Any current/future new fundraising through debt or equity?

IRCON itself is not currently borrowing; the debt is raised by SPVs on a project financing basis with rates typically between 7.75% to 8.25%. Equity investments have been made into road projects (~1,100 crores), coal JVs (~550 crores), renewable projects (~5 crores), and PMC work company (~65 crores). Future equity commitments include around 800 crores for road projects and about 100 crores for coal projects, to be paid over the next two years. The company is plowing back profits into these projects and aims to complete them quickly to start generating returns. No specific mention of upcoming

Any current/future capex/capital investment/strategic investment?

IRCON has invested in several sectors via SPVs/JVs including roads (approx. ₹1,100 crores), coal (approx. ₹550 crores), renewable energy (marginal ₹5 crores), and PMC work (₹65 crores). Future equity investment commitments include around ₹800 crores in road projects and about ₹100 crores in coal projects, expected to be paid over the next two years. The company is deploying funds for ongoing projects including highway SPVs, coal projects, and renewable energy projects. Current CAPEX for the core company is approximately ₹300 crores. IRCON is focusing on funding projects through project financi

Future growth expectations in sales/revenue/volumes?

IRCON expects significant revenue growth in FY23, targeting a turnover between ₹8,000 to ₹10,000 crore, up from ₹6,900 crore in FY22. The company aims to focus more on execution in the current year, leveraging a strong order book of around ₹42,000 crore. By the end of FY23, revenues could potentially reach ₹9,000 to ₹10,000 crore if execution proceeds well. Order inflows for new projects are currently low, with project proposals worth ₹500–700 crore in the pipeline, mainly expected to materialize in the third quarter or later. Execution cycles for projects typically span 4–5 years, with concen

Future growth expectations in earnings/operating earnings/profits/EPS?

FY23 revenue guidance is strong with expected execution turnover between Rs. 8,000 to Rs. 10,000 crores, up from Rs. 6,900 crores in FY22. Margin pressure expected due to increased competitive bidding; EBITDA margins anticipated at 8.5% to 9% currently, with a potential decline by around 1% over next 2-3 years. PAT margins projected at 7% to 7.5% for near term, possibly declining slightly due to margin squeeze trends. Growth driven primarily by execution of a robust order book of Rs. 42,066 crores, with a typical project execution cycle of 4 to 5 years. Equity investments in roads, coal, and r

Current/ Expected Orderbook/ Pending Orders?

As of June 30, 2022, IRCON's order book stood at Rs. 42,066 crore. The order book comprises a mix of nomination-based (53%) and competition-based (47%) projects. The typical execution cycle is about 4 to 5 years. For FY23, execution is the primary focus rather than new order inflows. Order inflow in Q1 FY23 was marginal due to focus on execution. The company expects order inflows to increase from the third quarter onwards. Current pipeline for bidding (domestic and international combined) is around Rs. 500 to 700 crore. Future commitments include approximately Rs. 800 crore to be paid in road

Ircon Intl.Q1 FY23Construction

Ircon Intl. Q1 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹100.88P/E: 18.1Market Cap: ₹9.5K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 4

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

IRCON expects significant revenue growth in FY23, targeting a turnover between ₹8,000 to ₹10,000 crore, up from ₹6,900 crore in FY22.
The company aims to focus more on execution in the current year, leveraging a strong order book of around ₹42,000 crore.
By the end of FY23, revenues could potentially reach ₹9,000 to ₹10,000 crore if execution proceeds well.
Order inflows for new projects are currently low, with project proposals worth ₹500–700 crore in the pipeline, mainly expected to materialize in the third quarter or later.
Execution cycles for projects typically span 4–5 years, with concentrated turnover in the middle years.
International business is a focus area for new orders, alongside domestic projects.
EBITDA margins are projected at around 8.5% to 9%, with PAT around 7% to 7.5%, albeit with some expected margin pressure due to increased competition.

Margin guidance

Category 4

FY23 revenue guidance is strong with expected execution turnover between Rs. 8,000 to Rs. 10,000 crores, up from Rs. 6,900 crores in FY22.
Margin pressure expected due to increased competitive bidding; EBITDA margins anticipated at 8.5% to 9% currently, with a potential decline by around 1% over next 2-3 years.
PAT margins projected at 7% to 7.5% for near term, possibly declining slightly due to margin squeeze trends.
Growth driven primarily by execution of a robust order book of Rs. 42,066 crores, with a typical project execution cycle of 4 to 5 years.
Equity investments in roads, coal, and renewable sectors support long-term profitability through SPVs and JVs.
Dividend payouts to continue as per DIPAM/DPE guidelines, balancing reinvestment in projects and shareholder returns.

See what Ircon Intl. management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

IRCON itself is not currently borrowing; the debt is raised by SPVs on a project financing basis with rates typically between 7.75% to 8.25%.
Equity investments have been made into road projects (~1,100 crores), coal JVs (~550 crores), renewable projects (~5 crores), and PMC work company (~65 crores).
Future equity commitments include around 800 crores for road projects and about 100 crores for coal projects, to be paid over the next two years.
The company is plowing back profits into these projects and aims to complete them quickly to start generating returns.
No specific mention of upcoming new fundraising through debt or equity beyond these existing obligations and commitments.
Dividend payout will follow DIPAM and DPE guidelines, with priority given to reinvestment in projects.

Order book

Yes

As of June 30, 2022, IRCON's order book stood at Rs. 42,066 crore.
The order book comprises a mix of nomination-based (53%) and competition-based (47%) projects.
The typical execution cycle is about 4 to 5 years.
For FY23, execution is the primary focus rather than new order inflows.
Order inflow in Q1 FY23 was marginal due to focus on execution.
The company expects order inflows to increase from the third quarter onwards.
Current pipeline for bidding (domestic and international combined) is around Rs. 500 to 700 crore.
Future commitments include approximately Rs. 800 crore to be paid in road projects over the next two years.
Total equity investments in JVs/SPVs approximate Rs. 1,200 crore with a combined loan/quasi-equity of Rs. 1,800 crore.
Targeted order intake for FY23 is between Rs. 8,000 to 10,000 crore.

See what Ircon Intl. management said on order book — free account, 30 seconds.

Capex plans

Yes

IRCON has invested in several sectors via SPVs/JVs including roads (approx. ₹1,100 crores), coal (approx. ₹550 crores), renewable energy (marginal ₹5 crores), and PMC work (₹65 crores).
Future equity investment commitments include around ₹800 crores in road projects and about ₹100 crores in coal projects, expected to be paid over the next two years.
The company is deploying funds for ongoing projects including highway SPVs, coal projects, and renewable energy projects.
Current CAPEX for the core company is approximately ₹300 crores.
IRCON is focusing on funding projects through project financing and equity, adhering to DIPAM and DPE guidelines for dividend and capital management.
No immediate plans mentioned for buyback; the priority is to complete ongoing projects efficiently to start generating profits.
New orders and investments will be carefully evaluated with a focus on execution rather than aggressive new order inflows in the short term.

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