Ircon International Ltd.

•

ircon.orgBSE: 541956NSE: IRCON

Market Cap₹ 10,647 Cr.

Current Price

High / Low₹ 190 / 113

Stock P/E20.3

Book Value₹ 72

Price to Book1.63

Dividend Yield1.68 %

ROCE10.1 %

ROE9.2 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2013 • Construction: 99.1% • Leasing & Operation: 0.9%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Company has been maintaining a healthy dividend payout of 30.0%
Company has a consistent dividend-paying track record

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (62.0% of PBT)
Recent results are weak - TTM profit is down 30.8% versus prior year
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.80x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	NCC	141.00	12.65	8852.64	1.56	228.90	11.85	5811.83	12.22	16.77	9.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	2,764	3,033	2,930	3,787	2,287	2,448	2,613	3,412	1,786	1,977	2,119	3,189	1,956
	2,508	2,771	2,671	3,456	2,037	2,247	2,481	3,151	1,586	1,836	1,961	2,922	1,903
Operating Profit	255	262	259	331	251	201	132	261	200	141	158	267	53
OPM %	9.24%	8.64%	8.83%	8.73%	10.95%	8.21%	5.05%	7.66%	11.19%	7.14%	7.45%	8.37%	2.72%
	64	103	82	107	98	91	79	103	106	135	87	102	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
Profit before Tax	267	301	277	370	273	211	124	270	194	152	110	228	127
Tax %	28.30%	25.76%	24.97%	29.56%	21.16%	26.68%	36.73%	18.97%	24.50%	23.64%	31.57%	24.75%	27.43%
Net Profit	0	0	0	0	224	206	86	212	164	137	100	191	92
	1.99	2.67	2.60	2.62	2.38	2.19	0.92	2.24	1.75	1.47	1.07	2.04	0.99

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,067	4,024	4,798	5,391	5,350	7,380	10,368	12,514	10,760	9,071	9,241
	2,773	3,612	4,343	4,805	4,851	6,841	9,888	11,622	9,920	8,308	8,621
Operating Profit	294	412	455	586	499	538	480	891	840	763	619
OPM %	9.60%	10.24%	9.48%	10.87%	9.32%	7.29%	4.63%	7.12%	7.81%	8.42%	6.70%
	505	389	621	507	404	428	788	676	425	475	412
Interest	222	235	422	368	265	242	301	252	268	392	382
Depreciation	27	16	52	83	92	95	107	100	118	163	170
Profit before Tax	556	555	624	672	578	689	891	1,261	939	766	617
Tax %	30.88%	26.43%	27.90%	27.78%	32.29%	14.00%	14.12%	26.30%	22.49%	22.78%	26.24%
Net Profit	384	409	450	485	391	592	765	930	728	592	455
EPS	38.82	41.83	47.85	5.16	4.16	6.30	8.14	9.88	7.73	6.33	—
Dividend Payout %	139.95%	47.06%	45.02%	46.03%	36.08%	39.69%	36.87%	31.36%	34.26%	30.01%	—

COMPOUNDED SALES GROWTH

10 Years:: 14%
5 Years:: 11%
3 Years:: -4%

COMPOUNDED PROFIT GROWTH

10 Years:: 4%
5 Years:: 9%
3 Years:: -8%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 20%
3 Years:: -9%
1 Year:: -33%

RETURN ON EQUITY

10 Years:: 12%
5 Years:: 13%
3 Years:: 13%
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	99	94	94	94	94	188	188	188	188	188
Minority Interest	20	0	0	0	0	1	13	35	36	32
	3,718	3,667	3,870	4,077	4,309	4,478	5,023	5,683	6,081	6,451
	1,956	4,440	3,615	699	960	2,361	2,899	4,306	5,674	7,262
Trade Payables	361	510	565	589	758	1,027	855	894	1,257	1,201
	2,933	3,925	5,045	4,631	5,062	6,319	6,449	6,226	6,083	5,990
Total Liabilities	9,086	12,637	13,190	10,091	11,183	14,374	15,428	17,333	19,319	21,124
	217	210	1,413	1,493	1,411	1,290	1,273	1,193	1,911	2,990
Capital Work in Progress	2	3	50	3	3	6	8	549	976	595
	781	784	809	803	850	971	1,049	1,553	1,239	1,432
	139	141	332	321	121	277	189	48	91	12
	0	0	0	0	0	0	0	803	1,328	1,398
Cash & Bank	4,753	4,691	3,065	2,673	3,446	5,513	5,123	4,984	4,782	4,809
	3,194	6,809	7,521	4,798	5,352	6,317	7,786	8,202	8,993	9,888
Total Assets	9,086	12,637	13,190	10,091	11,183	14,374	15,428	17,333	19,319	21,124

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	983	-2,557	-1,087	-65	561	1,447	-204	-79	-1,110	-618
Cash from Investing	-1,796	-22	618	447	-777	-1,227	1,578	-705	32	-366
Cash from Financing	-222	2,737	-93	-275	169	671	-223	640	1,156	801
	-1,098	99	-660	36	-91	857	1,077	-144	78	-182

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
65.17	65.17	65.17	65.17	65.17	65.17	65.17	65.17
3.94	4.09	4.11	4.58	4.61	4.54	4.78	4.61
1.63	1.44	1.57	1.60	1.64	1.72	1.79	1.79
0.26	0.28	0.28	0.28	0.28	0.28	0.28	0.28
28.99	29.03	28.87	28.38	28.29	28.28	27.98	28.16

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

Change in Auditors

2026-09-08 - Ircon International Limited has informed the Exchange regarding Change in Auditors of the company.

2026-09-02

Copy of Newspaper Publication

2026-09-02 - Ircon International Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

Updates

2026-09-01 - Ircon International Limited has informed the Exchange regarding 'Business Responsibility & Sustainability Report (BRSR) along with Independent Assurance Statement for the FY 2025-26.

2026-09-01

Shareholders meeting

2026-09-01 - Ircon International Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026

2026-08-31

Retirement

2026-08-31 - Ircon International Limited has informed the Exchange about Retirement of Shri P.V. Sreekanth, Executive Director/ S&T, IRCON, has ceased to be a Senior Management Personnel of IRCON w.e.f. 31st August, 2026

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Ircon International Limited has informed the Exchange about Schedule of meet

2026-08-27

Copy of Newspaper Publication

2026-08-27 - Ircon International Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-25

Action(s) taken or orders passed

2026-08-25 - Ircon International Limited has informed the Exchange about Action(s) taken or orders passed

2026-08-25

Record Date

2026-08-25 - Ircon International Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Sep-2026.