Ircon International Ltd
NSE:IRCON
Ircon International Ltd
Ircon International Ltd., a public-sector enterprise under the Ministry of Railways, India, has carved out a distinctive niche for itself in the field of construction and infrastructure development. Founded in 1976, its journey began with a focus on railway projects but gradually expanded to encompass a diverse portfolio that includes highways, bridges, tunnels, and other infrastructure initiatives. Ircon's ability to handle complex and large-scale projects positions it at the forefront of the infrastructure sector, both within India and internationally. This expansion is not just of geography but of reputation, giving the company a standing invitation to participate in transformative projects aimed at modernizing transport infrastructure.
The heart of Ircon's business model is its engineering and construction expertise, executing projects with a blend of precision and scale. By leveraging its seasoned workforce and diverse portfolio, the company monetizes its services through government contracts and international tenders. It operates on an EPC (Engineering, Procurement and Construction) basis, ensuring not only the design and execution of projects but also managing comprehensive procurement processes. This approach has enabled Ircon to maintain a robust revenue stream while simultaneously contributing to infrastructure development—a crucial element in economic progress. It's the intricate dance of technical execution and strategic financial planning that keeps Ircon on its proverbial rails.
Ircon International Ltd., a public-sector enterprise under the Ministry of Railways, India, has carved out a distinctive niche for itself in the field of construction and infrastructure development. Founded in 1976, its journey began with a focus on railway projects but gradually expanded to encompass a diverse portfolio that includes highways, bridges, tunnels, and other infrastructure initiatives. Ircon's ability to handle complex and large-scale projects positions it at the forefront of the infrastructure sector, both within India and internationally. This expansion is not just of geography but of reputation, giving the company a standing invitation to participate in transformative projects aimed at modernizing transport infrastructure.
The heart of Ircon's business model is its engineering and construction expertise, executing projects with a blend of precision and scale. By leveraging its seasoned workforce and diverse portfolio, the company monetizes its services through government contracts and international tenders. It operates on an EPC (Engineering, Procurement and Construction) basis, ensuring not only the design and execution of projects but also managing comprehensive procurement processes. This approach has enabled Ircon to maintain a robust revenue stream while simultaneously contributing to infrastructure development—a crucial element in economic progress. It's the intricate dance of technical execution and strategic financial planning that keeps Ircon on its proverbial rails.
Revenue: Ircon reported Q2 FY '26 revenue of INR 2,112 crores, with management acknowledging a slightly weaker first half but expecting a much stronger second half.
Margins: Both EBITDA and PAT margins declined this quarter, mainly due to ongoing losses in key joint ventures, lower margins on new project wins, and some one-off project losses.
Guidance: Management expects full year operating revenue in the INR 10,000–11,000 crore range, with similar levels targeted for the next year.
Order Book: The order book stood at INR 23,865 crores as of September 30, 2025, with about 91% domestic projects and 63% from competitive bidding.
Order Inflow: Orders of more than INR 4,000 crores were secured in the first half, with similar inflows targeted for the second half.
International Business: International projects contributed higher margins this quarter, boosted by significant foreign exchange gains, notably INR 20 crores from Bangladesh.
JV Performance: Key highway JV continues to deliver profits, while the main coal JV is still loss-making and may break even in 18–20 months.
