Consolidated Financial Performance (Quarterly)

Revenue Metrics:

  • Total income: ₹2,363.7 crore in Q2 FY27, up 11.9% YoY from ₹2,112.2 crore in Q2 FY26
  • Revenue from operations: ₹2,271.7 crore in Q2 FY27, up 14.9% YoY from ₹1,976.8 crore in Q2 FY26
  • Sequential growth: Total income increased 15.7% QoQ from ₹2,042.7 crore in Q1 FY27; Revenue from operations increased 16.2% QoQ from ₹1,955.8 crore

Profitability Metrics:

  • EBITDA: ₹319.5 crore in Q2 FY27, up 7.6% YoY from ₹297.0 crore in Q2 FY26
  • EBITDA Margin: 13.5% in Q2 FY27, contracted 54bps YoY from 14.1% in Q2 FY26
  • Profit before tax: ₹159.6 crore in Q2 FY27, down 7.5% YoY from ₹172.5 crore in Q2 FY26
  • Profit after tax: ₹100.3 crore in Q2 FY27, down 26.5% YoY from ₹136.5 crore in Q2 FY26
  • PAT Margin: 4.3% in Q2 FY27, contracted 222bps YoY from 6.5% in Q2 FY26
  • EPS: ₹1.09 per share in Q2 FY27, down 25.8% YoY from ₹1.47 per share in Q2 FY26 (Face Value ₹2 per share)

Consolidated Financial Performance (Half Yearly)

Revenue Metrics:

  • Total income: ₹4,406.5 crore in H1 FY27, up 10.0% YoY from ₹4,004.6 crore in H1 FY26
  • Revenue from operations: ₹4,227.5 crore in H1 FY27, up 12.3% YoY from ₹3,763.0 crore in H1 FY26

Profitability Metrics:

  • EBITDA: ₹598.1 crore in H1 FY27, down 3.7% YoY from ₹620.9 crore in H1 FY26
  • EBITDA Margin: 13.6% in H1 FY27, contracted 193bps YoY from 15.5% in H1 FY26
  • Profit before tax: ₹286.4 crore in H1 FY27, down 25.4% YoY from ₹384.0 crore in H1 FY26
  • Profit after tax: ₹192.4 crore in H1 FY27, down 36.0% YoY from ₹300.6 crore in H1 FY26
  • PAT Margin: 4.4% in H1 FY27, contracted 314bps YoY from 7.5% in H1 FY26
  • EPS: ₹2.08 per share in H1 FY27, down 35.4% YoY from ₹3.22 per share in H1 FY26 (Face Value ₹2 per share)

Standalone Financial Performance (Quarterly)

Revenue Metrics:

  • Total Income: ₹2,187.8 crore in Q2 FY27, up 7.9% YoY from ₹2,027.3 crore in Q2 FY26
  • Revenue from Operation: ₹2,090.2 crore in Q2 FY27, up 12.9% YoY from ₹1,851.5 crore in Q2 FY26

Profitability Metrics:

  • EBITDA: ₹199.1 crore in Q2 FY27, down 16.7% YoY from ₹238.9 crore in Q2 FY26
  • EBITDA Margin: 9.1% in Q2 FY27, contracted 269bps YoY from 11.8% in Q2 FY26
  • PBT: ₹181.1 crore in Q2 FY27, down 20.0% YoY from ₹226.4 crore in Q2 FY26
  • PAT: ₹121.9 crore in Q2 FY27, down 34.0% YoY from ₹184.7 crore in Q2 FY26
  • PAT Margin: 5.6% in Q2 FY27, contracted 354bps YoY from 9.1% in Q2 FY26
  • EPS: ₹1.30 per share in Q2 FY27, down 33.7% YoY from ₹1.96 per share in Q2 FY26 (Face Value ₹2 per share)

Standalone Financial Performance (Half Yearly)

Revenue Metrics:

  • Total income: ₹4,114.3 crore in H1 FY27, up 8.3% YoY from ₹3,798.7 crore in H1 FY26
  • Revenue from operations: ₹3,890.5 crore in H1 FY27, up 10.7% YoY from ₹3,515.7 crore in H1 FY26

Profitability Metrics:

  • EBITDA: ₹420.9 crore in H1 FY27, down 6.2% YoY from ₹448.7 crore in H1 FY26
  • EBITDA Margin: 10.2% in H1 FY27, contracted 158bps YoY from 11.8% in H1 FY26
  • Profit before tax: ₹384.6 crore in H1 FY27, down 8.6% YoY from ₹420.9 crore in H1 FY26
  • Profit after tax: ₹285.4 crore in H1 FY27, down 14.9% YoY from ₹335.2 crore in H1 FY26
  • PAT Margin: 6.9% in H1 FY27, contracted 189bps YoY from 8.8% in H1 FY26
  • EPS: ₹3.03 per share in H1 FY27, down 14.9% YoY from ₹3.56 per share in H1 FY26 (Face Value ₹2 per share)

Order Book Position

The total order book as on 30.09.2026 stands at ₹21,296 crore with the following break-up:

  • RAILWAYS: ₹16,271 crore
  • HIGHWAYS: ₹3,538 crore
  • OTHERS: ₹1,487 crore

Industry Outlook and Context

India's infrastructure sector is witnessing strong growth, supported by government initiatives, private sector participation and rapid urbanisation. The Government continues to prioritise investments in roads, railways, airports, logistics and urban infrastructure. Key initiatives mentioned include PM Gati Shakti, National Logistics Policy, Bharatmala, Sagarmala, PMAY, Smart Cities, Metro Rail and NaMo Bharat initiatives.

CAPEX allocation of ₹12.2 lakh crore in Budget 2026 reflects the Government's continued infrastructure focus. Budget 2026 has further proposed seven high-speed rail corridors and a dedicated freight corridor. These initiatives are expected to create significant opportunities across the infrastructure value chain.

The company states it is strategically positioned to leverage these emerging opportunities by strengthening its capabilities and remains focused on sustainable growth and contributing to India's expanding infrastructure development.

Company Background

Ircon International Limited is a Navratna, Public Sector Enterprise and a leading turnkey Construction Company in the public sector known for quality, commitment, and consistency in terms of performance. The core competence of IRCON is in Railways and Highways & the company reports to Ministry of Railways. The company has executed projects in areas of Railway construction including ballast less track, electrification, tunneling, signal & telecommunication as well as leasing of locos, construction of roads, highways, commercial, industrial & residential buildings and complexes, airport runway and hangars, metro and mass rapid transit system.

IRCON has widespread operations in several states in India and other countries (Malaysia, Nepal, Bangladesh, Algeria, Myanmar and Sri Lanka). Company has completed more than 131 projects in 25 countries across the globe and 408 projects in various states in India.