IRCON

Ircon International Limited

Navratna railway construction PSU, majority owned by the Ministry of Railways

Industrials›Construction›Construction›Civil Construction

ircon.org(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹106.62
Market cap
9,988 Cr
Stock P/E
19.1
P/B
1.51
Dividend yield
2.1%
ROE (FY26)
8.9%
ROCE (FY26)
9.1%
Operating margin (FY26)
6.6%
Debt / equity (FY26)
0.85
OCF / EBITDA (FY26)
-80.7%
OCF / EBITDA (3Y)
-71.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ircon builds railways, highways and other infrastructure on contract, mainly in India, and is majority held by the Government of India through the Ministry of Railways.

Company snapshot

10thBy market cap

Ranked among 90 companies in Civil Construction.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 99.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Domestic
99.7%
7,328 Cr753 Cr—
International
3.9%
288 Cr79 Cr—

Shares add up to 104% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓Dividend payout of 35% — the company returns a meaningful share of profits to shareholders.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales2,987 Cr2,884 Cr3,743 Cr2,287 Cr2,448 Cr2,613 Cr3,412 Cr1,786 Cr1,977 Cr2,119 Cr3,189 Cr1,956 Cr
Operating expenses (approx.)2,771 Cr2,671 Cr3,456 Cr2,037 Cr2,247 Cr2,481 Cr3,151 Cr1,586 Cr1,836 Cr1,961 Cr2,922 Cr1,751 Cr
EBITDA216 Cr213 Cr286 Cr251 Cr201 Cr132 Cr261 Cr200 Cr141 Cr158 Cr267 Cr205 Cr
OPM %7.2%7.4%7.6%11.0%8.2%5.0%7.7%11.2%7.1%7.4%8.4%10.5%
Other income150 Cr128 Cr151 Cr98 Cr91 Cr79 Cr103 Cr106 Cr135 Cr87 Cr102 Cr87 Cr
Interest37 Cr37 Cr41 Cr48 Cr53 Cr56 Cr62 Cr75 Cr85 Cr93 Cr97 Cr107 Cr
Depreciation27 Cr27 Cr27 Cr27 Cr28 Cr31 Cr32 Cr37 Cr40 Cr42 Cr44 Cr45 Cr
Profit before tax328 Cr314 Cr356 Cr282 Cr262 Cr132 Cr263 Cr212 Cr172 Cr135 Cr248 Cr127 Cr
Tax %23.6%22.0%30.7%20.5%21.5%34.7%19.5%22.4%20.8%25.9%22.7%27.4%
Net profit251 Cr245 Cr247 Cr224 Cr206 Cr86 Cr212 Cr164 Cr137 Cr100 Cr191 Cr92 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales4,798 Cr5,392 Cr5,342 Cr7,380 Cr10,368 Cr12,331 Cr10,760 Cr9,071 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,321 Cr4,787 Cr4,845 Cr6,793 Cr9,665 Cr11,407 Cr9,915 Cr8,305 CrSign in free for the trailing twelve months
EBITDA478 Cr604 Cr497 Cr587 Cr703 Cr924 Cr845 Cr766 CrSign in free for the trailing twelve months
OPM %10.0%11.2%9.3%7.9%6.8%7.5%7.9%8.4%Sign in free for the trailing twelve months
Other income191 Cr148 Cr181 Cr206 Cr382 Cr540 Cr371 Cr431 CrSign in free for the trailing twelve months
Interest15 Cr28 Cr23 Cr69 Cr118 Cr148 Cr219 Cr350 CrSign in free for the trailing twelve months
