MarketFriction

Ircon International Ltd

NSE IRCON · BSE 541956 · Civil Construction
₹110.25 -5.84%
NSE close2026-10-01
52 week range101.60 - 186.44
Market cap₹9,637 Cr.
P/E18.4
Nifty 500Smallcap 250 Price band 20% Delivery 8.7%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales2,9872,9303,7872,2872,4482,6133,4121,7861,9772,1193,1891,956
Expenses2,7712,6713,4702,0372,2472,4813,1581,5861,8361,9612,9221,764
Operating Profit216259317251201132254200141158267192
OPM %7%9%8%11%8%5%7%11%7%7%8%10%
Other Income1771191071071428610312415611212287
Interest3737414853566275859397107
Depreciation272727272831323740424445
Profit before tax328314356282262132263212172135248127
Tax %24%22%31%20%22%35%19%22%21%26%23%27%
Net Profit2512452472242068621216413710019192
EPS in Rs2.672.602.622.382.190.922.241.751.471.072.040.99
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,4933,0674,0244,7985,3915,3427,38010,36812,51410,7609,0719,241
Expenses2,2282,7403,5764,3204,7874,8456,7959,66411,4069,9128,3038,483
Operating Profit2643284484796044975857041,108847768758
OPM %11%11%11%10%11%9%8%7%9%8%8%8%
Other Income421313189212178196261413403431513476
Interest43596515282362119149221352382
Depreciation31271652839295107100118163170
Profit before tax6125565556246725786898911,261939766682
Tax %36%31%26%28%28%32%14%14%26%22%23%
Net Profit393384409450485391592765930728592520
EPS in Rs19.853.884.354.795.164.166.308.149.887.736.335.57
Dividend Payout %43%96%47%45%46%36%40%37%31%34%30%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth14%11%-4%-10%
Compounded Profit Growth3%6%-12%-22%
Stock Price CAGR%18%-11%-40%
Return on Equity12%13%12%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital20209994949494188188188188188
Reserves3,2853,6193,7183,6673,8704,0774,3094,4785,0235,6836,0816,451
Borrowings239003,2003,07703311,3991,5052,5704,2995,726
Other Liabilities3,8934,5005,4155,8106,2786,0096,5208,3828,8219,0118,8968,943
Total Liabilities7,4378,1399,23112,77113,31810,18111,25414,44615,53717,45219,46421,307
Fixed Assets7365065245681,8901,9821,9221,8451,8251,7362,4533,524
CWIP30755499645530133619549976595
Investments4964877817848098038509711,0491,5531,2391,432
Other Assets6,1747,0707,37810,45510,5657,3668,46811,59412,64413,61414,79615,757
Total Assets7,4378,1399,23112,77113,31810,18111,25414,44615,53717,45219,46421,307
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity5021,441919-2,617-1,185-1365181,414-278-79-1,110-618
Cash from Investing Activity-52147-1,834-20616447-785-1,2411,582-72054-273
Cash from Financing Activity-222-219-2222,737-93-275169671-2236401,156801
Net Cash Flow-2421,269-1,137100-66236-998441,080-158100-89
Free Cash Flow4721,365402-3,037-1,516-1855341,374-376-887-2,161-1,148
CFO/OP95%586%298%-571%-227%-11%113%247%-29%36%-95%-41%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days727556615137433430234556
Inventory Days15015715232076506
Days Payable428406550588478687530
Cash Conversion Cycle72-203-193-33751-231-359343023-592-468
Working Capital Days-147-215-175-162-101-85-119-128-47-41-41-21
ROCE %27%18%14%11%9%12%13%14%16%18%12%9%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters73.18%65.17%65.17%65.17%65.17%65.17%65.17%65.17%65.17%65.17%65.17%65.17%
FIIs4.01%4.11%4.58%4.17%3.94%4.09%4.11%4.58%4.61%4.54%4.78%4.61%
DIIs0.36%0.93%1.31%2.90%1.63%1.44%1.57%1.60%1.64%1.72%1.79%1.79%
Government0.26%0.26%0.26%0.26%0.26%0.28%0.28%0.28%0.28%0.28%0.28%0.28%
Public22.17%29.51%28.66%27.51%28.99%29.03%28.88%28.37%28.29%28.28%27.97%28.16%
No. of Shareholders4,70,2755,98,4779,31,49210,22,21312,07,13412,15,38612,46,91712,01,23511,68,06411,34,13311,06,68810,80,370

Fundamentals

Market Cap₹ 9,637 Cr.
