IRCON International Limited reported mixed financial results for the second quarter of FY27, with consolidated net profit declining 34% year-on-year to ₹122 crore compared with ₹184.67 crore in Q2 FY26. However, the Navratna Public Sector Enterprise showed resilience in revenue growth, with consolidated revenue from operations increasing 14.8% to ₹2,270 crore against ₹1,977 crore in the corresponding quarter last year. According to reports from The Economic Times, the company's total consolidated income rose 11.9% YoY to ₹2,363.74 crore during the quarter, compared with ₹2,112.18 crore a year ago. Profit attributable to owners of the company stood at ₹122.87 crore, down 34.6% from ₹184.67 crore in Q2 FY26, while basic earnings per share declined 33.7% to ₹1.30 from ₹1.96 in the corresponding quarter last year.
The company's profitability metrics showed significant pressure during the quarter, with EBITDA increasing 7.6% YoY to ₹318.65 crore, but EBITDA margin contracted to 13.5% from 14.1% in Q2 FY26, representing a decline of 54 basis points. Profit before tax declined 7.5% YoY to ₹159.59 crore, compared with ₹172.45 crore in the corresponding quarter last year. Finance costs rose significantly to ₹114.14 crore, compared with ₹84.54 crore in the corresponding period last year, while project expenses increased to ₹1,667.67 crore from ₹1,539.93 crore in Q2 FY26. Depreciation and amortisation expenses also increased to ₹45.73 crore from ₹40.01 crore, contributing to the overall pressure on profitability metrics. On a standalone basis, total income for Q2 stood at ₹2,187.80 crore, with profit before tax at ₹181.10 crore versus ₹226.37 crore a year earlier, highlighting the impact of share of losses from joint ventures on overall consolidated performance.
The 14.8% year-on-year revenue growth to ₹2,270 crore was primarily driven by steady execution on core civil and railway EPC contracts, with operational delivery on active railway EPC contracts supporting top-line expansion during the quarter. As per The Economic Times, the revenue increase reflects operational delivery across ongoing rail track doubling and electrification projects, with top-line year-on-year growth of approximately 14.82%. Continued order intake, including recent EPC contract wins, maintains visible project pipeline momentum, reinforcing the company's medium-term revenue visibility. The strong performance in railway construction vertical demonstrates IRCON's ability to capitalize on public sector capital expenditure continuing to emphasize track expansion and modernization, with consistent revenue throughput remaining key to sustaining operational performance.
For the first half of FY27, IRCON reported a 10% YoY increase in consolidated total income to ₹4,406.5 crore, compared with ₹4,004.6 crore in H1 FY26. According to reports from The Economic Times, revenue from operations grew 12.3% to ₹4,227.49 crore from ₹3,763.03 crore in the year-ago period. However, consolidated net profit fell 36% to ₹192.37 crore, compared with ₹300.61 crore in the corresponding period last year, with profit attributable to owners declining 35.5% to ₹195.61 crore. Basic EPS stood at ₹2.08 against ₹3.22 in H1 FY26. The company attributed the decline in consolidated profitability to share of losses from joint ventures, which impacted overall performance despite revenue growth across both standalone and consolidated businesses.
On a standalone basis, IRCON's revenue from operations increased 12.9% YoY to ₹2,090.24 crore in Q2 FY27, compared with ₹1,851.53 crore in Q2 FY26. However, standalone net profit declined 34% to ₹121.92 crore from ₹184.67 crore in the year-ago quarter. Standalone EBITDA fell 16.7% YoY to ₹199.1 crore, while EBITDA margin contracted to 9.1% from 11.8%. Basic earnings per share stood at ₹1.30, down 33.7% from ₹1.96 in Q2 FY26. For H1 FY27, standalone revenue from operations rose 10.7% to ₹3,890.51 crore, while net profit declined 14.9% to ₹285.44 crore. According to reports from The Economic Times, IRCON's total order book stood at ₹21,296 crore as of September 30, 2026, with railways segment accounting for the largest share at ₹16,271 crore, followed by highways at ₹3,538 crore. The company's order book comprises 55% competitively awarded projects, indicating strong competitive positioning in the infrastructure sector.
