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Analysts PresentationQ3 & 9M FY26 IRCON INTERNATIONAL LIMITED 11th February 2026
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Safe HarbourNo 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
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1976 19921998200620182020202320232024 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
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Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Railways Projects CompletedExecuted Work5,740 TKMRailway Track10,669 RKMRailway Electrification 7012 KMSRoads and Highways 1.59 Mn Sqm.Buildings Awards 405Domestic 130International 166 KMSTunnel 177 Nos.Bridges 4 USA ENR Construction Companies(Top International Contracting Firms for Year 2025)Fortune India 500 (Dec 2025) BS 1000 Revenue (Mar 2025) 239th 242nd 132nd KEY ACHIEVEMENTS
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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
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INDEX 6 1. Functional Directors2. Key Financial Highlights (Consolidated)3. Key Financial Highlights (Standalone)4. Group Financial Performance5. Standalone Financial Performance6. Order Book7. Opportunities
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FUNCTIONAL DIRECTORS
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Shri Hari Mohan GuptaChairman & 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 AdvaniDirector (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.Tech. 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 Sudhir SinghDirector (Projects), Additional Charge •Holds Bachelors’ degree in Civil Engineering from University of Roorkee (now IIT Roorkee).•Has experience of more than 26 years in Indian Railways.•Contributed to landmark projects including the USBRL, Anand Vihar Terminal, and various track doubling initiatives.•Expert in quality assurance and vendor development at RDSO, with extensive experience in divisional engineering and operational coordination. 8 Functional Directors Shri Ajit Kumar MishraDirector (Works)
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Key Financial Highlights(Consolidated)
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Financial Highlights (Consolidated) – Q3FY26 (Y-o-Y) 26132119 Q3FY25Q3FY26 218 269 Q3FY25Q3FY26 86100 Q3FY25Q3FY26 Operating RevenueEBITDAProfit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation10 (Rs. crore)
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Financial Highlights (Consolidated) – Q3FY26 (Q-o-Q) 19772119 Q2FY26Q3FY26 297269 Q2FY26Q3FY26 137 100 Q2FY26Q3FY26 Operating RevenueEBITDAProfit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation11 (Rs. crore)
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Financial Highlights (Consolidated) – 9MFY26 73485882 9MFY259MFY26 919890 9MFY259MFY26 516400 9MFY259MFY26 Operating RevenueEBITDAProfit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation12 (Rs. crore)
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Key Financial Highlights(Standalone)
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Financial Highlights (Standalone) – Q3FY26 (Y-o-Y) 24701965 Q3FY25Q3FY26 188 144 Q3FY25Q3FY26 141 91 Q3FY25Q3FY26 Operating RevenueEBITDAProfit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation14 (Rs. crore)
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Financial Highlights (Standalone) – Q3FY26 (Q-o-Q) 18521965 Q2FY26Q3FY26 239 144 Q2FY26Q3FY26 185 91 Q2FY26Q3FY26 Operating RevenueEBITDAProfit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation15 (Rs. crore)
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Financial Highlights (Standalone) – 9MFY26 69505481 9MFY259MFY26 694593 9MFY259MFY26 519426 9MFY259MFY26 Operating RevenueEBITDAProfit after Tax EBITDA = PBT + Finance Cost + Depreciation & Amortisation16 (Rs. crore)
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Group Financial Performance
