IRCON wins ₹1,096 crore Meghalaya project for Secretariat

IRCON International's shares are attracting attention after the company secured a major project in Meghalaya. The state-owned firm, in partnership with Badri Rai and Company, won an Engineering, Procurement, and Construction (EPC) contract valued at Rs 1,096.17 crore. This project includes constructing a new Secretariat Complex in New Shillong City. IRCON holds a 26% stake in the joint venture, worth Rs 285 crore, while Badri Rai Company owns the remaining 74%. The project is expected to be completed in 36 months. Despite this win, IRCON reported a significant decline in its net profit for the third quarter of FY25. The profit fell by 65% to Rs 86 crore, down from Rs 244 crore a year earlier. Revenue from operations also dropped by 10% to Rs 2,612.86 crore. The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) fell to Rs 218.3 crore from Rs 378.1 crore, resulting in an EBITDA margin of 8.1%. As of December 31, 2024, IRCON's total order book stood at Rs 21,939 crore. On the stock market, IRCON shares ended at Rs 138.25, down 1.53% on Monday. The stock has seen a significant decrease over the past year, falling 36.27%, and has dropped 39.59% in the last three months alone.