IRCON JV Wins ₹763 Crore Tripura Smart Grid Project; Shares Fall 2.03%

Mumbai, June 23: IRCON International Ltd said its joint venture with Badri Rai & Company (BRC) has received a Letter of Award (LoA) from Tripura State Electricity Corporation Ltd (TSECL) for a smart grid project valued at ₹763.10 crore.

According to the company’s exchange filing dated June 23, 2026, the contract has been awarded to the IRCON-BRC joint venture, where BRC holds a 74% stake and IRCON International holds the remaining 26%.

The project covers design, engineering, manufacturing, supply, installation, testing and commissioning of advanced smart grid infrastructure in Agartala Municipal Area under the Agartala Smart Grid Package-A initiative.

Project Includes Smart Metering and Grid Modernisation Works

As per the disclosure, the scope of work includes advanced metering infrastructure, supervisory control and data acquisition (SCADA) systems, advanced distribution management systems (ADMS), outage management systems (OMS), GIS integration, optical fibre communication networks and underground power cable deployment.

The order is classified as a domestic contract and is scheduled to be executed over a period of 24 months.

Based on the JV structure, IRCON’s share of the contract works out to approximately ₹198.05 crore, while the remaining portion will be executed by the lead partner, BRC.

Stock Market Snapshot

The IRCON share price remained under pressure despite the order announcement.

As of 3:21 PM IST on June 23, 2026, IRCON shares were trading at ₹136.30, down 2.03% from the previous close. The stock traded in a range of ₹135.40 to ₹138.60 during the session.

Market participants appeared focused on broader market trends even as the company announced a sizeable infrastructure order.

About IRCON International

IRCON International is a government-owned engineering and construction company operating in railways, highways, power transmission, buildings and other infrastructure segments. The company undertakes projects in India and overseas and executes contracts for government agencies and public sector entities.

The company regularly participates in transportation, electrification and utility infrastructure projects through standalone bids and joint venture arrangements.

Conclusion

The ₹763.10 crore order from Tripura State Electricity Corporation strengthens IRCON International’s order book and expands its presence in smart grid and power distribution infrastructure. While the contract provides medium-term execution visibility, the stock traded lower during the session, falling 2.03% as of 3:21 PM IST on June 23, 2026.

Source:

• https://www.nseindia.com/get-quote/equity/IRCON/Ircon-International-Limited
• https://nsearchives.nseindia.com/corporate/IRCON_23062026144430_STXINTIMATIONLOA.pdf