Ircon International Limited is a prominent government-owned enterprise that was incorporated in 1976 and elevated to 'Navratna' status by the Department of Public Enterprises, Ministry of Finance, in October 2023. Originally established as Indian Railway Construction International Limited (IRCON) in 1976 by the Indian Railways under the Indian Companies Act 1956, the company is an Indian engineering and construction corporation specialized in transport infrastructure.
The company commenced its business in 1976 as a railway construction company and has progressively diversified since 1985 as an integrated engineering and construction PSU specializing in large and technologically complex infrastructure projects in various sectors such as railways, highways, and other infrastructure segments. IRCON International Ltd is an India-based integrated engineering and construction company that specializes in infrastructure projects including railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities.
The company derives the majority of its revenue from the Railways sector. The Company operates in infrastructure sectors, including railways, highways, bridges, flyovers, tunnels, metro, railway electrification, extra high voltage sub-stations, electrical and mechanical works, commercial and residential buildings, and railway production units, offering engineering, procurement, and construction (EPC) services on a lumpsum turnkey, EPC, and item-rate basis for various infrastructure projects.
The company is a specialized constructions organization covering the entire spectrum of construction activities and services in the infrastructure sector, with railway and highway construction, EHP sub-station (engineering and constructions), and MRTS being its core competencies. The Company also executes coal connectivity products in joint ventures with other central public sector enterprises (CPSEs) under the Ministry of Coal and executes projects in build, operate and transfer mode and hybrid annuity mode.
IRCON has widespread operations in several states in India and other countries including Malaysia, Nepal, Bangladesh, South Africa, Algeria, Myanmar, and Sri Lanka. The company has completed over 1650 major infrastructure projects in India and over 900 major projects across the globe in more than 31 countries. The Company has completed 280 landmark infrastructure projects in India and 90 projects across the globe in 21 countries namely, Algeria, Angola, Bangladesh, Indonesia, Iran, Iraq, Israel, Italy, Jordan, Lebanon, Malaysia, Nepal, Nigeria, Saudi Arabia, Syria, Tanzania, Turkey, United Kingdom, and Zambia.
Net profit of Ircon International declined 14.58% to ₹210.85 Crore in the quarter ended March 2025, as against ₹246.84 Crore during the previous quarter ended March 2024. Sales declined 9.90% to ₹3,412.07 Crore in the quarter ended March 2025, as against ₹3,787.00 Crore during the previous quarter ended March 2024.
For the full year, net profit declined 21.75% to ₹727.41 Crore in the year ended March 2025, as against ₹929.57 Crore during the previous year ended March 2024. Sales declined 14.02% to ₹10,759.58 Crore in the year ended March 2025, as against ₹12,513.65 Crore during the previous year ended March 2024.
The company has a market capitalization of ₹18,603 Crore and reported revenue of ₹10,760 Crore with a profit of ₹728 Crore. The P/E ratio of Ircon International Ltd is 19.03 times as on April 4, 2025, representing a 66% discount to its peers' median range of 56.16 times.
Ircon was awarded a ₹1,068 Crore EPC contract for a new BG rail bridge over River Ganga by East Central Railway on May 31, 2025. The company also secured a ₹253.56 Crore contract from South Western Railway for the KAVACH train collision avoidance system, expected to be executed within 18 months from the date of issuance of the Letter of Acceptance.
The promoter of Ircon International Ltd is The President of India (Through Chairman Railway Board), which owns 65.17% of the total equity. The chairman and managing director of the company is Hari Mohan Gupta. In FY24, the Government of India divested 8% stake in the company via an Offer for Sale, reducing its shareholding to 65% as of September 2024.
"IRCON operates not only in a highly competitive environment but also in difficult terrains and regions in India and abroad and is an active participant in prestigious nation building projects." IRCON is well-positioned to benefit from India's ongoing infrastructure development push and focus on improving its railway network. The company's diverse portfolio and experience in various construction segments make it a preferred partner for government and private entities undertaking large-scale projects.
The company continues to leverage its technical expertise and project execution capabilities to secure significant infrastructure contracts, particularly in the railway sector, while expanding its presence in highways, bridges, and other infrastructure segments both domestically and internationally.
