IRCON International announced on Tuesday that its joint venture with Badri Rai & Company has secured a ₹763.10 crore contract from Tripura State Electricity Corporation Ltd (TSECL) for developing a smart grid project in Agartala. According to the company's exchange filing, the joint venture will undertake design, engineering, supply, installation, testing and commissioning of an underground power cable network, smart grid applications and communication infrastructure across the Agartala Municipal area. The project includes comprehensive smart grid solutions such as Supervisory Control and Data Acquisition (SCADA), Advanced Distribution Management System (ADMS), Outage Management System (OMS), GIS mapping and integration, optical fibre cable networks and establishment of primary and backup smart grid control centres. The contract involves the design, engineering, supply, and commissioning of an underground power cable network for High Tension (HT) and Low Tension (LT) lines, with the scope encompassing advanced technologies and integration with third-party IT applications like billing and ERP systems.
The total contract value stands at ₹763.10 crore, including GST. As reported by CNBC TV18, IRCON's share amounts to ₹198.40 crore, while lead partner Badri Rai & Company will execute the remaining ₹564.70 crore worth of work under the 26:74 joint venture arrangement. The project is scheduled to be completed within 24 months, according to the company's exchange filing. The contract was awarded by Tripura State Electricity Corporation Limited (TSECL) under Works Contract -1(63)/GM(Tech)/TSECL/2026-27/C-302244/90-101, with GST at 18% included in the total value.
Shares of IRCON were trading at ₹136.70 on the BSE, falling 1.73% following the contract announcement. As reported by Business Standard, the market response reflects investor consideration of both the significant contract win and the upcoming management transition. The latest trading session saw shares decline due to overall market sell-off conditions and investor assessment of the company's recent financial performance.
IRCON International's recent financial results show mixed performance indicators. According to Business Standard, the company's consolidated net profit declined 9.13% to ₹191.60 crore in Q4 FY26 from ₹210.85 crore reported in Q4 FY25. Revenue from operations fell 6.54% to ₹3,188.98 crore in the quarter ended March 31, 2026, compared with ₹3,411.97 crore in the corresponding quarter of the previous year. The company operates as a public sector construction company with specialization in railway projects and infrastructure development, having diversified from its original railway construction focus to include roads, buildings, electrical substations, airport construction and metro rail works.
Separately, IRCON informed exchanges that the Ministry of Railways has decided to entrust the additional charge of Chairman and Managing Director to Saleem Ahmad, the current CMD of Rail Vikas Nigam Ltd (RVNL), for a period of one year beginning July 1, 2026. According to CNBC TV18, the move follows the superannuation of existing CMD Hari Mohan Gupta, who is set to retire on June 30. The arrangement will remain in force until a regular incumbent assumes charge or until further orders, whichever is earlier.
