In 1976, Ircon International took its first steps as a small railway construction company. From laying basic tracks to electrifying some of the toughest rail routes in India, Ircon has grown into the engineering muscle behind India’s infrastructure push. Today, it’s not just about railways; it’s about connecting India’s future to the ground it runs on.
Ircon’s latest project milestone is the ₹1,068 crore order for East Central Railway: a 4.09 km-long rail bridge across the Ganga in Bihar. This isn’t just another bridge. It’s an engineering challenge; 33 spans of open-web steel girders, connecting Bikramshila and Katareah stations. For Bihar’s rail network, it’s a game-changer.
Then there’s the ₹458 crore contract from North Eastern Electric Power Corporation in Arunachal Pradesh, for civil works on the Tato-I hydroelectric project. It’s part of a broader push to tap India’s untapped hydropower potential and bring reliable energy to the Northeast. In Kerala, Ircon is turning a ₹187 crore contract for a rural industrial park into a new growth story for the state, laying the foundation for job creation and industrial activity in Thiruvananthapuram.
By the numbers:
- Market capitalisation: ₹18,326 crore
- FY25 consolidated revenue: ₹10,759 crore
- FY25 consolidated net profit: ₹728 crore
- Order book as of March 2025: ₹20,347 crore
- Final dividend (FY25): ₹1 per share
For all its new wins, Ircon’s roots still run deep in railways. Over 89% of its ₹20,000 crore order book is tied to domestic rail projects. It’s there in the Eastern Freight Corridor, where Ircon’s teams work around the clock to build the dedicated lines that will carry coal, steel, and manufactured goods faster and cheaper across India. It’s there in tunnels and bridges in the Himalayas, where each new line is a victory over terrain and weather.
But Ircon isn’t sticking to rail alone. Highways, hydro projects, and even renewable power are now part of the story. In FY25, 22% of its order book was in roads and highways. This isn’t about pivoting away from rail; it’s about broadening the base, taking on work wherever India needs it, and building a bigger footprint for the future.
Yet, these achievements come with challenges. Q4 FY25 revenue dipped 10% year-on-year to ₹3,412 crore, and net profit fell to ₹212 crore. Margins slipped to 7.7%, and debtor days stretched to 45, signs of the working capital strain that’s part and parcel of infrastructure work in India.
But the bigger picture looks promising. The government’s ₹11.21 lakh crore capital expenditure plan and the Indian Railways’ ₹35 trillion investment target by 2032 are the fuel for Ircon’s next decade of growth. The market’s patience is tested; Ircon’s stock is still 46% below its 52-week high but its projects are moving ahead, brick by brick, span by span.
So what’s the real story? Ircon doesn’t chase the limelight. It builds the tracks, bridges, and tunnels that power India’s economy. From the banks of the Ganga to the hills of Arunachal, it’s there—quietly, doggedly, turning India’s infrastructure dreams into steel and concrete.
This isn’t about quarterly earnings spikes or short-term market pops. It’s about building India’s next chapter of connectivity and growth. For those tracking India’s infra play, Ircon remains one to watch: solid, reliable, and always building.
