IRCON International Reports ₹2,272 Crore Revenue In Q2 FY27 As Domestic Sales Lead

Key numbers

P/E TTM	18.38Sector 32.4
Market Cap	₹9,623.4 CrCement & Construction
Promoter Holding	65.17%No pledge
RSI (Day)	41.93Neutral Zone

Key highlights

• Consolidated revenue from operations rose to ₹2,272 crore, up 15% from ₹1,977 crore in Q2-26
• Net profit improved 9.0% sequentially to ₹100 crore from ₹92.0 crore in the previous quarter
• Operating margins stood at 6.8%, up from 6.2% in Q1-27 but lower than 8.2% recorded in Q2-26
• Domestic revenue dominated the mix, contributing ₹2,215.54 crore to the total consolidated top line
• Company addressed exchange fines, noting the appointment of a Woman Independent Director on August 17, 2026

Domestic Execution Drives Top Line Recovery

IRCON International saw a notable recovery in its domestic operations during the quarter ended September 30, 2026. The domestic segment contributed ₹2,215.54 crore to the consolidated revenue, significantly overshadowing the international segment's ₹56.12 crore contribution. Total income for the quarter reached ₹2,364 crore, aided by ₹92.1 crore in other income.

This performance follows management's earlier guidance on May 22, 2026, which projected a full-year revenue target of approximately ₹9,000 crore. The sequential growth in revenue indicates steady progress in project execution compared to the first quarter of the fiscal year.

Margin Profile and Operational Costs

• Operating margin improved to 6.8% in Q2-27 from 6.2% in the preceding June quarter.
• Total expenses for the quarter stood at ₹2,192.95 crore, up from ₹1,902.56 crore in Q1-27.
• Project expenses, the largest cost component, amounted to ₹1,667.67 crore during the period.
• Adjusted profit showed strong momentum, rising 69.2% quarter-on-quarter and 82.4% year-on-year.
• The consolidated net profit after tax reached ₹100.34 crore for the quarter.

Board Responds to Stock Exchange Fines

The company formally addressed fines levied by the National Stock Exchange and BSE regarding non-compliance with board composition regulations for the quarter ended June 30, 2026. IRCON clarified that as a Government Company, directors are appointed by the Ministry of Railways, leaving the company with no direct role in the selection process. To rectify the gap, a Woman Independent Director was appointed effective August 17, 2026, leading to the reconstitution of the Audit and Nomination & Remuneration committees.

The company maintains that the levy of fines is unreasonable given its status as a PSU under central ministry administrative control.

Governance on Director Appointments

All Directors in IRCON are appointed by the Government of India through its Administrative Ministry, Ministry of Railways (MoR) and IRCON has no role to play in the appointment of any Director including Independent Directors/Woman Director unless nominated by the Government of India.

What to watch next

• Execution of the ₹24,984.47 crore order book recorded as of March 31, 2026
• Legal formalities and pricing finalization for Phases I and II of the MCRL Project
• Potential impact of the voluntary liquidation process of the Indian Railway Stations Development Corporation (IRSDC)
• Achievement of the ₹9,000 crore annual revenue guidance for the full fiscal year 2027

“Pursuant to MoR order dated 13th August, 2026, One Woman Independent Director has been appointed on the Board of IRCON w.e.f.17th August, 2026 and subsequently AC and NRC of the Company have been properly re-constituted.”

IRCON International · financial snapshot

Share price	₹102.32
Market capitalisation	₹9,623.36 Cr
Revenue (annual)	₹9,071.05 Cr
Net profit (annual)	₹595.47 Cr
Revenue (latest quarter)	₹1,955.83 Cr-38.67% vs previous quarter
Net profit (latest quarter)	₹92.74 Cr-51.60% vs previous quarter
P/E (TTM)	18.38×Sector 32.4×
Promoter holding	65.17%0.00% QoQ
FII holding	4.62%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.