Ircon International (IRCON) Q1 25/26 earnings summary

Executive summary

• Achieved consolidated operating revenue of ₹1,786 crore in Q1FY26, down 21.9% year-over-year and 47.7% sequentially from Q4FY25.

• Consolidated PAT for Q1FY26 was ₹164.1 crore, a 26.8% decline year-over-year and 22.5% lower sequentially.

• Standalone operating revenue for Q1FY26 was ₹1,664 crore, down 23.7% year-over-year and 48.7% sequentially.

• Board approved unaudited standalone and consolidated financial results for the quarter ended June 30, 2025, with review by the Audit Committee and limited review by statutory auditors.

• Appointment of M/s VAP & Associates as Secretarial Auditors for five years, subject to shareholder approval.

Financial highlights

• Consolidated total income from operations for Q1 FY26 was ₹1,664.19 crore, down from ₹2,180.48 crore in Q1 FY25 and ₹3,243.45 crore in Q4 FY25.

• Consolidated EBITDA margin improved to 17.1% in Q1FY26 from 11.5% in Q1FY25, despite lower revenue.

• Standalone EBITDA margin rose to 11.8% in Q1FY26 from 10.8% in Q1FY25.

• EPS (consolidated) for Q1FY26 was ₹1.75, down from ₹2.24 in Q1FY25.

• Standalone PAT for Q1FY26 stood at ₹151 crore, a 14.7% decrease year-over-year and 31% lower sequentially.

Outlook and guidance

• Significant government CAPEX push and expansion of the National Infrastructure Pipeline expected to drive future growth.

• Indian Railways and highways segments to benefit from large budgetary allocations and infrastructure initiatives.

• Management does not foresee any impairment in investments in IRSDC or MCRL projects, despite ongoing liquidation and asset transfer processes.