Current Price₹ 102
Stock P/E18.4
Book Value₹ 70.6
ROCE9.27 %
ROE8.19 %
Dividend Yield1.85 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-10%
Compounded Profit Growth (TTM)-22%
Consolidated figures.
Valuation
Market capRs 10,369 Cr
Enterprise valueRs 11,285 Cr
P/E (TTM)19.80x
Price to book1.56x
Price to sales1.12x
EV / EBITDA9.14x
EV / EBIT10.61x
EV / sales1.22x
Earnings yield5.05%
Dividend yield1.72%
P/E, 3-year average20.22x
P/B, 3-year average2.50x
P/E, 5-year average14.77x
P/B, 5-year average1.86x
Profitability
Operating margin (excl. other income)8.47%
Operating margin (incl. other income)14.12%
EBITDA margin13.36%
Pre-tax margin7.38%
Net profit margin5.67%
Net margin, latest quarter4.74%
ROE9.23%
ROCE9.75%
ROA2.92%
ROE, 3-year average12.66%
ROCE, 3-year average13.52%
ROA, 3-year average4.17%
ROE, 5-year average13.31%
ROCE, 5-year average14.05%
ROA, 5-year average4.44%
ROIC (approx.)10.87%
Tax rate22.78%
Other income / net worth7.73%
Growth
Sales growth (latest year)-15.69%
Profit growth (latest year)-18.14%
Sales CAGR, 3 years-4.36%
Sales CAGR, 5 years11.17%
Profit CAGR, 3 years-8.02%
Profit CAGR, 5 years8.77%
Sales growth QoQ-38.67%
Profit growth QoQ-51.60%
Sales growth YoY (latest quarter)9.49%
Profit growth YoY (latest quarter)-43.64%
Per share
EPS (TTM)Rs 5.57
EPS (latest year)Rs 6.33
EPS (latest quarter)Rs 0.99
EPS, 3-year averageRs 7.98
EPS, 5-year averageRs 7.68
Book value per shareRs 70.59
Sales per shareRs 98.25
Cash flow per shareRs -6.57
Free cash flow per shareRs -12.21
Dividend per share (latest year)Rs 1.90
Dividend per share, 3-year averageRs 2.55
Dividend per share, 5-year averageRs 2.63
Dividends
Dividend payout30.01%
Dividend payout, 3-year average31.88%
Dividend payout, 5-year average34.44%
Efficiency
Asset turnover0.43x
Fixed asset turnover2.57x
Inventory turnover629.84x
Inventory days1 days
Debtor days56 days
Debtors turnover6.49x
Creditor days530 days
Cash conversion cycle-468 days
Working capital days-21 days
Leverage
Total debtRs 5,726 Cr
Cash and bankRs 4,809 Cr
Net debtRs 916 Cr
Debt to equity0.86x
Net debt / EBITDA0.74x
Interest coverage2.79x
Current ratio (filing 2026-03-31)1.65x
Quick ratio (filing 2026-03-31)1.65x
Trade payables (filing 2026-03-31)Rs 1,201 Cr
Owners' fund to total sources31.16%
Debt to assets26.87%
Cash flow
Cash from Operating Activity (latest year)Rs -618 Cr
Cash from Investing Activity (latest year)Rs -273 Cr
Cash from Financing Activity (latest year)Rs 801 Cr
Net Cash Flow (latest year)Rs -89 Cr
Free cash flow (latest year)Rs -1,148 Cr
FCFE (approx.: FCF + change in debt)Rs 278 Cr
Cash from ops / profit, 5 years-0.19x
Statement figures
Net sales (TTM)Rs 9,241 Cr
Net sales (latest year)Rs 9,071 Cr
Sales (latest quarter)Rs 1,956 Cr
Operating profit excl. other income (latest year)Rs 768 Cr
Operating profit (latest quarter)Rs 192 Cr
Other income (TTM)Rs 476 Cr
EBITDA (TTM)Rs 1,234 Cr
