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Ircon International (IRCON) investor relations material
Ircon International Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
Q2 and H1 FY26 saw record turnover and significant growth in both consolidated and standalone financials, with the Board approving unaudited results and auditors finding no material misstatements.
The company is a Navratna CPSE with a diversified project portfolio across railways, highways, and international markets, operating 11 subsidiaries and 7 joint ventures.
Order book stood at ₹23,865 crore as of 30 September 2025, with 91% domestic and 9% international projects.
Financial highlights
Q2FY26 consolidated operating revenue was ₹2,448 crore, up 24% year-over-year; EBITDA rose 15% to ₹343 crore; PAT at ₹206 crore.
H1FY26 consolidated revenue grew 26% year-over-year to ₹4,735 crore; EBITDA up 13% to ₹700 crore; PAT at ₹430 crore.
Standalone Q2FY26 revenue was ₹2,299 crore, EBITDA ₹260 crore, and PAT ₹239 crore.
Consolidated net profit for Q2 FY26 was ₹136.51 crore, and for H1 FY26 was ₹300.61 crore, both down year-over-year.
Margins declined due to losses in certain JVs and subsidiaries, and new projects are being won at lower margins.
Outlook and guidance
Order inflow for H1 FY26 exceeded ₹4,000 crore, with a similar target for H2; full-year consolidated operating revenue is projected at ₹10,000-11,000 crore.
Strong government CAPEX push and infrastructure pipeline expansion are expected to drive future growth, with major investments planned in railways and highways.
Margins are expected to compress by about 1 percentage point due to competitive bidding and lower-margin projects.
What drives the 1% margin compression?
When will CERL-I JV break even?
Diversification strategy and new order segments
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Next Ircon International earnings date
Q3 25/2611 Feb, 2026
Next Ircon International earnings date
Q3 25/2611 Feb, 2026
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