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PSU railway construction Historical case study · data as of 31 Jul 2026 · published 03 Nov 2026 (95 days later)

IRCON International — 100-point case study

How IRCON International looked on 50 technical and 50 fundamental measures on 31 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: IRCON · BSE: 541956
Close on 31 Jul 2026	₹125.99
Market cap then	₹11,882 crore
Valuation	P/E 20.1× · P/B 1.79×
Momentum	RSI (14) 39 · 1-year return -29.0%
Next 3 months	-19.6% vs Nifty 50 -3.9% (to 02 Nov 2026)

Scorecard

Technical — 50 points

4 bullish · 21 neutral · 1 caution · 23 bearish — the picture leaned negative.

Fundamental — 50 points

1 bullish · 30 neutral · 3 caution · 15 bearish — the picture leaned negative.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 31 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.31%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.31% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -17.2%	Neutral	The 100-session trend line was down (-0.05%/day) and the stock was -17.2% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -29.0%	Bearish	Compared with a year earlier the price was -29.0%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 132.70 / 30W 141.74	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 142.90→134.55; lows 128.37→123.51	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	12.7	Neutral	ADX at 12.7 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 21.0 / –DI 26.5	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	128.76 (-2.2%)	Bearish	Close of 125.99 was 2.2% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	133.40 (-5.6%)	Bearish	Close of 125.99 was 5.6% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	149.11 (-15.5%)	Bearish	Close of 125.99 was 15.5% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 126.65 / 21E 128.84	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 18 May 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 10.5% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-6.2% in 20 sessions	Bearish	The 50-day average fell 6.2% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	129 / 133 / 137 / 149	Bearish	The 20/50/100/200-day averages were perfectly stacked bearish (20 < 50 < 100 < 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	130.96 (-3.8%)	Bearish	Anchored to the start of July, the volume-weighted average price was 130.96; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	38.9	Bearish	RSI at 38.9 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -2.48 / signal -2.45	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.24 → -0.03	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-2.48	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 23.4 / %D 21.3	Bullish	Slow stochastic at 23.4 was mid-range with %K above %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-77.5	Neutral	%R of -77.5 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-92	Neutral	CCI at -92 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-2.6%	Bearish	Price changed -2.6% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.24 (bands 123.36–134.17)	Neutral	%B of 0.24 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 8.4% (7th pct of 6M)	Caution	Band width was at the 7th percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹2.79 (2.2% of price)	Neutral	A typical day's range was about ₹2.79, or 2.2% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	21.2% vs 1Y 37.8%	Neutral	Annualised 30-day volatility was 21.2%, below the one-year level of 37.8%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	123.54–133.78	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.66	Neutral	A beta of 1.66 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.64× / 5-day 0.83×	Neutral	The final session traded 0.64× its 20-day average volume and the last five sessions averaged 0.83× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.19	Bullish	Average volume on up days was 1.19× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price fell — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.23	Bearish	CMF at -0.23 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	42.1	Bearish	MFI, a volume-weighted RSI, was 42.1. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹13 cr/day	Neutral	About ₹13 crore changed hands per day on average over 20 sessions — moderately liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	123.61 / 114.60	Neutral	Nearest support (prior swing lows) sat at 123.61, 1.9% below the close, then 114.60. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	134.55 / 138.31 / 143.74	Neutral	Nearest resistance (prior swing highs) sat at 134.55, 6.8% above the close, then 138.31, 143.74. How to read: Information only.
40	Monthly pivot points (for next month)	P 128.99 \| R1 134.47 \| S1 120.51	Neutral	Classic pivots from July's high/low/close gave a pivot of 128.99; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 127 \| 38.2% 135 \| 50.0% 141 \| 61.8% 147	Neutral	Measuring the 6-month fall from 167.10 to 114.50, the close was nearest the 23.6% retracement at 126.91. How to read: Information only.
42	52-week high / low	H 189.50 / L 114.50	Neutral	The close was 33.5% below the 52-week high and 10.0% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-down 11 May at 157.52	Neutral	There was 1 unfilled gap(s). The latest, a gap-down on 11 May 2026, left an open level at 157.52 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 123.51–136.00	Neutral	The close was inside the prior 20-day range of 123.51–136.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary green candle	Neutral	On 31 Jul the candle opened 125.70, ranged 125.30–126.42 and closed 125.99: Ordinary green candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 137.31–147.20; Tenkan 126.81 / Kijun 130.49	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -7.2% / 3M -18.8%	Bearish	The stock underperformed the Nifty 50 by 18.8 points over three months and underperformed by 7.2 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -14.9%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 14.9 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	4 bullish · 23 bearish · 21 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 123.61, resistance 134.55. This is a description of the chart on 31 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 31 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Jun 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 31 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	20.1×	Neutral	At ₹125.99 the market valued the company at about ₹11,882 crore, or 20.1× the ₹592 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.79×	Neutral	Market cap was 1.79× the Mar 2026 book value (equity + reserves) of ₹6,639 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	1.31×	Neutral	The company was valued at 1.31× its trailing-12-month sales of ₹9,071 crore. How to read: Information only.
