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Ircon International

IRCON NSE
₹103.28 +3.44 (+3.45%)
P/E
18.54
View as Markdown
MCP
Close 4 Nov 2026 ₹103.28 −60.26 −36.8% 1Y
Start ₹163.54

Key Fundamentals

MicrocapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
9.27%
Debt to Equity
0.86
EPS (TTM)
₹5.57
Book Value
₹70.59
Market Cap
—
P/E (TTM)
18.54
P/B
1.46
ROE
8.19%
Dividend Yield
1.90%
EBITDA
₹1,197 Cr
52W High
₹186.44
52W Low
₹95.76
Day Range
₹98.58 – ₹103.88
Volume
27,59,889

Peer Comparison

Industrials › Construction › Civil Construction

Ircon International peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Ircon International (this company)
₹103.2818.54₹9,593 Cr1.461.90%8.19%9.27%₹9,241 Cr₹520 Cr
Median 8 companies₹246.0424.96₹21,696 Cr4.430.68%14.80%16.45%₹11,481 Cr₹841 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

35 Poor

Data confidence 100/100

Category scores

Quality
19
Poor
Returns, margins, earnings quality 22% weight
Valuation
67
Strong
Cheap vs sector & own history 24% weight
Growth
9
Poor
Sales & profit trajectory 9% weight
Financial Health
17
Poor
Solvency, leverage, coverage 9% weight
Momentum
13
Poor
Trend strength, vol-adjusted 12% weight
Ownership
48
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 31.9%

Weaknesses

5
  • The company has delivered a poor sales growth of 11.2% over past five years.
  • Company has a low return on equity of 11.6% over last 3 years.
  • Earnings include an other income of Rs.476 Cr.
  • Debtor days have increased from 41.6 to 56.3 days.
  • Promoter holding has decreased over last 3 years: -8.01%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
48.65
Neutral
MACD (12,26,9)
−2.63
Bullish
SMA (50)
109.20
Bearish
SMA (200)
132.07
Bearish

As of

Analyst Rating

Based on 1 analysts
HOLD100%

0 of 1 analyst rates Buy, 1 Hold, 0 Sell.

As of

BUY
0
0%
HOLD
1
100%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+13.79%
5Y+11.17%
3Y−4.36%
1Y−15.70%
TTM−9.92%

Net profit

Net profit growth by window
10Y+4.18%
5Y+8.65%
3Y−8.19%
1Y−18.68%
TTM−22.16%

Operating cash flow

Operating cash flow growth by window
10YTurned negative
5YTurned negative
3YOutflow widened by ₹340 Cr
1YOutflow narrowed by ₹492 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−2.12 pp
5Y−0.83 pp
3Y+1.68 pp
1Y+0.60 pp
TTM+0.53 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,067 Cr
Mar 2018₹4,024 Cr
Mar 2019₹4,798 Cr
Mar 2020₹5,391 Cr
Mar 2021₹5,342 Cr
Mar 2022₹7,380 Cr
Mar 2023₹10,368 Cr
Mar 2024₹12,514 Cr
Mar 2025₹10,760 Cr
Mar 2026₹9,071 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹384 Cr
Mar 2018₹409 Cr
Mar 2019₹450 Cr
Mar 2020₹485 Cr
Mar 2021₹391 Cr
Mar 2022₹592 Cr
Mar 2023₹765 Cr
Mar 2024₹930 Cr
Mar 2025₹728 Cr
Mar 2026₹592 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹73.40 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 3.1× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 5 Aug 2026
AI opinion · based on fundamentals
Risk high

Ircon International Ltd is a government-backed construction company with a market cap of ₹12,462 Cr trading at a PE of 21x. The company faces near-term headwinds with TTM sales declining 16% and profit declining 14%, though it has a longer-term track record of 11% sales CAGR over 5 years and maintains a consistent dividend payout of 31.9%.

