Mumbai: IRCON International Limited reported an 8.6% year-on-year increase in standalone profit after tax (PAT) to ₹163.52 crore for Q1 FY27, while standalone operating revenue grew 8.2% to ₹1,800.3 crore. The company’s Q1 FY27 results and investor presentation highlight continued growth in its standalone business, although consolidated profitability declined due to losses from joint ventures.
The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors on August 12, 2026.
IRCON Q1 FY27 Standalone Financial Performance
IRCON’s standalone financial performance remained positive during the June 2026 quarter.
IRCON’s standalone financial performance remained positive during the June 2026 quarter:
- Operating Revenue: ₹1,800.3 crore, up 8.2% year-on-year from ₹1,664.2 crore.
- EBITDA: ₹221.8 crore, up 5.7% from ₹209.8 crore.
- Profit After Tax (PAT): ₹163.5 crore, up 8.6% from ₹150.6 crore.
- Basic EPS: ₹1.74, compared with ₹1.60 in Q1 FY26, an increase of 8.8%.
- Total Income: ₹1,926.54 crore, up 8.8% from ₹1,771.35 crore.
- Net Worth: ₹6,442.29 crore as of June 30, 2026.
On a quarter-on-quarter basis, operating revenue declined 39.9%, EBITDA fell 14.7%, and PAT decreased 14.8% compared with Q4 FY26.
Standalone EBITDA increased 5.7% year-on-year to ₹221.8 crore, while PAT rose 8.6%.
On a quarter-on-quarter basis, however, operating revenue declined 39.9%, EBITDA fell 14.7% and PAT decreased 14.8% from Q4 FY26.
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Consolidated Profit Declines 43.9%
IRCON’s consolidated performance was weaker during Q1 FY27.
According to the investor presentation, consolidated operating revenue increased 9.5% year-on-year to ₹1,955.8 crore, compared with ₹1,786.3 crore in Q1 FY26.
However, consolidated EBITDA declined 14% to ₹278.7 crore, while PAT fell 43.9% to ₹92 crore, compared with ₹164.1 crore in the year-ago quarter.
The company’s financial filing reported consolidated net profit attributable to the company at ₹92.74 crore, compared with ₹164.56 crore in Q1 FY26.
The decline was mainly attributed to the share of losses from joint ventures during the quarter.
Domestic and International Segments
IRCON’s domestic operations continued to account for the majority of its standalone revenue.
- Domestic revenue: ₹1,758.28 crore
- Domestic profit before tax: ₹178.64 crore
- International revenue: ₹41.99 crore
- International profit before tax: ₹16.80 crore
Domestic revenue increased 7.5% from ₹1,635.43 crore in Q1 FY26.
Meanwhile, international revenue jumped 123.8% year-on-year, from ₹18.76 crore to ₹41.99 crore.
IRCON Order Book Stands at ₹23,366 Crore
IRCON’s order book stood at ₹23,366 crore as of June 30, 2026, providing visibility for future revenue.
The company said approximately 55% of its order book was secured through competitive bidding, highlighting its presence in the competitive infrastructure contracting market.
Government Infrastructure Spending Creates Growth Opportunities
IRCON’s investor presentation highlighted several infrastructure opportunities arising from higher public capital expenditure and large-scale infrastructure programmes.
Key opportunities include:
- ₹12.2 lakh crore allocation for capital expenditure in the Union Budget 2026.
- Continued development of multimodal logistics infrastructure.
- National Logistic Policy-led infrastructure expansion.
- National Rail Plan, with an outlay of ₹2.78 lakh crore.
- ₹3.10 lakh crore allocation for the road transport and highways sector.
- IRCON’s plan to install 30 GW of renewable power capacity by 2029-30.
These initiatives are expected to support demand for railway, highway, logistics and other infrastructure projects.
Board Re-Appoints Cost Auditor
The IRCON Board has re-appointed M/s Bandyopadhyaya Bhaumik & Co., Cost Accountants, as the company’s Cost Auditor for FY 2026-27.
The re-appointment was approved on August 12, 2026.
Joint Ventures and Project Updates
IRCON also provided updates on several joint ventures and projects.
Indian Railway Stations Development Corporation Ltd. (IRSDC): The company has initiated voluntary liquidation proceedings. IRCON received an interim payment of ₹50.96 crore in July 2026, while the remaining assets and liabilities are under realisation by the Liquidator.
Ircon-Soma Tollway Private Limited (ISTPL): Toll collection rights ended on May 14, 2026, following the expiry of the concession period. Highway assets are being handed over to NHAI, and financial statements have been prepared on a liquidation basis.
Bastar Railways Private Limited: In-principle approval has been granted for closure, with legal formalities underway.
Mahanadi Coal Railway Project: Phase I and Phase II are to be handed over to the Ministry of Railways, with modalities currently being worked out.
Statutory Auditors Give Unmodified Conclusion
M/s Ramesh C Agrawal & Company, Chartered Accountants, conducted a limited review of the financial results and issued an unmodified conclusion.
The auditors highlighted an Emphasis of Matter concerning the preparation of financial statements on a liquidation basis for ISTPL and IRSDC. However, they concluded that there was no impairment in the value of investments.
IRCON Q1 FY27: Key Takeaways
IRCON’s Q1 FY27 results present a mixed picture, with strong standalone growth but lower consolidated profitability.
- Standalone PAT increased 8.6% to ₹163.52 crore.
- Standalone revenue rose 8.2% to ₹1,800.3 crore.
- Standalone EBITDA increased 5.7% to ₹221.8 crore.
- Consolidated operating revenue grew 9.5% to ₹1,955.8 crore.
- Consolidated PAT declined 43.9% to ₹92 crore.
- Order book stood at ₹23,366 crore.
- Around 55% of orders were secured through competitive bidding.
- International revenue grew 123.8% year-on-year.
About IRCON International Limited
IRCON International Limited (IRCON) is a Government of India undertaking engaged in major infrastructure construction and development. The company has expertise in railways, highways, bridges, tunnels and other transportation infrastructure projects in India and international markets.
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