IRCON International Q1 FY27 Results: Revenue Rises 9.5% YoY, Order Book Stands at ₹23,366 Crore
IRCON International Limited has started FY27 with moderate revenue growth, while profitability remained under pressure during the quarter ended June 30, 2026.
The company’s consolidated operating revenue increased 9.5% year-on-year to ₹1,955.8 crore from ₹1,786.3 crore in Q1 FY26.
However, consolidated profit after tax declined 43.9% to ₹92 crore, compared with ₹164.1 crore in the same quarter last year.
A major positive remains IRCON’s strong order book of ₹23,366 crore as of June 30, 2026, providing significant revenue visibility for the company.
IRCON Q1 FY27 Results: Key Highlights
| Particular | Q1 FY27 | Q1 FY26 | YoY Change |
|---|---|---|---|
| Operating Revenue | ₹1,955.8 Cr | ₹1,786.3 Cr | +9.5% |
| Core EBITDA | ₹191.8 Cr | ₹217.8 Cr | -11.9% |
| EBITDA | ₹278.7 Cr | ₹323.9 Cr | -14.0% |
| Profit Before Tax | ₹126.8 Cr | ₹211.5 Cr | -40.1% |
| Profit After Tax | ₹92.0 Cr | ₹164.1 Cr | -43.9% |
| EPS | ₹0.99 | ₹1.75 | -43.4% |
Source: IRCON International Q1 FY27 Investor Presentation.
Revenue Rises 9.5% to ₹1,955.8 Crore
IRCON reported consolidated operating revenue of ₹1,955.8 crore in Q1 FY27.
This compares with ₹1,786.3 crore in Q1 FY26, representing 9.5% year-on-year growth.
However, revenue was lower sequentially compared with ₹3,189 crore reported in Q4 FY26.
The quarter-to-quarter movement highlights the project-driven nature of the infrastructure business.
Consolidated Profit Falls 43.9%
While revenue increased, IRCON’s consolidated profitability declined sharply.
Consolidated PAT stood at ₹92 crore in Q1 FY27 compared with ₹164.1 crore in Q1 FY26.
This represents a decline of approximately 43.9% year-on-year.
Profit before tax also declined to ₹126.8 crore, compared with ₹211.5 crore in the year-ago quarter.
EBITDA Declines 14%
IRCON’s consolidated EBITDA declined to ₹278.7 crore in Q1 FY27 from ₹323.9 crore in Q1 FY26.
This represents a 14% year-on-year decline.
Core EBITDA also declined to ₹191.8 crore from ₹217.8 crore.
The core EBITDA margin fell from approximately 12.2% to 9.8%, indicating pressure on underlying project profitability.
Finance Costs Rise During the Quarter
Another important factor affecting profitability was the increase in finance costs.
Finance costs increased to approximately ₹107 crore in Q1 FY27 from ₹75.2 crore in Q1 FY26.
This represents an increase of around 42% year-on-year.
The higher finance cost added pressure to profit before tax and ultimately consolidated net profit.
Standalone Performance Shows Growth
IRCON’s standalone business delivered a stronger performance than the consolidated numbers.
Standalone operating revenue increased to ₹1,800.3 crore in Q1 FY27 from ₹1,664.2 crore in Q1 FY26.
That represents approximately 8.2% year-on-year growth.
Standalone EBITDA increased to ₹221.8 crore, compared with ₹209.8 crore in Q1 FY26.
Standalone PAT increased to ₹163.5 crore, compared with ₹150.6 crore.
Standalone Q1 FY27 Performance
| Particular | Q1 FY27 | Q1 FY26 | YoY Change |
|---|---|---|---|
| Operating Revenue | ₹1,800.3 Cr | ₹1,664.2 Cr | +8.2% |
| EBITDA | ₹221.8 Cr | ₹209.8 Cr | +5.7% |
| Profit Before Tax | ₹203.5 Cr | ₹194.6 Cr | +4.6% |
| Profit After Tax | ₹163.5 Cr | ₹150.6 Cr | +8.6% |
| EPS | ₹1.74 | ₹1.60 | +8.7% |
IRCON Order Book Stands at ₹23,366 Crore
One of the biggest positives for IRCON is its substantial order book.
As of June 30, 2026, the company’s order book stood at approximately:
₹23,366 Crore
This provides significant revenue visibility for the coming years.
The order book is primarily domestic, with approximately 91% coming from domestic projects and around 9% from international projects.
Railways Dominate IRCON’s Order Book
Railway projects continue to be the company’s biggest business opportunity.
Approximately 77% of IRCON’s order book is related to railways.
Highway projects account for around 16%, while other projects contribute approximately 7%.
| Sector | Share of Order Book | Approx. Value |
|---|---|---|
| Railways | 77% | ₹17,989 Cr |
| Highways | 16% | ₹3,747 Cr |
| Others | 7% | ₹1,630 Cr |
| Total | 100% | ₹23,366 Cr |
The high railway exposure positions IRCON to benefit from India’s ongoing railway capacity expansion and modernisation programme.
55% of Order Book Comes From Competitive Bidding
IRCON’s order book is also diversified by the way projects were secured.
Approximately 55% of the order book was secured through competitive bidding, while the remaining 45% came through nomination.
In value terms, this represents approximately:
- Competitive bidding: ₹12,920 crore
- Nomination: ₹10,446 crore
The competitive-bidding component indicates that IRCON continues to participate actively in the broader infrastructure contracting market.
IRCON’s Railway and Infrastructure Expertise
IRCON International is a Navratna Central Public Sector Enterprise under the Ministry of Railways.
The company has extensive experience across railway, highway and infrastructure projects.
According to the investor presentation, IRCON has executed:
- 5,858 TKM of railway tracks
- 10,762 RKM of railway electrification
- 7,258 km of roads and highways
- 1.59 million sq. metres of buildings
- 167 km of tunnels
- 183 bridges
The company has completed 408 domestic projects and 131 international projects.
Government Infrastructure Spending Creates Opportunity
IRCON’s investor presentation highlights the continuing infrastructure investment opportunity in India.
The company pointed to significant government spending on infrastructure, including railway and highway development.
The presentation highlights a ₹12.2 lakh crore allocation in the Union Budget 2026 for infrastructure-related spending.
For Indian Railways, the highlighted allocation is approximately ₹2.78 lakh crore.
The presentation also points to substantial long-term investment requirements for railway capacity addition and modernisation.
This could provide a large addressable market for companies such as IRCON.
IRCON FY26 Performance
Looking at the previous financial year, IRCON reported consolidated operating revenue of approximately ₹9,071.1 crore in FY26, compared with ₹10,759.6 crore in FY25.
Consolidated PAT stood at approximately ₹591.9 crore, compared with ₹727.8 crore in FY25.
However, EBITDA remained broadly stable at around ₹1,279.3 crore compared with ₹1,276 crore in FY25.
The company’s EBITDA margin improved from approximately 11.5% to 13.5% during FY26
Revenue growth remained positive, while the company’s order book continued to provide strong business visibility. However, the sharp decline in consolidated PAT and EBITDA highlights the importance of improving margins and controlling costs.
With 77% of the order book coming from railway projects and a total order book of ₹23,366 crore, IRCON remains closely linked to India’s long-term infrastructure and railway investment cycle.
For investors, the key factors to track in FY27 will be new order wins, order execution, margins, finance costs, cash flow and recovery in consolidated profitability.
Source: IRCON International Limited Investor Presentation for Q1 FY27. The presentation contains forward-looking statements and cautions that actual future performance may differ due to various risks and uncertainties.
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice. Investors should refer to the company’s official filings and disclosures before making any investment decision.