Ircon International Limited (IRCON)

Loading page…

Ircon International Limited (IRCON) · mywealthgrid

About

Ircon International Limited: civil construction company, India's Industrials sector. Quarterly revenues ₹2,000–₹3,000 Cr show steady execution. Regular dividends (five recent payments) demonstrate cash generation; promoters hold 65%.

Face value: ₹2

Market cap

₹10,369 Cr

P/E

19.8×

P/B

1.6×

Dividend yield

1.7%

ROE

9.2%

ROCE

7.8%

Debt / equity

0.85

OPM

8.4%

EPS (TTM)

₹5.6

Book value

₹70.6

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility: quarterly net profit ₹91–₹192 Cr against stable ₹2,000–₹3,000 Cr revenue indicates execution gaps or adverse project mix.

Margin swings: OPM 2.84%–10.49% (Dec 2025–Jun 2026); verify whether lows reflect project mix headwinds or structural margin decay.

Valuation mismatch: PE 22.41 vs ROE 9.19% implies premium for modest returns; verify growth justification.

Stock repricing: down 25.59% over 12 months, trading near 52-week lows (₹115.24 vs ₹187.02); verify order visibility and execution drivers.

Generated analysis · source review pending

Growth drivers

Quarterly ₹2,000–₹3,000 Cr revenue shows sustained execution; verify order backlog and pipeline depth.

Margin achieved 10.49% (Jun 2026) after 2.84% low (Dec 2025); clarify whether higher-margin projects ramping or execution improving.

Debt at D/E 0.85 leaves room for capex or working-capital deployment if margins and visibility strengthen.

Infrastructure spending: government capex cycles could drive order inflow; verify project pipelines.

Generated analysis · source review pending

1,973 historical price candles were omitted because the exchange source has not been verified.

₹110.3+7.6%1Y

Quick read

rule-based

Pros

+Dividend payout of 34.1% of profit
+High promoter holding of 65.2% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

33/100

Business quality: 22
Growth: 12
Valuation: 66

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,472	4,001	5,392	5,342	74	10,368	12,331	10,760	9,071
COGS	—	—	366	578	3	438	494	668	827
Gross profit	—	—	5,026	4,764	70	9,930	11,836	10,091	8,244
	1,988	3,288	4,391	4,252	64	9,195	10,866	9,187	7,396
	—	—	635	511	6	735	970	905	848
OPM %	—	—	11.8%	9.6%	8.8%	7.1%	7.9%	8.4%	9.4%
Depreciation	—	—	83	92	1	107	100	118	163
Interest	33	65	28	23	1	118	148	219	350
	437	185	148	181	2	382	540	371	431
Profit before tax	603	558	672	578	7	891	1,261	939	767
Tax	203	147	187	186	1	126	332	211	175
Tax %	33.8%	26.3%	27.8%	32.3%	13.9%	14.1%	26.3%	22.5%	22.8%
	399	412	485	391	6	765	930	728	592
PAT margin %	16.1%	10.3%	9%	7.3%	8%	7.4%	7.5%	6.8%	6.5%
EPS (₹)	—	—	51.6	4.2	6.3	8.1	9.9	7.7	6.3
EPS adjusted (₹)	20.1	4.4	5.2	4.2	0.1	8.1	9.9	7.7	6.3
	—	—	30.1%	72.1%	39.7%	36.9%	31.4%	34.3%	30%
Annual report	Annual report for Mar 2016	Annual report for Mar 2018	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	20	99	94	94	94	94	188	188	188	188	188
Reserves	3,285	3,718	3,668	3,870	4,077	4,309	4,478	5,023	5,683	6,138	6,451
Minority interest	—	20	—	—	—	—	1	13	35	36	32
	131	3,203	15	2,560	312	331	1,399	1,504	2,567	4,264	5,664
	5,481	2,192	9,001	6,794	5,697	6,520	8,381	8,809	8,972	8,895	8,972
Total equity & liabilities	8,916	9,231	12,778	13,318	10,181	11,254	14,446	15,537	17,445	19,521	21,307
	670	217	210	1,413	1,487	1,411	1,290	1,273	1,193	1,911	2,921
CWIP	143	2	3	50	3	3	6	8	549	976	595
Investments	687	781	784	391	803	1,361	1,526	1,602	2,096	1,838	1,966
	7,416	8,231	11,781	11,464	7,887	8,478	11,625	12,654	13,607	14,796	15,826
Total assets	8,916	9,231	12,778	13,318	10,181	11,254	14,446	15,537	17,445	19,521	21,307

