Slides
Page 1
Analysts Presentation Q2 & H1 FY26 IRCON INTERNATIONAL LIMITED 12 th November 2025
Page 2
Safe Harbour No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of IRCON (“Company” or “Ircon International Ltd.”), which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. 2
Page 3
1976 1992 1998 2006 2018 2020 2023 2023 2024 Established under the Companies Act Converted into Public Limited Company Granted “Miniratna” Status Schedule “A” Company Equity Shares listed on NSE & BSE Achieved Turnover of Rs.5,000 crore Turnover crossed Rs.10,000 crore Upgraded to “Navratna” Company Highest Ever Turnover Achieved IRCON - Journey 3
Page 4
Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways Projects Completed Executed Work 5,564 TKM Railway Track 9,654 RKM Railway Electrification 6,807 KMS Roads and Highways 1.56 Mn Sqm. Buildings Awards 405 Domestic 130 International 157 KMS Tunnel 159 Nos. Bridges 4 USA ENR Construction Companies Fortune India 500 (Dec 2024) BS 1000 Revenue (Mar 2025) 232nd 192nd 132nd KEY ACHIEVEMENTS
Page 5
Ircon International Limited JVs (7 Nos.)Subsidiaries (11 nos.) Ircon Soma Tollway Pvt. Ltd. (50%) (BOT) Indian Railway Stations Development Corp. Ltd.* (26%) Chhattisgarh East Railway Ltd. (26%) (Coal Connect.) Chhattisgarh East West Railway Ltd. (26%) (Coal Connect.) Mahanadi Coal Railway Ltd. (26%) (Coal Connect.)@ Jharkhand Central Railway Ltd. (26%) (Coal Connect.) Bastar Railway Private Limited** (26%) (Iron Ore) Ircon Infrastructure & Services Limited (100%) Ircon Vadodara Kim Expressway Limited (100%) (HAM) Ircon Shivpuri Guna Tollway Limited (100%) (BOT) Ircon Bikaner Phalodi Tollway Limited (100%) (BOT) Ircon Davanagere Haveri Highway Limited (100%) (HAM) Ircon Gurgaon Rewari Highway Limited (100%) (HAM) Ircon Akloli Shirsad Expressway Limited (100%) (HAM) Ircon Ludhiana Rupnagar Highway Limited (100%) (HAM) Ircon Bhoj Morbe Expressway Limited (100%) (HAM) Ircon Haridwar Bybass Limited (100%) (HAM) Ircon Renewable Power Limited (76%) *MoR vide letter dated 18.10.2021 has decided in principle for closure of IRSDC and railway station development work are being taken up by RLDA under MoR. **MoR vide its letter dated 03.02.2023 has communicated its decision to carry out the work of next phase by MoR. @It is decided to handover Phase I & II of MCRL to MoR. 5 GROUP STRUCTURE - SUBSIDIARIES AND JVs
Page 6
INDEX 6 1. Functional Directors 2. Key Financial Highlights (Consolidated) 3. Key Financial Highlights (Standalone) 4. Group Financial Performance 5. Standalone Financial Performance 6. Order Book 7. Opportunities
Page 7
FUNCTIONAL DIRECTORS
Page 8
Shri Hari Mohan Gupta Chairman & Managing Director • Holds Bachelors’ degree in Civil Engineering from University of Roorkee (renamed as IIT/Roorkee) • Belongs to Indian Engineering Services of 1989 Batch • Previously worked as Director (Infrastructure) of DFCCIL, Executive Director (Works) in Ministry of Railways • Has vast experience of track maintenance, repair/ maintenance/ operation/ overhauling of huge Railway track machines etc. Smt. Ragini Advani Director (Finance) • Chartered Accountant and Cost Accountant with Ranks • Rich and varied experience of more than 25 years in Corporate Finance, valuations, merger & acquisitions, treasury etc. • Previously worked with EIL, NTPC SAIL Power Co. Pvt. Ltd., KPMG etc. • B.T ech. in Civil Engineering, an LLM in International Dispute Resolution, an MBA in International Business, and a Diploma in International Arbitration. • Over 