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Ircon International Ltd.
NSE: IRCONIndustrialsEngineering & Construction
- Last close
- ₹96.63
- Day change
- −₹4.25 (−4.21%)vs
- Market cap
- ₹9,178 crIndian rupees
- Research updated
- 2 reports
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About Ircon International
Ircon International Ltd. is a prominent engineering and construction company based in India. With its primary focus on infrastructure development, Ircon International specializes in executing large-scale railway, highway, and bridge projects. The company is recognized for its expertise in the construction and maintenance of railways, a vital component of transportation infrastructure in India, as well as its expansion into international markets. By effectively contributing to the development and modernization of transportation networks, Ircon International plays a crucial role in enhancing connectivity and economic growth. Ircon operates within various sectors, predominantly focusing on transport and industrial infrastructure, covering a comprehensive range of services from feasibility studies and detailed design to execution and commissioning. Its impact spans not only India but also several international territories, showcasing its capability in global infrastructure development. As a government-owned enterprise, Ircon International benefits from strategic initiatives aimed at infrastructure enhancement, positioning it as a key player in India's commitment to robust and resilient transport frameworks. The company's leadership in engineering innovation and broad service scope supports its significance in the public sector and emphasizes its market presence in the infrastructure domain.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: IRCON
- Next results
- Chief executive
- Mr. Saleem Ahmad
- Employees
- 793
- Headquarters
- New Delhi, India
- ISIN
- INE962Y01021
- Website
- ircon.org
Public research · Report of
Business model & financial foundation
IRCON (NSE: IRCON), Railway and transport infrastructure engineering, procurement and construction: revenue of ₹9,071 crore in FY26 (-15.7% on FY25), an EBITDA margin of 8.4% and net profit of ₹595.5 crore.
- Revenue, FY26 (₹ crore)
- 9,071
- consolidated
- Revenue growth, FY26
- -15.7%
- on FY25
- EBITDA margin, FY26
- 8.4%
- EBITDA (Operating EBITDA excluding other income and JV profit) / revenue
- Net profit, FY26 (₹ crore)
- 595.5
- to owners
- Return on equity, FY26
- 9.2%
- on average equity
- Market capitalisation (₹ crore)
- 10,028
- at the close of 26 Oct 2026
Company profile
IRCON is a Government of India-controlled transport-infrastructure engineering and construction company under the Ministry of Railways. It undertakes railway, highway, bridge, tunnel, electrification and signalling projects in India and overseas through EPC, project management and concession structures. Consolidated accounts include highway-concession, infrastructure-service and solar subsidiaries; incorporated railway/toll JVs are equity-accounted. Bank balances include client/project funds and restricted concession accounts, so headline cash is not necessarily surplus owner cash.
| Item | Value |
|---|---|
| Legal name | Ircon International Limited |
| Exchange and ticker | NSE: IRCON; BSE: 541956 |
| ISIN | INE962Y01021 |
| CIN | L45203DL1976GOI008171 |
| Sector | Industrials |
| Industry | Railway and transport infrastructure engineering, procurement and construction |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Ramesh C. Agrawal & Co., Chartered Accountants (FRN 001770C) |
| Market capitalisation | ₹10,028 crore (26 Oct 2026) |
| Shares outstanding | 94.05 crore shares (FY26) |
| Price | ₹97.58 (close, 26 Oct 2026) |
| 52-week range | ₹95.76 - ₹186.4 (to 26 Oct 2026) |
| Website | https://www.ircon.org/ |
Corporate structure and shareholding
Parent: Government of India (President of India), Ministry of Railways.