PBDT (TTM)Rs 852 Cr
Profit before tax (TTM)Rs 682 Cr
Tax (latest year)Rs 175 Cr
Net profit (TTM)Rs 524 Cr
Net profit (latest year)Rs 595 Cr
Net profit (latest quarter)Rs 93 Cr
Depreciation (TTM)Rs 170 Cr
Depreciation (latest quarter)Rs 45 Cr
Interest (TTM)Rs 382 Cr
Cost of goods sold (latest year)Rs 7,980 Cr
Total expenditure (latest year)Rs 8,303 Cr
Total income (latest year)Rs 9,584 Cr
Share capitalRs 188 Cr
ReservesRs 6,451 Cr
Shareholders' fundsRs 6,639 Cr
Total assetsRs 21,307 Cr
Net blockRs 3,524 Cr
Capital work in progressRs 595 Cr
InvestmentsRs 1,432 Cr
ReceivablesRs 1,398 Cr
InventoryRs 13 Cr
Other liabilitiesRs 8,943 Cr
Shares outstanding (crore)94.05
Ownership
Promoter holding65.17% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 19.8 is at the 67th percentile of its own 8.2-year range (median 10.5, low 5.7, high 33.3).
P/B 1.56 is at the 58th percentile (median 1.11).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodIRCONNifty 50Difference
1 week+3.4%-2.8% +6.2 pts
1 month-7.4%-6.8% -0.6 pts
3 months-17.8%-7.6% -10.2 pts
6 months-4.4%+0.4% -4.8 pts
1 year-36.3%-9.9% -26.4 pts
2 years-52.3%-13.6% -38.7 pts
3 years-23.9%+14.2% -38.1 pts
5 years+144.5%+27.9% +116.6 pts
31 mutual fund schemes hold about ₹22 Cr. Over three months 30 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Nifty Smallcap 250 Index Fund0.18%6 +7%
SBI Nifty Smallcap 250 Index Fund0.18%3 +7%
Groww Nifty India Railways PSU Index Fund4.42%3 +14%
Motilal Oswal Nifty Smallcap 250 Index Fund0.18%2 +7%
ICICI Pru Nifty Smallcap 250 Index Fund0.18%1 +7%
HDFC NIFTY Smallcap 250 Index Fund0.18%1 +7%
Nippon India Nifty 500 Equal Weight Index Fund0.18%1 +15%
JioBlackRock Nifty Smallcap 250 Index Fund0.18%1 +7%
Motilal Oswal Nifty 500 Index Fund0.02%1 +10%
Edelweiss Nifty Smallcap 250 Index Fund0.18%0 +7%
Aditya Birla SL BSE India Infrastructure Index Fund1.25%0 +20%
Groww Nifty Smallcap 250 Index Fund0.18%0 +7%
HDFC Nifty500 Multicap 50:25:25 Index Fund0.04%0 +7%
Bandhan Nifty Smallcap 250 Index Fund0.18%0 +7%
Kotak Nifty Smallcap 250 Index Fund0.18%0 +7%
SBI Nifty 500 Index Fund0.02%0 +10%
Kotak BSE PSU Index Fund0.18%0 +12%
Groww Nifty Total Market Index Fund0.02%0 +10%
Axis Nifty 500 Index Fund0.02%0 +10%
HDFC BSE 500 Index Fund0.02%0 +6%
DSP Nifty Smallcap 250 Index Fund0.17%0 +6%
ICICI Pru Nifty 500 Index Fund0.02%0 +10%
UTI Nifty 500 Index Fund0.02%0 +100%
Angel One Nifty Total Market Index Fund0.02%0 +10%
Mirae Asset Nifty Total Market Index Fund0.02%0 +10%

Red flags

F-score 3 of 8
explainWeak cash conversion Cash from operations was -80% of net profit over the last 3 years
explainDebt up, profit down Borrowings up 33% while net profit fell in 2026
lookProfit leans on other income Other income was 67% of pre-tax profit in 2026
lookAuditor change Auditor change 2026-09-08: Ircon International Limited has informed the Exchange regarding Change in Auditors of the company.
