Ircon International Limited (IRCON) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ircon International Limited stock ₹108, price ₹108, that is 0.5% below the price, quality 38 out of 100. Rating: fairly valued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Ircon International Limited
IRCON · NSEThe stock costs about what our calculation considers fair.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range ₹31.96 – ₹324.97 · fair‑value band ₹77.65 – ₹134.54 · the ₹108.17 price screens above the ₹107.63 fair value. As of Nov 6, 2026.
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Company profile
Ircon International Limited, together with its subsidiaries, engages in the provision of construction services.
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It undertakes construction of new railway lines; rehabilitation/conversion of existing lines, station buildings and facilities, and bridges; construction of railway bridges, tunnels, and signaling and telecommunication networks; railway electrification works; wet leasing of locomotives; and setting up of production units for manufacture rolling stock, maintenance depots/workshops, concrete sleepers, and track components on turn-key basis.
The company is also involved in the construction of roads and highways; bridges and flyovers; and commercial, institutional, industrial, and residential and multifunctional complexes, as well as airport hangars and runways, airport terminal buildings, station buildings and facilities, hospitals, business centers, and workshops/warehouses; and provision of HVAC, electrification, plumbing, firefighting, and hanger maintenance services.
In addition, it engages in the railway, industrial, workshop, and power supply electrification works; renewable solar energy works; and distribution network works, as well as offers turnkey project management services, including design, supply, erection, testing, and commissioning services.
Further, it provides turnkey solutions for signaling and communication projects.
The company operates in India, Iraq, Iran, Saudi Arabia, the United Kingdom, Jordan, Turkey, Indonesia, Malaysia, Algeria, Bangladesh, Nepal, Afghanistan, Nigeria, Liberia, Syria, Tanzania, Zambia, Brazil, Mozambique, Ethiopia, Sri Lanka, South Africa, Bhutan, and Myanmar.
The company was formerly known as Indian Railway Construction Company Limited. Ircon International Limited was incorporated in 1976 and is headquartered in New Delhi, India.
Stock analysis
Ircon International Limited (IRCON) currently trades at ₹108.17, while our model-based Fair Value estimate is ₹107.63, so the stock looks roughly fairly valued today (gap 0.5%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹110.92 per share, and 4 of the 16 models we run sit above the ₹108.17 price.
Bear case: the Dividend Discount group reads lowest at ₹24.20, and 12 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: ₹77.65 (bear) to ₹134.54 (bull), the price of ₹108.17 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ircon International Limited reported revenue of ₹90.7B in FY2026 versus ₹73.8B in FY2022, a compound +5.3%/yr. Reported net income was ₹6.0B in FY2026, compounding +0.1%/yr from FY2022.
Key figures
Market cap ₹102B (≈ $1.1B) Small · P/E ratio 15.9 · P/S ratio 1.10 · EPS (TTM) ₹6.80 · Dividend yield 1.8% · Net margin 5.7% · Return on equity 9.1% · Return on assets (EBIT) 4.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (medium confidence).
What moves the price
The share trades about 39% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 0%, IRCON screens cheaper than that median.
Fair Value models
All 16 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
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Compare Ircon International Limited with another stock
Price, fair value, quality and upside side by side.
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Engineering & Construction · 791 stocks
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- P/S ratio by industry
- EBIT margin by industry
- PEG screener for stocks with fair value
- Undervalued stocks: Industrials
- Undervalued stocks: Indian Stocks
- Valuation of the India market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| Vinci SA DG | €111.60 | €186.68 | +67% | vs IRCON |
| Comfort Systems USA, Inc FIX | $1,018 | $1,119 | +10% | vs IRCON |
| EMCOR Group EME | $608.45 | $524.14 | −14% | vs IRCON |
| ACS, Actividades de Construcción y Servicios, S.A ACS | €87.00 | €62.21 | −28% | vs IRCON |
| Samsung C&T Corporation 028260 | 273,500 KRW | 159,702 KRW | −42% | vs IRCON |
| Larsen & Toubro Limited LT | ₹4,118 | ₹2,302 | −44% | vs IRCON |
| HOCHTIEF Aktiengesellschaft HOT | €365.60 | €203.86 | −44% | vs IRCON |
| APi Group APG | $40.87 | $19.20 | −53% | vs IRCON |
| Ferrovial N.V FER | $58.71 | $23.06 | −61% | vs IRCON |
| Quanta Services, Inc PWR | $540.90 | $162.41 | −70% | vs IRCON |
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Frequently asked questions
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Key figures of Ircon International Limited
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