| Entity | Holding | Business |
|---|---|---|
| Ircon Infrastructure & Services Limited | 100% | Infrastructure consultancy, project management and railway multifunctional-complex development/leasing. |
| Ircon PB Tollway Limited | 100% | Phalodi-Bikaner highway toll-concession development, operation and maintenance. |
| Ircon Shivpuri Guna Tollway Limited | 100% | Shivpuri-Guna highway toll-concession development, operation and maintenance. |
| Ircon Davanagere Haveri Highway Limited | 100% | Davanagere-Haveri highway hybrid-annuity concession SPV. |
| Ircon Vadodara Kim Expressway Limited | 100% | Vadodara-Kim expressway hybrid-annuity concession SPV. |
| Ircon Gurgaon Rewari Highway Limited | 100% | Gurgaon-Rewari highway hybrid-annuity concession SPV. |
| Ircon Akloli Shirsad Expressway Limited | 100% | Akloli-Shirsad expressway hybrid-annuity concession SPV. |
| Ircon Ludhiana Rupnagar Highway Limited | 100% | Ludhiana-Rupnagar highway hybrid-annuity concession SPV. |
| Ircon Bhoj Morbe Expressway Limited | 100% | Bhoj-Morbe expressway hybrid-annuity concession SPV. |
| Ircon Haridwar Bypass Limited | 100% | Haridwar bypass Package I hybrid-annuity concession SPV. |
| Ircon Renewable Power Limited | 76% | Grid-connected solar project; Ayana owns 24%. Controlled and fully consolidated despite JV-SPV terminology. |
FY26: eleven Indian subsidiaries; no material subsidiary under SEBI test (p93). Overseas activities are branches/projects, not extra AOC-1 subsidiaries. Seven equity-accounted JVs: ISTPL, IRSDC, CERL, CEWRL, JCRL, MCRL, BRPL (p260), not liquid investments. Actual CERL/CEWRL/MCRL holdings differ from nominal 26% partner ratios. Unincorporated joint operations included proportionately. Client/project-funded and escrow cash is not freely distributable owner cash.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 65.17% | 65.17% | 65.17% | 65.17% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.54% | 4.78% | 4.60% | 4.62% |
| Domestic institutions | 1.72% | 1.79% | 1.79% | 1.81% |
| of which mutual funds | 0.24% | 0.29% | 0.29% | 0.31% |
| Retail | 25.45% | 25.26% | 25.32% | 25.51% |
| Other | 3.12% | 3.00% | 3.12% | 2.89% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IRCON combines railway EPC/PMC with road concessions, solar and equity-accounted rail JVs. Railway/road capability supports project delivery, but EPC turnover, concession annuity cash and JV earnings have different cash economics. Parent-to-subsidiary EPC sales eliminate on consolidation; JV investments are not liquid treasury assets. FY26 operating revenue was INR9,071.05 crore; Q1FY27 revenue was INR1,955.83 crore.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | profit before provisions depreciation interest tax, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| International (geographical reportable segment) | 296.2 | 3.3% | 188.2 | 16.9% | 229.5 | 16.0% |
| Domestic (geographical reportable segment) | 8,775 | 96.7% | 927.9 | 83.1% | 1,206 | 84.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Rail Vikas Nigam Limited (RVNL) | Closest PSU rail execution/project-development comparator; similar railway tender exposure. |
| RITES Limited (RITES) | PSU rail engineering/PMC comparator, but consultancy-heavy and less capital-intensive. |
| NBCC (India) Limited (NBCC) | PSU construction/PMC government-client and working-capital comparator; building rather than rail mix. |
| KNR Constructions Limited (KNRCON) | Private roads EPC/HAM comparator for margins, concession assets, receivables and SPV leverage. |
