Ircon International financials: balance sheet, profit and loss, cash flow

NSE: IRCONBSE: 541956ConstructionSmall Cap

Ircon International Limited · Face value ₹2 · Listed Sep 2018 · Issue price ₹475

₹100.88₹0.39 (0.39%)BSE ₹100.90

Share price at the NSE close on 29 Oct 2026. Previous close ₹100.49.

29 Oct: open ₹100.69, high ₹101.99, low ₹99.58

52-week range of traded prices to 29 Oct 2026

₹95.76Low, 26 Oct 2026₹186.44High, 26 Dec 2025

Next results date: the board meets on 4 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹9,488 Cr462nd largest listed
P/E: 18.12
P/B: 1.43
Dividend yield: 1.88%
ROE: 8.1%
ROCE: 4.9%
Debt to equity: 0.85
Volume, NSE: 19,65,97127.9% delivered

Ircon International's financial statements for the 8 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

8 years at a glance

₹ crore, years to March.Ircon International annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹12,331 Cr, year to Mar 2024; lowest ₹4,798 Cr, year to Mar 2019

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,071
Materials and goods−827
Employee costs−260
Other expenses−7,218
Operating profit766
Depreciation−163
Other income+431
One-off items0.0
Finance costs−350
Profit before tax684
Tax−175
Joint ventures+83
Net profit592

What the company owns

Plant, investments and other assets₹14,720 Cr
Cash and bank₹4,809 Cr
Receivables₹1,398 Cr
Current investments₹367 Cr
Inventory₹12 Cr

What pays for it: net worth and liabilities

Other liabilities₹7,771 Cr
Net worth₹6,671 Cr
Borrowings₹5,664 Cr
Owed to suppliers₹1,201 Cr

Ircon International business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Ircon International segment results by quarter

Revenue by segment

₹9,502 CrTotal

Domestic₹9,084 Cr95.6% of total
International₹418 Cr4.4% of total

Profit by segment

Domestic₹928 Cr83.1% of total
International₹188 Cr16.9% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Domestic
Revenue, ₹ crore
4,378
5,056
4,932
10,320
12,251
10,748
9,084
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
584
497
548
901
1,208
1,064
928
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
International
Revenue, ₹ crore
612
483
592
430
619
383
418
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
40
193
42
102
200
92
188
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,990	5,540	5,523	–	10,750	12,871	11,131	9,502
Company revenue, as in its results	4,798	5,392	5,342	–	10,368	12,331	10,760	9,071
Revenue	4,378	5,056	4,932	–	10,320	12,251	10,748	9,084
Revenue growth	–	15.5%	−2.5%	–	–	18.7%	−12.3%	−15.5%
Profit	584	497	548	–	901	1,208	1,064	928
Profit growth	–	−14.9%	10.3%	–	–	34.1%	−11.9%	−12.8%
Margin	13.4%	9.8%	11.1%	–	8.7%	9.9%	9.9%	10.2%
Return on capital	–	12.1%	12.7%	–	17.9%	21.1%	17.3%	14.3%
Assets	–	12,231	10,672	–	14,619	16,410	18,468	20,183
Liabilities	–	8,130	6,349	–	9,585	10,686	12,334	13,672
Capital employed	–	4,101	4,323	–	5,034	5,723	6,134	6,511
Revenue	612	483	592	–	430	619	383	418
Revenue growth	–	−21.0%	22.4%	–	–	44.1%	−38.2%	9.1%
Profit	40	193	42	–	102	200	92	188
Profit growth	–	385.8%	−78.4%	–	–	96.6%	−53.8%	103.6%
Margin	6.5%	40.0%	7.1%	–	23.7%	32.3%	24.1%	45.1%
Return on capital	–	274.3%	52.2%	–	53.3%	109.5%	40.6%	118.0%
Assets	–	647	582	–	919	1,035	1,053	1,124
Liabilities	–	577	501	–	728	852	825	964
Capital employed	–	71	80	–	191	183	228	159

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The year to Mar 2022 is not shown: its results were filed at the wrong scale, a power of ten off the company's own year-to-date figures. The last column is the twelve months to Jun 2026, the latest four quarters added.Ircon International quarterly results

