Ircon International Ltd.

•

ircon.orgBSE: 541956NSE: IRCON

Market Cap₹ 10,647 Cr.

Current Price

High / Low₹ 190 / 113

Stock P/E16.9

Book Value₹ 72

Price to Book1.64

Dividend Yield1.68 %

ROCE13.0 %

ROE9.6 %

Face Value₹ 2

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2016 • Contruction: 98.6% • Leasing & Operation: 1.4%

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 is almost debt free
Company comfortably covers its interest (19.1x coverage)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Stock looks reasonably valued - P/E of 16.9 is below its historical median

CONS

A large part of profit comes from other income (67.7% of PBT)
Recent results are weak - TTM profit is down 13.6% 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 -0.04x)
Contingent liabilities are large at 59.8% of net worth
Operating margins have contracted to 4.1% from 11.1%

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	2,626	2,884	2,792	3,649	2,180	2,299	2,470	3,243	1,664	1,852	1,965	2,998	1,800
	2,455	2,711	2,618	3,402	2,032	2,194	2,382	3,105	1,562	1,788	1,910	2,866	1,723
Operating Profit	171	173	174	247	148	105	88	138	103	63	56	131	77
OPM %	6.50%	5.98%	6.23%	6.76%	6.81%	4.55%	3.56%	4.26%	6.17%	3.41%	2.84%	4.38%	4.29%
	68	139	84	148	97	156	100	131	107	176	88	129	126
Interest	2	3	3	2	2	2	1	2	4	0	1	1	3
Depreciation	9	9	9	9	10	10	10	10	11	12	12	13	15
Profit before Tax	228	299	246	383	234	249	177	258	195	226	131	246	204
Tax %	28.97%	22.96%	24.74%	25.38%	24.67%	18.68%	20.45%	15.43%	22.61%	18.42%	30.50%	21.86%	19.65%
Net Profit	162	230	185	286	177	202	141	218	151	185	91	192	164
	1.72	2.45	1.97	3.04	1.88	2.15	1.50	2.32	1.60	1.96	0.97	2.04	1.74

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,024	3,891	4,415	5,202	4,956	6,910	9,921	11,950	10,193	8,479	8,615
	2,751	3,544	4,059	4,743	4,593	6,581	9,561	11,195	9,719	8,129	8,287
Operating Profit	273	347	356	459	363	329	360	755	474	350	327
OPM %	9.03%	8.91%	8.06%	8.82%	7.33%	4.76%	3.63%	6.32%	4.65%	4.13%	3.80%
	501	431	694	598	492	492	743	544	533	540	519
Interest	224	234	423	368	257	184	182	108	51	44	6
Depreciation	18	13	12	16	25	27	38	36	38	48	52
Profit before Tax	532	530	615	673	574	610	883	1,156	918	798	807
Tax %	30.61%	26.86%	27.72%	27.18%	29.52%	10.78%	12.04%	25.32%	19.64%	22.49%	21.74%
Net Profit	369	388	445	490	405	544	777	863	738	618	631
EPS	37.28	39.70	47.28	5.21	4.30	5.79	8.26	9.17	7.84	6.58	—
Dividend Payout %	146.54%	49.58%	45.57%	45.61%	34.87%	43.20%	36.32%	33.79%	33.79%	28.89%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 11%
3 Years:: -5%

COMPOUNDED PROFIT GROWTH

10 Years:: 5%
5 Years:: 9%
3 Years:: -7%

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:: 10%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	3,729	3,657	3,855	4,067	4,312	4,433	4,990	5,584	6,049	6,442
	1,922	4,408	3,580	648	600	1,009	1,413	1,701	1,426	1,681
Trade Payables	364	513	549	577	738	1,010	811	854	1,225	1,181
	2,893	3,877	4,747	4,467	4,838	6,003	6,159	5,633	5,471	5,550
Total Liabilities	9,007	12,550	12,825	9,853	10,582	12,643	13,562	13,961	14,360	15,043
	138	134	129	276	260	193	192	201	224	271
Capital Work in Progress	0	1	48	1	0	0	0	7	34	15
	1,223	1,201	1,314	1,469	1,506	1,764	2,138	2,839	2,855	3,167
	139	141	332	321	118	272	184	43	91	12
	0	0	0	0	0	0	0	946	1,649	1,668
Cash & Bank	4,658	4,600	2,914	2,501	3,250	5,340	4,785	4,429	4,124	4,167
	2,848	6,472	8,087	5,286	5,448	5,074	6,264	5,496	5,384	5,743
Total Assets	9,007	12,550	12,825	9,853	10,582	12,643	13,562	13,961	14,360	15,043

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,076	-2,565	-1,150	386	843	1,358	-62	285	-442	77
Cash from Investing	-1,823	6	688	-138	-706	-116	1,310	-326	849	-15
Cash from Financing	-222	2,737	-93	-275	-158	-337	-231	-284	-280	-112
	-1,024	130	-648	-71	-59	898	958	-325	127	-50

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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.