IRCON - IRCON International Ltd Share Price

Construction

₹156.81+0.45(+0.29%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does IRCON International Ltd do?

Civil Construction•Construction•Small Cap

Ircon International Limited, together with its subsidiaries, engages in the provision of construction services. The company undertakes construction of new railway lines; rehabilitation/conversion of existing lines, station buildings and facilities, and bridges; regirdering of railway bridges, tunnels, and signaling and telecommunication networks; railway electrification works; wet leasing of locomotives; and setting up of production units for manufacture rolling stock, maintenance depots/workshops, concrete sleepers, and track components on turn-key basis. It is also involved in the construction of roads and highways; bridges and flyovers; and commercial, institutional, industrial, and residential and multifunctional complexes, as well as airport hangars and runways, airport terminal buildings, station buildings and facilities, hospitals, business centers, workshops/warehouses; and provision of HVAC, electrification, plumbing, firefighting, and hanger maintenance services. In addition, the company provides railway, industrial, workshop, and power supply electrification works, renewable solar energy works, and distribution network works, as well as offers turnkey project management services, including design, supply, erection, testing, and commissioning services. Further, it provides turnkey solutions for signaling and communication projects; and supplies plant and machinery for workshops, high speed lightweight passenger cars, and diesel electric locomotives, as well as leases and maintains diesel locomotives. The company operates in India, Algeria, Afghanistan, Bangladesh, Bhutan, Brazil, Ethiopia, Indonesia, Iran, Iraq, Liberia, Malaysia, Mozambique, Myanmar, Nepal, Nigeria, Saudi Arabia, South Africa, Sri Lanka, Turkey, the United Kingdom, and Zambia. The company was formerly known as Indian Railway Construction Company Limited. Ircon International Limited was incorporated in 1976 and is headquartered in New Delhi, India.

Industry Group:Construction

Employees:867

Website:www.ircon.org

Description	Share	Value
Domestic	97.1%	2.6 kCr
International	2.9%	77.8 Cr
Total		2.7 kCr

Summary of Latest Earnings Report from IRCON International

Summary of IRCON International's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

The management provided a cautious outlook for Ircon International Limited, citing challenging market conditions and competitive pressures. Key points include:

Financial Performance:
- Q3 FY25 revenue stood at Rs.2,613 crore, with a core EBITDA decline to Rs.139 crore (vs. Rs.296 crore YoY) due to project completions (e.g., USBRL) and one-off provisions (Rs.38 crore loss provision for a project and Rs.45 crore maintenance provision in a subsidiary).
- EPS for Q3 was Rs.0.92.
Order Book & Inflows:
- Order book as of Dec 31, 2024: Rs.22,000 crore (53% competitive, 47% nomination; 90% domestic, 10% international).
- FY25 order inflow guidance revised downward to ~Rs.2,700"“Rs.2,900 crore (vs. earlier expectations), with FY26 visibility remaining uncertain due to intense competition.
Margin Pressures:
- Margins are expected to decline further (1.5"“2% dip in PAT margins) as competitive bidding intensifies. Standalone PAT margins are projected at ~6% for FY25 and 5"“5.5% for FY26.
- Competitive projects now involve 20"“25 bidders, often quoting below estimates, forcing Ircon to prioritize volume over margins.
Revenue Guidance:
- FY25 standalone revenue guided at Rs.10,000"“Rs.11,000 crore (consolidated: +Rs.400"“500 crore). FY26 revenue likely similar but with lower profitability.
Subsidiary Challenges:
- Subsidiaries/JVs (e.g., Chhattisgarh Phase 1) continue to incur losses, impacting consolidated results.
Strategic Adjustments:
- Focus on smaller EPC projects in railways and roads to maintain revenue flow.
- Monetization of road assets delayed due to pending government approvals.
Market Sentiment:
- Management acknowledged investor concerns over share price decline but emphasized long-term resilience, attributing current challenges to cyclical industry trends.

Outlook remains subdued, with margins under pressure and order inflows uncertain. The company aims to navigate the competitive landscape while maintaining operational efficiency.

Q&A Session

Last updated: Feb 25

Question 1: "Ma'am, is it possible to quantify the one-off in the stand-alone which we have taken during the quarter, the provisioning number?"
Answer: The standalone loss provision for a project was Rs.38 crore, and a consolidated maintenance provision of Rs.45 crore was made.

Question 2: "How should one look at the margins going forward?"
Answer: Margins declined due to completion of cost-plus projects (e.g., USBRL) and a shift to competitive-bid projects. Margins are expected to dip 1.5"“2% short-to-mid-term as competitive projects contribute more to revenue.