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 May	Mar 2026Filed 22 May	Jun 2026Twelve monthsFiled 12 Aug
Revenue from operations	4,798	5,392	5,342	–	10,368	12,331	10,760	9,071	9,241
	4,321	4,787	4,845	–	9,665	11,407	9,915	8,305	8,470
Materials and goods bought	221	366	578	–	438	494	668	827	717
Employee costs	264	279	247	–	284	327	276	260	262
Other expenses	3,836	4,142	4,020	–	8,943	10,585	8,971	7,218	7,491
Operating profit before depreciation	478	604	497	–	703	924	845	766	771
Operating margin	10.0%	11.2%	9.3%	–	6.8%	7.5%	7.9%	8.4%	8.3%
Materials, % of revenue	4.6%	6.8%	10.8%	–	4.2%	4.0%	6.2%	9.1%	7.8%
Employee costs, % of revenue	5.5%	5.2%	4.6%	–	2.7%	2.7%	2.6%	2.9%	2.8%
Other expenses, % of revenue	79.9%	76.8%	75.2%	–	86.3%	85.8%	83.4%	79.6%	81.1%
Depreciation and amortisation	52	83	92	–	107	100	118	163	170
Operating profit after depreciation	426	521	404	–	596	824	727	603	601
Other income	191	148	181	–	382	540	371	431	412
Finance costs	15	28	23	–	118	148	219	350	382
One-off items	0	0	0	–	0	0	0	0	0
Profit before tax	603	642	563	–	860	1,215	879	684	630
	174	187	186	–	126	332	211	175	162
Current tax	169	148	167	–	163	342	236	213	214
Deferred tax	5	38	20	–	−37	−10	−25	−38	−52
Share of profit of joint ventures and associates	22	30	15	–	31	46	60	83	51
	450	485	391	–	765	930	728	592	520
Belonging to the company's shareholders	450	485	391	–	765	930	727	595	524
Belonging to outside owners of subsidiaries	0	0	–	–	0	0	0	−4	−4
Other comprehensive income	−8	−3	−1	–	11	−1	5	4	9
Total comprehensive income	442	482	390	–	776	929	733	596	528
Net margin	9.4%	9.0%	7.3%	–	7.4%	7.5%	6.8%	6.5%	5.6%
Net margin without joint ventures and associates	8.9%	8.4%	7.0%	–	7.1%	7.2%	6.2%	5.6%	–

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 May	Mar 2026Filed 22 May
	3,964	4,171	4,403	–	5,225	5,906	6,362	6,671
	3,964	4,171	4,403	–	5,211	5,871	6,326	6,639
Share capital	94	94	94	–	188	188	188	188
Reserves	3,870	4,077	4,309	–	5,023	5,683	6,138	6,451
Belonging to outside owners of subsidiaries	0	0	0	–	13	35	36	32
	2,560	1,846	312	–	1,504	2,567	4,264	5,664
Repayable after a year	2,560	1,846	312	–	1,440	2,457	4,135	5,423
Repayable within a year	0	0	0	–	64	110	130	240
	5,659	6,076	5,783	–	7,265	7,123	7,226	7,151
Trade payables	565	589	758	–	831	887	1,257	1,201
Other financial liabilities	2,302	2,959	2,443	–	2,747	3,095	3,026	2,606
Other liabilities	2,390	2,256	2,292	–	3,288	2,655	2,496	2,776
Provisions	393	240	202	–	299	309	302	301
Tax owed	9	32	87	–	37	67	16	26
	3,695	2,631	1,068	–	3,047	4,416	5,933	7,485
Other financial liabilities	345	408	283	–	682	780	617	877
Other liabilities	710	298	365	–	777	957	920	859
Provisions	80	79	108	–	149	222	259	326
	13,319	12,878	11,254	–	15,537	17,445	19,521	21,307
Held for sale or for a demerger	–	1	0	–	1	–	–	0
	5,831	5,394	3,772	–	4,320	5,446	8,050	9,503
Plant in use, after depreciation	134	281	265	–	205	216	1,003	2,086
Plant being built	50	3	3	–	8	549	976	595
Intangible assets	1,279	1,212	1,146	–	1,067	978	908	835
Intangible assets being developed	5	27	10	–	10	0	0	0
Property held to earn rent	478	489	511	–	552	543	542	534
Investments	709	291	291	–	125	125	0	0
Stakes in joint ventures and associates	0	512	559	–	824	865	886	1,065
Loans given	40	39	0	–	1	0	0	0
Other financial assets	2,845	2,320	868	–	1,283	1,445	3,091	3,641
Deferred tax	128	90	70	–	109	120	145	183
Other assets	163	130	48	–	133	607	499	565
	7,488	7,483	7,481	–	11,217	11,999	11,472	11,803
Inventories	332	321	121	–	212	237	91	12
Trade receivables	666	551	631	–	864	803	1,328	1,398
Cash and cash equivalents	892	893	414	–	2,338	2,180	2,280	2,190
Other bank balances	2,192	1,780	3,032	–	2,784	2,805	2,502	2,619
Current investments	100	0	0	–	100	564	411	367
Loans given	2	2	1	–	1	1	2	1
Other financial assets	1,741	2,195	1,306	–	1,968	2,814	2,342	3,163
Tax paid in advance	42	30	31	–	165	73	108	47
Other assets	1,522	1,712	1,945	–	2,784	2,523	2,408	2,006
Net debt	−624	−827	−3,134	–	−3,718	−2,981	−928	487