Bull Case 7
  • Long-term revenue compounding at 14% CAGR over 10 years demonstrates sustained business growth in infrastructure
  • 5-year stock CAGR of 25% reflects significant long-term wealth creation for shareholders
  • Consistent dividend payout ratio of 31.9% provides regular income to investors with a current yield of 0.91%
  • 5-year compounded profit growth of 9% shows the company has been able to grow earnings over a medium-term horizon
  • Price-to-book ratio of 1.87x is relatively modest for an infrastructure PSU with government-backed order flow
  • 5-year ROE average of 13% indicates reasonable capital efficiency for a construction sector PSU
  • PE of 21x is not excessively stretched given the company's government parentage and infrastructure spending tailwinds
Bear Case 8
  • TTM sales have declined 16%, signaling a sharp near-term revenue contraction
  • TTM profit has declined 14%, indicating deteriorating bottom-line performance in the current period
  • 3-year compounded profit growth is negative at -8%, showing a sustained earnings decline over a meaningful period
  • Stock has fallen 26% over the past 1 year, reflecting market's loss of confidence in near-term prospects
  • Debtor days have increased from 41.6 to 56.3 days, indicating working capital stress and slower collections
  • Promoter holding has decreased by 8.01% over the last 3 years, reducing government stake alignment
  • Other income of ₹514 Cr forms a significant part of earnings, raising questions about core operating profit quality
  • Last year ROE dropped to 9% from a 3-year average of 12%, showing declining return on shareholder capital

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

87d ago

TL;DR: Limited news flow for Ircon International with only a routine senior management appointment announced. No material business developments, order wins, or risk factors surfaced in the period. The appointment of two railway sector experts signals continuity in leadership depth, but the stock lacks near-term catalysts based on available news.

Neutral 1
  • New Executive Directors appointed Aug 7

    Ircon International appointed Vimal Kishor Nagar and P.V. Sreekanth as Executive Directors for Electrical and S&T functions effective August 7, 2026, adding experienced railway sector professionals to senior management.

Quarterly Results

₹ Cr
IRCON quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,764
2,987
2,930
3,787
2,287
2,448
2,613
3,412
1,786
1,977
2,119
3,189
1,956
Expenses
2,513
2,771
2,671
3,470
2,037
2,247
2,481
3,158
1,586
1,836
1,961
2,922
1,764
Operating Profit
251
216
259
317
251
201
132
254
200
141
158
267
192
OPM %
9%
7%
9%
8%
11%
8%
5%
7%
11%
7%
7%
8%
10%
Other Income
64
177
119
107
107
142
86
103
124
156
112
122
87
Interest
33
37
37
41
48
53
56
62
75
85
93
97
107
Depreciation
19
27
27
27
27
28
31
32
37
40
42
44
45
PBT
263
328
314
356
282
262
132
263
212
172
135
248
127
Tax %
29%
24%
22%
31%
20%
22%
35%
19%
22%
21%
26%
23%
27%
Net Profit
187
251
245
247
224
206
86
212
164
137
100
191
92
EPS (₹)
1.99
2.67
2.6
2.62
2.38
2.19
0.92
2.24
1.75
1.47
1.07
2.04
0.99

Profit & Loss

₹ Cr
IRCON profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,038
2,493
3,067
4,024
4,798
5,391
5,342
7,380
10,368
12,514
10,760
9,071
9,241
Expenses
2,351
2,228
2,740
3,576
4,320
4,787
4,845
6,795
9,664
11,406
9,912
8,303
8,483
Operating Profit
687
264
328
448
479
604
497
585
704
1,108
847
768
758
OPM %
23%
11%
11%
11%
10%
11%
9%
8%
7%
9%
8%
8%
8%
Other Income
264
421
313
189
212
178
196
261
413
403
431
513
476
Interest
33
43
59
65
15
28
23
62
119
149
219
350
382
Depreciation
57
31
27
16
52
83
92
95
107
100
118
163
170
PBT
861
612
556
555
624
672
578
689
891
1,261
939
766
682
Tax %
32%
36%
31%
26%
28%
28%
32%
14%
14%
26%
22%
23%
—
Net Profit
583
393
384
409
450
485
391
592
765
930
728
592
520
EPS (₹)
5.88
3.97
3.88
4.35
4.79
5.16
4.16
6.3
8.14
9.88
7.73
6.33
5.57
Div. Payout %
31%
43%
96%
47%
45%
46%
36%
40%
37%
31%
34%
30%
—

