Arthneeti

Ircon International Q1 FY27 Share Price & Earnings Call Analysis

₹100.88+0.39% today
Market cap
₹9,488 Cr
P/E
18.13
ROE
8.19%
PEG
-1.58
Price to sales
1.02
Debt to equity
0.86
52W high / low
₹179 / ₹97.6
Sales growth (5Y)
11.17%
EBITDA margin
8.20%
Net profit margin
5.79%
Promoter holding
65.17%
Sales (last year)
₹9,241 Cr

Ircon International Limited (IRCON) commenced its business in 1976 as a railway construction company, it diversified progressively since 1985 as an integrated engineering and construction PSU specializing in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc. [1] [2]

Guidance scorecard · Q1 FY27 call

What Ircon Intl.'s management guided
and where it ranks in Construction

#55of 58 in
Construction
Revenue0–10%MarginsFlatCapexPlannedFundraisingPlannedOrder bookFlat

RevenueQ4 FY26 call

0–10%
  • For FY27, Ircon plans to maintain revenue levels similar to FY26, around Rs. 9,000 crores, based on the current order book, which is approximately double the annual revenue.
  • Revenue growth is constrained by existing order execution timelines, with many projects spanning 2.5 to 3 years.
  • New major order wins at the start of FY27 could improve revenue, but no significant increase is currently projected.
  • The company has submitted bids worth Rs. 48,000 crores (107 bids) mainly in railway, highway, and bridge sectors, with many still under evaluation, indicating potential future order inflows.
  • Despite global and regional challenges (e.g., Gulf crisis), management remains optimistic about infrastructure growth supported by government focus.

2 more points from Ircon Intl.'s call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Flat

See what Ircon Intl. said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Ircon International plans capital expenditure of around Rs. 400-500 crores in FY26-27, primarily on SPV (Special Purpose Vehicle) projects focused on roads and coal connectivity railway projects.
  • Routine CAPEX within the company, including machinery purchases, is expected to be about Rs. 50-60 crores.
  • Total anticipated investments in subsidiaries and JVs are about Rs. 700-800 crores, with Rs. 500-600 crores expected to be spent in the current year.
  • The bulk of this investment is directed towards PPP projects in roads, highways, and coal connectivity rail sectors.

2 more points from Ircon Intl.'s call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

Planned

See what Ircon Intl. said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Flat
  • Current order book as of March 31, 2026: Rs. 24,984 crores.
  • Order book composition: 54% competitive bidding, 46% nomination basis.
  • Domestic orders constitute 92%, international 8%.
  • Order book duration: projects lasting 2.5 to 3 years.
  • New bids submitted in FY26: 107 bids worth Rs. 48,000 crores, many still under evaluation.
  • Order book has increased compared to previous year (FY25).
  • Future order prospects positive with large projects coming up, including Dedicated Freight Corridor.

2 more points from Ircon Intl.'s call on the order book

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Full Q4 FY26 analysis
Full Construction ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Construction
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Ircon Intl. rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Construction companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹6,531 Cr11.7
240%+Flat₹1,089 Cr9.3
340%+Flat₹898 Cr7.6
440%+Flat₹807 Cr14.7
540%+Flat₹554 Cr13.1
640%+Flat₹516 Cr30.7

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Pro shows every company guiding 40%+ revenue growth →Full Construction ranking

Ircon Intl. announcements

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Financials of Ircon Intl.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Ircon Intl.

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +3,7812,7642,9872,9303,7872,2872,4482,6133,4121,7861,9772,1193,189
Expenses +3,5982,5132,7712,6713,4702,0372,2472,4813,1581,5861,8361,9612,922
Operating Profit183251216259317251201132254200141158267
OPM %5%9%7%9%8%11%8%5%7%11%7%7%8%
Other Income +1866417711910710714286103124156112122
Interest33333737414853566275859397
Depreciation36192727272728313237404244
Profit before tax301263328314356282262132263212172135248
Tax %15%29%24%22%31%20%22%35%19%22%21%26%23%
Net Profit +25618725124524722420686212164137100191
EPS in Rs2.731.992.672.602.622.382.190.922.241.751.471.072.04

Financials of Ircon Intl.

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +3,0382,4933,0674,0244,7985,3915,3427,38010,36812,51410,7609,071
Expenses +2,3512,2282,7403,5764,3204,7874,8456,7959,66411,4069,9128,305
Operating Profit6872643284484796044975857041,108847766
OPM %23%11%11%11%10%11%9%8%7%9%8%8%
Other Income +264421313189212178196261413403431514
Interest3343596515282362119149221350
Depreciation5731271652839295107100118163
Profit before tax8616125565556246725786898911,261939766
Tax %32%36%31%26%28%28%32%14%14%26%22%23%
Net Profit +583393384409450485391592765930728592
EPS in Rs29.4019.853.884.354.795.164.166.308.149.887.736.33
Dividend Payout %31%43%96%47%45%46%36%40%37%31%34%30%

Financials of Ircon Intl.

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital20209994949494188188188188188
Reserves3,2853,6193,7183,6673,8704,0774,3094,4785,0235,6836,1386,451
Borrowings +239003,2003,07703311,3991,5052,5704,2995,726
Other Liabilities +3,8934,5005,4155,8106,2786,0096,5208,3828,8219,0118,8968,942
Total Liabilities7,4378,1399,23112,77113,31810,18111,25414,44615,53717,45219,52121,307
Fixed Assets +7365065245681,8901,9821,9221,8451,8251,7362,4533,524
CWIP30755499645530133619549976595
Investments4964877817848098038509711,0491,5531,2961,432
Other Assets +6,1747,0707,37810,45510,5657,3668,46811,59412,64413,61414,79615,757
Total Assets7,4378,1399,23112,77113,31810,18111,25414,44615,53717,45219,52121,307

Financials of Ircon Intl.

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5021,441919-2,617-1,185-1365181,414-278-79-1,110-618
Cash from Investing Activity +-52147-1,834-20616447-785-1,2411,582-72054-366
Cash from Financing Activity +-222-219-2222,737-93-275169671-2236401,156801
Net Cash Flow-2421,269-1,137100-66236-998441,080-158100-182
Free Cash Flow4721,365402-3,037-1,516-1855341,374-376-887-2,161-1,148
CFO/OP95%586%298%-571%-227%-11%113%247%-29%36%-95%-41%

Financials of Ircon Intl.

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days727556615137433430234556
Inventory Days15015715232076501
Days Payable42840655058847868755
Cash Conversion Cycle72-203-193-33751-231-359343023-5922
Working Capital Days-147-215-175-162-101-85-119-128-47-41-32-6
ROCE %27%18%14%11%9%12%13%14%16%18%12%10%

Guidance history

How Ircon Intl.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →0–10%FlatPlannedPlannedFlat
Q2 FY26 call →0–10%Down 0–2%——Rising
Q4 FY25 call →0–10%Down 0–2%Planned—Flat

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

5out of 100

Momentum score · price trend

5 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−41.4%10%
Last 6 months−33.7%5%
Last 3 months−19.7%17%

The price is 70% below its all-time high of ₹336.8 (12 Jul 2024). Stocks more than 20% below their peak have their score halved, so 9 became 5.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ircon Intl.: 0.4 × 10 + 0.4 × 5 + 0.2 × 17 = 9, halved to 5 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Ircon Intl.'s management said in earlier quarters

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