Question 3: "How should one look at FY'25 in terms of top line and core EBITDA margins? FY'26 guidance?"
Answer: FY25 standalone revenue guidance: Rs.10,000"“11,000 crore; consolidated adds Rs.400"“500 crore. PAT margins may dip ~0.5% in FY25 and 1.5"“2% in FY26 due to competitive bidding.

Question 4: "Order inflows guidance?"
Answer: FY25 order inflow: ~Rs.1,700 crore (YTD) + Rs.1,000"“1,200 crore expected by year-end. FY26 inflows are uncertain due to high competition and smaller project sizes.

Question 5: "Steps to address competitive pressures and shareholder value?"
Answer: Focus on volume over margins to survive in competitive markets. No dividend increases or share splits planned.

Question 6: "Order book details?"
Answer: Order book: Rs.22,000 crore (53% competitive, 47% nomination; 90% domestic). Executable over ~2 years, with some projects extending beyond FY28.

Question 7: "Employee cost reduction reason?"
Answer: Lower costs due to retirements, controlled hiring, and reduced PF provisions. Total employees: ~1,000 (800 regular).

Question 8: "Impact of reduced government CAPEX?"
Answer: Railways/roads CAPEX remains large (~Rs.2.65 lakh crore). Margins depend on competitive bidding, not allocation size.

Question 9: "Chennai Metro loss provision?"
Answer: Booked Rs.38 crore loss due to project delays; pending order: Rs.200+ crore. No further provisions expected.

Question 10: "MSRDC project update?"
Answer: L1 bidder for a year; awaiting LOA due to delayed approvals. No renegotiation talks yet.

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Shareholder Name	Holding %
THE PRESIDENT OF INDIA(THROUGH CHAIRMAN RAILWAY BOARD)	65.17%

Cash Flow for IRCON International

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	460.7%	8.57	2.35	-0.15
Change in inventories	-176.6%	-48.78	66	-1.55
Depreciation	-5.4%	36	38	0.27
Unrealised forex losses/gains	375.4%	14	-3.72	0.14
Adjustments for interest income	-	231	0	0
Net Cashflows from Operations	65.4%	317	192	16
Dividends received	98.6%	0	-69	-0.41
Interest received	99.5%	0	-191.45	-1.55
Income taxes paid (refund)	-38%	32	51	0.07
Net Cashflows From Operating Activities	334.9%	285	-119.9	13
Cashflows used in obtaining control of subsidiaries	-42.9%	242	423	2.79
Proceeds from sales of PPE	-109.7%	0.86	2.44	0.01
Purchase of property, plant and equipment	175%	34	13	0.05
Purchase of investment property	-81.5%	2.58	9.54	0
Purchase of intangible assets	-	0.85	0	0
Purchase of intangible assets under development	-211.1%	0	1.9	0
Cash receipts from repayment of advances and loans made to other parties	70%	52	31	12
Dividends received	4.4%	72	69	0.41
Interest received	28.8%	220	171	1.45
Other inflows (outflows) of cash	-97.3%	42	1,496	-12.02
Net Cashflows From Investing Activities	-125%	-325.61	1,310	-1.16
Payments of lease liabilities	86.9%	0.87	0.01	0
Dividends paid	22.7%	282	230	3.34
Interest paid	154.5%	1.06	0.89	0
Net Cashflows from Financing Activities	-22.7%	-284.08	-231.32	-3.34
Effect of exchange rate on cash eq.	-666.9%	-14.42	3.72	-0.14
Net change in cash and cash eq.	-135.4%	-339.53	962	8.84

