Ircon International - Strong Long Term Outlook, Revenue Growth: HDFC Securities Initiates Coverage

HDFC Securities Retail Research

Ircon International Ltd., is an integrated engineering and construction company having expertise in major infrastructure sectors including railways, highways, bridges, flyovers, tunnels, metro, railway electrification, EHV sub-stations, electrical and mechanical works, commercial and residential buildings, railway production units, amongst others.

Ircon also executes projects on build, operate and transfer mode and hybrid annuity model by leveraging the financial strength of the company to build long term wealth.

The company is a major player of engineering procurement and construction and project management consultancy projects having executed 526 plus projects spread across railways, highways, rail electrification segment.

The orderbook of the company is well diversified in various segments of EPC & PMC projects from the government, although the order inflow was muted in H1 FY23 but company has sufficient amount of order-book to cater as on Sept-22 i.e ~5.4 times of FY22 revenue.

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