Ircon International (IRCON) Q4 25/26 earnings summary

Executive summary

• Consolidated operating revenue for FY 2025-26 was ₹10,759.58 crore, down from ₹11,131.03 crore in FY 2024-25, reflecting sectoral headwinds and competitive pressures.

• PAT for FY 2025-26 was ₹591.92 crore, down from ₹727.83 crore in FY 2024-25.

• Order book as of March 31, 2026, stood at ₹24,984 crore, with 92% domestic and 8% international projects.

• Management remains optimistic, implementing measures to strengthen position despite challenges.

• Audited standalone and consolidated financial results for FY 2025-26 were approved with an unmodified audit opinion.

Financial highlights

• FY 2025-26 consolidated EBITDA was ₹1,279 crore, nearly flat year-over-year.

• Core EBITDA margin improved to 9.35%, up 94 bps from last year; consolidated EBITDA margin at 13.5%.

• EPS for FY 2025-26 was ₹6.33, down from ₹7.73 in FY 2024-25.

• Final dividend of ₹0.70 per share recommended, in addition to ₹1.20 interim dividend already paid.

• Standalone net profit after tax for FY 2025-26 was ₹618.45 crore, down from ₹737.59 crore in FY 2024-25.

Outlook and guidance

• Revenue for FY 2026-27 expected to be similar to FY 2025-26, as order book will be executed over 2–3 years.

• Core EBITDA margin on standalone basis expected to remain at 4–4.2%; consolidated PAT margin guidance at 6.1–6.3%.

• Management does not foresee immediate negative impact from global crises on infrastructure growth.

• The Board expects continued operations and no impairment in investments in key joint ventures, even as some are under liquidation or concession expiry.

• Strong government CAPEX push with ₹12.2 lakh crore allocated in Union Budget 2026, driving opportunities in railways, highways, and renewable energy.