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	28.6%	145	113	0.54
Change in inventories	-177.3%	-48.47	65	-1.56
Depreciation	-6.6%	100	107	0.95
Unrealised forex losses/gains	374.3%	14	-3.74	0.14
Adjustments for interest income	121.6%	422	191	1.05
Net Cashflows from Operations	107%	8.09	-100.23	14
Income taxes paid (refund)	28.4%	87	68	0.33
Net Cashflows From Operating Activities	52.9%	-78.55	-167.83	14
Proceeds from sales of PPE	-195.2%	0	2.05	0.01
Purchase of property, plant and equipment	1218.8%	845	65	0.2
Purchase of investment property	-81.5%	2.58	9.54	0
Proceeds from sales of intangible assets	-	40	0	0
Purchase of intangible assets	-92%	3.71	35	0.21
Proceeds from government grants	-	112	0	0
Dividends received	1.5%	70	69	0.41
Interest received	143.9%	418	172	0.97
Other inflows (outflows) of cash	-99.9%	2.08	1,450	-12.19
Net Cashflows From Investing Activities	-148.2%	-705.49	1,468	-12.27
Proceeds from issuing shares	-	0	0	0.01
Proceeds from issuing other equity instruments	90.9%	22	12	0
Proceeds from borrowings	589.6%	1,132	165	11
Repayments of borrowings	15.3%	69	60	0.56
Payments of lease liabilities	86.9%	0.87	0.01	0
Dividends paid	22.7%	282	230	3.34
Interest paid	46.8%	161	110	0.56
Other inflows (outflows) of cash	-	-0.51	0	0
Net Cashflows from Financing Activities	384.7%	640	-223.43	6.79
Effect of exchange rate on cash eq.	-661.7%	-14.39	3.74	-0.14
Net change in cash and cash eq.	-114.8%	-158.33	1,080	8.44

Income Statement for IRCON International

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	7.4%	2,470	2,299	2,180	3,649	2,792	2,884
Other Income	-36.1%	100	156	97	148	84	139
Total Income	4.7%	2,570	2,455	2,278	3,797	2,876	3,022
Cost of Materials	31.4%	210	160	60	163	102	171
Employee Expense	-2.9%	68	70	68	76	83	82
Finance costs	-71.3%	1.31	2.08	1.98	2.08	2.52	2.93
Depreciation and Amortization	-1.2%	9.55	9.65	9.55	9.2	9.19	9.16
Other expenses	6.2%	2,078	1,957	1,904	3,137	2,561	2,396
Total Expenses	8.5%	2,393	2,206	2,044	3,414	2,630	2,723
Profit Before exceptional items and Tax	-29%	177	249	234	383	246	299
Total profit before tax	-29%	177	249	234	383	246	299
Current tax	-22.4%	39	50	61	119	60	71
Deferred tax	-4.1%	-3.33	-3.16	-3.09	-21.93	0.98	-2.63
Total tax	-22.2%	36	46	58	97	61	69
Total profit (loss) for period	-30.3%	141	202	177	286	185	230
Other comp. income net of taxes	241.5%	3.66	-0.88	0.33	-5.32	-2.27	6.57
Total Comprehensive Income	-28.5%	144	201	177	280	183	237
Earnings Per Share, Basic	-56.5%	1.5	2.15	1.88	3.04	1.97	2.45
Earnings Per Share, Diluted	-56.5%	1.5	2.15	1.88	3.04	1.97	2.45

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	20.5%	11,950	9,921	69	4,948	5,202	4,415
Other Income	28.6%	437	340	2.71	253	239	264
Total Income	20.7%	12,388	10,262	72	5,200	5,442	4,680
Cost of Materials	35.8%	532	392	5.12	367	350	391
Employee Expense	15.9%	307	265	2.49	229	261	251
Finance costs	378.3%	9.61	2.8	0.1	15	27	16
Depreciation and Amortization	-5.4%	36	38	0.27	25	16	12
Other expenses	20.3%	10,387	8,636	59	3,779	4,099	3,565
Total Expenses	19.8%	11,232	9,378	66	4,626	4,769	4,064
Profit Before exceptional items and Tax	31%	1,156	883	6.1	574	673	615
Total profit before tax	31%	1,156	883	6.1	574	673	615
Current tax	120.6%	301	137	0.67	158	132	164
Deferred tax	69.1%	-8.73	-30.44	-0.02	11	51	6.26
Total tax	178.1%	293	106	0.66	169	183	170
Total profit (loss) for period	11.1%	863	777	5.44	405	490	445
Other comp. income net of taxes	-115.1%	-0.51	11	0.04	-1.21	-2.95	-7.79
Total Comprehensive Income	9.4%	862	788	5.48	403	487	437
Earnings Per Share, Basic	12.5%	9.17	8.26	5.79	2.15	5.2076	4.728
Earnings Per Share, Diluted	12.5%	9.17	8.26	5.79	2.15	5.2076	4.728

