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 company’s 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.