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    HomeNewsBusinessEarnings

    IRCON International: A strong play on railways

    Recent correction offers a good buying opportunity as capex on railways and highways continues to boost order book

    Anant Chaudhary
    Jitendra Kumar Gupta
    March 20, 2024 / 10:25 AM IST
    IRCON International: A strong play on railways

    Correction in the stock price is like icing on a cake

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Key highlights

    • Healthy order book of Rs 29,436 crore

    • Recent correction in stock offers better entry point

    • Moderate order inflow for the third quarter

    • Maintains focus on highways as well

    • Trading at 19x on FY25 earnings

    We anticipate the ongoing government support for infrastructure development to continue throughout 2024, leading to new investment opportunities in sectors such as roads, railways, and defence. We are, therefore, revisiting the investment case of Ircon International (CMP: Rs 215; Market Cap: Rs 20,202 crore; Rating: Over-weight)

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