IRCON International Ltd. (IN:IRCON)
:IRCON
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IRCON International Ltd.
(IRCON)
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Rating:63Neutral
Price Target:
₹145.00
▼(-18.88% Downside)
Action:ReiteratedDate:03/24/26
The score is driven primarily by generally solid financial performance, but it is capped by cash-flow instability and a bearish technical setup (price below key moving averages with negative MACD). A high P/E and only modest dividend yield further limit the overall rating.
Positive Factors
EPC franchise & government client base
IRCON’s core EPC business model and longstanding specialization in railway and transport infrastructure create durable revenue visibility from government projects. Reliance on sovereign and public-sector clients supports repeat awards, lower counterparty risk and structural demand tied to national capex programs.
Negative Factors
Cash-flow volatility & recent negative FCF
Recent negative free cash flow and swings in operating cash generation reduce the firm’s ability to self-fund working capital and capex, increasing reliance on external financing or advance payments. Persistent volatility can strain liquidity during project slowdowns or while scaling bid activity.
Read all positive and negative factors
Positive Factors
Negative Factors
EPC franchise & government client base
IRCON’s core EPC business model and longstanding specialization in railway and transport infrastructure create durable revenue visibility from government projects. Reliance on sovereign and public-sector clients supports repeat awards, lower counterparty risk and structural demand tied to national capex programs.
Read all positive factors
IRCON International Ltd. (IRCON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹128.38B
Dividend Yield1.56%
Average Volume (3M)274.33K
Price to Earnings (P/E)41.5
Beta (1Y)2.03
Revenue Growth-13.85%
EPS Growth-34.81%
CountryIN
Employees867
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)1.07
Shares Outstanding940,515,750
10 Day Avg. Volume157,468
30 Day Avg. Volume274,334
Financial Highlights & Ratios
PEG Ratio-0.95
Price to Book (P/B)2.37
Price to Sales (P/S)1.39
P/FCF Ratio-6.95
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)8.8
Revenue Forecast (FY)₹114.40B
IRCON International Ltd. Business Overview & Revenue Model
Company Description
Ircon International Limited, together with its subsidiaries, provides construction services in India and internationally. The company's services include construction of new railway lines; rehabilitation/conversion of existing lines, station buildi...
How the Company Makes Money
IRCON makes money mainly by executing infrastructure projects awarded by government and public-sector clients, earning contract revenue for construction and project delivery. Its core revenue stream is engineering, procurement and construction (EP...
IRCON International Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
65
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 97.88B | 107.60B | 125.14B | 103.68B | 73.80B | 53.50B |
| Gross Profit | 10.75B | 12.11B | 15.42B | 10.42B | 9.11B | 8.02B |
| EBITDA | 8.73B | 8.40B | 11.30B | 7.02B | 5.98B | 5.12B |
| Net Income | 6.01B | 7.27B | 9.30B | 7.65B | 5.92B | 3.91B |
Balance Sheet | ||||||
| Total Assets | 202.19B | 195.21B | 174.45B | 155.37B | 144.46B | 112.54B |
| Cash, Cash Equivalents and Short-Term Investments | 81.04B | 51.92B | 55.04B | 52.47B | 55.22B | 34.50B |
| Total Debt | 51.38B | 42.99B | 25.70B | 15.05B | 13.99B | 3.31B |
| Total Liabilities | 137.28B | 131.59B | 115.39B | 103.13B | 97.80B | 68.51B |
| Stockholders Equity | 64.58B | 63.26B | 58.71B | 52.11B | 46.66B | 44.03B |
Cash Flow | ||||||
| Free Cash Flow | -4.13B | -21.58B | -6.01B | -2.68B | 13.65B | 5.14B |
| Operating Cash Flow | 885.20M | -11.10B | 2.48B | -1.68B | 14.05B | 5.18B |
| Investing Cash Flow | -9.66B | 319.20M | -11.71B | 14.68B | -12.27B | -7.77B |
| Financing Cash Flow | 5.68B | 11.56B | 7.79B | -2.23B | 6.71B | 1.69B |
IRCON International Ltd. Technical Analysis
Neutral
178.75
Price Trends
140.64
Negative
150.89
Negative
163.57
Negative
Market Momentum
-2.54
Negative
55.08
Neutral
89.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IRCON, the sentiment is Neutral. The current price of 178.75 is above the 20-day moving average (MA) of 126.73, above the 50-day MA of 140.64, and above the 200-day MA of 163.57, indicating a neutral trend. The MACD of -2.54 indicates Negative momentum. The RSI at 55.08 is Neutral, neither overbought nor oversold. The STOCH value of 89.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:IRCON.
IRCON International Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹152.79B | 38.53 | ― | 0.74% | 12.21% | 56.50% | |
64 Neutral | ₹99.58B | 28.60 | ― | 3.24% | -5.23% | 3.21% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | ₹128.38B | 41.51 | ― | 1.56% | -13.85% | -34.81% | |
62 Neutral | ₹134.94B | -173.04 | ― | 0.29% | -1.31% | 3.61% | |
61 Neutral | ₹71.43B | 19.27 | ― | 0.05% | 28.54% | 19.19% |
* Industrials Sector Average
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IRCON International Ltd. Corporate Events
Ircon Announces Retirement of Senior Executive Director Dunne Bujji Bhuvan Kumar
Feb 28, 2026
Ircon International Ltd. has announced that Executive Director/General, Shri Dunne Bujji Bhuvan Kumar, has retired from his role as a Senior Management Personnel effective end of day on 28 February 2026, upon reaching the age of superannuation. Th...
IRCON Appoints Statutory Auditors for Overseas Branches for FY 2025-26
Jan 13, 2026
IRCON International Ltd. has announced that, with the approval of the Comptroller and Auditor General of India, it has appointed and reappointed statutory auditors for its foreign branches in Bangladesh, Sri Lanka, Algeria and Myanmar for the fina...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.