Depreciation52 Cr83 Cr92 Cr95 Cr107 Cr100 Cr118 Cr163 CrSign in free for the trailing twelve months
Profit before tax624 Cr672 Cr578 Cr689 Cr891 Cr1,261 Cr939 Cr767 CrSign in free for the trailing twelve months
Tax %27.9%27.8%32.3%14.0%14.1%26.3%22.5%22.8%Sign in free for the trailing twelve months
Net profit450 Cr485 Cr391 Cr592 Cr765 Cr930 Cr728 Cr592 CrSign in free for the trailing twelve months
EPS (₹)₹47.85₹51.60₹4.16₹6.30₹8.14₹9.88₹7.73₹6.33Sign in free for the trailing twelve months
Dividend payout %——40.4%56.4%30.1%30.4%38.1%35.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital94 Cr94 Cr94 Cr188 Cr188 Cr188 Cr188 Cr188 Cr
Reserves3,870 Cr4,077 Cr4,309 Cr4,478 Cr5,023 Cr5,683 Cr6,138 Cr6,451 Cr
Borrowings2,560 Cr1,846 Cr312 Cr1,399 Cr1,504 Cr2,567 Cr4,264 Cr5,664 Cr
Other liabilities6,795 Cr6,861 Cr6,539 Cr8,381 Cr8,809 Cr8,972 Cr8,895 Cr8,972 Cr
Total liabilities13,319 Cr12,878 Cr11,254 Cr14,446 Cr15,537 Cr17,445 Cr19,521 Cr21,307 Cr
Fixed assets (net)134 Cr281 Cr265 Cr209 Cr205 Cr216 Cr1,003 Cr2,086 Cr
CWIP50 Cr3 Cr3 Cr6 Cr8 Cr549 Cr976 Cr595 Cr
Investments1,286 Cr1,293 Cr1,361 Cr1,526 Cr1,602 Cr2,096 Cr1,838 Cr1,966 Cr
Loans & advances2 Cr2 Cr0.95 Cr0.80 Cr0.84 Cr0.93 Cr2 Cr0.88 Cr
Inventories332 Cr321 Cr121 Cr277 Cr212 Cr237 Cr91 Cr12 Cr
Trade receivables666 Cr551 Cr631 Cr695 Cr864 Cr803 Cr1,328 Cr1,398 Cr
Cash & bank892 Cr893 Cr414 Cr1,258 Cr2,338 Cr2,180 Cr2,280 Cr2,190 Cr
Other assets9,956 Cr9,535 Cr8,458 Cr10,474 Cr10,307 Cr11,363 Cr12,004 Cr13,059 Cr
Total assets13,319 Cr12,878 Cr11,254 Cr14,446 Cr15,537 Cr17,445 Cr19,521 Cr21,307 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-1,185 Cr543 Cr518 Cr1,405 Cr-168 Cr-79 Cr-1,110 Cr-618 Cr
Cash from investing618 Cr411 Cr-777 Cr-1,227 Cr1,468 Cr-705 Cr32 Cr-366 Cr
Cash from financing-93 Cr-953 Cr169 Cr679 Cr-223 Cr640 Cr1,156 Cr801 Cr
Net cash flow-662 Cr0.99 Cr-99 Cr844 Cr1,080 Cr-158 Cr100 Cr-89 Cr
Free cash flow (OCF − Capex)-2,352 Cr450 Cr514 Cr1,365 Cr-268 Cr-927 Cr-2,162 Cr-1,151 Cr

Ratios

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %9.8%11.6%12.7%12.5%15.0%16.6%10.9%9.1%
ROE %11.4%11.6%8.9%12.7%14.6%15.7%11.4%8.9%
Debtor days5137433430244556
Inventory days309335120197197162495
Days payable527615753729771607685529
Cash conversion cycle-167-243-590-498-544-421-591-467
OCF / EBITDA %-248.2%89.9%104.3%239.6%-23.9%-8.5%-131.3%-80.7%
OCF / EBITDA % (3 years)——-7.9%146.2%98.3%52.4%-54.8%-71.2%
Debt / equity0.650.440.070.300.290.440.670.85
Current ratio1.321.231.291.331.541.681.591.65
Net debt / EBITDA3.491.58-0.210.24-1.190.422.354.54