| PNC Infratech Limited (PNCINFRA) | Road EPC/HAM comparator for parent-versus-group debt and capital allocation. |
| Afcons Infrastructure Limited (AFCONS) | Complex civil, rail, metro, tunnel and international EPC comparator; execution and overseas contract risk overlap. |
| H.G. Infra Engineering Limited (HGINFRA) | Road EPC/HAM and rail diversification comparator for order execution and concession funding. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 7,357 | 10,347 | 12,514 | 10,760 | 9,071 |
| Cost of revenue (vendor classification) * | 6,665 | 9,533 | 11,197 | 9,765 | 8,161 |
| Other operating costs (vendor classification) * | 39.9 | 48.2 | 65.0 | 74.2 | 74.2 |
| EBITDA (vendor classification) * | 953.4 | 1,295 | 1,581 | 1,273 | 1,267 |
| Operating EBIT excluding other income and JV profit | 854.9 | 1,191 | 1,006 | 726.9 | 603.0 |
| Finance costs | 166.3 | 299.7 | 148.4 | 219.1 | 350.1 |
| Profit before tax including JV contribution | 688.7 | 891.0 | 1,261 | 939.0 | 766.5 |
| Total tax expense | 96.4 | 125.8 | 331.6 | 211.2 | 174.6 |
| Consolidated profit after tax including NCI and JV share | 592.3 | 765.2 | 929.5 | 727.8 | 591.9 |
| Diluted EPS attributable to parent owners (₹) | 6.30 | 8.14 | 9.88 | 7.73 | 6.33 |
| Materials and stores consumed | 533.6 | 668.2 | 827.0 | ||
| Decrease / (increase) in WIP | 49.8 | 0.00 | 0.00 | ||
| Project expenses excluding materials and employee costs | 10,401 | 8,893 | 7,140 | ||
| Materials, WIP change and project expenses | 10,985 | 9,561 | 7,967 | ||
| Employee benefits expenses | 326.8 | 275.7 | 260.5 | ||
| Other expenses | 95.4 | 78.3 | 77.4 | ||
| Operating EBITDA excluding other income and JV profit | 1,107 | 844.8 | 765.8 | ||
| Other income net of amounts passed to clients | 356.9 | 371.5 | 430.9 | ||
| Depreciation, amortisation and impairment | 100.4 | 117.9 | 162.7 | ||
| Exceptional items (signed contribution) | 0.00 | 0.00 | 0.00 | ||
| Profit before tax and equity-accounted JV contribution | 1,215 | 879.3 | 683.8 | ||
| Share of equity-accounted joint venture profit / (loss) | 46.2 | 59.8 | 82.7 | ||
| Current tax for period | 339.2 | 261.3 | 213.2 | ||
| Current tax earlier years net | 2.55 | -25.1 | -0.46 | ||
| Deferred tax expense / (credit) | -10.1 | -25.0 | -38.1 | ||
| Profit / (loss) attributable to non-controlling interests | -0.06 | 0.42 | -3.55 | ||
| Profit attributable to owners of parent | 929.6 | 727.4 | 595.5 | ||
| Year-end ordinary shares; also diluted weighted-average shares | 94.05 | 94.05 | 94.05 | ||
| Total income including other income | 12,871 | 11,131 | 9,502 | ||
| Total reported expenses including finance and D&A | 11,656 | 10,252 | 8,818 | ||
| Work expenses within project expenses (not additive to cogs) | 10,110 | 8,579 | 6,890 | ||
| Project provisions addition less write-back before utilisation | 169.0 | 353.8 | 239.2 | ||
| Project provision utilisation credit (inside project expenses) | -90.1 | -283.5 | -163.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 4,667 | 5,225 | 5,849 | 6,304 | 6,671 |
| Current and non-current borrowings excluding leases | 1,399 | 1,525 | 2,567 | 4,264 | 5,664 |
| Reported cash equivalents, not owner surplus cash | 1,258 | 2,338 | 2,180 | 2,280 | 2,190 |
| Net trade receivables excluding contract assets | 695.2 | 863.8 | 803.3 | 1,328 | 1,398 |
| Inventories excluding financial contract assets | 276.6 | 189.0 | 47.7 | 90.8 | 12.3 |
| Trade payables incl MSMEs and other creditors | 1,027 | 855.4 | 894.1 | 1,257 | 1,201 |
