Announcement
Announcement Under Regulation 30 (LODR)- Updates (Volume Movement) 1 Oct - IRCON says no announcement or event currently explains the share price or volume movement.
Source: Bse
Ircon International Limited (IRCON)
Small CapInfra stocks · Small cap · NSE
Navratna Central Public Sector Enterprise under the Ministry of Railways, involved in infrastructure projects including railways, roads, highways, buildings, and tunnels. Has executed 5,740 TKM Railway Track, 10,669 RKM Railway Electrification, and 7012 KMS Roads and Highways.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result12 Aug, 05:11 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -9.0% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
IRCOND candles · FIT view-30.7%Latest close ₹104.14 on 2026-10-19
Bar
-2.7%
RSI
40
MACD hist
0.43
52W pos
3%
2026-10-19O ₹107.00H ₹107.49L ₹103.80C ₹104.14Vol 16.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IRCONNifty InfraNifty 500
- IRCON
- -19.7%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -14.1 pp
Chart stats
19 Oct 2026- From 52W high
- -44.1%
- 52W range position
- 3%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.20x
- Avg traded value
- ₹90.2 Cr
- 20D price channel
- ₹101.6 - ₹123
₹186.4
₹101.6 - ₹186.4
₹4
Latest completed session
20-session average
59.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED17
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +9.5% · PAT -43.9% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-32.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence49
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -44% YoY · margin compression · Rev +10% YoY
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,956 Cr | +9.5% | -38.7% |
| EBITDA | ₹192 Cr | -4.0% | -28.1% |
| Operating margin | 10.0% | -100 bps | +200 bps |
| PAT | ₹92 Cr | -43.9% | -51.8% |
| PAT margin | 4.7% | -448 bps | -129 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.20
- P/B
- 1.52
- EV/EBITDA
- 16.98
- Market Cap
- 10035.00Cr
Profitability
- ROE
- 8.19%
- ROCE
- 9.27%
- ROA
- 2.44%
- Dividend Y
- 1.77%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 6.00%
- Revenue 3Y
- -4.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 0.86
- Interest Coverage
- 1.98×
- Altman Z
- 1.50
- Book Value
- 70.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -618.00 Cr
- EPS TTM
- 5.57
Shareholding
- Promoter Hold
- 65.17%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 7%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 8,479-16.8% vs prev
Net Profit
₹ CrLatest: 618-16.3% vs prev
Return on Equity
%Latest: 9.3-21.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 40. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.9% over last month) — short-term momentum negative.
- RSI(14) at 40 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
4
RS percentile
Stage 4 Downtrend
1M return
-5.2%
3M return
-19.7%
6M return
-33.1%
1Y return
-38.3%
RS 1D
+1
RS 20D
-1
Sector rank
#14
Industry rank
#22
Stage evidence
- Price is 19.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 63.18-1.31%
RS vs Nifty 50063
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 17 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth6/25
Quality0/20
Balance Sheet3/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
17
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
17/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 3/10 to the score.
- Growth contributes 6/25 to the score.
- Balance sheet contributes 3/15 to the score.
Main drags
- Altman Z is 1.5, in distress territory.
- Fair-value margin of safety is negative at -32.7%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
19.2
PB
1.5
EV/EBITDA
17.0
ROE
8.2%
ROCE
9.3%
FCF Yield
—
Debt/Equity
0.9
MoS
-32.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
17
Previous: 17
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-32.7%
Previous: -32.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
17
17
17
17
17
17
17
17
17
17
17
17
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹94.06
-10.7% MoS
Growth-justified P/E
14.1
Growth-justified Value
₹78.48
-32.7% MoS
PEG
3.20
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RITES
Large
RITES Limited
Construction & Engineering
match 164
41
23.1
15.4%
-245%
WATCHLIST
BCPL
Small
BCPL Railway Infrastructure Limited
Railway Infrastructure
match 92
18
13.6
6.8%
-28%
OVERVALUED
E2ERAIL
SME
E To E Transportation Infrastructure Ltd.
Railway Infrastructure
match 82
23
30.7
10.4%
-27%
OVERVALUED
RVNL
Mid
Rail Vikas Nigam Limited
Railway Infrastructure
match 78
14
45.1
9.0%
-615%
OVERVALUED
DHARARAIL
SME
Dhara Rail Projects Ltd.
Railway Infrastructure
match 74
71
13.2
35.7%
+46%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-16T07:15:42.071Z
Management commentary snapshot
Consolidated Q4FY26 Operating Revenue declined 6.5% YoY but grew 50.5% QoQ. PAT decreased 9.6% YoY but surged 91.8% QoQ. For FY26, Operating Revenue fell 15.7% YoY, and PAT dropped 18.7% YoY.
IRCON's Q4FY26 showed strong sequential recovery in operating revenue and PAT, but annual performance for FY26 and Q4 YoY figures reflect significant declines. Despite a robust order book providing future revenue visibility, the current year's revenue contraction and increased finance costs indicate execution challenges and margin pressure.
