NSE:IRCON · Risk Score Report

NSE:IRCONNSEIndustrials

Ircon International Limited

📊 Engineering & Construction

Day ₹154

₹157 Neutral

52W ₹114

₹226 Neutral

₹154.93

▲ ₹1.00 (+0.65%)

Vol: 1,673,857 · Avg: 5,345,940

As of April 29, 2026 · 06:38 IST

COMPOSITE RISK SCORE

VAL:14/25 · FIN:6/25 · GRO:10/25 · TECH:18/25

📈 P/E RATIO

23.7x

Trailing

📖 P/B RATIO

2.3x

Price to Book

💰 EPS

₹6.53

TTM

🏛 MARKET CAP

₹14,571Cr

Mid Cap

📊 ROE

11.5%

Return on Equity

📈 REV GROWTH

-18.9%

YoY

🏢 Company Analysis · Ircon International Limited

💼 BUSINESS MODEL

Ircon International Limited, together with its subsidiaries, engages in the provision of construction services..
It undertakes construction of new railway lines; rehabilitation/conversion of existing lines, station buildings and facilities, and bridges; construction of railway bridges, tunnels, and signaling and telecommunication networks; railway electrification works; wet leasing of locomotives; and setting up of production units for manufacture rolling stock, maintenance depots/workshops, concrete sleepers, and track components on turn-key basis..
The company is also involved in the construction of roads and highways; bridges and flyovers; and commercial, institutional, industrial, and residential and multifunctional complexes, as well as airport hangars and runways, airport terminal buildings, station buildings and facilities, hospitals, business centers, and workshops/warehouses; and provision of HVAC, electrification, plumbing, firefighting, and hanger maintenance services..
In addition, it engages in the railway, industrial, workshop, and power supply electrification works; renewable solar energy works; and distribution network works, as well as offers turnkey project management services, including design, supply, erection, testing, and commissioning services..
Operates in Engineering & Construction within the Industrials sector.
Workforce of 834 employees.

🏰 MOAT & COMPETITION

Mid-cap (₹14,571 Cr) — growing company in a competitive landscape.
Key competitors: Dilip Buildcon, Engineers India, Central Mine Pla, Larsen & Toubro.

🚀 CATALYSTS

IRCON International Ltd (NSE:IRCON) Q2 2026 Earnings Call Highlights: Strong Order Book Amid ... (GuruFocus.com)
IRCON International Ltd (NSE:IRCON) Q4 2025 Earnings Call Highlights: Strong Order Book and New ... (GuruFocus.com)

⚖️ ASYMMETRY CHECK

Analyst target range: ₹141 — ₹159 (mean ₹146, 4 analysts).
Unfavorable asymmetry — limited upside +3% vs downside -9% (0.3x).
P/E of 23.7x — fair value territory; catalysts needed for re-rating.
⚠ Debtor days have increased from 33.0 to 45.1 days.

🔭 FUTURE OUTLOOK

Analyst consensus: None (4 analysts).
Latest quarter earnings grew 16% YoY — positive trajectory.

✅ PROS

Company has been maintaining a healthy dividend payout of 34.2%

❌ CONS

Earnings include an other income of Rs.494 Cr.
Debtor days have increased from 33.0 to 45.1 days.
Promoter holding has decreased over last 3 years: -8.01%

VALUATION

14/25

25% WEIGHT

P/E at 24x
P/B at 2.3x
Analyst target: ₹146 (-5.8%)
1Y return: -0.1%

FINANCIAL HEALTH

6/25

25% WEIGHT

ROE: 11.5%
Profit margin: 6.6%
Revenue growth: -18.9%
Debt/Equity: 79%

GROWTH

10/25

25% WEIGHT

Revenue growth: -18.9%
Earnings growth: 16.3%
Beta: 0.57
Sector: Industrials

TECHNICAL

18/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

23.7x

Trailing twelve months

P/B RATIO

2.3x

Price to Book value

ROE

11.5%

Return on Equity

PROFIT MARGIN

6.6%

Net profit margin

OPM

5.5%

Operating profit margin

ANALYST TARGET

₹146

Range: ₹141 - ₹159

Yahoo Finance ↗

PEG RATIO

4.74

Price/Earnings to Growth

EV/EBITDA

19.3x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

1.43%

Annual yield

ROA

3.0%

Return on Assets

GROSS MARGIN

11.7%

Gross profit margin

INDUSTRY AVERAGES — CIVIL CONSTRUCTION

P/E 21.7x (above avg)

P/B 5.0x (sector fair)

ROCE 22.5% (below avg)

ROE 20% (sector good)

OPM 20% (sector good)