4	EV / EBITDA (approx.)	23.0×	Neutral	Enterprise value (market cap + ₹5,726 cr borrowings; cash not netted) was 23.0× trailing operating profit of ₹766 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	5.0%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹5.0 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was -8.2%. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	1.75%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹2.2 a share, a 1.75% yield on the ₹125.99 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹11,882 cr	Neutral	At about ₹0.12 lakh crore the company was a small-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹99.71 vs ₹125.99	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹99.71; the price was 26% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	-15.7%	Bearish	Revenue for FY26 was ₹9,071 crore, -15.7% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-6.5%	Bearish	The Jan–Mar 2026 quarter brought ₹3,189 crore of revenue, -6.5% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-18.7%	Bearish	FY26 net profit was ₹592 crore, -18.7% on FY25's ₹728 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-9.9%	Bearish	Quarterly profit was ₹191 crore versus ₹212 crore a year earlier (-9.9%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	-4.4%	Bearish	Revenue compounded at -4.4% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	-8.2%	Bearish	Net profit compounded at -8.2% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	11.2%	Neutral	Over five years (FY21–FY26) revenue compounded at 11.2% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-18.1%	Bearish	Reported EPS went from ₹7.73 to ₹6.33 (-18.1%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	8%	Neutral	Operating profit (EBITDA) was 8% of sales in FY26 versus 8% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	11% → 7% → 7% → 8%	Bearish	Quarterly margins moved from 11% to 8% over the last four quarters — contracting. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	6.5%	Neutral	₹6.5 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	9.2%	Bearish	FY26 profit was 9.2% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	9%	Bearish	Return on capital employed (debt + equity) was 9% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	2.78%	Neutral	Net profit was 2.78% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	23%	Neutral	The company paid about 23% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	67%	Caution	Non-operating 'other income' of ₹513 crore made up 67% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.86	Neutral	Borrowings of ₹5,726 crore were 0.86× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	7.46×	Bearish	Debt equalled 7.46 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	3.2×	Neutral	Earnings before interest and tax covered interest cost 3.2 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+5.9%	Neutral	Shareholders' equity grew +5.9% from ₹6,269 crore to ₹6,639 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹595 cr (17% of fixed assets)	Neutral	Projects under construction (CWIP) were 17% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-21 days	Neutral	Working capital tied up equalled -21 days of sales (FY25: -41). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	-468 days	Neutral	It took -468 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	56 (FY25 45)	Caution	Customers took 56 days on average to pay, versus 45 a year earlier — a notable stretch in collections. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹-618 cr	Bearish	The business generated ₹-618 crore of operating cash in FY26 versus ₹-1,110 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹-1,148 cr	Bearish	After capital spending, free cash flow was ₹-1,148 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	-1.04×	Caution	Operating cash flow was -1.04× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	-9.7%	Neutral	FY26 free cash flow was -9.7% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹-4,196 cr	Bearish	Free cash flow over FY24–FY26 added up to ₹-4,196 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹530 cr	Neutral	Implied capital expenditure was about ₹530 crore, 5.8% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	30%	Neutral	The company paid out about 30% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	31% / 34% / 30%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹188 cr → ₹188 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	65.17% (+0.00 pts YoY)	Neutral	Promoters owned 65.17% at Jun 2026 versus 65.17% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	4.61% (+0.03 pts YoY)	Neutral	FIIs held 4.61% at Jun 2026, up from 4.58% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	1.79% (+0.19 pts YoY)	Neutral	Mutual funds, insurers and other DIIs held 1.79%, up from 1.60%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	10.8 lakh (-10.1% YoY)	Neutral	The shareholder count moved from 12.0 lakh to 10.8 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	3/8	Bearish	Passed: positive profit, operating margin improved, no meaningful dilution (<3%). Failed: positive operating cash flow, CFO > net profit, leverage fell, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 5 weakness(es)	Neutral	Strengths: Company has been maintaining a healthy dividend payout of 31.9%. Weaknesses: The company has delivered a poor sales growth of 11.2% over past five years; Company has a low return on equity of 11.6% over last 3 years; Earnings include an other income of Rs.476 Cr; Debtor days have increased from 41.6 to 56.3 days; Promoter holding has decreased over last 3 years: -8.01%. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	1 bullish · 15 bearish · 30 neutral · 3 caution	Bearish	On the numbers published by 31 Jul 2026 the fundamental picture leaned negative. Valuation: P/E 20.1×, P/B 1.79×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 01 May 2026 – 31 Jul 2026 that an investor could have known on the snapshot date.

