Ircon International Limited conducted a post-results Investors' Conference Call on Thursday, 5th November 2026 to discuss the financial results for Q2 and H1 FY27 ended 30th September 2026.

The conference call was moderated by Renju Thomas and featured the following management participants:

  • Mr. Saleem Ahmad, Chairman & Managing Director (AC)
  • Mrs. Ragini Advani, Director Finance
  • Mr. Alin Roy Choudhury, CFO & CGM Finance
  • Mr. Ram Kumar Goyal, GM Finance
  • Mr. Sachin Garg, DGM/ Investor Relations

The purpose of the call was to discuss the company's Q2 and H1 FY27 financial performance and provide business updates. The transcript of the call is being submitted pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR").

The transcript is also available on the company's website at https://www.ircon.org/Investor-Relations/presentation-and-earning-calls through the path: www.ircon.org >> Investor Relations >> Presentation and Earning Calls >> Transcript of the Investors' Conference Call held on 5th November 2026.

Financial Highlights Discussed:

Q2 FY27 Consolidated Performance:

  • Total Revenue: INR 2,364 crore
  • Operating Revenue: INR 2,272 crore
  • PAT: INR 100 crore
  • Core EBITDA: INR 227 crore
  • Earnings per share: INR 1.09 per equity share (face value of INR two per share, not annualized)

Order Book Position (as of 30th September 2026):

  • Total Order Book: INR 21,296 crore
  • Competitive basis orders: 55%
  • Nomination basis orders: 45%
  • Domestic orders: 91%
  • International orders: 9%

Subsidiaries and Joint Ventures:

  • 11 subsidiaries (roads, highways, and renewable projects)
  • 7 joint ventures (mainly coal connectivity projects)
  • Total investment in SPVs: INR 3,100 crore already invested with another INR 800-900 crore expected

Management Guidance and Outlook:

Revenue Guidance:

  • Standalone operating turnover expected in range of INR 9,000-9,500 crore for FY27
  • Marginal growth of 5-6% from previous year

Margin Guidance:

  • Standalone PAT margin: 6-7%
  • Consolidated core EBITDA margin: 8-9%

Order Inflow Target:

  • FY27 target: INR 9,000-10,000 crore
  • Already secured: INR 1,000 crore (with substantial quantum coming after 30th September)
  • Currently quoted: INR 25,000 crore worth of projects

Tax Rate:

  • One-off tax expense of INR 12-13 crore in Sri Lanka project
  • Full-year expected tax rate: 23-24%

Key Projects Driving Execution:

  • Sivok project (West Bengal/Sikkim): INR 2,000-2,500 crore pending
  • Bullet Train T-2 package: INR 3,000-3,500 crore pending

International Expansion Strategy:

  • Focus on increasing international order share from 9% to 15%
  • Targeting opportunities in Algeria, African countries, and Eastern Europe
  • Better margins and less competition in overseas markets

Other Financial Details:

  • Own funds: INR 800-900 crore
  • Decline in other income due to: end of dividend from ISTPL PPP project, plowing back surplus cash into PPP projects, and lower exchange gains compared to previous year
  • Working capital loan usage: INR 100 crore (nominal amount) with primary funding from own cash balances

Additional Notes Section

The document includes the complete transcript of the investor conference call held on 5th November 2026. No financial data beyond what was discussed in the call was disclosed in this announcement. The company has indicated compliance with regulatory requirements through this disclosure.