Div Yield 0.79%

D/E <30 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	N/A	—	N/A	—	N/A	N/A
Q3 FY25	₹2,613 Cr	—	₹87 Cr	—	N/A	8.4%
Q4 FY25	₹3,192 Cr	+22.2%	₹211 Cr	+143.5%	N/A	12.6%
Q1 FY26	₹1,786 Cr	-44.0%	₹165 Cr	-22.0%	N/A	18.1%
Q2 FY26	₹1,977 Cr	+10.7%	₹139 Cr	-15.7%	N/A	15.0%
Q3 FY26	₹2,119 Cr	+7.2%	₹101 Cr	-27.4%	N/A	12.7%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹7,357 Cr	—	₹592 Cr	—	₹1,414 Cr	—
FY23	₹10,347 Cr	+40.6%	₹765 Cr	+29.2%	₹-278 Cr	-119.7%
FY24	₹12,301 Cr	+18.9%	₹930 Cr	+21.5%	₹-79 Cr	+71.7%
FY25	₹10,540 Cr	-14.3%	₹727 Cr	-21.7%	₹-1,110 Cr	-1312.5%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Ircon International Limited Makes Its Money

🏦 Snapshot of Ircon International Limited's Balance Sheet

💸 Looking into Ircon International Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	2,764	2,987	2,930	3,787	2,287	2,448	2,613	3,412	1,786	1,977	2,119
YOY Sales Growth %	38.06%	33.41%	24.85%	0.17%	-17.25%	-18.06%	-10.81%	-9.90%	-21.90%	-19.23%	-18.90%
Expenses +	2,513	2,771	2,671	3,470	2,037	2,247	2,481	3,158	1,586	1,836	1,961
Material Cost %	87%	89%	88%	88%	85%	88%	91%	90%	84%	89%	89%
Employee Cost %	3%	3%	3%	2%	3%	3%	3%	2%	4%	3%	3%
Operating Profit	251	216	259	317	251	201	132	254	200	141	158
OPM %	9%	7%	9%	8%	11%	8%	5%	7%	11%	7%	7%
Other Income +	64	177	119	107	107	142	86	103	124	156	112
Other income normal	64	177	119	107	107	142	86	103	124	156	112
Interest	33	37	37	41	48	53	56	62	75	85	93
Depreciation	19	27	27	27	27	28	31	32	37	40	42
Profit before tax	263	328	314	356	282	262	132	263	212	172	135
Tax %	29%	24%	22%	31%	20%	22%	35%	19%	22%	21%	26%
Net Profit +	187	251	245	247	224	206	86	212	164	137	100
Minority share	-0	-0	-0	0	-0	0	0	-1	0	2	1
Profit excl Excep	187	251	245	247	224	206	86	212	164	137	100
Profit for PE	187	251	245	247	224	206	87	211	165	139	101
Profit for EPS	187	251	245	247	224	206	87	211	165	139	101
YOY Profit Growth %	30%	44%	29%	-4%	20%	-18%	-65%	-15%	-27%	-33%	16%
EPS in Rs	1.99	2.67	2.60	2.62	2.38	2.19	0.92	2.24	1.75	1.47	1.07
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	4,024	4,798	5,391	5,342	7,380	10,368	12,514	10,760	9,294
Sales Growth %	31.20%	19.24%	12.35%	-0.91%	38.15%	40.49%	20.70%	-14.02%
Expenses +	3,576	4,320	4,787	4,845	6,795	9,664	11,406	9,912	8,541
Manufacturing Cost %	73%	76%	76%	74%	83%	86%	83%	83%
Employee Cost %	6%	6%	5%	5%	4%	3%	3%	3%
Other Cost %	1%	4%	1%	1%	1%	0%	1%	1%
Operating Profit	448	479	604	497	585	704	1,108	847	753
OPM %	11%	10%	11%	9%	8%	7%	9%	8%	8%
Other Income +	189	212	178	196	261	413	403	431	494
Exceptional items	4	14	29	6	-3	3	31	50
Other income normal	185	197	149	191	264	411	372	380
Interest	65	15	28	23	62	119	149	221	315
Depreciation	16	52	83	92	95	107	100	118	151
Profit before tax	555	624	672	578	689	891	1,261	939	782
Tax %	26%	28%	28%	32%	14%	14%	26%	22%
Net Profit +	409	450	485	391	592	765	930	728	612
Minority share	0	0	0	0	0	0	0	-0
Exceptional items AT	3	9	21	4	-2	2	22	36
Profit excl Excep	406	441	465	387	594	763	907	692
Profit for PE	406	441	465	387	595	763	907	691
Profit for EPS	409	450	485	391	592	765	930	727
Profit Growth %	21%	9%	5%	-17%	54%	28%	19%	-24%
EPS in Rs	4.35	4.79	5.16	4.16	6.30	8.14	9.88	7.73	6.53
Dividend Payout %	47%	45%	46%	36%	40%	37%	31%	34%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	94	94	94	94	188	188	188	188	188
Reserves	3,667	3,870	4,077	4,309	4,478	5,023	5,683	6,138	6,270
Borrowings +	3,200	3,077	0	331	1,399	1,505	2,570	4,299	5,138
Long term Borrowings	3,200	2,560	0	312	1,304	1,440	2,457	4,135	4,950
Short term Borrowings	0	0	0	0	95	64	110	130	134
Lease Liabilities	0	0	0	0	0	1	3	35	53
Other Borrowings	0	517	0	19	0	0	0	0
Other Liabilities +	5,810	6,278	6,009	6,520	8,382	8,821	9,011	8,896	8,624
Non controlling int	0	0	0	0	1	13	35	36	33
Trade Payables	510	565	589	758	1,027	855	894	1,257	677
Advance from Customers	2,377	2,182	2,085	2,080	3,022	2,828	2,127	2,095
Other liability items	2,922	3,530	3,335	3,682	4,332	5,125	5,955	5,508	7,914
Total Liabilities	12,771	13,318	10,181	11,254	14,446	15,537	17,452	19,521	20,219
Fixed Assets +	568	1,890	1,982	1,922	1,845	1,825	1,736	2,453	3,471
Land	44	44	81	81	44	44	46	82
Building	52	52	73	75	55	56	58	72
Plant Machinery	86	89	187	180	194	217	240	1,004
Equipments	5	6	7	7	8	9	10	10
Computers	5	6	7	7	8	9	9	10
Furniture n fittings	3	4	4	5	6	7	8	12
Vehicles	12	12	6	6	7	7	8	8
Intangible Assets	0	0	0	0	0	0	0	0	872
Other fixed assets	433	1,800	1,813	1,843	1,900	1,964	1,941	1,956
Gross Block	640	2,013	2,177	2,204	2,221	2,312	2,321	3,156
Accumulated Depreciation	71	123	196	282	376	487	585	704
CWIP	964	55	30	13	36	19	549	976	620
Investments	784	809	803	850	971	1,049	1,553	1,296	1,874
Other Assets +	10,455	10,565	7,366	8,468	11,594	12,644	13,614	14,796	14,254
Inventories	141	332	321	121	277	189	48	91	114
Cash Equivalents	4,691	3,065	2,673	3,446	5,513	5,123	4,984	4,782	4,588
Loans n Advances	264	1,049	663	713	1,140	1,542	1,206	943	3,404
Other asset items	4,684	5,452	3,159	3,557	3,969	4,927	6,572	7,653	5,402
Total Assets	12,771	13,318	10,181	11,254	14,446	15,537	17,452	19,521	20,219

