IRCON
Small CapIrcon International Limited
Infra
Navratna Central Public Sector Enterprise under the Ministry of Railways, involved in infrastructure projects including railways, roads, highways, buildings, and tunnels. Has executed 5,740 TKM Railway Track, 10,669 RKM Railway Electrification, and 7012 KMS Roads and Highways.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -7% YoY · PAT -10% YoY · margin expansion · +51% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,189 Cr | -6.5% | +50.5% |
| EBITDA | ₹267 Cr | +5.1% | +69.0% |
| Operating margin | 8.0% | +100 bps | +100 bps |
| PAT | ₹191 Cr | -9.9% | +91.0% |
| PAT margin | 6.0% | -22 bps | +127 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated Q4FY26 Operating Revenue declined 6.5% YoY but grew 50.5% QoQ. PAT decreased 9.6% YoY but surged 91.8% QoQ. For FY26, Operating Revenue fell 15.7% YoY, and PAT dropped 18.7% YoY.
IRCON's Q4FY26 showed strong sequential recovery in operating revenue and PAT, but annual performance for FY26 and Q4 YoY figures reflect significant declines. Despite a robust order book providing future revenue visibility, the current year's revenue contraction and increased finance costs indicate execution challenges and margin pressure.
Order Book by Sector
Latest issuer-disclosed distribution across 3 reported categories.
Massive Government CAPEX Push
Allocation of Rs.12.20 lakh Crore in Union Budget 2026.
Dedicated Freight Corridors
Announced new Dedicated Freight Corridors connecting Dankuni in the East, to Surat in the West.
PM Gati Shakti Cargo Terminal
Development of 100 PM Gati Shakti Cargo Terminal for multimodal logistics.
Railway Infrastructure Investment
Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization.
Government Infrastructure Push
Massive Govt. push to the CAPEX by allocation of Rs.12.20 lakh Crore in Union Budget 2026.
National Infrastructure Prioritization
Boost from National Infrastructure Prioritization, National Monetization Pipeline and Gati Shakti.
Indian Railways Outlay
Outlay of INR 2.78 Lakh Crore was announced in Union Budget for Indian Railways.
Road Transport & Highways Outlay
Outlay of INR 3.10 Lakh Crore has been allocated towards road transport and highways in Union Budget.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4 results show strong sequential momentum (QoQ) after a weaker Q3, indicating project execution pick-up. However, YoY comparison is crucial to assess annual growth trends and seasonal impacts, which show declines.
Order Book
Order Book of Rs.24,984 crore as on 31.03.2026.
Order Book Revenue Cover
Order book of Rs. 24,984 crore against FY26 consolidated operating revenue of Rs. 9071.1 crore, implying a cover of ~2.75x.
Operating Revenue (Consolidated)
Q4FY26: Rs. 3189 crore (-6.5% YoY, +50.5% QoQ). FY26: Rs. 9071.1 crore (-15.7% YoY).
Core EBITDA Margins (Consolidated)
Q4FY26: 9.0% (up 155 bps YoY, 41 bps QoQ). FY26: 9.4% (up 94 bps YoY).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 9071.1 crore operating revenue in FY26. | Improvement in revenue growth rate and project execution efficiency to convert order book into revenue. |
| Core EBITDA Margins | 9.4% (FY26 Consolidated). | Sustained improvement in core EBITDA margins, especially given the increase in finance costs. |
| Finance Cost | Rs. 350.1 crore (FY26 Consolidated), up 59.8% YoY. | Stabilization or reduction in finance costs, which significantly impacted PBT. |
| Order Inflow | Order book of Rs. 24,984 crore. | New order wins, particularly through competitive bidding, to maintain and grow the order book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Indian Railways plans to install 30 GW of renewable power capacity by 2029-30 to reduce carbon footprint.
"IR to install 30 GW of renewable power capacity by 2029-30"
Indian Railways will require an investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization.
"Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032"
The Union Budget announced an outlay of INR 2.65 Lakh Crore for Indian Railways.
"Outlay of INR 2.65 Lakh Crore was announced in Union Budget for Indian Railways"
The Union Budget 2025 includes a massive government push to CAPEX by allocation of Rs.11.21 lakh Crore.
"Massive Govt. push to the CAPEX by allocation of Rs.11.21 lakh Crore in Union Budget 2025"
Trend score and candlestick chart
42NeutralSMA20 -6.8% / mo
Technical chart
IRCONweekly · 1Y-32.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 43. Wait for confirmation.
- SMA20 falling (~7.2% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 34% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 28.9%.
- Valuation contributes 10/30 to the score.
- Growth contributes 8/25 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 9th percentile of the scored universe and 11th percentile within Infra. Main check: results consistency is weak at 15/100.
Mixed Trust Lite: Promoter holding is 65.2%. Key concern: Operating cash flow is negative at ₹-618 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Infra: 11th pctile, median 65 · Small: 12th pctile, median 65
100 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 65.2%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-618 Cr.
- ▸Altman Z is 1.59.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 21.10
- P/B
- 1.90
- EV/EBITDA
- 19.68
- Market Cap
- 12561.00Cr
Profitability
- ROE
- 9.19%
- ROCE
- 9.69%
- ROA
- 2.78%
- Dividend Y
- 1.98%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- -8.00%
Balance Sheet
- Debt/Equity
- 0.86
- Interest Coverage
- 2.19×
- Altman Z
- 1.59
- Book Value
- 70.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -618.00 Cr
- EPS TTM
- 6.33
Shareholding
- Promoter Hold
- 65.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.