27.5%.Sep '24: Promoters 65.2%, FIIs 3.9%, DIIs 1.6%, Government 0.3%, Public 29.0%.Dec '24: Promoters 65.2%, FIIs 4.1%, DIIs 1.4%, Government 0.3%, Public 29.0%.Mar '25: Promoters 65.2%, FIIs 4.1%, DIIs 1.6%, Government 0.3%, Public 28.9%.Jun '25: Promoters 65.2%, FIIs 4.6%, DIIs 1.6%, Government 0.3%, Public 28.4%.Sep '25: Promoters 65.2%, FIIs 4.6%, DIIs 1.6%, Government 0.3%, Public 28.3%.Dec '25: Promoters 65.2%, FIIs 4.5%, DIIs 1.7%, Government 0.3%, Public 28.3%.Mar '26: Promoters 65.2%, FIIs 4.8%, DIIs 1.8%, Government 0.3%, Public 28.0%.Jun '26: Promoters 65.2%, FIIs 4.6%, DIIs 1.8%, Government 0.3%, Public 28.2%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Ircon International Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
The President Of India(Through Chairman Railway Board) 65.17%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in IRCON

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.09 L shares (+1.1%).

Held by funds
₹10 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹6 Cr+0.06 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹3 Cr+0.03 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +9,335 shares (+1.1%)

Funds are sitting on
-29%
vs est. average cost
Held by funds
₹10 Cr
5 schemes · ≈ 0.11% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹6 Cr · 0.2% of that fund

Shares held by these funds +311%

Sep '23 8.69 L shares Jul '26

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Ircon International Limited

Guides on how to read this kind of business and the numbers that matter.