Ircon International Limited

NSEI:IRCON Stock Report

Market Cap: ₹212.4b

Ircon International Valuation

Is IRCON undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IRCON when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IRCON (₹225.88) is trading above our estimate of fair value (₹51.52)

Significantly Below Fair Value: IRCON is trading above our estimate of fair value.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for IRCON?

Key metric: As IRCON is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for IRCON. This is calculated by dividing IRCON's market cap by their current earnings.
What is IRCON's PE Ratio?
PE Ratio23.1x
Earnings₹9.21b
Market Cap₹212.44b

Price to Earnings Ratio vs Peers

How does IRCON's PE Ratio compare to its peers?

The above table shows the PE ratio for IRCON vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average40.7x
KPIL Kalpataru Projects International
39.4x29.5%₹206.5b
23.7x22.1%₹197.2b
TECHNOE Techno Electric & Engineering
51.1x28.3%₹161.9b
PRAJIND Praj Industries
48.5x24.4%₹145.7b
IRCON Ircon International
23.1x5.7%₹212.4b

Price-To-Earnings vs Peers: IRCON is good value based on its Price-To-Earnings Ratio (23.1x) compared to the peer average (40.7x).


Price to Earnings Ratio vs Industry

How does IRCON's PE Ratio compare vs other companies in the IN Construction Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GMRP&UI GMR Power And Urban Infra
5x-25.3%US$990.69m
CCCL Consolidated Construction Consortium
0.9xn/aUS$82.46m
533152 MBL Infrastructures
2.7xn/aUS$71.76m
ATLANTAA Atlantaa
2.5xn/aUS$50.10m
IRCON 23.1xIndustry Avg. 27.0xNo. of Companies23PE020406080100+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: IRCON is good value based on its Price-To-Earnings Ratio (23.1x) compared to the Indian Construction industry average (27x).


Price to Earnings Ratio vs Fair Ratio

What is IRCON's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IRCON PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.1x
Fair PE Ratio33.1x

Price-To-Earnings vs Fair Ratio: IRCON is good value based on its Price-To-Earnings Ratio (23.1x) compared to the estimated Fair Price-To-Earnings Ratio (33.1x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IRCON forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹225.88
₹202.67
-10.3%
0.8%₹205.00₹201.00n/a3
Dec ’25₹209.75
₹202.67
-3.4%
0.8%₹205.00₹201.00n/a3
Nov ’25₹220.18
₹241.67
+9.8%
12.4%₹272.00₹201.00n/a3
Oct ’25₹225.16
₹241.67
+7.3%
12.4%₹272.00₹201.00n/a3
Sep ’25₹261.10
₹241.67
-7.4%
12.4%₹272.00₹201.00n/a3
Aug ’25₹287.15
₹283.33
-1.3%
26.5%₹382.00₹200.00n/a3
Jul ’25₹271.25
₹281.33
+3.7%
27.5%₹382.00₹194.00n/a3
Jun ’25₹270.80
₹247.67
-8.5%
15.5%₹281.00₹194.00n/a3
May ’25₹250.55
₹214.67
-14.3%
25.5%₹281.00₹147.00n/a3
Apr ’25₹227.20
₹214.67
-5.5%
25.5%₹281.00₹147.00n/a3
Mar ’25₹227.50
₹214.67
-5.6%
25.5%₹281.00₹147.00n/a3
Feb ’25₹228.60
₹177.00
-22.6%
32.2%₹234.00₹120.00n/a2
Jan ’25₹174.55
₹148.00
-15.2%
18.9%₹176.00₹120.00n/a2
Dec ’24₹170.30
₹148.00
-13.1%
18.9%₹176.00₹120.00₹209.752
Nov ’24₹137.75
₹145.00
+5.3%
21.4%₹176.00₹114.00₹220.182
Oct ’24₹144.85
₹145.00
+0.1%
21.4%₹176.00₹114.00₹225.162

Analyst Forecast: Target price is lower than the current share price.


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