IRCON International Moat Analysis: Score & Risks
IRCON International Ltd.
A first-pass moat teardown of IRCON International Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence.
IRCON International Ltd. scores 4.77 on MoatSCORE 6.0 — a narrow moat in Construction. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“IrconSGTL has entered into Concession Agreement with NHAI on 15th June, 2015. The concession period of the project is 20 years from the Appointed Date, with the total project cost of ₹872.11 Crore.”
“State of the Art Factory for manufacturing J-slabs for ballastless track has also been set up for High-Speed Railway Track, being executed with Shinkansen Technology.”
“The rise in the trade receivables compared to the previous year is primarily due to the transition in the order book from nomination- based projects to competitive bidding, along with changes in client payment terms.”
“the company is operating in 20 states in India and has its presence in Algeria, Sri Lanka, Myanmar, Nepal and Bangladesh.”
“Most of the jobs, we tend to do some part in-house. We have a very strong designing team. And we also tend to keep procurement with us wherever we feel it's important.”
“we have also had certain losses that we had to book on two of our projects. So, that should be hopefully one-off items.”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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