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Indian state-owned railway and highway EPC contractor, building and exporting rail infrastructure projects globally.
Indian state-owned railway and highway EPC contractor, building and exporting rail infrastructure projects globally.
Is paid as work progresses on engineering, procurement and construction contracts for railways and highways, so revenue follows its order backlog. The Indian government owns most of the company through the Ministry of Railways.
Moat: narrow (regulatory licence, customer qualification). Nominated PSU for railway exports and domestic rail EPC, largely non-competitive order flow.
Headquarters: New Delhi, India · Founded: 1976 · Employees: 1,070
Size IRCON International (IRCON.NS) is an India Industrials company (Engineering & Construction) with a market value of $1.08B, the 573rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹108.17 on 6 Nov 2026.
Performance Over six months the shares fell 33.0%, against -21.2% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 2.6% over the last twelve months (peer median +8.3%); the operating margin is 7.3% (peer median 6.9%).
Valuation It trades at 15.4× forward earnings against a peer median of 18.4× (7th cheapest of 18).
Capital Return on invested capital runs 7.7 points below its cost of capital (14.6% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹95.4B | ₹89.3B | ₹106B | ₹123B | ₹104B |
| Revenue growth | — | -16% | -14% | +19% | — |
| Gross profit | ₹7.71B | ₹5.37B | ₹6.39B | ₹9.18B | ₹6.49B |
| EBITDA | ₹8.68B | ₹6.40B | ₹6.97B | ₹9.66B | ₹7.16B |
| Net income | ₹4.88B | ₹5.95B | ₹7.27B | ₹9.30B | ₹7.65B |
| Free cash flow | n/a | -₹10.6B | -₹19.0B | -₹5.97B | -₹1.37B |
| Capital expenditure | n/a | ₹5.33B | ₹10.5B | ₹8.48B | ₹998M |
| Total debt | ₹59.0B | ₹57.3B | ₹43.0B | ₹25.7B | ₹15.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| IRCON International IRCON.NS | $1.08B | -33% | -3% | 7% | 15.4× | n/a |
| Rail Vikas Nigam RVNL.NS | $4.27B | -37% | +5% | 4% | 46.0× | n/a |
| Kalpataru Projects International KPIL.NS | $2.48B | +6% | +15% | 6% | 18.6× | 14.9% |
| Titagarh Rail Systems TITAGARH.NS | $967M | -20% | -10% | 10% | 34.8× | 45.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IRCON.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.4% | -2.5% | 9th highest of 21 |
| 6-month return | -33.0% | -21.2% | 2nd lowest of 21 |
| Distance from 52-week high | -42.0% | -33.4% | 5th lowest of 21 |
| Revenue growth (TTM) | -2.6% | +8.3% | 7th lowest of 21 |
| Operating margin | 7.3% | 6.9% | 10th highest of 21 |
| Forward P/E | 15.4× | 18.4× | 7th cheapest of 18 |
| ROIC minus cost of capital | -7.7 pp | -1.2 pp | 3rd lowest of 20 |
| EV / EBITDA | 12.5× | 12.0× | 5th most expensive of 12 |
| Net debt / EBITDA | 0.7× | 0.8× | 7th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| IRCON International IRCON.NS | India | $1.08B | -33% | -3% | 7% | 15.4× | n/a | n/a |
| Chiyoda 6366.T | Japan | $1.07B | -35% | +16% | 17% | 6.7× | n/a | n/a |
| Anhui Construction Engineering 600502.SS | China | $1.07B | -23% | -4% | 6% | 4.6× | n/a | n/a |
| thyssenkrupp nucera AG & Co. KGaA NCH2.DE | Germany | $1.09B | -13% | -42% | -13% | n/a | n/a | n/a |
| Toa Corporation (Construction) 1885.T | Japan | $1.06B | -29% | +2% | 7% | 9.1× | -12.2% | +13.6% |
| Fugro FUR.AS | Netherlands | $1.06B | -29% | -11% | 3% | n/a | n/a | n/a |
| HuaDian Heavy Industries 601226.SS | China | $1.04B | -32% | +18% | 2% | 29.5× | 18.2% | +3.2% |
| Norbit NORBT.OL | Norway | $1.12B | -28% | +34% | 22% | 21.1× | -5.3% | +32.2% |
| IPARK Hyundai Development 294870.KS | South Korea | $1.12B | +4% | -13% | 11% | 4.2× | n/a | n/a |
| Decai Decoration 605287.SS | China | $1.12B | -3% | +17% | 5% | n/a | 25.3% | -5.4% |
| Jiangsu Zeyu Intelligent Electric Power 301179.SZ | China | $1.13B | -20% | +8% | 8% | 32.1× | 24.8% | +15.4% |
| Norconsult NORCO.OL | Norway | $1.14B | +2% | +13% | 7% | 15.7× | -5.9% | +10.6% |
| Jiangsu Libert 605167.SS | China | $1.02B | -24% | -29% | 8% | 28.6× | n/a | n/a |
| Techno Electric & Engineering TECHNOE.NS | India | $1.14B | -28% | +39% | 13% | 18.8× | n/a | n/a |
| Instalco INSTAL.ST | Sweden | $1.15B | +9% | +9% | 5% | 18.4× | 10.9% | +13.8% |
| Guangzhou Metro Design & Research Institute 003013.SZ | China | $1.01B | +9% | -8% | 15% | 21.1× | n/a | n/a |
| Ameresco AMRC | United States | $1.15B | -28% | +9% | 7% | 15.6× | n/a | n/a |
| Toenec 1946.T | Japan | $1.01B | -32% | +2% | 8% | 7.9× | -2.3% | +4.8% |
| Renew RNWH.L | United Kingdom | $1.15B | +19% | +8% | 6% | 15.3× | 7.7% | +11.7% |
| Superloop SLC.AX | Australia | $1.01B | -19% | +22% | 5% | 30.8× | 28.0% | +47.3% |
| Rosetti Marino YRM.MI | Italy | $1.01B | -9% | +14% | 7% | 27.6× | n/a | n/a |