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Domestic	9,084.34	927.85	20,182.89	13,671.68	6,511.21	14.25
International	417.63	188.15

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	93.2%	89.2%	95.3%	95.8%	96%	93.8%	90.9%
EBITDA margin %	—	11.2%	9.3%	8%	6.8%	7.5%	7.9%	8.4%
EBIT margin %	—	9.7%	7.6%	6.7%	5.7%	6.7%	6.8%	6.6%
PAT margin %	10.3%	9%	7.3%	8%	7.4%	7.5%	6.8%	6.5%
Working capital
Receivable days	63	37	43	3,438	30	24	45	56
Inventory days	16	320	76	29,094	177	175	50	5
Payable days	57	—	478	1,07,945	693	655	687	530
NWC days	22	—	-359	-75,413	-486	-456	-592	-469
Leverage
Current ratio	1.69	1.27	1.3	1.33	1.54	1.68	1.59	1.65
Debt to EBITDA	—	0.52	0.67	238.33	2.14	2.78	5.05	7.4
Debt to equity	0	0.07	0.08	0.3	0.29	0.44	0.67	0.85
Interest coverage	2.9	24	25.1	10.1	8.3	9.2	5	3
Asset turnover	0.31	0.53	0.47	0.01	0.67	0.71	0.55	0.43
Return ratios
Return on assets %	3.2%	4.8%	3.5%	0%	4.9%	5.3%	3.7%	2.8%
Return on capital employed %	2.2%	10.1%	11.2%	0.1%	13%	14.7%	9.7%	7.8%
Return on equity %	10.9%	11.6%	8.9%	0.1%	14.7%	15.8%	11.5%	8.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.18%	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%	65.17%
	4.01%	4.11%	4.58%	4.17%	3.94%	4.08%	4.11%	4.57%	4.61%	4.54%	4.78%	4.6%
	0.36%	0.94%	1.32%	2.9%	1.64%	1.44%	1.57%	1.6%	1.64%	1.72%	1.79%	1.79%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.28%	0.28%	0.28%	0.28%
	22.45%	29.78%	28.93%	27.76%	29.25%	29.31%	29.15%	28.66%	28.3%	28.29%	27.98%	28.16%
No. of shareholders	—	—	—	—	—	—	—	—	11,68,064	11,34,133	11,06,688	10,80,370

Promoter holding down 8.01 percentage points since Sep 2023.

72 deals · 27 Apr 2023 – 16 Jan 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
16 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	56,31,078	₹211.66	₹119.19 Cr
16 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	56,31,078	₹211.57	₹119.14 Cr
12 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	66,10,194	₹339.16	₹224.19 Cr
12 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	66,10,194	₹339.05	₹224.12 Cr
8 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	60,55,114	₹326.96	₹197.98 Cr
8 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	60,55,114	₹326.76	₹197.86 Cr
5 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	79,30,255	₹300.43	₹238.25 Cr
5 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	79,30,255	₹300.66	₹238.43 Cr
5 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	48,47,981	₹301.71	₹146.27 Cr
5 Jul 2024	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	37,09,828	₹302.04	₹112.05 Cr

1–10 of 72

1 / 8

Mr. Saleem AhmadChairperson, Managing Director & CEO
Mrs. Ragini AdvaniExecutive Director
Mr. Ajit Kumar MishraExecutive Director
Mr. Rajesh NaikExecutive Director
Mr. Anupum SinghNon-Executive - Nominee Director
Mr. Anand BhatiaNon-Executive - Nominee Director
Mr. Varadharajan TNon-Executive - Independent Director
Mr. Alin Roy ChoudhuryChief Financial Officer
Mrs. Pratibha AggarwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.23%

of the company's equity

All mutual funds

0.29%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

26 schemes · 8 fund houses

		Shares
IB32-Groww Nifty India Railways PSU ETF	Groww Mutual Fund	6.26 L	7.48	4.4%	0.067%	+79,268
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	5.19 L	6.2	0.18%	0.055%	+6,350
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	2.64 L	3.15	0.18%	0.028%	+2,954
IB31-Groww Nifty India Railways PSU IndexNEW	Groww Mutual Fund	2.22 L	2.65	4.42%	0.024%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.91 L	2.28	0.18%	0.02%	+1,737
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	1.16 L	1.39	0.18%	0.012%	+2,378
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	81,187	0.97	0.18%	0.009%	+41
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	51,954	0.62	0.02%	0.006%	+1,782

1–8 of 26

1 / 4

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

It is hereby informed that Infomerics Valuation and Rating Limited, has reaffirmed the credit rating for Bank Facilities of the Company.24 Mar 2026

