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IRCON International Ltd.
(IRCON)
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Rating:51Neutral
Price Target:
₹118.00
▼(-6.42% Downside)
Action:Reiterated
Date:10/01/26
The score is driven primarily by weakening financial performance—revenue and margin pressure, rising leverage, and consistently negative recent operating/free cash flow. Technicals add a headwind with the stock below key moving averages and a negative MACD, while valuation is only moderately supportive given a P/E around 21 and a modest 1.62% dividend yield.
Positive Factors
Government infrastructure position
IRCON’s government ownership and established role in railway and transport infrastructure support access to large public-sector projects. Its end-to-end EPC, project-management, and turnkey capabilities can help maintain relevance as India continues investing in strategic infrastructure.
Negative Factors
Revenue and margin pressure
The recent reversal from strong growth to declining revenue signals weaker project progression or award momentum than in prior years. Margin compression further reduces earnings quality, leaving less operating cushion and making future profits more sensitive to execution and cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Government infrastructure position
IRCON’s government ownership and established role in railway and transport infrastructure support access to large public-sector projects. Its end-to-end EPC, project-management, and turnkey capabilities can help maintain relevance as India continues investing in strategic infrastructure.
Read all positive factors
IRCON International Ltd. (IRCON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹110.09B
Dividend Yield1.72%
Average Volume (3M)199.87K
Price to Earnings (P/E)19.8
Beta (1Y)2.17
Revenue Growth-9.92%
EPS Growth-21.60%
CountryIN
Employees793
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)5.57
Shares Outstanding940,515,750
10 Day Avg. Volume253,020
30 Day Avg. Volume199,865
Financial Highlights & Ratios
PEG Ratio-1.01
Price to Book (P/B)1.63
Price to Sales (P/S)1.20
P/FCF Ratio-9.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)7
Revenue Forecast (FY)₹87.44B
IRCON International Ltd. Business Overview & Revenue Model
Company Description
Ircon International Limited, originally known as Indian Railway Construction Company Limited, is a global construction and engineering firm established in 1976 and headquartered in New Delhi, India. Operating across India and internationally, ofte...
How the Company Makes Money
IRCON primarily makes money by executing infrastructure construction and project delivery contracts, with revenue recognized against work performed on awarded projects. Its key revenue streams are: (1) EPC/turnkey construction contracts, where IRC...
IRCON International Ltd. Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 92.41B | 90.71B | 107.60B | 125.14B | 103.68B | 73.80B |
| Gross Profit | 8.90B | 6.80B | 12.11B | 15.42B | 10.42B | 9.11B |
| EBITDA | 11.61B | 12.79B | 8.40B | 11.30B | 7.02B | 5.98B |
| Net Income | 5.24B | 5.95B | 7.27B | 9.30B | 7.65B | 5.92B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 213.07B | 195.21B | 174.45B | 155.37B | 144.46B |
| Cash, Cash Equivalents and Short-Term Investments | 51.76B | 51.76B | 51.92B | 55.04B | 52.47B | 55.22B |
| Total Debt | 0.00 | 57.26B | 42.99B | 25.70B | 15.05B | 13.99B |
| Total Liabilities | -66.71B | 146.36B | 131.59B | 115.39B | 103.13B | 97.80B |
| Stockholders Equity | 66.71B | 66.39B | 63.26B | 58.71B | 52.11B | 46.66B |
Cash Flow | ||||||
| Free Cash Flow | -4.13B | -10.98B | -21.58B | -6.01B | -2.68B | 13.65B |
| Operating Cash Flow | 885.20M | -5.65B | -11.10B | 2.48B | -1.68B | 14.05B |
| Investing Cash Flow | -9.66B | -7.31B | 319.20M | -11.71B | 14.68B | -12.27B |
| Financing Cash Flow | 5.68B | 11.14B | 11.56B | 7.79B | -2.23B | 6.71B |
IRCON International Ltd. Technical Analysis
Neutral
126.10
Price Trends
119.61
Negative
127.52
Negative
138.13
Negative
Market Momentum
-3.62
Negative
56.23
Neutral
28.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IRCON, the sentiment is Neutral. The current price of 126.1 is above the 20-day moving average (MA) of 111.32, above the 50-day MA of 119.61, and below the 200-day MA of 138.13, indicating a neutral trend. The MACD of -3.62 indicates Negative momentum. The RSI at 56.23 is Neutral, neither overbought nor oversold. The STOCH value of 28.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:IRCON.
IRCON International Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹100.61B | 24.16 | ― | 3.84% | 10.62% | 8.14% | |
62 Neutral | ₹5.17T | 28.33 | ― | 1.03% | 9.78% | 13.15% | |
58 Neutral | ₹204.93B | 33.65 | ― | 0.25% | 10.02% | 46.78% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
51 Neutral | ₹110.09B | 19.79 | ― | 1.72% | -9.92% | -21.60% | |
50 Neutral | ₹421.17B | 45.71 | ― | 0.87% | 5.40% | -24.53% | |
44 Neutral | ₹91.30B | 62.15 | ― | 0.82% | -11.87% | -73.37% |
* General Sector Average
IN:IRCON
IRCON International Ltd.
110.25
-61.03
-35.63%
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1.40%
IN:RITES
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IN:RVNL
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-145.30
-42.45%
IRCON International Ltd. Corporate Events
Ircon Opens Special Window for Transfer and Demat of Physical Shares
Sep 30, 2026
Ircon International Ltd. has notified the stock exchanges that it has published a public notice in Financial Express and Jansatta regarding a special window for the transfer and dematerialization of its physical securities. The move is in complian...
Ircon to Join Bharat Connect ‘Rising Stars’ Virtual Conference on 30 September
Sep 24, 2026
Ircon International Ltd. has announced that its management will participate in the Bharat Connect Conference: Rising Stars – September 2026, scheduled for 30 September 2026 as a virtual group meeting. The company stated that only its busines...
Ircon Files Business Responsibility and Sustainability Report for FY 2025-26
Sep 1, 2026
Ircon International Ltd. has released its Business Responsibility and Sustainability Report for the financial year 2025-26, prepared on a standalone basis and forming part of its annual report. The document is supported by a reasonable assurance s...
Ircon Flags Board-Compliance Fines, Expects Waiver After Director Appointment
Aug 25, 2026
Ircon International Ltd. has disclosed that both the National Stock Exchange of India and BSE Ltd. have imposed fines of Rs. 9,66,420 each, including GST, for non-compliance with board and committee composition requirements for the quarter ended J...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.