Ircon International Q2 FY27 Results: Consolidated Net Profit ₹100 Crore
- Earnings
- railway infrastructure
Reviewed byKeshav SehgalBlacklitt Research
Ircon International (NSE: IRCON) reported standalone total income of ₹2,187.80 crore and standalone net profit of ₹121.92 crore for the quarter ended 30 Sep 2026, and consolidated net profit of ₹100.34 crore, it said in a filing on 04 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: Not given in the fact sheet for this quarter; consolidated segment revenue was ₹2,363.74 crore
- Net profit: ₹100.34 crore, down 26.5% YoY and up 9.0% QoQ
- EPS: ₹1.09 basic, against ₹1.47 a year earlier
- Tax expense: ₹59.25 crore, up 64.9% YoY on profit before tax of ₹159.59 crore
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,187.80 crore, up 7.9% YoY and 13.6% QoQ
- Net profit: ₹121.92 crore, down 34.0% YoY and 25.4% QoQ
- EPS: ₹1.30 basic, against ₹1.96 a year earlier
- Other income: ₹97.56 crore, down 44.5% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 100.34 | 136.51 | -26.5% | 92.03 | +9.0% | |
| Profit before tax | 159.59 | 172.45 | -7.5% | 126.81 | +25.8% |
| Tax expense | 59.25 | 35.94 | +64.9% | 34.78 | +70.4% |
| EPS, basic (₹) | 1.09 | 1.47 | -25.9% | 0.99 | +10.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell 26.5% YoY to ₹100.34 crore, while profit before tax fell 7.5% to ₹159.59 crore. Tax expense rose 64.9% to ₹59.25 crore, and the consolidated tax charge is 37.1% of profit before tax. The gap between the two falls is shown side by side in the table above.
Consolidated net profit rose 9.0% QoQ, while standalone net profit fell 25.4% QoQ over the same quarters. Consolidated net profit of ₹100.34 crore is ₹21.58 crore lower than standalone net profit of ₹121.92 crore. The filing gives the profit attributable to owners of the parent as ₹102.87 crore, against ₹92.74 crore in the previous quarter.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,187.80 | 2,027.32 | +7.9% | 1,926.54 | +13.6% | |
| Revenue from operations | 2,090.24 | 1,851.53 | +12.9% | 1,800.27 | +16.1% |
| Other income | 97.56 | 175.80 | -44.5% | 126.27 | -22.7% |
| 121.92 | 184.67 | -34.0% | 163.52 | -25.4% | |
| Profit before tax | 181.10 | 226.37 | -20.0% | 203.52 | -11.0% |
| Tax expense | 59.18 | 41.70 | +41.9% | 40.00 | +47.9% |
| Net profit margin | 5.57% | 9.11% | -3.54 pp | 8.49% | -2.92 pp |
| EPS, basic (₹) | 1.30 | 1.96 | -33.7% | 1.74 | -25.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 7.9% YoY to ₹2,187.80 crore, but net profit fell 34.0% to ₹121.92 crore. Revenue from operations rose 12.9% to ₹2,090.24 crore, while other income fell 44.5% to ₹97.56 crore. Other income is 4.5% of total income this quarter, down from a larger share a year earlier.
Standalone profit before tax fell 20.0% YoY to ₹181.10 crore and tax expense rose 41.9% to ₹59.18 crore, which is 32.7% of profit before tax. Net profit fell by a larger share than profit before tax, and the net profit margin narrowed to 5.57% from 9.11% a year earlier.
The filing does not state the reasons for the change in standalone revenue and other income between quarters.
The filing reports two emphasis-of-matter notes that concern investments. Indian Railway Stations Development Corporation is being voluntarily liquidated, and its net worth of ₹251.62 crore includes a 26% share of ₹65.42 crore attributable to Ircon. The company says it does not perceive any impairment in that investment.
Ircon-Soma Tollway Private Limited is prepared on a basis other than going concern, with a 50% holding that the company says it does not expect to be impaired.
Inference
The filing states that a woman independent director was appointed with effect from 17 Aug 2026, and that the Audit Committee and Nomination and Remuneration Committee were reconstituted from the same date. The board has also noted a fine imposed by the exchanges for the quarter ended 30 Jun 2026, which the company says is unreasonable and not applicable to it. The amount of the fine and whether it will be paid are not stated.
The filing does not state the expected effect of the IRSDC liquidation or the Bastar and MCRL handovers on future results.
Filed with BSE on . Reference: Original filing (PDF)
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