Ircon International (IRCON) Q2 25/26 earnings summary

Executive summary

• Q2 and H1 FY26 saw record turnover and significant growth in both consolidated and standalone financials, with the Board approving unaudited results and auditors finding no material misstatements.

• The company is a Navratna CPSE with a diversified project portfolio across railways, highways, and international markets, operating 11 subsidiaries and 7 joint ventures.

• Order book stood at ₹23,865 crore as of 30 September 2025, with 91% domestic and 9% international projects.

Financial highlights

• Q2FY26 consolidated operating revenue was ₹2,448 crore, up 24% year-over-year; EBITDA rose 15% to ₹343 crore; PAT at ₹206 crore.

• H1FY26 consolidated revenue grew 26% year-over-year to ₹4,735 crore; EBITDA up 13% to ₹700 crore; PAT at ₹430 crore.

• Standalone Q2FY26 revenue was ₹2,299 crore, EBITDA ₹260 crore, and PAT ₹239 crore.

• Consolidated net profit for Q2 FY26 was ₹136.51 crore, and for H1 FY26 was ₹300.61 crore, both down year-over-year.

• Margins declined due to losses in certain JVs and subsidiaries, and new projects are being won at lower margins.

Outlook and guidance

• Order inflow for H1 FY26 exceeded ₹4,000 crore, with a similar target for H2; full-year consolidated operating revenue is projected at ₹10,000-11,000 crore.

• Strong government CAPEX push and infrastructure pipeline expansion are expected to drive future growth, with major investments planned in railways and highways.

• Margins are expected to compress by about 1 percentage point due to competitive bidding and lower-margin projects.