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	6.7%	2,613	2,448	2,287	3,743	2,884	2,987
Other Income	-13.3%	79	91	98	151	128	150
Total Income	6%	2,692	2,539	2,385	3,894	3,012	3,136
Cost of Materials	34%	214	160	60	163	104	171
Employee Expense	-2.7%	73	75	73	81	88	87
Finance costs	5.8%	56	53	48	41	37	37
Depreciation and Amortization	11.1%	31	28	27	27	27	27
Other expenses	8.1%	2,167	2,005	1,904	3,186	2,607	2,451
Total Expenses	10.3%	2,567	2,327	2,112	3,524	2,735	2,835
Profit Before exceptional items and Tax	-41.4%	124	211	273	370	277	301
Total profit before tax	-41.4%	124	211	273	370	277	301
Current tax	-17.2%	49	59	71	133	68	82
Deferred tax	-25.3%	-3.11	-2.28	-13.05	-23.43	1.01	-4.08
Total tax	-18.2%	46	56	58	109	69	78
Total profit (loss) for period	-58.5%	86	206	224	247	245	251
Other comp. income net of taxes	240.5%	3.67	-0.9	0.33	-5.31	-2.3	6.57
Total Comprehensive Income	-56.4%	90	205	224	241	242	257
Earnings Per Share, Basic	-106.7%	0.92	2.19	2.38	2.62	2.6	2.67
Earnings Per Share, Diluted	-106.7%	0.92	2.19	2.38	2.62	2.6	2.67

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	18.9%	12,331	10,368	74	5,342	5,392	4,798
Other Income	41.5%	540	382	2.06	181	148	191
Total Income	19.7%	12,871	10,750	76	5,523	5,540	4,990
Cost of Materials	36.3%	534	392	5.12	367	350	391
Employee Expense	15.2%	327	284	2.67	247	279	264
Finance costs	25.6%	148	118	0.69	23	28	15
Depreciation and Amortization	-6.6%	100	107	0.95	92	83	52
Other expenses	18.4%	10,585	8,943	62	4,020	4,142	3,836
Total Expenses	17.9%	11,656	9,890	70	4,961	4,898	4,387
Profit Before exceptional items and Tax	41.3%	1,215	860	6.29	563	642	603
Total profit before tax	41.3%	1,215	860	6.29	563	642	603
Current tax	110.5%	342	163	0.98	167	148	169
Deferred tax	70.6%	-10.12	-36.87	-0.02	20	38	5.45
Total tax	164.8%	332	126	0.96	186	187	174
Total profit (loss) for period	21.6%	930	765	5.92	391	485	450
Other comp. income net of taxes	-115.3%	-0.53	11	0.04	-1.21	-2.96	-7.79
Total Comprehensive Income	19.7%	929	776	5.96	390	482	442
Earnings Per Share, Basic	24.4%	9.88	8.14	6.3	2.079	5.16	4.785
Earnings Per Share, Diluted	24.4%	9.88	8.14	6.3	2.079	5.16	4.785

Investor Care
Dividend Yield	1.88%
Dividend/Share (TTM)	2.95
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	8.11

Financial Health
Current Ratio	1.61
Debt/Equity	0.54
Debt/Cashflow	-0.03

Valuation
Market Cap	14.75 kCr
Price/Earnings (Trailing)	19.34
Price/Sales (Trailing)	1.28
EV/EBITDA	11.44
Price/Free Cashflow	-19.55
MarketCap/EBT	15.07

Fundamentals
Revenue (TTM)	11.51 kCr
Rev. Growth (Yr)	-10.62%
Rev. Growth (Qtr)	6.04%
Earnings (TTM)	762.71 Cr
Earnings Growth (Yr)	-64.81%
Earnings Growth (Qtr)	-58.19%

Profitability
Operating Margin	8.5%
EBT Margin	8.5%
Return on Equity	12.28%
Return on Assets	4.27%
Free Cashflow Yield	-5.12%

Balance Sheet for IRCON International

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-34.2%	1,204	1,829	3,108	2,168	1,760	12
Current investments	88.1%	1,060	564	345	100	50	0.5
Loans, current	25.7%	45	36	34	30	31	0.32
Total current financial assets	-5.9%	7,354	7,812	7,962	7,388	7,526	74
Inventories	27.7%	296	232	129	206	282	2.72
Current tax assets	8.2%	54	50	57	155	36	0.56
Total current assets	-6.1%	9,698	10,325	10,656	10,348	10,248	98
Property, plant and equipment	2.6%	197	192	188	183	187	1.93
Capital work-in-progress	-11.5%	5.92	6.56	3.52	0	0	0
Investment property	-0.2%	542	543	547	552	549	5.55
Non-current investments	5.5%	2,401	2,276	2,155	2,038	1,873	17
Loans, non-current	6.5%	297	279	278	316	321	2.83
Total non-current financial assets	5.9%	2,746	2,594	2,461	2,376	2,214	20
Total non-current assets	4.6%	3,932	3,759	3,543	3,329	3,071	29
Total assets	-3.2%	13,631	14,084	14,199	13,676	13,319	127
Borrowings, non-current	-	0	0	0	0	0	0
Total non-current financial liabilities	-4.9%	724	761	656	653	567	5.06
Provisions, non-current	5%	149	142	119	120	82	0.8
Total non-current liabilities	-1.8%	1,811	1,844	1,769	1,532	722	6.39
Total current financial liabilities	-7.3%	3,380	3,648	3,504	3,502	3,220	36
Provisions, current	3.8%	271	261	214	201	202	2.11
Current tax liabilities	-89.9%	6.83	59	27	28	8.34	0.14
Total current liabilities	-10.5%	5,792	6,469	6,965	6,966	7,725	75
Total liabilities	-8.5%	7,603	8,312	8,734	8,498	8,448	81
Equity share capital	0%	188	188	188	188	188	1.88
Total equity	4.4%	6,028	5,772	5,465	5,178	4,872	46
Total equity and liabilities	-3.2%	13,631	14,084	14,199	13,676	13,319	127

