Skip to main content
Swing Capital

Ircon International Ltd

NSE: IRCON BSE: 541956Infra

Ircon International Limited (IRCON) commenced its business in 1976 as a railway construction company, it diversified progressively since 1985 as an integrated engineering and construction PSU specializing in large and technologically complex infrastructure projects in various sectors such as railways, highways, etc. [1] [2]

₹139
52W: ₹114 — ₹226
PE 20.4 · Book ₹68.7 · +102% vs book
Market Cap₹13,101 Cr
Stock P/E20.4Price to Earnings
ROCE14.7%Return on Capital
ROE11.6%Return on Equity
Div. Yield1.84%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 34.6%

Weaknesses

  • −Earnings include an other income of Rs.502 Cr.
  • −Debtor days have increased from 40.0 to 59.1 days.
  • −Promoter holding has decreased over last 3 years: -8.01%

Shareholding Pattern

Promoters65.17%
FIIs4.78%
DIIs1.79%
Public27.97%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters65.17%65.17%65.17%65.17%65.17%65.17%65.17%65.17%
FIIs4.17%3.94%▼0.24.09%▲0.14.11%▲0.04.58%▲0.54.61%▲0.04.54%▼0.14.78%▲0.2
DIIs2.9%1.63%▼1.31.44%▼0.21.57%▲0.11.6%▲0.01.64%▲0.01.72%▲0.11.79%▲0.1
Public27.51%28.99%▲1.529.03%▲0.028.88%▼0.228.37%▼0.528.29%▼0.128.28%▼0.027.97%▼0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales2,8842,7923,6492,1802,2992,4703,2431,6641,8521,965
Expenses2,7112,6183,4022,0322,1942,3823,1051,5621,7881,910
Operating Profit173174247148105881381036356
OPM %6%6%7%7%5%4%4%6%3%3%
Net Profit23018528617720214121815118591
EPS ₹2.451.973.041.882.151.52.321.61.960.97

AI Insights

Revenue Trend

TTM revenue at ₹8,725Cr, down 14.4% YoY. OPM at 4%.

Debt Position

Borrowings at ₹4Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹23Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 1.79% (+0.99pp change). FIIs: 4.78% (-0.39pp change). Promoters hold 65.17%.

Margin & Efficiency

ROCE declining from 49% (Mar 2014) to 15% (Mar 2025). Working capital days: -22.

Valuation

PE 20.4x with 14.7% ROCE. Price is 102% above book value of ₹68.7. Dividend yield: 1.84%.

Recent Announcements