Ircon International JV secures ₹763 crore order from Tripura State Electricity; shares down 1.6%

Ircon International, in an exchange filing on Tuesday, June 23, announced that the firm has secured a ₹763 crore order from Tripura State Electricity Corporation Ltd (TSECL) to carry out several engineering works and set up smart grids in the capital city of Agartala, according to an exchange filing.

The NSE filing showed that the company received the order via a joint venture with Badri Rai & Company.

“It is to inform that Ircon in a joint venture with M/s Badri Rai & Company (Lead Partner/ JV Partner-1) in the ratio of 26:74 respectively, has been awarded with works contract by TSECL,” the company informed the stock exchanges.

Although the order update led to a temporary recovery in the stock price, the company’s shares were trading lower amid the overall stock market crash due to the weak sentiment from the Asian markets.

Shares of Ircon International closed 2% lower at ₹136.45 after Tuesday’s trading session, compared to ₹139.13 at the previous stock market close, according to NSE data.

Order details

Ircon International, in its NSE filing, disclosed that the work contract will involve taking high-tension or industrial power lines and burying them underground. The company will also lay optical fibre cables underground as part of the project.

The joint venture will also integrate with third-party IT applications, with underground power cables to set up a Smart Grid Control Centre with a Distribution Network Automation, which will include a facility management and O&M system in the Agartala Municipality Area, of the Agartala Smart Grid.

According to the NSE filings, Ircon International will receive around ₹198.40 crore as part of its 26% ownership in the joint venture, while Badri Rai & Co. will receive the remaining ₹564.69 crore from the order proceeds.

The Ircon joint venture is expected to complete the work order within 24 months from the ate of the update.

Ircon International share performance

Ircon International shares have delivered more than 181% returns on their investment in the last five years, and over 64% gains in the last three years, as per the exchange data. The company announced its order update during the afternoon market hours on June 23.

However, Ircon International shares have lost 30% in the last one year, and have declined 23% so far in the calendar year 2026. The exchange data also showed that the company’s stock has lost 3.5% in one month and 2% in the last five trading sessions.

Shares of Ircon International have hit their 52-week high of ₹207.79 on June 27, 2025, while the 52-week low was at ₹114.50 on March 23, 2026, according to NSE data.

The company’s market capitalisation (m-cap) was at ₹12,784 crore as of the stock market close on Tuesday, June 23, 2026.