| Net PPE, intangibles, ROU and investment property | 5.80 | 6.14 | 1,736 | 2,453 | 3,524 |
| Capital work in progress excluding contractor advances | 6.02 | 50.0 | 548.9 | 975.9 | 594.5 |
| Total assets, latest restated comparatives | 14,446 | 15,537 | 17,395 | 19,464 | 21,307 |
| Owned unrestricted liquidity-adjusted net debt: unresolved | n.d. | n.d. | n.d. | ||
| Equity attributable to owners | 5,813 | 6,269 | 6,639 | ||
| Non-controlling equity | 35.2 | 35.6 | 32.1 | ||
| Non-current borrowings | 2,457 | 4,135 | 5,423 | ||
| Current borrowings including maturities | 110.5 | 129.7 | 240.4 | ||
| Current and non-current lease liabilities | 3.24 | 34.8 | 62.0 | ||
| Other bank balances incl project-funded deposits | 2,805 | 2,502 | 2,619 | ||
| Current treasury bonds and liquid/overnight mutual funds | 563.5 | 410.7 | 366.9 | ||
| Non-current treasury bonds, not JV equity | 125.2 | 0.00 | 0.00 | ||
| Equity-accounted JV carrying value, not liquidity | 806.9 | 828.2 | 1,065 | ||
| Net property, plant and equipment | 209.0 | 963.1 | 2,086 | ||
| Net intangible assets | 977.5 | 908.1 | 834.9 | ||
| Net right-of-use assets | 6.59 | 39.6 | 69.4 | ||
| Net investment property | 543.1 | 542.0 | 533.9 | ||
| Parent client funds within bank balances | 2,898 | 1,894 | 1,165 | ||
| Project funds against trade payables within bank balances | 716.2 | 1,375 | 2,037 | ||
| IISL client funds in cash-equivalent accounts | 21.6 | 11.2 | 9.06 | ||
| IISL client-funded BG bank deposits | 57.0 | 48.0 | 51.4 | ||
| Identified client/project bank funds, not owner surplus | 3,693 | 3,328 | 3,262 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after tax paid | 1,125 | -101.6 | -78.6 | -1,110 | -617.6 |
| Free cash flow (vendor definition) * | 1,373 | -377.7 | -926.9 | -2,162 | -1,151 |
| Final and interim cash dividends paid, positive outlay | -333.9 | -230.4 | 282.2 | 277.5 | 206.9 |
| Gross cash PPE/CWIP and intangible capex, positive outlay | -19.2 | -62.7 | 848.3 | 1,052 | 533.2 |
| Cash purchases of PPE including CWIP, positive outlay | 844.6 | 1,048 | 532.2 | ||
| Cash purchases of intangibles, positive outlay | 3.71 | 3.71 | 1.01 | ||
| Investment property cash purchases, positive outlay | 2.58 | 11.3 | 0.70 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end shares equals diluted weighted-average FY24-FY26 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 |
| Management-style EBITDA includes other income AND JV profit | 1,510 | 1,276 | 1,279 | ||
| Bank cash residual after identified client funds, NOT free cash | 1,291 | 1,454 | 1,547 | ||
| Sum separately identified SPV/earmarked bank balances | 458.6 | 525.3 | 513.1 | ||
| Borrowings less gross bank/treasury liquidity, NOT safe net debt | -3,106 | -928.0 | 487.4 | ||
| Consolidated owners ROE on average restated owners equity (%) | 9.2% | ||||
| Consolidated three-year signed CFO / owners PAT (x) | -0.80x | ||||
| Consolidated closing net trade AR days | 23 | 45 | 56 | ||
| Consolidated operating revenue YoY growth (%) | -14.0% | -15.7% | |||
| Consolidated net trade AR YoY growth (%) | 65.3% | 5.3% | |||
| Consolidated trade AR growth excess over revenue (pp) | 79.36 | 20.97 | |||
| Disclosed RPT contract sales / revenue (standalone) (%) | 74.0% | ||||
| MoR promoter contract sales / revenue (standalone) (%) | 45.7% | ||||
| Disclosed RPT contract sales / revenue (consolidated) (%) | 56.2% | ||||
| MoR promoter contract sales / revenue (consolidated) (%) | 42.7% |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,448 | 2,613 | 3,412 | 1,786 | 1,977 | 2,119 | 3,189 | 1,956 |