05 May 2026 IRCON marks 50th Foundation Day — Trade publication reports IRCON celebrated its 50th Foundation Day on 28 April 2026 in New Delhi; the Navratna rail PSU says it has completed about 405 domestic and 130+ overseas projects. source
21 May 2026 Railway Board deputes IRSE officer Milan Kumar Singh to IRCON — Milan Kumar Singh was deputed to IRCON as Chief General Manager (Civil) for the Sivok-Rangpo rail project. source
22 May 2026 IRCON reports Q4 FY26 results, recommends Rs 0.70 final dividend — Q4 FY26 standalone net profit was Rs 192 crore vs Rs 218 crore a year earlier; FY26 consolidated revenue fell about 16% and PAT about 19% to Rs 592 crore. Total FY26 dividend Rs 1.90 per share including the Rs 1.20 interim. source
23 Jun 2026 RVNL CMD Saleem Ahmad to hold additional charge as IRCON CMD — With CMD Hari Mohan Gupta retiring on 30 June 2026, the Railway Ministry gave RVNL chief Saleem Ahmad additional charge of IRCON CMD for one year from 1 July 2026 or until a regular appointment. source

What happened next (31 Jul 2026 → 02 Nov 2026)

Price went from ₹125.99 to ₹101.29 by 02 Nov 2026 (-19.6%) while the Nifty 50 moved -3.9% — underperforming by 15.7 points.
Highest ₹133.82 on 05 Aug 2026; lowest ₹95.76 on 26 Oct 2026.
S1 123.61: broken on a closing basis on 19 Aug 2026.
S2 114.60: broken on a closing basis on 11 Sep 2026.
R1 134.55: not cleared on a closing basis.
R2 138.31: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 12 Aug 2026): revenue ₹1,956 crore (+9.5% YoY), net profit ₹92 crore (-43.9% YoY), operating margin 10% vs 11% a year earlier (Screener consolidated figures).

Later news

12 Aug 2026 IRCON Q1 FY27 consolidated profit falls 44% to Rs 92 crore — Revenue from operations rose 9.5% YoY to Rs 1,956 crore but consolidated net profit fell to Rs 92 crore from Rs 164 crore, with a loss from joint ventures; standalone PAT rose 8.6%. Order book Rs 23,366 crore at 30 June 2026. source
25 Sep 2026 IRCON holds 50th AGM, approves Rs 0.70 final dividend — Shareholders at the 24 September 2026 AGM approved FY26 accounts, the Rs 0.70 final dividend and the appointment of Saleem Ahmad as CMD, among nine resolutions. source
09 Oct 2026 IRCON wins Rs 96 crore tunnel communication maintenance contract — IRCON disclosed a 60-month comprehensive annual maintenance contract worth about Rs 96.25 crore for the integrated tunnel communication system on the Katra-Banihal section. source
13 Oct 2026 IRCON bags Rs 862 crore East Central Railway track contract — IRCON received a Rs 862.46 crore order from East Central Railway for track work on the Son Nagar-Andal third and fourth lines, to be completed in 365 days. source

Educational summary. On 31 Jul 2026 the technical picture leaned negative and the fundamental picture leaned negative. Over the next three months the stock moved -19.6% against -3.9% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold IRCON International today.

Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 03 Nov 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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