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 May	Mar 2026Filed 22 May
	518	–	−168	−79	−1,110	−618
	654	–	−100	8	−803	−315
	−3	–	−982	−1,027	−1,539	−976
Receivables	−80	–	−169	61	−525	−70
Inventories	200	–	65	−48	−43	79
Payables	169	–	−196	32	363	−56
Other working capital	−292	–	−682	−1,071	−1,334	−928
Tax paid	−43	–	−68	−87	−307	−303
Interest paid	7	–	0	0	0	0
Capital spending	5	–	65	845	1,048	532
Free cash flow	514	–	−233	−923	−2,158	−1,150
	−777	–	1,468	−705	32	−366
Plant and property sold	21	–	2	0	1	3
Companies bought	−32	–	0	0	0	0
Interest received	83	–	172	418	422	365
Dividends received	17	–	69	70	103	35
	169	–	−223	640	1,156	801
Borrowings raised	331	–	165	1,132	2,156	2,114
Borrowings repaid	0	–	−60	−69	−459	−784
Interest paid	−4	–	−110	−161	−262	−312
Lease payments	0	–	0	−1	−2	−10
Dividends paid	158	–	230	282	277	207
Shares bought back	0	–	0	0	0	0
Shares issued	0	–	0	0	0	0
Net change in cash	−91	–	1,077	−144	78	−182

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Ircon International dividend history

₹ per share	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 May	Mar 2026Filed 22 May
	₹4.79	₹5.16	₹4.16	–	₹8.14	₹9.88	₹7.73	₹6.33
As stated that year	₹47.85	₹51.60	₹4.16	–	₹8.14	₹9.88	₹7.73	₹6.33
	₹4.79	₹5.16	₹4.16	–	₹8.14	₹9.88	₹7.73	₹6.33
As stated that year	₹47.85	₹51.60	₹4.16	–	₹8.14	₹9.88	₹7.73	₹6.33
	₹2.15	₹2.38	₹2.35	–	₹3.00	₹3.10	₹2.65	₹1.90
As declared that year	₹21.55	–	–	–	₹3.00	₹3.10	₹2.65	₹1.90
	₹42.15	₹44.35	₹46.82	–	₹55.41	₹62.42	₹67.27	₹70.59
On that year's share count	₹421.50	₹443.52	₹93.63	–	₹55.41	₹62.42	₹67.27	₹70.59
Dividend payout	45.0%	46.0%	56.5%	–	36.9%	31.4%	34.3%	30.0%
Shareholder yield	–	–	3.8%	–	4.4%	1.4%	1.9%	1.9%
Market cap at the year end (₹ crore)	3,783	3,584	4,152	–	5,267	20,658	14,717	10,847

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the years to Mar 2020 and Mar 2021: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Consolidated, years to March.Ircon International PE ratio and valuation

