IRCON International reported a total revenue of Rs. 2112 crore and a PAT of Rs. 137 crore in Q2 FY26. The company’s order book stood at Rs. 23,865 crore as of September 30, 2025, with 63% from competitive bidding and 91% relating to domestic projects. Margins faced challenges but are expected to be in the range of 6% to 7% going forward.
Financial Performance in Q2 FY26
In the second quarter of FY26, IRCON International reported a total revenue of Rs. 2112 crore. The company’s Profit After Tax (PAT) for the quarter stood at Rs. 137 crore, and the core EBITDA was reported as Rs. 162 crore. Earnings per share for Q2 FY26 is Rs. 1.47.
Order Book and Composition
As of September 30, 2025, IRCON International’s order book stood at Rs. 23,865 crore. Approximately 63% of the orders were obtained through competitive bidding, with the remaining through nomination. Domestic projects account for about 91% of the order book, while international projects constitute the rest.
Margin Outlook
The company faced margin challenges during the quarter, partially due to losses in certain subsidiaries, particularly CERL. However, IRCON anticipates that its PAT margins will remain in the range of 6% to 7% going forward. They are expecting an operating revenue in the range of approximately Rs. 10,000 crores to Rs. 11,000 crores for the year.
Segment Performance and International Projects
While international projects represent a smaller portion of the company’s portfolio, they tend to have higher margins than domestic projects. Foreign exchange gains, particularly from the Khulna-Mongla project in Bangladesh, have contributed to increased EBITDA margins for these projects.
Order Inflow and Diversification
IRCON secured orders worth more than Rs. 4,000 crore in the first half of FY26 and anticipates a similar range in the second half. While continuing to focus on railways, EPC projects, and roads, the company has expanded into segments like Kavach and ventured into hydro power projects. This diversification aims to mitigate risks associated with intense market competition.
Source: BSE