Current business mix
Order Book by Sector
Latest issuer-disclosed distribution across 3 reported categories.
Railways78.0%
Highways16.0%
Others6.0%
Growth engines
Massive Government CAPEX Push
Allocation of Rs.12.20 lakh Crore in Union Budget 2026.
Dedicated Freight Corridors
Announced new Dedicated Freight Corridors connecting Dankuni in the East, to Surat in the West.
PM Gati Shakti Cargo Terminal
Development of 100 PM Gati Shakti Cargo Terminal for multimodal logistics.
Railway Infrastructure Investment
Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization.
Tailwinds
Government Infrastructure Push
Massive Govt. push to the CAPEX by allocation of Rs.12.20 lakh Crore in Union Budget 2026.
National Infrastructure Prioritization
Boost from National Infrastructure Prioritization, National Monetization Pipeline and Gati Shakti.
Indian Railways Outlay
Outlay of INR 2.78 Lakh Crore was announced in Union Budget for Indian Railways.
Road Transport & Highways Outlay
Outlay of INR 3.10 Lakh Crore has been allocated towards road transport and highways in Union Budget.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4 results show strong sequential momentum (QoQ) after a weaker Q3, indicating project execution pick-up. However, YoY comparison is crucial to assess annual growth trends and seasonal impacts, which show declines.
Sector KPIs management disclosed
Order Book
Order Book of Rs.24,984 crore as on 31.03.2026.
Order Book Revenue Cover
Order book of Rs. 24,984 crore against FY26 consolidated operating revenue of Rs. 9071.1 crore, implying a cover of ~2.75x.
Operating Revenue (Consolidated)
Q4FY26: Rs. 3189 crore (-6.5% YoY, +50.5% QoQ). FY26: Rs. 9071.1 crore (-15.7% YoY).
Core EBITDA Margins (Consolidated)
Q4FY26: 9.0% (up 155 bps YoY, 41 bps QoQ). FY26: 9.4% (up 94 bps YoY).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 9071.1 crore operating revenue in FY26. | Improvement in revenue growth rate and project execution efficiency to convert order book into revenue. |
| Core EBITDA Margins | 9.4% (FY26 Consolidated). | Sustained improvement in core EBITDA margins, especially given the increase in finance costs. |
| Finance Cost | Rs. 350.1 crore (FY26 Consolidated), up 59.8% YoY. | Stabilization or reduction in finance costs, which significantly impacted PBT. |
| Order Inflow | Order book of Rs. 24,984 crore. | New order wins, particularly through competitive bidding, to maintain and grow the order book. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
demand outlooknot yet verifiablequantified
Indian Railways plans to install 30 GW of renewable power capacity by 2029-30 to reduce carbon footprint.
Timeframe: by 2029-30Direction: increase
"IR to install 30 GW of renewable power capacity by 2029-30"
demand outlooknot yet verifiablequantified
Indian Railways plans to install 30 GW of renewable power capacity by 2029-30 to reduce carbon footprint.
Timeframe: by 2029-30Direction: increase
"IR to install 30 GW of renewable power capacity by 2029-30"
demand outlooknot yet verifiablequantified
Indian Railways will require an investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization.
Timeframe: by 2032Direction: increase
"Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032"
demand outlooknot yet verifiablequantified
Indian Railways will require an investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization.
Timeframe: by 2032Direction: increase
"Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032"
macro expectationnot yet verifiablequantified
The Union Budget announced an outlay of INR 2.65 Lakh Crore for Indian Railways.
Timeframe: Union BudgetDirection: increase
"Outlay of INR 2.65 Lakh Crore was announced in Union Budget for Indian Railways"
macro expectationnot yet verifiablequantified
The Union Budget announced an outlay of INR 2.65 Lakh Crore for Indian Railways.
Timeframe: Union BudgetDirection: increase
"Outlay of INR 2.65 Lakh Crore was announced in Union Budget for Indian Railways"
macro expectationnot yet verifiablequantified
The Union Budget 2025 includes a massive government push to CAPEX by allocation of Rs.11.21 lakh Crore.
Timeframe: Union Budget 2025Direction: increase
"Massive Govt. push to the CAPEX by allocation of Rs.11.21 lakh Crore in Union Budget 2025"
macro expectationnot yet verifiablequantified
The Union Budget 2025 includes a massive government push to CAPEX by allocation of Rs.11.21 lakh Crore.
Timeframe: Union Budget 2025Direction: increase
"Massive Govt. push to the CAPEX by allocation of Rs.11.21 lakh Crore in Union Budget 2025"
Trust Score
49Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 12th percentile within Infra. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
98 docs text-extracted · 34 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
6th percentile
overall median 67 · Infra: 12th pctile, median 64 · Small: 7th pctile, median 66
Evidence depth
Financial-only
98 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
33
weak · leverage and solvency
Discipline
50
watch · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 65.2%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-618 Cr.
- ▸Altman Z is 1.50.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 2.0x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ircon International Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Sep - Public Notice to Shareholders regarding special window for transfer & dematerialization of physical securities of Ircon International Limited.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.