Ircon International Ltd(IRCON)

NSE: IRCONBSE: 541956

₹ 98.9-1.35%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 9,302 crWebsite: www.ircon.orgUpdated: 24 Oct 2026

About

Ircon International Ltd is a Government of India enterprise that executes EPC contracts in railways, highways, tunnelling, bridges, electrification and signalling, operating both domestically and internationally. In FY26 the company reported revenue of Rs 9,071.05 crore. Its order book stood at Rs 23,366 cr at 30 June 2026, with about 55% won through competitive bidding.^[1][2]

Business segments

Domestic segment contributed 95.6% of segment revenue (Rs 9,084.34 cr) in FY26, with an EBIT margin of 10.2%.^[3]
International segment contributed 4.4% of consolidated revenue (Rs 417.63 crore) in FY26, with an EBIT margin of 45.1%.^[3]
Domestic segment's revenue share rose 4.3 percentage points over FY2020-FY2026, while international share fell 4.3 percentage points over the same window.^[3]

Services and scope

IRCON executes work across electrification, signalling, telecommunications, Kavach train-protection tower installation, civil engineering, tunnelling and bridges.^[4]
The company has diversified into Kavach (train collision-avoidance) contracts and, more recently, took on a hydro power project to extend beyond railways and roads.^[5]
Per the FY25 annual report, IRCON also executes projects in BOT and Hybrid Annuity Mode and through coal connectivity JVs, with railways remaining the core.^[6]

Order book

Order book stood at Rs 23,366 cr at 30 June 2026 (Q1 FY27), vs Rs 24,984 crore at 31 March 2026.^[2][4]
About 55% of the order book at 30 June 2026 was won through competitive bidding, vs 54% at 31 March 2026; the rest came by nomination.^[2][4]
92% of the order book as at 31 March 2026 is domestic; 8% international.^[4]
As at 30 June 2025, railways comprised Rs 15,724 crore (75%) of the order book, highways Rs 4,234 crore (20%), and others Rs 1,015 crore (5%).^[7]

Order inflow and bid pipeline

FY26 order inflows were ~Rs 5,000 crore, secured from 107 bids submitted on a total bid value of Rs 48,000 crore; 107 bids remain under evaluation as at end-FY26.^[4]
Bid success ratio by value improved to ~10% in FY26, up from ~6% in FY25 and ~5.7% in FY24.^[4]
H1 FY26 fresh order inflows exceeded Rs 4,000 crore, aided by a deliberate shift to more aggressive pricing to win work.^[5]

Execution and margins

Consolidated core EBITDA margin was 9.8% in Q1 FY27, down 238 bps from 12.2% in Q1 FY26 but up 81 bps from 9.0% in Q4 FY26.^[2]
Standalone core EBITDA margin was 5.3% in Q1 FY27, vs 6.2% in Q1 FY26 and 4.4% in Q4 FY26.^[2]
International projects carry structurally higher margins than domestic; Bangladesh project closure and improved Algeria profitability brought one-time profit recognition in Q4 FY26.^[4]

Joint ventures

The concession of the 50% JV Ircon Soma Tollway was completed on 14 May 2026, ending this JV's profit stream; JV share of profit going forward was guided at ~Rs 70-80 crore.^[2][4]
CERL Phase 1, a coal-connectivity rail JV, has been loss-making; losses declined substantially by end-FY26 and management guides break-even in about two years (~FY28).^[4]
IRSDC, a JV in which IRCON held an investment, is in final-stage liquidation, with a significant portion of IRCON's investment expected to be returned.^[5]

Customers and demand drivers

Indian Railways is IRCON's dominant client; Union Budget 2026 allocated Rs 2.78 lakh crore to Indian Railways within government capex of Rs 12.2 lakh cr.^[8][2]
Roads and highways are the second demand pillar; Union Budget 2026 allocated Rs 3.10 lakh crore to roads.^[2]
Indian Railways plans to install 30 GW of renewable power capacity by 2029-30, which the company presents as an opportunity.^[2]

Capex and investment

FY27 equity and quasi-equity investments in PPP SPVs are expected at Rs 400-500 crore, plus ~Rs 50-60 crore routine capex, totalling ~Rs 700-800 crore including carryover requirements.^[4]
Capital expenditure rose to Rs 1,261.90 cr in FY25 from Rs 581.90 cr in FY24.^[6]

Recent developments

The CMD of Rail Vikas Nigam Ltd holds additional charge as IRCON's CMD from 1 July 2026, for one year or until a regular incumbent takes over.^[9]
Rajesh Naik was appointed Director (Projects) from 13 February 2026.^[9]
For FY 2025-26, an interim dividend of Rs 1.20 per share was paid and a final dividend of Rs 0.70 per share (Rs 65.84 Crore) recommended.^[9]
As of the FY26 annual report, C&AG had not yet appointed the statutory auditor for FY 2026-27.^[9]

Market Cap

₹9,302 Cr

High / Low

₹186 / 101

Stock P/E

19.2

Price / Book

1.5

Book Value

₹71

EPS

₹6.3

No. of Shares

94.05 Cr

ROCE

9.1%

ROE

9.2%

OPM

10.9%

Debt / Equity

0.85

Sales

₹9,071 Cr

Net Profit

₹592 Cr

Promoter holding

65.2%

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Ircon International Ltd(IRCON)

About

Business segments

Services and scope

Order book

Order inflow and bid pipeline

Execution and margins

Joint ventures

Customers and demand drivers

Capex and investment

Recent developments

Signal history

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