Ircon International Limited (IRCON) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Ircon International Limited ₹99.26, price ₹107, upside -6.9%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹32.17 – ₹327.08 · fair‑value band ₹72.01 – ₹126.51 · the ₹106.60 price screens above the ₹99.26 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Ircon International Limited, together with its subsidiaries, engages in the provision of construction services.
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Ircon International Limited, together with its subsidiaries, engages in the provision of construction services. 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 ₹106.60, while our model-based Fair Value estimate is ₹99.26, implying the stock looks roughly 7.4% fairly valued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹110.92 per share, and 5 of the 17 models we run sit above the ₹106.60 price.
Bear case: the Dividend Discount group reads lowest at ₹28.13, and 12 of the 17 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹72.01 (bear) to ₹126.51 (bull), the price of ₹106.60 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 ₹127B (≈ $1.3B) · P/E ratio 16.8 · P/S ratio 1.11 · EPS (TTM) ₹6.33 · Dividend yield 1.8% · Net margin 6.6% · Return on equity 9.1% · Return on assets (EBIT) 4.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 41% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −7%, IRCON screens cheaper than that median.
Fair Value models
Bear ₹72.01Fair Value ₹99.26Bull ₹126.51
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹2.01 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−15.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.1%
Start year 2021 (pandemic). Over 10 years: +13.8% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.1%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+6.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.2%
Dividend (yield on the price)1.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4% vs 5%, steady
Profit margin 2013 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 7%
Compare Ircon International Limited with another stock
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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 · 840 stocks
Beats the industry median on 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−7% · Below median
Profitability
Return on equity (TTM)9% · Above median
Return on assets2% · Below median
Net margin (TTM)7% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth−7% · Below median
Dividend yield (TTM)1.8% · Below median
Balance sheet
Debt / equity0.82× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ircon International Limited Fair Value". https://www.fairvalue-calculator.com/stock/IRCON
Frequently asked questions
Is Ircon International Limited (IRCON) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹99.26 versus a price of ₹106.60, about −7% upside (fairly valued).
What is the fair value of IRCON?
Our model-based fair value for Ircon International Limited is ₹99.26 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹106.60.
What is the quality score of IRCON?
Ircon International Limited has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ircon International Limited (IRCON)?
Our model-based price target is the fair value of ₹99.26 (as of Sep 24, 2026) from 17 valuation models. Cautious scenario ₹72.01, optimistic scenario ₹126.51. It is a calculation from audited fundamentals, not an analyst target.
What is the Ircon International Limited stock forecast for 2026?
Our models put fair value at ₹99.26, about −7% upside versus a price of ₹106.60 (fairly valued). Cautious scenario ₹72.01, optimistic scenario ₹126.51. The calculation is refreshed regularly with new filings.
What is the revenue of Ircon International Limited (IRCON)?
Ircon International Limited reported trailing-twelve-month revenue of about ₹90.7B (latest available figure, as of Sep 24, 2026).
Does Ircon International Limited pay a dividend?
Ircon International Limited currently shows a dividend yield of about 1.78% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Ircon International Limited (IRCON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ircon International Limited it is ₹99.26 per share (as of Sep 24, 2026), against a price of ₹106.60. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Ircon International Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, IRCON trades above its calculated fair value: price ₹106.60, fair value ₹99.26, a gap of about −7% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IRCON?
No. The price is what the market pays today (₹106.60); the fair value is what the company's own numbers justify (₹99.26). For Ircon International Limited the two are ₹7.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ircon International Limited worth?
The market values Ircon International Limited at about ₹127B (market capitalisation, as of Sep 24, 2026). Per share that is ₹106.60; our models calculate a fair value of ₹99.26 per share.
What do the bullish and bearish scenarios say about IRCON?
Our models span a range for Ircon International Limited: cautious scenario ₹72.01, base ₹99.26, optimistic ₹126.51 per share (as of Sep 24, 2026, price ₹106.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IRCON?
Ircon International Limited trades at a price-to-earnings ratio of 16.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹99.26 is built from several models across several years. Other multiples: P/B 1.9, P/S 1.4, EV/EBITDA 17.3.
How solid is the balance sheet of Ircon International Limited (IRCON)?
Balance-sheet figures for Ircon International Limited (as of Sep 24, 2026): return on equity 9.1%, debt of 0.82 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is IRCON from its 52-week high?
Ircon International Limited trades at ₹106.60, about 41% below its 52-week high of ₹181.17 and at the low of ₹106.60 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of ₹99.26 is for.
Which stocks are comparable to Ircon International Limited?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ircon International Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹106.60, calculated fair value ₹99.26 (−7%), Quality Score 38/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IRCON calculated?
We run Ircon International Limited through 17 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹99.26, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Ircon International Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ircon International Limited (IRCON)?
The closing price on Sep 24, 2026 was ₹106.60. Our model-based fair value is ₹99.26, about −7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ircon International Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Ircon International Limited (IRCON) come from?
Earnings per share at Ircon International Limited grew +6.5 % a year from 2015 to 2026. Broken into its drivers: revenue per share +16.6 %, EBIT margin −5.8 %, tax rate +1.4 %, residual (interest, one-offs) −4.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ircon International Limited
How large is the market capitalisation of Ircon International Limited (IRCON)?
The market capitalisation of Ircon International Limited is ₹127B (≈ $1.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ircon International Limited (IRCON)?
The price-to-sales ratio of Ircon International Limited is 1.11 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ircon International Limited (IRCON)?
Earnings per share at Ircon International Limited are ₹6.33 (price ÷ EPS = P/E 16.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ircon International Limited (IRCON)?
The dividend yield of Ircon International Limited is 1.8% (payout 30.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ircon International Limited (IRCON)?
The net margin of Ircon International Limited is 6.6% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ircon International Limited (IRCON)?
The return on equity (ROE) of Ircon International Limited is 9.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ircon International Limited (IRCON)?
On an EBIT basis the return on assets of Ircon International Limited is 4.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ircon International Limited (IRCON)?
The operating margin of Ircon International Limited is 7.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ircon International Limited (IRCON)?
Revenue at Ircon International Limited is growing −6.5% versus a year earlier (3y avg −4.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ircon International Limited (IRCON)?
Earnings per share at Ircon International Limited are growing −8.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ircon International Limited (IRCON) generate?
The free cash flow of Ircon International Limited is −₹11.0B (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ircon International Limited (IRCON) carry?
The net debt of Ircon International Limited is ₹9.2B (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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