25 years of experience in the field of Project Management, International Procurement, Contract Management, Risk Management, Infrastructure Financing and Dispute Resolution for large infrastructure project. • His expertise covers a range of practice areas including arbitration, adjudication, dispute boards, emergency arbitration, expert determination, expert witness, and mediation. Shri Anand Kumar Singh Director (Projects) • Holds Bachelors’ degree in Civil Engineering from IIT, Delhi and MBA (Finance) from MDI, Gurgaon • Belongs to IRSE and has experience of more than 33 years in development of Railway and Highway Infrastructure • Has varied experience in project planning, viability assessment, investment strategies, construction, project management etc. 8 Functional Directors Shri Ajit Kumar Mishra Director (Works)
Page 9
Key Financial Highlights (Consolidated)
Page 10
Financial Highlights (Consolidated) – Q2FY26 (Y-o-Y) 2448 1977 Q2FY25 Q2FY26 343 297 Q2FY25 Q2FY26 206 137 Q2FY25 Q2FY26 Operating Revenue EBITDA Profit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation 10 (Rs. crore)
Page 11
Financial Highlights (Consolidated) – Q2FY26 (Q-o-Q) 1786 1977 Q1FY26 Q2FY26 324 297 Q1FY26 Q2FY26 164 137 Q1FY26 Q2FY26 Operating Revenue EBITDA Profit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation 11 (Rs. crore)
Page 12
Financial Highlights (Consolidated) – H1FY26 4735 3763 H1FY25 H1FY26 700 621 H1FY25 H2FY26 430 301 H1FY25 H2FY26 Operating Revenue EBITDA Profit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation 12 (Rs. crore)
Page 13
Key Financial Highlights (Standalone)
Page 14
Financial Highlights (Standalone) – Q2FY26 (Y-o-Y) 2299 1852 Q2FY25 Q2FY26 260 239 Q2FY25 Q2FY26 202 185 Q2FY25 Q2FY26 Operating Revenue EBITDA Profit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation 14 (Rs. crore)
Page 15
Financial Highlights (Standalone) – Q2FY26 (Q-o-Q) 1664 1852 Q1FY26 Q2FY26 210 239 Q1FY26 Q2FY26 151 185 Q1FY26 Q2FY26 Operating Revenue EBITDA Profit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation 15 (Rs. crore)
Page 16
Financial Highlights (Standalone) – H1FY26 4479 3516 H1FY25 H1FY26 506 449 H1FY25 H2FY26 379 335 H1FY25 H2FY26 Operating Revenue EBITDA Profit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation 16 (Rs. crore)
Page 17
Group Financial Performance
Page 18
F IN ANCIAL HIGHLIGHT S ( C O N S O L I D AT E D ) – Q 2 F Y 2 6 18 Particulars (INR Crore) Q2FY26 Q1FY26 Q-o-Q (%) Q2FY25 Y-o-Y (%) FY25 FY24 Y-o-Y (%) OperatingRevenue 1976.8 1786.3 10.7% 2447.5 (19.2%) 10759.6 12513.7 (14.0%) T otal Expenses (Excl. Dep. & Finance Cost) 1835.6 1586.4 15.7% 2246.6 (18.3%) 9914.8 11406.8 (13.1%) Core EBITDA 161.6 217.8 (25.8%) 251.8 (35.8%) 904.6 1153.1 (21.6%) Core EBITDA Margins(%) 8.2% 12.2% (402 bps) 10.3% (212 bps) 8.4% 9.2% (80 bps) Other Income 135.4 106.1 27.6% 91.1 48.7% 371.5 356.9 4.1% EBITDA 297.0 323.9 (8.3%) 342.8 (13.4%) 1276.0 1510.0 (15.5%) EBITDA Margin (%) 14.1% 17.1% (306 bps) 13.5% 56 bps 11.5% 11.7% (27 bps) Depreciation 40.0 37.2 7.7% 27.8 44.1% 117.9 100.4 17.4% Finance Cost 84.5 75.2 12.4% 52.7 60.4% 219.1 148.4 47.7% Profit BeforeT ax 172.5 211.5 (18.5%) 262.3 (34.3%) 939.0 1261.1 (25.5%) PBT Margin (%) 8.2% 11.2% (302 bps) 10.3% (217 bps) 8.4% 9.8% (136 bps) T ax 35.9 47.4 (24.2%) 56.4 (36.3%) 211.2 331.6 (36.3%) Profit After T ax (PA T) 136.5 164.1 (16.8%) 205.9 (33.7%) 727.8 929.5 (21.7%) P A T Margin (%) 6.5% 8.7% (221 bps) 8.1% (165 bps) 6.5% 7.2% (68 bps) Other ComprehensiveIncome (Net of T ax) 3.2 (0.4) -- (0.9) -- 5.5 (0.5) -- T otal ComprehensiveIncome 139.7 163.7 (14.7%) 205.0 (31.9%) 733.3 929.0 (21.1%) EPS (INR) (Face value Rs.2 per share) 1.47 1.75 (15.8%) 2.19 (32.7%) 7.73 9.88 (21.8%)
