IRCON International Limited announced its financial results for Q3 and 9M FY26 on February 11, 2026. Consolidated Operating Revenue for Q3FY26 was ₹2,119 crore, down 18.9% year-over-year (YoY), while Profit After Tax (PAT) stood at ₹99.9 crore. Standalone PAT decreased to ₹91.2 crore in the quarter. The company’s total order book as of December 31, 2025, stood strong at ₹23,801 crore, with 61.2% secured via competitive bidding.
Financial Highlights: Consolidated Performance
IRCON reported its financial results for the third quarter and nine months ended December 31, 2025. All figures are in INR Crore.
Q3FY26 Performance Comparison (YoY)
| Particulars | Q3FY26 | Q3FY25 | Y-o-Y (%) |
|---|---|---|---|
| Operating Revenue | 2,119.0 | 2,612.9 | (18.9%) |
| Core EBITDA | 182.1 | 139.3 | 30.8% |
| EBITDA | 269.3 | 218.3 | 23.4% |
| Profit After Tax (PAT) | 99.9 | 86.1 | 16.0% |
| PAT Margin (%) | 4.5% | 3.2% | 133 bps increase |
9MFY26 Performance Comparison (YoY)
| Particulars | 9MFY26 | 9MFY25 | Y-o-Y (%) |
|---|---|---|---|
| Operating Revenue | 5,882.0 | 7,347.5 | (19.9%) |
| EBITDA | 890.2 | 918.6 | (3.1%) |
| Profit After Tax (PAT) | 400.5 | 516.1 | (22.4%) |
| EPS (INR) | 4.29 | 5.49 | (21.9%) |
Standalone Financial Performance
The standalone figures show a significant drop in profitability during the third quarter compared to the previous year.
Q3FY26 Standalone Comparison (YoY)
| Particulars | Q3FY26 | Q3FY25 | Y-o-Y (%) |
|---|---|---|---|
| Operating Revenue | 1,965.4 | 2,470.4 | (20.4%) |
| EBITDA | 143.9 | 187.7 | (23.3%) |
| Profit After Tax (PAT) | 91.2 | 140.7 | (35.2%) |
| PAT Margin (%) | 4.4% | 5.5% | (103 bps decrease) |
9MFY26 Standalone Comparison (YoY)
| Particulars | 9MFY26 | 9MFY25 | Y-o-Y (%) |
|---|---|---|---|
| Operating Revenue | 5,481.1 | 6,949.7 | (21.1%) |
| Profit After Tax (PAT) | 426.4 | 519.4 | (17.9%) |
| EBITDA Margin (%) | 10.1% | 9.5% | 63 bps increase |
Order Book Overview (As of 31.12.2025)
The total Order Book size stood at Rs.23,801 crore, indicating strong future revenue visibility.
Sectoral Breakdown
The distribution of the order book across key sectors is detailed:
- Railways: 75% (₹17,781 crore)
- Highways: 18% (₹4,297 crore)
- Others: 7% (₹1,723 crore)
Geography and Award Mode
- Geography: 91% Domestic orders and 9% International orders.
- Mode of Award: Competitive bids accounted for 61% (₹14,576 crore), while Nomination awards represented 39% (₹9,225 crore).
Future Opportunities in Infrastructure
IRCON is positioned to benefit from several major government initiatives:
Government Push & Corridors
- Massive Government CAPEX push with an allocation of Rs.12.20 lakh Crore in the Union Budget 2026.
- Development of new Dedicated Freight Corridors connecting Dankuni (East) to Surat (West).
- Development of 100 PM Gati Shakti Cargo Terminals.
- IRCON plans to install 30 GW of renewable power capacity by 2029-30.
Railways & Highways Focus
- National Rail Plan expects an outlay of INR 2.78 Lakh Crore in the Union Budget for Indian Railways.
- Overall investment requirement for Indian Railways by 2032 is projected at Rs.35.3 trillion (US$ 545.26 billion).
- Highways segment received an outlay of INR 3.10 Lakh Crore in the Union Budget.
- Development of 08 important National High Speed Corridor projects totaling 936 km.
Source: BSE
