Ircon International Limited — Investor Meet, 17-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Ircon's financial results for the quarter and half-year show Q2 FY26 revenue of ₹2,112 Cr, PAT of ₹137 Cr, and EBITDA of ₹162 Cr. The order book stands at ₹23,865 Cr, with 91% domestic projects. Management acknowledged a challenging quarter due to JV losses, subsidiary impacts, and new projects with stiffer margins, projecting PAT margins to normalize at 6-7%. Order inflow in H1 FY26 exceeded ₹4,000 Cr, with similar targets for H2. The company is diversifying into Kavach and hydropower. International projects saw better margins and forex gains. Management is navigating a competitive market with strategic diversification.