IRCON International gains after JV secures Rs 168-cr order from MSETCL

IRCON International added 1.15% to Rs 171.70 after the company announced that, in a joint venture with Finolex J-Power Systems, it has secured a turnkey works contract worth Rs 168.40 crore from Maharashtra State Electricity Transmission Co (MSETCL).

As per the companys exchange filing, the contract involves the construction of a 220 kV D/C transmission line from the 400/220 kV Koradi-II Substation to Mankapur Substation (overhead and underground) under the Nagpur Zone. The project is being executed on a turnkey basis against tender no. T-2503 (RFx No. 6000001310).

The total contract value stands at Rs 168.40 crore, with IRCON International holding a 51% share in the joint venture and Finolex J-Power Systems holding the remaining 49%.

The company clarified that neither its promoters nor any members of the promoter group have any interest in the awarding authority. It further confirmed that the transaction does not qualify as a related-party transaction under applicable regulations.

Ircon International is a public sector construction company focused on infrastructure projects, with a specialization in executing railway projects both on a turnkey basis and through other modes. Starting as a railway construction company, it has gradually diversified into roads, buildings, electrical substations and distribution, airport construction, commercial complexes, and metro rail projects.

The companys consolidated net profit dropped 26.75% to Rs 164.10 crore in Q1 FY26, compared to Rs 224.03 crore in Q1 FY25. Revenue from operations declined 21.89% to Rs 1,786.28 crore during the quarter, compared to Rs 2,287.13 crore in the same quarter last year.

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