Ircon International LimitedQ1 FY27 Results & Financial Update
Ircon International Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,042.73 Cr, PAT ₹92.03 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Ircon International Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) reached Rs. 278.7 crore for Q1 FY27, representing an EBITDA margin of 13.6% on total consolidated income. Standalone EBITDA was reported at Rs. 221.8 crore.
Basic earnings per share (EPS) on a consolidated basis for the quarter (not annualized) was Rs. 0.99 per equity share of face value Rs. 2 each, while the standalone EPS for the same period was Rs. 1.74 per share.
The company's order book stood at Rs. 23,366 crore as of June 30, 2026, anchored primarily by railway projects which form the lion's share of contracted future execution. Highways and other sectors comprise the remaining balance of the order backlog.
Management noted that India's broader infrastructure sector benefits from sustained government outlays, including capital expenditure allocations in Budget 2026, supporting the operating environment for public sector turnkey contractors.
01 · Business model
What does Ircon International do?
Ircon International Limited is a Navratna public sector enterprise and leading turnkey construction company operating under the Ministry of Railways, Government of India. The company specializes in infrastructure projects with core competence in railways and highways construction.
Its operational capabilities cover railway construction including ballastless tracks, electrification, tunneling, signaling and telecommunication, alongside the leasing of locomotives. The enterprise also builds roads, highways, commercial, industrial and residential buildings, airport runways and hangars, as well as metro and mass rapid transit systems.
The company maintains a widespread geographic footprint across multiple Indian states and international markets, having completed over 131 projects across 25 foreign countries and more than 408 projects domestically.
02 · Historical context
What shaped the business before this quarter
Prior to Q1 FY27, the company built an extensive project portfolio spanning more than 131 completed projects across 25 international countries and 408 projects across various states in India.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,042.73 Cr |
| Total income | ₹2,042.73 Cr |
| Profit before tax | ₹126.81 Cr |
| Profit after tax | ₹92.03 Cr |
| EPS | ₹0.99 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated total income reached Rs. 2,042.7 crore for Q1 FY27, supported by ongoing execution across railway and highway contracts.
Operational revenue of Rs. 1,955.8 crore on a consolidated basis was driven by the execution of turnkey engineering and construction contracts spanning railways, highways, and allied sectors.
Revenue flows primarily from executing complex engineering, procurement, and construction (EPC) and turnkey contracts across railways, highways, and specialized civil structures for public sector and government clients.
Revenue of INR 2,042.73 crore was driven by the ongoing execution of transport and infrastructure project assignments.
What drove margins
The company recorded an EBITDA of Rs. 278.7 crore, translating to an EBITDA margin of 13.6% for the quarter.
Consolidated EBITDA for Q1 FY27 was Rs. 278.7 crore, establishing an EBITDA margin of 13.6% for the quarter.
The company recorded a consolidated EBITDA margin of 13.6% for Q1 FY27, supported by the ongoing composition of its railway and highway project execution mix.
Finance costs of INR 105.54 crore and depreciation of INR 44.89 crore formed key charges impacting bottom-line profitability during the quarter.
Other income of INR 86.90 crore provided operational support to the overall profitability figures.
05 · Demand, customers & order book
Where demand is coming from
The total order book as on June 30, 2026, stands at Rs. 23,366 crore, comprising Railways at Rs. 17,989 crore, Highways at Rs. 3,747 crore, and Others at Rs. 1,630 crore.
As of June 30, 2026, Ircon's total order book stood at Rs. 23,366 crore.
Railways form the largest segment of the order book, accounting for Rs. 17,989 crore.
Highways account for Rs. 3,747 crore of the total order book.
Other infrastructure projects comprise Rs. 1,630 crore of the order backlog.
06 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
The company maintains active operations across multiple states in India and international jurisdictions including Malaysia, Nepal, Bangladesh, Algeria, Myanmar, and Sri Lanka.
07 · Strategy & new businesses
How the company is trying to change its growth mix
Ircon remains strategically positioned to capture emerging infrastructure opportunities by strengthening its technical and execution capabilities across railways, highways, and urban transport.
08 · Reported developments
What changed operationally
An order book of Rs. 23,366 crore provides medium-term revenue visibility across railway, highway, and other infrastructure verticals.
Management notes that sustained government outlays under Budget 2026, including a capital expenditure allocation of Rs. 12.2 lakh crore and proposals for seven high-speed rail corridors and a dedicated freight corridor, create strong future opportunities.
09 · Beyond the numbers
What changed beyond the numbers
Reported update
Consolidated Financial Filing
The company filed its unaudited consolidated financial results for the quarter ended 30 June 2026 through official exchange channels.
10 · Key Q&A
The quarter, answered directly
What does Ircon International do?
Ircon International Limited is a Navratna public sector enterprise and leading turnkey construction company operating under the Ministry of Railways, Government of India. The company specializes in infrastructure projects with core competence in railways and highways construction.
What is the clearest takeaway from Q1 FY27?
Consolidated earnings before interest, tax, depreciation, and amortization (EBITDA) reached Rs. 278.7 crore for Q1 FY27, representing an EBITDA margin of 13.6% on total consolidated income. Standalone EBITDA was reported at Rs. 221.8 crore.
What drove revenue or demand?
Consolidated total income reached Rs. 2,042.7 crore for Q1 FY27, supported by ongoing execution across railway and highway contracts.
What mattered most for margins or profitability?
The company recorded an EBITDA of Rs. 278.7 crore, translating to an EBITDA margin of 13.6% for the quarter.
What changed operationally beyond the headline numbers?
Ircon remains strategically positioned to capture emerging infrastructure opportunities by strengthening its technical and execution capabilities across railways, highways, and urban transport.
What should the next disclosure help confirm?
Tracking execution velocity across the Rs. 23,366 crore order book, particularly in the railway segment.
11 · Scenario calculator
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12 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Order Book Execution: Tracking execution velocity across the Rs. 23,366 crore order book, particularly in the railway segment.
- 02
Order book execution: Monitor the pace of execution and conversion of the Rs. 23,366 crore order book into recognized operational revenue.
- 03
Segment progression: Track execution milestones across the railway (Rs. 17,989 crore) and highway (Rs. 3,747 crore) order book divisions.
- 04
Subsequent Quarter Performance: Monitor upcoming quarterly disclosures to evaluate sequential trends in revenue and profitability.
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