lookRegulator order or action Regulator order or action 2026-08-25: Ircon International Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,956 Cr +9.5% vs Jun 2025. Net profit ₹92 Cr -43.9%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-17Dividend - Re 0.70 Per Share
2026-02-17Interim Dividend - Rs 1.20 Per Share
2025-09-11Dividend - Re 1 Per Share
2025-02-17Interim Dividend - Rs 1.65 Per Sh
2024-09-05Annual General Meeting/Dividend - Rs 1.30 Per Share
2024-02-16Interim Dividend - Rs 1.80 Per Share
2023-09-05Annual General Meeting/Dividend - Rs 1.20 Per Share
2023-02-17Interim Dividend - Rs 1.80 Per Share
2022-09-08Annual General Meeting/Dividend - Re 0.65 Per Share
2022-02-21Interim Dividend - Rs 0.70 Per Share
2021-11-22 Interim Dividend - Rs 0.70 Per Share
2021-09-16 Annual General Meeting/Dividend - Rs 1.70 Per Share
2021-08-18 Interim Dividend - Rs 0.45 Per Share
2021-05-20 Bonus 1:10.5000
2021-02-23 Interim Dividend - Rs 1.30 Per Share
2020-09-21 Annual General Meeting/Dividend - Rs 2.06 Per Share
2020-04-03 Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2020-02-20 Interim Dividend - Rs 13.45 Per Share
2019-08-26 Annual General Meeting/Dividend - Rs 10.825 Per Share
2019-02-15 Interim Dividend - Rs 10.72 Per Share
DateTypeWhat it says
2026-10-01Volume querySignificant increase in volume has been observed in Ircon International Limited. The Exchange, in order to ensure that investors have latest relevant ...
2026-09-30Volume querySignificant increase in volume has been observed in Ircon International Limited. The Exchange, in order to ensure that investors have latest relevant ...
2026-09-24Concall / analyst meetSchedule of meet
2026-09-24Shareholder meetingVoting results.
2026-09-24Shareholder meetingProceedings of Annual General Meeting held on September 24, 2026
2026-09-23LitigationPendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-09-08Change in AuditorsChange in Auditors of the company.
2026-09-01UpdatesBusiness Responsibility & Sustainability Report (BRSR) along with Independent Assurance Statement for the FY 2025-26.
2026-09-01Shareholder meetingNotice of Annual General Meeting to be held on September 24, 2026
2026-08-31RetirementRetirement of Shri P.V. Sreekanth, Executive Director/ S&T, IRCON, has ceased to be a Senior Management Personnel of IRCON w.e.f. 31st August, 2026
2026-08-27Concall / analyst meetSchedule of meet
2026-08-25Regulatory actionAction(s) taken or orders passed
2026-08-25Record DateRecord date for the purpose of Dividend is 17-Sep-2026.
2026-08-25General UpdatesGeneral Updates
2026-08-17AppointmentAppointment of Mrs Suman Bala as Non- Executive Independent Director of the company w.e.f. August 17, 2026.
2026-08-13General UpdatesNomination of Non-Official (Independent) Director
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Press Release- Highlights of Financial Results for quarter ended on 30th June, 2026".
2026-08-12Investor PresentationInvestor Presentation
2026-08-12Change in AuditorsChange in Auditors of the company.
2026-08-12Board meeting outcomeIrcon International Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-07AppointmentAppointment of Mr P.V. Sreekanth as ED/S&T of the company w.e.f. August 07, 2026.
2026-08-07AppointmentAppointment of Mr Vimal Kishor Nagar as ED/Electrical of the company w.e.f. August 07, 2026.
2026-07-01AppointmentAssumption of additional charge of the post of Chairman & Managing Director (CMD), IRCON by Shri Saleem Ahmad. w.e.f. July 01, 2026.
2026-06-30CessationCessation of Mr Hari Mohan Gupta as Chairman & Managing Director of the company w.e.f. Jun 30, 2026.
2026-06-26UpdatesApproval of appointment of Shri Saleem Ahmad, as CMD, IRCON on additional charge and designating him as Chief Executive Officer ( CEO ) and Key Manage...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Trade dateShares sold short
2026-09-306
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03