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-34.6%	1,425	2,180	3,419	2,338	1,836	13
Current investments	88.1%	1,060	564	345	100	50	0.5
Loans, current	957.1%	1.6	0.93	1.42	0.84	2.22	0.01
Total current financial assets	-15%	7,788	9,166	9,008	8,056	7,949	77
Inventories	27.1%	301	237	136	212	287	2.77
Current tax assets	8.3%	79	73	76	165	48	0.71
Total current assets	-12.4%	10,516	11,999	11,938	11,217	10,851	103
Property, plant and equipment	12.1%	242	216	210	205	199	2.09
Capital work-in-progress	96.9%	1,080	549	64	8.47	6.07	0.06
Investment property	-0.2%	542	543	547	552	549	5.55
Non-current investments	-44.4%	70	125	125	125	225	2.25
Loans, non-current	-17.9%	0.34	0.44	0.53	0.52	0.48	0
Total non-current financial assets	82%	2,856	1,570	1,443	1,409	1,510	15
Total non-current assets	35.1%	7,356	5,446	4,473	4,320	4,294	42
Total assets	2.4%	17,872	17,445	16,411	15,537	15,147	144
Borrowings, non-current	32%	3,242	2,457	1,607	1,440	1,333	13
Total non-current financial liabilities	23.9%	4,009	3,237	2,263	2,122	1,918	18
Provisions, non-current	-21.3%	175	222	119	149	172	1.43
Total non-current liabilities	16.4%	5,139	4,416	3,393	3,047	2,214	21
Borrowings, current	9.2%	120	110	70	64	96	0.95
Total current financial liabilities	-6%	3,846	4,093	3,689	3,642	3,368	38
Provisions, current	6.5%	329	309	347	299	202	2.13
Current tax liabilities	-77.3%	16	67	35	37	12	0.18
Total current liabilities	-8.5%	6,520	7,123	7,460	7,265	7,997	77
Total liabilities	1%	11,659	11,539	10,853	10,313	10,211	98
Equity share capital	0%	188	188	188	188	188	1.88
Non controlling interest	0%	35	35	15	13	1.57	0.01
Total equity	5.2%	6,213	5,906	5,558	5,225	4,935	47
Total equity and liabilities	2.4%	17,872	17,445	16,411	15,537	15,147	144

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LT	Larsen & ToubroCivil Construction	4.58 LCr	2.52 LCr	-4.72%	-7.71%	27.68	1.81	+16.75%	+10.26%
IRFC	Indian Railway Finance CorpFinancial Institution	1.67 LCr	26.91 kCr	+2.95%	-18.96%	25.61	6.22	+1.68%	+8.27%
RVNL	Rail Vikas NigamCivil Construction	75.31 kCr	21.3 kCr	+2.66%	+24.59%	57.9	3.54	-3.41%	-10.62%
NCC	NCCCivil Construction	13.72 kCr	22.7 kCr	+4.34%	-12.52%	16.3	0.6	+16.85%	+19.48%
RITES	RITESCivil Construction	11.25 kCr	2.35 kCr	+4.79%	-66.31%	26.78	4.78	-8.72%	-15.52%

IRCON - IRCON International Ltd Share Price

What does IRCON International Ltd do?

Revenue Breakdown

Summary of Latest Earnings Report from IRCON International

Share Holdings

Holding Pattern

Share Holding Details

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Cash Flow for IRCON International

Income Statement for IRCON International

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Financial Health

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Profitability

Balance Sheet for IRCON International

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Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)