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	919	-2,617	-1,185	-136	518	1,414	-278	-79	-1,110
Profit from operations	364	417	539	608	564	695	755	1,035	736
Receivables	-40	-202	9	115	-80	-64	-169	60	-525
Inventory	1	-1	-191	11	200	-156	71	141	-43
Payables	-40	150	55	24	169	269	-172	39	363
Loans Advances	0	0	0	0	0	-786	0	-1,123	-852
Other WC items	691	-2,920	-1,499	-822	-292	1,489	-689	243	-482
Working capital changes	612	-2,973	-1,626	-672	-3	752	-959	-639	-1,539
Direct taxes	-56	-60	-98	-71	-43	-33	-74	-474	-307
Cash from Investing Activity +	-1,834	-20	616	447	-785	-1,241	1,582	-720	54
Fixed assets purchased	-523	-673	-1,167	-94	-5	-41	-100	-848	-1,052
Fixed assets sold	6	253	836	44	21	1	2	40	1
Investments purchased	-299	-51	-119	-888	-828	-1,246	-91	-8,511	-10,316
Investments sold	79	34	116	920	800	1,263	132	8,076	10,633
Interest received	125	179	117	95	83	97	282	418	422
Dividends received	3	14	10	4	17	41	69	70	102
Loans to subsidiaries	-20	0	0	0	0	0	0	0	0
Investment in group cos	0	0	0	-64	-32	-123	-166	-64	-64
Other investing items	-1,207	225	823	429	-841	-1,233	1,454	100	327
Cash from Financing Activity +	-222	2,737	-93	-275	169	671	-223	640	1,156
Proceeds from borrowings	0	0	146	0	331	1,124	165	1,132	2,156
Repayment of borrowings	0	0	0	0	0	-56	-60	-69	-459
Interest paid fin	0	0	0	0	-4	-65	-110	-161	-262
Dividends paid	-222	-232	-239	-275	-158	-334	-230	-282	-277
Financial liabilities	0	0	0	-0	-0	-0	-0	-1	-2
Other financing items	-0	2,969	0	0	0	1	12	22	-0
Net Cash Flow	-1,137	100	-662	36	-99	844	1,080	-158	100
Free Cash Flow	402	-3,037	-1,516	-185	534	1,374	-376	-887	-2,161
CFO/OP	298%	-571%	-227%	-11%	113%	247%	-29%	36%	-95%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	56	61	51	37	43	34	30	23	45
Inventory Days	157	152		320	76				50
Days Payable	406	550		588	478				687
Cash Conversion Cycle	-193	-337	51	-231	-359	34	30	23	-592
Working Capital Days	-175	-162	-101	-85	-119	-128	-47	-41	-32
ROCE %	14%	11%	9%	12%	13%	14%	16%	18%	12%

