IRCON · Construction
IRCON International Ltd. reported revenue of ₹3,189 cr for January to March 2026, −6.5% on the year and +50.5% on the quarter. Over the last four quarters revenue comes to ₹9,071 cr, −15.7% on the four before.
Operating profit (EBITDA) was ₹267 cr, a margin of 8.4%, +93 bps on the year and +92 bps on the quarter. Over the last 8 quarters the margin has ranged from 5.1% to 11.2%, averaging 8.2%. Operating costs grew −7.5% against revenue growth of −6.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹191 cr, −9.9% on the year and +91.0% on the quarter, with earnings per share of ₹2.04. Profit before other income, one-offs and tax fell 21.3%, so 11 points of the headline growth came from outside the core business. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹592 cr, −18.7% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹6.33 over the last four quarters, the stock at ₹106.62 trades at 16.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 49% of profit before tax, against 39% a year earlier.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹97.0 cr, +56.5% on the year; 36% of EBITDA.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,987 cr | ₹2,930 cr | ₹3,787 cr | ₹2,287 cr | ₹2,448 cr | ₹2,613 cr | ₹3,412 cr | ₹1,786 cr | ₹1,977 cr | ₹2,119 cr | ₹3,189 cr | ₹1,956 cr |
| YoY | — | — | — | −17% | −18% | −11% | −10% | −22% | −19% | −19% | −7% | +10% |
| EBITDA margin | 7.2% | 8.8% | 8.4% | 11.0% | 8.2% | 5.1% | 7.4% | 11.2% | 7.1% | 7.5% | 8.4% | 9.8% |
| Other income, % of PBT | 54% | 38% | 30% | 38% | 54% | 65% | 39% | 58% | 91% | 83% | 49% | 69% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 22% | 31% | 20% | 22% | 35% | 19% | 22% | 21% | 26% | 23% | 27% |
| Net profit | ₹251 cr | ₹245 cr | ₹247 cr | ₹224 cr | ₹206 cr | ₹86.0 cr | ₹212 cr | ₹164 cr | ₹137 cr | ₹100 cr | ₹191 cr | ₹92.0 cr |
| YoY | — | — | — | +20% | −18% | −65% | −14% | −27% | −33% | +16% | −10% | −44% |
| Core profit YoY | — | — | — | −12% | −21% | −76% | −36% | −50% | −87% | −50% | −21% | −55% |
| EPS | ₹2.67 | ₹2.60 | ₹2.62 | ₹2.38 | ₹2.19 | ₹0.92 | ₹2.24 | ₹1.75 | ₹1.47 | ₹1.07 | ₹2.04 | ₹0.99 |
| Flags | 1 | 1 | 1 | 3 | 2 | 3 | 1 | 2 | 2 | 3 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
IRCON International Ltd. reported revenue of ₹3,189 cr (−6.5% on the year) and net profit of ₹191 cr (−9.9% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −21.3% on the year, against −9.9% for reported profit.
2 checks raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.