State-owned engineering and construction company IRCON International Ltd has secured a ₹96.25 crore contract from Konkan Railway Corporation Ltd to maintain communication systems in the Katra-Banihal railway section.
The contract, inclusive of GST, covers a comprehensive annual maintenance contract for the Integrated Tunnel Communication System installed in the section of Northern Railway. The execution period is five years, according to the company’s disclosure dated October 8, 2026.
The scope includes maintenance of IP-based video surveillance, public address systems, emergency communication facilities and networking infrastructure installed at tunnels, bridges and railway stations.
IRCON said the contract was awarded by a domestic entity and does not constitute a related-party transaction. The company’s promoters, promoter group and group companies have no interest in the entity awarding the contract.
IRCON shares closed at ₹104.68 on October 9, up 1.35% for the day. However, the stock has fallen 41.17% so far in 2026.
IRCON to challenge ₹23.64 crore arbitration award
Separately, IRCON said on September 23 that it would challenge an arbitration award of ₹23.64 crore relating to a dispute with Afcons Infrastructure before the Delhi High Court.
Afcons had raised a claim of ₹359.72 crore on February 22, 2023, in connection with work package T-74R-A.
On June 29, 2026, the majority tribunal awarded ₹147.14 crore against the claim. The minority tribunal subsequently issued a dissenting opinion on September 23, awarding ₹23.64 crore against the same claim.
IRCON said the arbitration process was complete and that it would challenge the award before the Delhi High Court in accordance with the law.
IRCON’s Q1 results
IRCON reported a 43.6% year-on-year decline in consolidated net profit to ₹92.74 crore for the quarter ended June 30, 2026, compared with ₹164.5 crore in the year-ago period.
However, consolidated revenue from operations rose 9.5% to ₹1,955.8 crore from ₹1,786.3 crore a year earlier.
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