🏭 Industry Peers — Civil Construction

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Dilip Buildcon ★	₹471	11.7	₹7,645	14.8%	+349.1%	54
2	Engineers India	₹252	18.3	₹14,192	25.0%	+219.3%	54
3	Central Mine Pla	₹186	21.7	₹13,270	38.1%	-32.2%	52
4	Larsen & Toubro	₹4,105	33.1	₹564,649	14.5%	+29.4%	44
5	Cemindia Project	₹685	25.1	₹11,763	27.6%	+27.4%	42
6	NCC	₹166	14.0	₹10,447	21.7%	-24.9%	41
7	Afcons Infrastr.	₹330	20.5	₹12,120	22.5%	-0.2%	39
8	NBCC	₹94	38.3	₹25,445	33.2%	-2.8%	39
9	Ircon Intl.	₹155	23.7	₹14,587	11.6%	+16.2%	27

★ Dilip Buildcon ranks higher on combined P/E, ROCE, and growth metrics in Civil Construction

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%
FIIs	4.09%	4.11%	4.58%	4.61%	4.54%	4.78%
DIIs	1.44%	1.57%	1.60%	1.64%	1.72%	1.79%
Government	0.28%	0.28%	0.28%	0.28%	0.28%	0.28%
Public	29.03%	28.88%	28.37%	28.29%	28.28%	27.97%
No. of Shareholders	12,15,386	12,46,917	12,01,235	11,68,064	11,34,133	11,06,688

🟢 CATALYSTS

🏆Low Beta (0.57): Less volatile than market — defensive play.

💹Earnings Growth (16%): Above sector norm — strong profit expansion.

🔀Sector Opportunity: Industrials / Engineering & Construction — positioned in growth sector.

🔴 RISKS

📜Below Analyst Target: CMP above mean target — limited upside consensus.

💰Revenue Decline (-18.9%): Top-line shrinking — negative trend.

🔓Market Risk: Broader market correction or sentiment shift could impact stock.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +34.3%, 6M -9.3%, RSI 64, MACD bullish, Below 200DMA

Sentiment 4/10
Analyst upside -5.8%, Rec: none

Value 5/10
P/E 23.7, P/B 2.3, PEG 4.74, EV/EBITDA 19.3

Quality 5/10
Margin 6.6%, D/E 79

Low Volatility 8/10
Beta 0.57, Ann. vol 43%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Benefit from potential re-rating	Fundamentals provide base support
HOLD	Retain existing position; wait for better entry; FII stake rising (+0.24%)	Miss further upside if momentum continues; 1M return of +34.3% shows momentum
SELL	Lock in -0.1% 1Y return; redeploy into Dilip Buildcon at lower P/E	Avoid further drawdown

REASONS TO BUY

FII stake rising (+0.24%) — signals institutional confidence

REASONS TO SELL / AVOID

Dilip Buildcon offers lower P/E (11.7) with ROCE of 14.8% in the same sector
Trading above analyst target — consensus sees -5.8% downside

📰 Latest News

IRCON International Ltd (NSE:IRCON) Q2 2026 Earnings Call Highlights: Strong Order Book Amid ...

GuruFocus.com · 2025-11-14T07:00

IRCON International Ltd (NSE:IRCON) Q4 2025 Earnings Call Highlights: Strong Order Book and New ...

GuruFocus.com · 2025-05-23T07:00

RECOMMENDATION

HOLD

COMPOSITE SCORE

48/100

Ircon International Limited trades at ₹154.93 with a composite risk score of 48/100. The stock scores 14/25 on valuation, 6/25 on financial health, 10/25 on growth, and 18/25 on technicals. The company is currently profitable with moderate return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at -18.9% — a concern.

Within Civil Construction, Dilip Buildcon (P/E 11.7, ROCE 14.8%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Industrials — wait for better entry or catalyst. The current recommendation is HOLD.