NSE/IRCON

IRCONIRCON International Ltd

Railways · NSE

₹154.69+8.65%

52-wk low52-WEEK RANGE52-wk high

₹115.24+34.2% from low ·-29.8% from high₹220.46

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

IRCON+272.48% · 1Y

Range high ₹351.6Range low ₹29Latest ₹154.69Powered by TradingView · live NSE data

RailwaysEngineering & ConstructionMidcapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite38/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -5.1% — underperformer
· Below 200-DMA (-5.6%) — downtrend

Valuation

Low

Appears to be fairly valued to cheap vs peers.

· P/E 23.2 vs sector median 33.0 — 30% cheaper
· P/B 2.21 below sector median 4.96

Growth

Low

Lagging the market in growth.

· Revenue YoY -14.7% — contracting
· Profit YoY -14.5% — earnings slipping

Profitability

Medium

Average profitability vs peers.

· ROE 9.5% — weak returns on equity
· Top quartile ROE in Railways

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(69/100)

Durability

72/100

Reasonable financial health; watch the weaker inputs.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score3.11 (100pt)
Debt/Equity0.79 (65pt)
ROE9.5% (38pt)

Valuation

81/100

Attractively valued vs peers and growth — good margin of safety.

Show 4 drivers

P/E vs sector (23.2 / 33.0)70% (100pt)
P/B2.21 (100pt)
Dividend yield1.42% (36pt)
EV/EBITDA19.4 (40pt)

Momentum

54/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change-5.1% (39pt)
DMA-trend alignmentsideways (50pt)
RSI (14)69.3 (86pt)
Price vs 200-DMA-5.4% (49pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)23.22

UNDERVALUED

CheapestP/E 23.2 at 14th %ile of sector — cheaper than 86% of peers.Most expensive

P/B2.21

UNDERVALUED

CheapestP/B 2.21 at 14th %ile of sector.Most expensive

EV/EBITDA19.37

OVERVALUED

Monthly seasonality

Avg monthly return over 8 years · historical — not a forecast

Best: Apr +12.03% · Worst: Feb -6.99%

Jan

+4.6%

63% win

Feb

-7.0%

38% win

Mar

-4.8%

25% win

Apr

+12.0%

88% win

May

+6.9%

71% win

Jun

+0.3%

Monthly return distribution

Distribution of 91 monthly returns

Mean

+2.21%

Median

+1.42%

Std dev

12.41%

Best

+38.5%

Worst

-36.0%

% positive

55%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 2

Bankruptcy risk low (Altman Z″ 3.11)
Z″ above 2.60 sits squarely in the 'safe' zone
Top quartile ROE in Railways
Rank 2 of 7 peers

WEAKNESSES · 2

Low return on equity (9.5%)
Below 10% ROE suggests inefficient use of shareholder capital
Revenue contracting (-14.7% YoY)
Negative top-line growth is the hardest signal to overcome

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 1

Profit contracting sharply (-14.5% YoY)
Double-digit earnings decline pressures valuation compression

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+8.7%

+13.3%

+18.8%

-8.9%

-10.9%

+4.0%

+40.4%

+27.8%

10Y

+19.0%

Fundamentals

VALUATION

Market cap

₹14,263 Cr

P/E (TTM)

23.2

P/E (fwd)

18.8

next 12m

P/B

2.21

EV/EBITDA

19.4

Book value

₹68.47

per share

PROFITABILITY · QUALITY

ROE

9.5%

ROCE

—

Net margin

7.2%

Op margin

5.5%

Gross margin

11.7%

D/E

0.79

GROWTH · MARKET

Rev YoY

-14.7%

Profit YoY

-14.5%

Div yield

1.42%

Payout

40.6%

52w change

-5.1%

Beta

0.57

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 3

+Trading at -29.7% vs sector median P/EP/E 23.2 vs Railways median 33.0 — relative value on earnings
+Forward P/E materially below trailing (18.8x vs 23.2x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+Top-3 ROE in Railways sectorBest-in-class profitability among 7 listed peers

CONS · 2

−Low ROE of 9.5%Below the 10%+ threshold most quality-focused investors require
−Revenue declining -14.7% YoYTop-line contraction — watch for cyclical vs structural

Sector-relative context

Railways · 7 peers

P/E (TTM)

This stock

23.22

Sector median

33.04

Rank 1/7 (100th %ile)

