SYNOPSIS: This Navratna PSU reported 7 percent QoQ revenue growth in Q3 FY26 but 19 percent YoY decline, with profits down sequentially. Margins compressed QoQ, while the order book remained robust at Rs. 23,801 crore, led by railways.
Shares of a Navratna public sector enterprise and a leading turnkey construction company in the public sector (under the Ministry of Railways), are in focus on Thursday, after reporting mixed Q3 FY26 results with a sequential decline in net profit by around 27 percent but a growth of 16 percent YoY.
With a market cap of Rs. 14,503 crores, shares of Ircon International Limited were trading in the red at Rs. 154.2 on BSE, down by over 1 percent, compared to its previous closing price of Rs. 156.35. The stock has delivered negative returns of around 9 percent in the last one year, and has fallen by over 6 percent in one month.
Financial Performance Q3 FY26
Ircon International Limited announced the financial results for the third quarter of FY26 on Wednesday after market hours, as per the latest regulatory filings with the stock exchanges.
For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 2,119 crores, reflecting a sequential growth of more than 7 percent QoQ compared to Rs. 1,977 crores in Q2 FY26. However, on a year-on-year basis, revenue decreased by around 19 percent from Rs. 2,613 crores recorded in Q3 FY25.
Meanwhile, the net profit stood at Rs. 100 crore, indicating a decline of about 27 percent QoQ from Rs. 136.5 crores in Q2 FY26, while on a year-on-year basis, the profit moved up by over 16 percent from Rs. 86 crores reported in Q3 FY25.
Operating performance deteriorated during the quarter, with EBITDA falling sharply to Rs. 269 crore, marking a decline of around 9 percent QoQ but a growth of nearly 23 percent YoY. Further, EBITDA margins stood at 12.1 percent, down by 185 bps QoQ from 14.1 percent but a growth of 410 bps YoY from 8.1 percent.
Further, the Board of the company declared an interim dividend of Rs. 1.2 per equity share on the face value of Rs. 2 each (60 percent of the paid-up equity share capital) for FY26, with a record date fixed on Tuesday, 17th February, 2026. The Interim Dividend will be paid from Wednesday, 25th February 2026 onwards.
Order Book
As of 31st December 2025, Ircon International’s total order book stood at Rs. 23,801 crore. The Railways segment accounted for the dominant share at around 75 percent (Rs. 17,781 crore), followed by Highways contributing 18 percent (Rs. 4,297 crore), while Others made up the remaining 7 percent (Rs. 1,723 crore).
Geographically, the order book remains largely domestic, with 91 percent (Rs. 21,638 crore) from India and 9 percent (Rs. 2,163 crore) from international projects. In terms of mode of award, about 61 percent (Rs. 14,576 crore) of the order book was secured through competitive bidding, while 39 percent (Rs. 9,225 crore) came via nomination basis.
Ircon International Limited is a public sector construction company, with a focus on infrastructure projects and specialisation in the execution of Railway projects on a turnkey basis and otherwise. Additionally, it is engaged in roads, buildings, electrical substation and distribution, airport construction, commercial complexes, and metro rail works.
The company has widespread operations in several states in India and other countries, including Malaysia, Nepal, Bangladesh, Algeria, Myanmar and Sri Lanka. Ircon has completed more than 130 projects in 25 countries and 405 projects in various states in India.
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