Ircon International (IRCON) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated operating revenue rose 14.9% YoY to ₹2,271.66 crore, while PAT declined 26.5% to ₹100.34 crore.

• H1 FY27 consolidated revenue increased 12.3% to ₹4,227.49 crore; PAT fell 36.0% to ₹192.37 crore.

• Order book was ₹21,296 crore at 30 September 2026; 55% was competitively awarded.

Financial highlights

• Consolidated Q2 EBITDA was ₹319.5 crore, up 7.6% YoY; PAT was ₹100.34 crore, down 26.5% YoY, and EPS was ₹1.09 versus ₹1.47.

• Consolidated H1 EBITDA declined 3.7% to ₹598.1 crore; PAT was ₹192.37 crore versus ₹300.61 crore.

• Standalone Q2 revenue was ₹2,090.24 crore and PAT ₹121.92 crore; H1 revenue was ₹3,890.51 crore and PAT ₹285.44 crore.

• Standalone Q2 EBITDA was ₹199.1 crore and H1 EBITDA ₹420.9 crore; Q2 and H1 EPS were ₹1.30 and ₹3.03, respectively.

Outlook and guidance

• FY27 order-win target is ₹9,000–10,000 crore; approximately ₹1,000 crore had been secured by the call, with ₹25,000 crore of bids quoted and openings pending.

• FY27 standalone operating-turnover guidance is ₹9,000–9,500 crore with 5%–6% growth; a later outlook cited full-year revenue of ₹9,500–10,000 crore.

• FY27 closing order-book target is approximately ₹25,000 crore; FY28 revenue is expected to increase marginally, subject to orders and market conditions.

• Standalone PAT margin guidance is 6%–7%; consolidated core EBITDA margin guidance is 8%–9%.

• FY27 effective tax-rate guidance is 23%–24%; the one-off Sri Lanka tax charge is expected to largely wash out over the year.