Ircon International (IRCON) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 consolidated revenue ranged from INR 2,112 crore to ₹2,448 crore, with PAT between INR 136.51 crore and ₹206 crore, and core EBITDA up to ₹343 crore.

• Achieved highest-ever turnover and recognized as a Navratna CPSE, with a diversified project portfolio across railways, highways, and international markets.

• Order book as of 30 September 2025 was ₹23,865 crore, with 91% domestic and 9% international projects.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved by the Board and reviewed by the Audit Committee.

• Limited review reports from statutory auditors found no material misstatements in the financial disclosures.

Financial highlights

• Consolidated Q2FY26 operating revenue rose 24% year-over-year to ₹2,448 crore; EBITDA up 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.

• Consolidated total income for Q2 FY26 was ₹2,112.18 crore, down from ₹2,538.58 crore in Q2 FY25; H1 FY26 income was ₹4,004.56 crore versus ₹4,923.88 crore in H1 FY25.

• International projects contributed significant foreign exchange gains, notably INR 20 crore from the Khulna Mongla project in Bangladesh.

• Margins were dented due to losses in certain JVs and subsidiaries, and lower-margin new projects.

Outlook and guidance

• Strong government CAPEX push and infrastructure pipeline expansion expected to drive future growth.

• Order inflow for H1 FY26 exceeded INR 4,000 crore, with similar targets for the second half.

• Full-year consolidated operating revenue is projected at INR 10,000-11,000 crore, with similar levels expected for FY27.

• Margin compression of about 1 percentage point is anticipated due to competitive bidding and lower-margin projects.

• Management does not foresee impairment in key joint ventures and expects ongoing projects to continue as planned.