Balance Sheet

₹ Cr
IRCON balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
20
20
99
94
94
94
94
188
188
188
188
188
Reserves
3,285
3,619
3,718
3,667
3,870
4,077
4,309
4,478
5,023
5,683
6,081
6,451
Borrowings
239
0
0
3,200
3,077
0
331
1,399
1,505
2,570
4,299
5,726
Other Liabilities
3,893
4,500
5,415
5,810
6,278
6,009
6,520
8,382
8,821
9,011
8,896
8,943
Total Liabilities
7,437
8,139
9,231
12,771
13,318
10,181
11,254
14,446
15,537
17,452
19,464
21,307
Fixed Assets
736
506
524
568
1,890
1,982
1,922
1,845
1,825
1,736
2,453
3,524
CWIP
30
75
549
964
55
30
13
36
19
549
976
595
Investments
496
487
781
784
809
803
850
971
1,049
1,553
1,239
1,432
Other Assets
6,174
7,070
7,378
10,455
10,565
7,366
8,468
11,594
12,644
13,614
14,796
15,757
Total Assets
7,437
8,139
9,231
12,771
13,318
10,181
11,254
14,446
15,537
17,452
19,464
21,307

Cash Flow

₹ Cr
IRCON cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
502
1,441
919
−2,617
−1,185
−136
518
1,414
−278
−79
−1,110
−618
Investing
−521
47
−1,834
−20
616
447
−785
−1,241
1,582
−720
54
−273
Financing
−222
−219
−222
2,737
−93
−275
169
671
−223
640
1,156
801
Net Cash Flow
−242
1,269
−1,137
100
−662
36
−99
844
1,080
−158
100
−89
Free Cash Flow
472
1,365
402
−3,037
−1,516
−185
534
1,374
−376
−887
−2,161
−1,148
CFO/EBITDA
95
586
298
−571
−227
−11
113
247
−29
36
−95
−41

Ratios

IRCON financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
72
75
56
61
51
37
43
34
30
23
45
56
Inventory Days
—
150
157
152
—
320
76
—
—
—
50
6
Days Payable
—
428
406
550
—
588
478
—
—
—
687
530
Cash Conversion Cycle
72
−203
−193
−337
51
−231
−359
34
30
23
−592
−468
Working Capital Days
−147
−215
−175
−162
−101
−85
−119
−128
−47
−41
−41
−21
ROCE %
27%
18%
14%
11%
9%
12%
13%
14%
16%
18%
12%
9%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ircon International insights

68 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 65.17%
  • Public 26.05%
  • FIIs 4.62%
  • Others 2.07%
  • DIIs 1.81%
  • Government 0.28%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Ircon International

What does Ircon International Ltd do?
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…
Where is Ircon International Ltd (IRCON) listed?
Ircon International Ltd trades as IRCON on the NSE and under code 541956 on the BSE.
Which sector does Ircon International Ltd belong to?
Ircon International Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of Ircon International Ltd?
Ircon International Ltd trades at a PE ratio of 18.54 as of 4 Nov 2026, on earnings per share of ₹5.57, against a book value of ₹70.59 per share.
What is the 52-week high and low of Ircon International Ltd?
Over the last 52 weeks Ircon International Ltd has traded between ₹95.76 and ₹186.44 as of 4 Nov 2026.
Does Ircon International Ltd pay dividends?
Ircon International Ltd has a dividend yield of 1.90%.
What is the Return on Equity (ROE) of Ircon International Ltd?
Ircon International Ltd reported a return on equity of 8.19%. Its debt-to-equity ratio is 0.86.

Company Information

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.

Website ircon.org
CEO Mr. Hari Mohan Gupta
Employees 834
Listed 28 Sep 2018
Face Value ₹2

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