| Cost of revenue (vendor classification) * | 2,149 | 2,385 | 3,286 | 1,505 | 1,754 | 1,876 | 2,833 | 1,666 |
| Other operating costs (vendor classification) * | 23.4 | 22.9 | -20.6 | 16.4 | 18.0 | 19.7 | 23.2 | 18.2 |
| EBITDA (vendor classification) * | 342.8 | 218.3 | 402.5 | 323.9 | 297.0 | 269.3 | 389.2 | 278.7 |
| EBIT * | 315.1 | 187.8 | 370.4 | 286.7 | 257.0 | 227.7 | 345.2 | 233.8 |
| Finance costs | 52.7 | 56.0 | 62.3 | 75.2 | 84.5 | 93.0 | 97.3 | 107.0 |
| Profit before tax including JV share | 262.3 | 131.8 | 263.1 | 211.5 | 172.5 | 134.7 | 247.8 | 126.8 |
| Total tax: current, earlier years and deferred | 56.4 | 45.7 | 51.3 | 47.4 | 35.9 | 34.8 | 56.4 | 34.8 |
| Total consolidated PAT including NCI | 205.9 | 86.1 | 211.8 | 164.1 | 136.5 | 99.9 | 191.5 | 92.0 |
| Diluted EPS, not annualised (₹) | 2.19 | 0.92 | 2.24 | 1.75 | 1.47 | 1.07 | 2.04 | 0.99 |
| Materials, WIP change and project expenses | 2,149 | 2,385 | 3,082 | 1,505 | 1,754 | 1,876 | 2,833 | 1,666 |
| Employee benefits expense | 74.6 | 72.7 | 55.6 | 65.3 | 63.9 | 65.1 | 66.2 | 66.8 |
| Other expenses | 23.4 | 22.9 | 13.4 | 16.4 | 18.0 | 19.7 | 23.2 | 18.2 |
| Operating EBITDA excluding other income and JV share | 200.9 | 131.9 | 261.5 | 199.9 | 141.2 | 157.8 | 266.9 | 205.1 |
| Other income | 91.1 | 79.0 | 103.2 | 106.1 | 135.4 | 87.2 | 102.2 | 86.9 |
| Depreciation, amortisation and impairment | 27.8 | 30.5 | 32.1 | 37.2 | 40.0 | 41.6 | 44.0 | 44.9 |
| Exceptional items (net, signed) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to NCI (signed) | -0.03 | -0.49 | 0.93 | -0.46 | -2.14 | -0.81 | -0.14 | -0.71 |
| Share of joint ventures profit/(loss), signed | 50.9 | 7.34 | -7.19 | 17.9 | 20.4 | 24.3 | 20.1 | -13.4 |
| PAT attributable to owners of parent | 206.0 | 86.6 | 210.9 | 164.6 | 138.7 | 100.7 | 191.6 | 92.7 |
| Shares: paid-up capital divided by face value | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 | 94.05 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 38.1% | 40.6% | 20.9% | -14.0% | -15.7% |
| EBITDA margin | 8.8% | 7.9% | 8.4% | ||
| Net margin | 7.4% | 6.8% | 6.6% | ||
| Return on equity | 16.8% | 12.0% | 9.2% | ||
| Return on capital employed | 15.8% | 18.6% | 13.3% | 7.7% | 5.3% |
| Return on assets | 5.6% | 3.9% | 2.9% | ||
| Borrowings less cash (₹ crore) | 141.4 | -813.0 | 387.4 | 1,984 | 3,473 |
| Borrowings less cash / EBITDA | 0.35x | 2.35x | 4.54x | ||
| Interest cover | 5.14x | 3.97x | 6.78x | 3.32x | 1.72x |
| Asset turnover | 0.57x | 0.69x | 0.76x | 0.58x | 0.44x |
| Receivable days | 34 | 30 | 23 | 45 | 56 |
| Inventory days (on revenue) | 14 | 7 | 1 | 3 | 0 |
| Payable days (on revenue) | 51 | 30 | 26 | 43 | 48 |
| Cash conversion | -0.08x | -1.53x | -1.04x | ||
| Capex intensity | 0.3% | 0.6% | 6.8% | 9.8% | 5.9% |
| Free cash flow (₹ crore) | 1,106 | -164.4 | -926.8 | -2,162 | -1,151 |
| Dividend payout | 30.4% | 38.1% | 34.7% | ||
| EPS, diluted (₹) | 6.30 | 8.14 | 9.88 | 7.73 | 6.33 |
| Book value per share (₹) | 62.18 | 67.03 | 70.93 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and JV profit) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (Operating EBITDA excluding other income and JV profit).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS attributable to parent owners).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 26 Oct 2026); market data at the close of 26 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 26 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.