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FINANCIAL HIGHLIGHTS (CONSOLIDATED) – Q3FY26 18 Particulars (INR Crore)Q3FY26Q2FY26Q-o-Q (%) Q3FY25Y-o-Y (%)9MFY269MFY25Y-o-Y (%)OperatingRevenue2119.01976.87.2%2612.9(18.9%)5882.07347.5(19.9%)Total Expenses (Excl. Dep.&FinanceCost)1961.31835.66.9%2480.9(21.0%)5383.26764.2(20.4%)CoreEBITDA182.1161.612.7%139.330.8%561.5650.3(13.7%)Core EBITDA Margins(%)8.6%8.2%42 bps5.3%326 bps9.6%8.9%70 bpsOtherIncome87.2135.4(35.6%)79.010.3%328.7268.3022.5%EBITDA269.3297.0(9.3%)218.323.4%890.2918.6(3.1%)EBITDA Margin (%)12.1%14.1%(185 bps)8.1%410 bps14.3%12.1%227 bpsDepreciation41.640.03.9%30.536.2%118.785.838.5%FinanceCost 93.084.510.0%56.066.2%252.8156.861.2%Profit BeforeTax 134.7172.5(21.9%)131.82.2%518.7676.0(23.3%)PBT Margin (%)6.1%8.2%(205 bps)4.9121 bps8.4%8.9%(53 bps)Tax 34.835.9(3.1%)45.7(23.8%)118.2159.9(26.1%)Profit AfterTax (PAT)99.9136.5(26.9%)86.116.0%400.5516.1(22.4%)PAT Margin(%) 4.5%6.5%(193 bps)3.2%133 bps6.5%6.8%(33 bps)Other ComprehensiveIncome (Net of Tax)2.23.2(31.3%)3.7(40.9%)4.93.159.0%Total ComprehensiveIncome102.0139.7(27.0%)89.813.7%405.4519.2(21.9%)EPS (INR) (Face value Rs.2 per share)1.071.47(27.2%)0.9216.3%4.295.49(21.9%)
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Standalone Financial Performance
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FINANCIAL HIGHLIGHTS (STANDALONE) – Q3FY26 20 Particulars (INR Crore)Q3FY26Q2FY26Q-o-Q (%) Q3FY25Y-o-Y (%)9MFY269MFY25Y-o-Y (%)OperatingRevenue1965.41851.56.1%2470.4(20.4%)5481.16949.7(21.1%)Total Expenses (Excl. Dep.&FinanceCost)1909.61788.46.8%2382.5(19.8%)5259.66608.8(20.4%)CoreEBITDA55.763.1(11.7%)87.9(36.6%)221.5340.9(35.0%)Core EBITDA Margins(%)2.8%3.4%(57 bps)3.6%(72 bps)4.0%4.9%(87 bps)OtherIncome88.2175.8(49.8%)99.8(11.7%)371.1353.05.1%EBITDA143.9238.9(39.8%)187.7(23.3%)592.6693.9(14.6%)EBITDA Margin (%)7.0%11.8%(478 bps)7.3%(29 bps)10.1%9.5%63 bpsDepreciation12.112.1(0.2%)9.526.8%35.728.824.2%FinanceCost 0.60.441.9%1.3(53.4%)4.85.4(10.8%)Profit BeforeTax131.2226.4(42.0%)176.8(25.8%)552.1659.8(16.3%)PBT Margin (%)6.4%11.2%(478 bps)6.9%(49 bps)9.4%9.0%40 bpsTax 40.041.7(4.1%)36.210.6%125.7140.4(10.5%)Profit AfterTax (PAT)91.2184.7(50.6%)140.7(35.2%)426.4519.4(17.9%)PAT Margin(%) 4.4%9.1%(467 bps)5.5%(103 bps)7.3%7.1%18 bpsOther ComprehensiveIncome (Net of Tax)2.23.2(30.5%)3.7(40.2%)4.93.158.8%Total ComprehensiveIncome93.4187.8(50.3%)144.3(35.3%)431.4522.5(17.4%)EPS (INR) (Face value Rs.2 per share)0.971.96(50.6%)1.50(35.4%)4.535.52(17.9%)
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Order Book
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ORDER BOOK 22 SectorGeographyMode of Award 91% 9% DomesticInternational 21,638 2,163 •Order Book of Rs.23,801 crore as on 31.12.2025.•Share of orders won on competitive bidding basis is about 61.2% of the total order book. 75% 18% 7% RailwaysHighwaysOthers 4,297 17,781 1,7237% 39%61% NominationCompetitive 9,225 14,576
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OPPORTUNITIES 23 Infrastructure ProjectsMassive Govt. push to the CAPEX by allocation of Rs.12.20 lakh Crore in Union Budget 2026Announced new Dedicated Freight Corridors connecting Dankuni in the East, to Surat in the West.Development of 100 PM Gati Shakti Cargo Terminal for multimodal logistics Boost from National Infrastructure Prioritization, National Monetization Pipeline and Gati ShaktiIR to install 30 GW of renewable power capacity by 2029-30 to reduce carbon footprint National Rail Plan to give impetus to Railway InfrastructureOutlay of INR 2.78 Lakh Crore was announced in Union Budget for Indian RailwaysIndian Railways to require investment of Rs.35.3 trillion (US$ 545.26 billion) by 2032 for capacity addition and modernization Highways – Key Infrastructure SegmentOutlay of INR 3.10 Lakh Crore has been allocated towards road transport and highways in Union BudgetDevelopment of 08 important National High Speed Corridor projects with a Length of 936 km at a cost of Rs.50,655 crore
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24 FORMULAS1.EBITDA : PBT + Depreciation & Amortization + Finance Cost2.EBITDA Margin : (PBT + Depreciation & Amortization + Finance Cost)*100/ Total Revenue3.CORE EBITDA : PBT + Depreciation & Amortization + Finance Cost – Other Income4.CORE EBITDA Margin : (PBT + Depreciation & Amortization + Finance Cost – Other Income)*100/ Operating Revenue5.PAT Margin : Profit after Tax/ Total Revenue*1006.PBT Margin : Profit before Tax/ Total Revenue*100
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THANK YOU For Further Information:Mr. Sachin Garg DGM/Finance/IRIrcon International Ltd.Tel: 011-26545368E-mail: sachin.garg@ircon.org