Page 19
Standalone Financial Performance
Page 20
F IN ANCIAL HIGHLIGHT S ( S TA N D A L O N E ) – Q 2 F Y 2 6 20 Particulars (INR Crore) Q2FY26 Q1FY26 Q-o-Q (%) Q2FY25 Y-o-Y (%) FY25 FY24 Y-o-Y (%) Operating Revenue 1851.5 1664.2 11.3% 2298.9 (19.5%) 10193.1 11950.4 (14.7%) T otal Expenses (Excl. Dep. & Finance Cost) 1788.4 1561.6 14.5% 2194.3 (18.5%) 9714.0 11186.5 (13.2%) Core EBITDA 63.1 102.6 (38.5%) 104.6 (39.6%) 479.2 763.9 (37.3%) Core EBITDA Margins (%) 3.4% 6.2% (276 bps) 4.6 (114 bps) 4.7% 6.4% (169 bps) Other Income 175.8 107.2 64.1% 155.8 12.8% 484.3 437.5 10.7% EBITDA 238.9 209.8 13.9% 260.4 (8.2%) 963.5 1201.4 (19.8%) EBITDA Margin (%) 11.8% 11.8% (5 bps) 10.6% 118 bps 9.0% 9.7% (68 bps) Depreciation 12.1 11.5 5.9% 9.7 25.8% 38.3 36.2 5.6% Finance Cost 0.4 3.8 (88.5%) 2.1 (79.3%) 7.4 9.6 (22.9%) Profit Before T ax 226.4 194.6 16.4% 248.7 (9.0%) 917.8 1155.5 (20.6%) PBT Margin (%) 11.2% 11.0% 19 bps 10.1% 104 bps 8.6% 9.3% (73 bps) T ax 41.7 44.0 (5.2%) 46.5 (10.2%) 180.2 292.6 (38.4%) Profit After T ax (PAT) 184.7 150.6 22.6% 202.2 (8.7%) 737.6 862.9 (14.5%) P AT Margin (%) 9.1% 8.5% 61 bps 8.2% 87 bps 6.9% 7.0% (6 bps) Other Comprehensive Income (Net of Tax) 3.2 (0.4) -- (0.9) -- 5.5 (0.5) -- T otal Comprehensive Income 187.8 150.2 25.1% 201.3 (6.7%) 743.1 862.4 (13.8%) EPS (INR) (Face value Rs.2 per share) 1.96 1.60 22.5% 2.15 (8.8%) 7.8 9.17 (14.5%)
Page 21
Order Book
Page 22
ORDER BOOK 22 Sector Geography Mode of Award 91% 9% Domestic International 21656 2209 • Order Book of Rs.23,865 crore as on 30.09.2025. • Share of orders won on competitive bidding basis is about 62.2% of the total order book. 75% 19% 6% Railways Highways Others 4605 17952 1308 6% 38% 62% Nomination Competitive 9017 14848
Page 23
OPPORTUNITIES 23 Infrastructure Projects Massive Govt. push to the CAPEX by allocation of Rs.11.21 lakh Crore in Union Budget 2025 Expansion of National Infrastructure Pipeline (NIP) to 13,247 projects Development of 100 PM Gati Shakti Cargo Terminal for multimodal logistics Boost from National Infrastructure Prioritization, National Monetization Pipeline and Gati Shakti IR to install 30 GW of renewable power capacity by 2029-30 to reduce carbon footprint National Rail Plan to give impetus to Railway Infrastructure Outlay of INR 2.65 Lakh Crore was announced in Union Budget for Indian Railways Indian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization Highways – Key Infrastructure Segment Outlay of INR 2.87 Lakh Crore has been allocated towards road transport and highways in Union Budget Development of 08 important National High Speed Corridor projects with a Length of 936 km at a cost of Rs.50,655 crore
Page 24
24 FORMULAS 1. EBITDA : PBT + Depreciation & Amortization + Finance Cost 2. EBITDA Margin : (PBT + Depreciation & Amortization + Finance Cost)*100/ Total Revenue 3. CORE EBITDA : PBT + Depreciation & Amortization + Finance Cost – Other Income 4. CORE EBITDA Margin : (PBT + Depreciation & Amortization + Finance Cost – Other Income)*100/ Operating Revenue 5. PAT Margin : Profit after Tax/ Total Revenue*100 6. PBT Margin : Profit before Tax/ Total Revenue*100
Page 25
THANK YOU For Further Information: Mr. Sachin Garg DGM/Finance/IR Ircon International Ltd. Tel: 011-26545368 E-mail: sachin.garg@ircon.org