ROE

This stock

9.5%

Sector median

9.5%

Rank 6/7 (29th %ile)

P/B

This stock

2.21

Sector median

4.96

Rank 1/7 (100th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✓Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE3.11

Z″ = 3.11 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.381	×6.56	2.498
Retained Earnings / Total Assets (B)	0.082	×3.26	0.268
EBIT / Total Assets (C)	0.035	×6.72	0.235
Book Equity / Total Liabilities (D)	0.105	×1.05	0.111

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

4 analysts · UNDERPERFORM

Target mean

₹146.00

Target high

₹159.00

Target low

₹141.00

Upside vs today

-3.7%

Street consensus target is -3.7% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Engineering & Construction

Employees

834

Shares out

94.1

Revenue (TTM)

₹9,294 Cr

EBITDA

₹734 Cr

Total debt

₹5,138 Cr

Cash

₹5,501 Cr

Net debt

₹-363 Cr

Quarterly results

Last 6 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4
Revenue	—	2,613	3,192	1,786	1,977	2,119
Operating profit	—	101	232	163	101	116
OPM %	—	3.9%	7.3%	9.1%	5.1%	5.5%

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	7,357	10,347	12,301	10,540
Operating profit	505	597	1,035	729
OPM %	6.9%	5.8%	8.4%	6.9%
Interest	166	300	250	264
Depreciation

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
IRCONTHIS Ircon International Limited	₹154.69	-5.1%	14,263	23.2	2.21	9.5%	0.79	-14.7%
RVNL Rail Vikas Nigam Limited	₹303.06	-19.2%	62,360	54.2	6.55	—	0.52	-12.2%
IRCTC Indian Railway Catering And Tourism Corporation Limited	₹564.9	-27.1%	45,220	31.8	10.60	33.4%	0.02	+9.5%
BEML BEML Limited	₹1,772.4	-43.4%	14,685	58.9	5.25	8.9%	0.24	-0.8%
JWL Jupiter Wagons Limited	₹286.23	-26.5%	12,063	48.8	4.28	—	0.27	+8.8%
RITES RITES Limited	₹221.95	-8.6%	10,544	25.5	4.01	—	0.00	-9.4%
RAILTEL Railtel Corporation Of India Limited	₹335.29	+6.0%	10,487	33.0	4.96	—	0.03	+35.4%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	1.70	0.97	-42.9%
-2q	1.35	1.96	+45.2%
-3q	1.27	1.60	+26.0%
-4q	1.60	2.32	+45.0%

Date	Amount
2026-02-17	₹1.20
2025-09-11	₹1.00
2025-02-17	₹1.65
2024-09-05	₹1.30
2024-02-16	₹1.80
2023-09-05	₹1.20
2023-02-17	₹1.80
2022-09-08	₹0.65
2022-02-21	₹0.70
2021-11-22	₹0.70
2021-09-16	₹1.70
2021-08-18	₹0.45
2021-02-23	₹0.65
2020-09-21	₹1.03
2020-02-20	₹1.34
2019-08-26	₹1.08
2019-02-15	₹1.07

Date	Ratio
2021-05-20	2:1
2020-04-03	5:1

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	188	188	188	188
Reserves	1,188	1,725	2,373	2,823
Borrowings	1,399	1,525	2,582	4,307
Other liabilities	32	18	19	19
Total liabilities	14,446	15,537	17,452	19,521
Fixed assets	215	255	1,080	2,204
CWIP	6	50	864	1,202
Investments	225	125	2,342	3,058
Other assets	30	0	57	47
Total assets	14,446	15,537	17,452	19,521

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	1,414	-278	-79	-1,110
CF Investing	-1,227	1,578	-705	32
CF Financing	671	-223	640	1,156
Net cash flow	844	1,080	-158	100
Free cash flow	1,373	-378	-927	-2,162

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	6.9%	8.4%	5.8%	6.9%
Net margin %	6.9%	7.6%	7.4%	8.1%
ROE %	26.1%	41.6%	46.5%	43.0%
ROCE %	19.3%	35.2%	38.3%	30.8%
Debt / Equity	1.43	1.01	0.80	1.02
Interest coverage	4.6×	6.0×	4.0×	5.1×
Revenue growth YoY	-14.3%	+18.9%	+40.6%	—
Profit growth YoY	-21.7%	+21.5%	+29.2%	—

IRCONIRCON International Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Railways

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Recent news

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Railways