Investor Presentation and earnings call

May 2026Transcript AI Summary PPT REC
Nov 2025Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

18

Final dividend17 Sept 2026 · ex-date₹0.7
Interim dividend17 Feb 2026 · ex-date₹1.2
Final dividend11 Sept 2025 · ex-date₹1
Interim dividend17 Feb 2025 · ex-date₹1.65
Final dividend5 Sept 2024 · ex-date₹1.3
Interim dividend16 Feb 2024 · ex-date₹1.8
Final dividend5 Sept 2023 · ex-date₹1.2
Interim dividend17 Feb 2023 · ex-date₹1.8
Final dividend8 Sept 2022 · ex-date₹0.65
Interim dividend21 Feb 2022 · ex-date₹0.7
Interim dividend22 Nov 2021 · ex-date₹0.7
Final dividend16 Sept 2021 · ex-date₹1.7
Interim dividend18 Aug 2021 · ex-date₹0.45
Interim dividend23 Feb 2021 · ex-date₹1.3
Final dividend21 Sept 2020 · ex-date₹2.06
Interim dividend20 Feb 2020 · ex-date₹13.45
Final dividend26 Aug 2019 · ex-date₹10.83
Interim dividend15 Feb 2019 · ex-date₹10.72

1

Board meeting to consider results12 Aug 2026

1

Face value ₹10 → ₹23 Apr 2020 · ex-date

1–3 of 4

1 / 2

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

1 Sept 2026, 5:26 pmCompany Update

Reg-34(1) Annual Report

General PDF

Loading announcements…

Ratio	Mar 2018	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	93.2%	89.2%	95.3%	95.8%	96%	93.8%	90.9%
EBITDA margin %	—	11.2%	9.3%	8%	6.8%	7.5%	7.9%	8.4%
EBIT margin %	—	9.7%	7.6%	6.7%	5.7%	6.7%	6.8%	6.6%
PAT margin %	10.3%	9%	7.3%	8%	7.4%	7.5%	6.8%	6.5%
Working capital
Receivable days	63	37	43	3,438	30	24	45	56
Inventory days	16	320	76	29,094	177	175	50	5
Payable days	57	—	478	1,07,945	693	655	687	530
NWC days	22	—	-359	-75,413	-486	-456	-592	-469
Leverage
Current ratio	1.69	1.27	1.3	1.33	1.54	1.68	1.59	1.65
Debt to EBITDA	—	0.52	0.67	238.33	2.14	2.78	5.05	7.4
Debt to equity	0	0.07	0.08	0.3	0.29	0.44	0.67	0.85
Interest coverage	2.9	24	25.1	10.1	8.3	9.2	5	3
Asset turnover	0.31	0.53	0.47	0.01	0.67	0.71	0.55	0.43
Return ratios
Return on assets %	3.2%	4.8%	3.5%	0%	4.9%	5.3%	3.7%	2.8%
Return on capital employed %	2.2%	10.1%	11.2%	0.1%	13%	14.7%	9.7%	7.8%
Return on equity %	10.9%	11.6%	8.9%	0.1%	14.7%	15.8%	11.5%	8.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

Date	Category	Subject	Filing
1 Sept 2026, 5:26 pm	Company Update General	Reg-34(1) Annual Report	PDF
1 Sept 2026, 5:11 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
1 Sept 2026, 4:59 pm	AGM/EGM AGM	Notice Of 50Th AGM Of Ircon International Limited (IRCON)	PDF
31 Aug 2026, 6:08 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
27 Aug 2026, 4:28 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Aug 2026, 11:35 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
25 Aug 2026, 11:26 pm	Company Update General	Imposition Of Fine By NSE & BSE For The Quarter Ended 30Th June, 2026.	PDF
25 Aug 2026, 7:17 pm	Corp. Action Record Date	Corporate Action- Fixes Record Date For Final Dividend 2025-26	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	919	-2,617	-1,185	-136	518	14	-168	-79	-1,110	-618
	-1,796	-22	618	447	-777	-12	1,468	-705	32	-366
	-222	2,737	-93	-275	169	7	-223	640	1,156	801
Net cash flow	-1,137	100	-662	36	-91	9	1,077	-144	78	-182
Free cash flow	—	—	—	-194	514	14	-233	-923	-2,158	-1,150
CFO / Operating profit %	—	—	—	-22.5%	104.3%	239.4%	-23.9%	-8.5%	-131.3%	-80.7%

Ircon International Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends18

Board meetings1

Stock splits1

Announcements

Dividends18

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Domestic · revenue

18

1

1

18

1

1