ITCONS E-Solutions Bags ₹15.37 Crore UPSIDC Contract; Shares Fall 4.35%

Mumbai, March 6: ITCONS E-Solutions Limited shares were down 4.35% on Friday even as the company disclosed that it has secured a ₹ 15.37 crore manpower outsourcing services contract from Uttar Pradesh State Industrial Development Corporation Limited (UPSIDC) under the Infrastructure and Industrial Development Department, Uttar Pradesh. The shares were 4.35% down to ₹353.00 as of 2:58 pm IST on March 6, 2026.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, according to the company’s filing with BSE. The contract involves deployment of 159 resources to support operational requirements of the government agency.

As detailed in the regulatory filing, the total contract consideration amounts to ₹15,37,20,150.19 inclusive of applicable taxes and duties. The order has been awarded by a domestic government entity and falls within the company’s manpower outsourcing services segment.

The engagement is scheduled to commence on March 16, 2026 and will remain valid until March 15, 2028, unless extended through mutual agreement between the parties, according to the disclosure.

ITCONS E-Solutions Share Price Movement

Shares of ITCONS E-Solutions Limited traded lower during the afternoon session following the disclosure. The stock was quoted at ₹353.00, down ₹16.05 or 4.35%, as of 2:58 pm IST on March 6, 2026, compared with the previous close of ₹369.05, according to exchange data.

The stock opened at ₹362.00 and touched a high of ₹366.50 and a low of ₹344.50 so far. The movement placed the stock under selling pressure through the latter half of the trading session.

Market capitalisation of the company stood at approximately ₹317.05 crore, while the price to earnings ratio (P-E ratio) was around 40.94 based on available exchange statistics.

Company Background

ITCONS E-Solutions Limited provides human resource outsourcing and staffing services across public sector organisations, enterprises and infrastructure projects. The company focuses on deploying skilled and semi-skilled manpower for administrative, operational and technical functions.

Government agencies and public sector institutions form a significant portion of the company’s client base, with contracts typically involving large scale resource deployment across administrative departments and infrastructure programmes.

According to the exchange filing signed by Company Secretary and Compliance Officer Pooja Gupta, the newly secured order does not involve any related party transactions and the promoter or promoter group has no interest in the awarding entity.

Conclusion

The UPSIDC contract represents a multi-year manpower outsourcing engagement valued at more than ₹15 crore, reinforcing the company’s presence in government backed infrastructure and administrative staffing assignments.

Execution of the project will begin in mid-March 2026 and continue for two years subject to extension. Investors will monitor execution progress and additional order inflow as indicators of revenue visibility in the company’s outsourcing services portfolio.

Source:

• https://www.bseindia.com/stock-share-price/itcons-e-solutions-ltd/itcons/543806/
• https://www.bseindia.com/xml-data/corpfiling/AttachLive/5cba8c12-906d-4075-b6b0-e00ea18067d8.pdf