NSE: IRCON · BSE: 541956 · ISIN INE962Y01021
Ircon International Limited stock analysis
Ircon International Limited ranks #4906 in the TickerSutra evidence-ranked universe with a score of 29/100 and 95% data confidence. The latest captured fundamentals show ROCE of 9.3%, quarterly sales growth of 9.5% and quarterly profit growth of -43.6%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Debt/equity is above 0.5×
- CFO/EBITDA is below 0.6×
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹7,380cr | ₹585cr | ₹592cr | 8.0% |
| 2023 | ₹10,368cr | ₹704cr | ₹765cr | 7.0% |
| 2024 | ₹12,514cr | ₹1,108cr | ₹930cr | 9.0% |
| 2025 | ₹10,760cr | ₹847cr | ₹728cr | 8.0% |
| 2026 | ₹9,071cr | ₹768cr | ₹592cr | 8.0% |
| TTM | ₹9,241cr | ₹758cr | ₹520cr | 8.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
• Established Domestic & International Presence: Executed 408 domestic projects and 131 international projects across the 25 countries. Strong execution footprint across 23 Indian states and presence in international markets, including Algeria, Sri Lanka, Myanmar, Nepal, and Bangladesh, demonstrating the capability to deliver projects in diverse regulatory and operating environments. • Healthy Financial Position: Des
IRCON has a long-standing reputation as one of the industry leaders in transportation infrastructure with proven expertise in railway projects. We are confident that the company shall play a pivotal role in various infrastructure initiatives declared by the Government of India. We believe that we are well positioned to execute projects under these modes due to our strong technological capabilities and sound financial
Consideration: ₹1,060.23 Crores Plus GST Not Applicable Repayment of Advance:- ₹14.39 Crore 6. Ircon Ludhiana Rupnagar Highway Limited (IrconLRHL) A wholly owned subsidiary Company (CIN: U45309DL 2021GOI391675) Awarding of Engineering Procurement Construction (EPC) contract for Construction of Four / Six lane Greenfield Ludhiana - Rupnagar National Highway No. 250K from Junction with NE-5 village near Manewal; (Ludhi
While these ensure transparency and accountability, they may limit operational flexibility and slow decision- making. The Company continuously streamlines internal processes, strengthens project governance, and leverages digital systems to improve operational efficiency while ensuring full regulatory compliance. • Thin Operating Margins: The EPC business is characterized by intense competition and competitive bidding
Over time, the RMP has been amended to align with the changing business environment and regulatory requirements. The latest revision of the RMP was approved by the Board in December 2021, with the aim of fostering a higher level of risk awareness across the organization, encouraging broader participation, and cultivating a sustainable risk- aware culture. In accordance with the ERM framework and SEBI (Listing Obligat
Hari Mohan Gupta: I will put it this way that all the infra -projects which we are executing and the mega - projects or the bigger projects, they do come with a price variation formula and depending on the indices being published by Government of India for various commodities. So, price increase gets compensated through this PVC formula to a reasonable extent, except the situations like war, which is presently going
Information, latest updates and CORPORATE GOVERNANCE REPORT ANNUAL REPORT 2025-2026 IRCON INTERNATIONAL LIMITED 88 announcements regarding the Company can be accessed at the Company’s website: www.ircon.org includes the following: • Quarterly / Half-yearly / Annual Financial Results • Quarterly Shareholding Pattern • Quarterly Corporate Governance Report • Transcripts of conferences with analysts • Intimations made t
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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