Shares of Ircon International Limited hit Rs 139.79 intraday on 23 June after its JV bagged a Rs 763.10 crore smart grid contract in Tripura.

The order came from Tripura State Electricity Corporation Limited (TSECL). IRCON is partnering with Badri Rai & Company in a 26:74 arrangement, with the junior partner holding the lead position.

Out of the total contract value, IRCON’s share works out to Rs 198.41 crore. Put simply, the project is about modernising how electricity reaches homes and businesses in Agartala.

The work involves laying underground power cables to replace overhead lines, building a digital control system that lets operators monitor the grid in real time, and setting up fibre optic communication lines across the city.

A dedicated Smart Grid Control Centre, with a backup facility, will manage the entire network once operational. The project also connects with existing billing and utility software already used by TSECL.

The contract was awarded on 22 June 2026 and the JV has 24 months to complete the job. IRCON told exchanges that there is no related-party transaction involved and no interest from the promoter group in this order.

Alongside the order update, IRCON also disclosed a management change. Current CMD Hari Mohan Gupta retires on 30 June. From 1 July, Saleem Ahmad, who currently heads Rail Vikas Nigam Limited, will take on the additional charge of CMD at IRCON for one year, or until a permanent appointment is made.

Shares of IRCON closed at Rs 136.45 on NSE on 23 June, down 1.93% for the day, as broader market weakness and the management transition kept sentiment cautious despite the fresh order win.

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