Ircon International Limited (IRCON.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-49.3%

₹50.75

vs ₹100.09 price

Levered DCF

-₹124.73

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	18.22×	20.6×	23×	6.88×	6.32×	10.61×	7.38×	8.42×
P/B	1.63×	2.37×	3.64×	1.01×	0.8×	0.94×	0.86×	0.96×
P/S	1.2×	1.39×	1.71×	0.51×	0.51×	0.78×	0.66×	0.79×
EV / EBITDA	9.2×	17.15×	19.18×	2.35×	6.49×	7.94×	8.52×	12.43×
Gross margin	7.5%	11.3%	12.3%	10.1%	12.4%	15.0%	17.3%	16.7%
Operating margin	6.6%	8.5%	9.6%	7.2%	8.6%	10.2%	11.9%	10.9%
Net margin	6.6%	6.8%	7.4%	7.4%	8.0%	7.3%	9.0%	9.4%
Current ratio	1.65×	1.59×	1.68×	1.53×	1.41×	1.29×	1.23×	1.32×
Debt / equity	0.86×	0.68×	0.44×	0.29×	0.3×	0.08×	0.59×	0.78×
Interest coverage	1.72×	4.2×	9.81×	6.64×	9.53×	26.08×	32.42×	49.52×
Dividend yield	1.9%	1.9%	1.3%	4.4%	8.9%	3.8%	7.7%	6.3%
Payout ratio	34.7%	38.1%	30.4%	30.1%	56.4%	40.4%	56.7%	53.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.0%	11.5%	15.8%	14.7%	12.7%	8.9%	11.6%	11.4%
Return on invested capital	3.2%	5.7%	8.5%	7.8%	7.5%	6.7%	6.3%	6.3%
Return on assets	2.8%	3.7%	5.3%	4.9%	4.1%	3.5%	3.8%	3.4%
Free cash flow yield	-10.1%	-14.4%	-2.8%	-5.1%	36.5%	12.4%	12.5%	-62.9%
Earnings yield	5.5%	4.9%	4.4%	14.5%	15.8%	9.4%	13.5%	11.9%
Enterprise value	₹117.7B	₹145B	₹217.6B	₹16.5B	₹38.9B	₹40.7B	₹51.5B	₹59.8B
Net debt / EBITDA	0.72×	-0.57×	0.34×	-5.14×	0.24×	-0.16×	2.59×	4.54×
Cash conversion cycle (days)	5	1	36	37	17	129	28	61