Ircon International Limited, a Navratna PSU under the Ministry of Railways, has reported its Q2FY26 and H1FY26 financial results, showing a decline in revenue and profitability compared to the previous year, while maintaining a robust order book.
Q2FY26 Financial Performance
| Parameter | Q2FY25 | Q2FY26 | Change YoY |
| Total Income | ₹2,538.6 crore | ₹2,112.2 crore | -16.8% |
| Revenue from Operations | ₹2,447.5 crore | ₹1,976.8 crore | -19.2% |
| EBITDA | ₹342.8 crore | ₹297.0 crore | -13.4% |
| EBITDA Margin | 13.5% | 14.1% | +0.6 pts |
| Profit Before Tax | ₹205.9 crore | ₹172.5 crore | -16.3% |
| Profit After Tax | ₹136.5 crore | ₹136.5 crore | -33.7% |
| EPS | ₹1.47 | ₹1.47 | – |
Note: EBITDA margin remained stable at 14.1% despite revenue decline.
H1FY26 Highlights
| Parameter | H1FY25 | H1FY26 | Change YoY |
| Total Income | ₹4,923.9 crore | ₹4,004.6 crore | -18.7% |
| Revenue from Operations | ₹4,734.7 crore | ₹3,763.0 crore | -20.5% |
| EBITDA | ₹725.0 crore | ₹620.9 crore | -14.3% |
| EBITDA Margin | 14.7% | 15.5% | +0.8 pts |
| Profit Before Tax | ₹544.2 crore | ₹384.0 crore | -29.5% |
| Profit After Tax | ₹430.0 crore | ₹300.6 crore | -30.1% |
Order Book Strength
- Total Order Book: ₹23,865 crore as of September 30, 2025
- Railway Projects: ₹17,952 crore
- Highways: ₹4,605 crore
- Other Infrastructure: ₹1,308 crore
The diversified order portfolio underscores Ircon’s strong presence across India’s infrastructure sector.
Industry Outlook
- India’s infrastructure growth is being driven by government initiatives like PM Gati Shakti, Bharatmala, Sagarmala, and Smart Cities Mission.
- With a capital expenditure allocation of ₹11.21 lakh crore, the market environment remains favorable for engineering and construction companies.
- Despite short-term revenue declines, Ircon is well-positioned to benefit from long-term sectoral growth and large-scale government projects.
Summary:
Q2FY26 saw a decline in revenue and profit for Ircon, but the company’s healthy ₹23,865 crore order book and strong positioning in key infrastructure segments provide optimism for sustained growth in the medium to long term.
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