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 21 May	Mar 2026Filed 22 May
Revenue growth	–	12.4%	−0.9%	–	–	18.9%	−12.7%	−15.7%
Operating profit growth	–	26.5%	−17.8%	–	–	31.4%	−8.6%	−9.4%
Net profit growth	–	7.8%	−19.4%	–	–	21.5%	−21.7%	−18.7%
Earnings per share growth	–	7.8%	−19.4%	–	–	21.4%	−21.8%	−18.1%
	11.4%	11.9%	9.1%	–	14.7%	16.8%	11.9%	9.2%
	–	0.6 pts	−2.8 pts	–	–	2.1 pts	−4.8 pts	−2.7 pts
From the net margin	–	−0.5 pts	−2.2 pts	–	–	0.3 pts	−1.7 pts	−0.3 pts
From asset turnover	–	1.6 pts	0.7 pts	–	–	1.8 pts	−3.3 pts	−2.7 pts
From borrowing	–	−0.5 pts	−1.3 pts	–	–	0.0 pts	0.2 pts	0.3 pts
Return on capital employed	6.5%	8.7%	8.6%	–	8.9%	9.7%	6.8%	4.9%
Cash conversion	–	–	132.5%	–	−21.9%	−8.5%	−152.4%	−104.3%
Interest cover	29.3	18.7	17.4	–	5.0	5.6	3.3	1.7
Debt to equity	0.65	0.44	0.07	–	0.29	0.43	0.67	0.85
Receivable days	51	37	43	–	30	24	45	56
Inventory days	547	320	76	–	177	175	50	5
Payable days	933	588	478	–	693	655	687	530
Cash conversion cycle, days	−335	−231	−359	–	−486	−456	−592	−469
Working capital days	−103	−86	−119	–	−43	−17	−28	−11
Asset turnover	0.36	0.41	0.44	–	0.67	0.75	0.58	0.44
Assets per rupee of net worth	3.36	3.22	2.81	–	2.98	2.98	3.03	3.15
Sales per rupee of plant	35.82	19.19	20.18	–	50.48	57.19	10.73	4.35
Capital spending to depreciation	–	–	0.05	–	0.60	8.41	8.89	3.27
Plant being built, % of plant in use	37.6%	1.1%	1.2%	–	4.1%	254.6%	97.3%	28.5%

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.9%
Cash from operations against operating profit: −80.7%

Measure	5 years	3 years
Revenue growth, yearly rate	11.2%	−4.4%
Profit growth, yearly rate	8.8%	−8.0%
Return on equity, average	13.1%	12.6%
Return on capital employed, average	7.6%	7.2%
Operating margin, average	7.6%	7.9%
Net margin, average	7.1%	6.9%
Asset turnover, average	0.61	0.59
Cash conversion cycle, days, average	−501	−506
Interest cover, average	3.9	3.5
Debt to equity, average	0.56	0.65

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	3 years	Latest year
Cash from operations	−1,806	−618
Cash from investing	−1,040	−366
Cash from financing	2,597	801
Capital spending	2,425	532
Dividends paid	767	207
Shares bought back	0	0
Shares issued for cash	0	0
Borrowings raised	5,402	2,114
Borrowings repaid	1,312	784

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	7	–	–	–	2	3
Altman Z-scorePublished threshold 1.81	1.33	1.41	1.73	–	1.94	2.83	2.11	1.72
Beneish M-scorePublished threshold −1.78	–	–	−2.45	–	–	−2.18	−1.02	−2.09
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	5.39	–	–	10.39	9.77	7.72
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−0.56	−0.80
Receivables growth less revenue growthOur threshold 0 percentage points	–	−29.60	15.36	–	–	−25.94	78.09	20.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−68.59	−120.58	–	–	−0.84	−96.87	−110.23
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	11.73	−12.26	–	–	3.99	−5.12	3.94
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.01	0.04	–	–	4.96	1.08	0.48
Effective tax ratePublished threshold 17.16 per cent	28.90	29.10	33.14	–	14.63	27.30	24.02	25.53
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	6.77	20.16	−10.87	−18.75

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Mar 2026	Infomerics Valuation and Ratings Private Limited	Long Term/ Short Term Bank Facilities	IVR AAA& IVR A1+Review, Re-affirm	Stable	8,549.97
24 Mar 2026	Infomerics Valuation and Ratings Private Limited	Long Term Bank Facilities	IVR AAAReview, Re-affirm	Stable	1,000.03
25 Nov 2025	Infomerics Valuation and Ratings Private Limited	Long Term Bank Facilities / Short Term Bank Facilities	IVR AAA/A1+Review, Re-affirm	Stable	8,999.98

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.