IRCON International Shares up 7%; Wins EPC Contract Worth ₹1,096 Crore

Shares of IRCON International Ltd. surged by 7% on March 18 after the state-run railway company’s joint venture bagged an order in Meghalaya.

The company was awarded an EPC contract by the Directorate of Urban Affairs of the Government of Meghalaya on March 17. The contract involves the construction of the new Secretariat Complex, including Campus Infrastructure in New Shillong City. The value of the contract is estimated at ₹1,096 crore.

IRCON is mandated to execute this order within 36 months along with its JV partner Badri Rai and Company. The former holds 26% stake in the JV, while the latter has 74%.

IRCON International has reported steep corrections from its peak. Shares fell by 60% from their all-time high of ₹351 in 2024.

The stock is being tracked by three analysts of which none of them have given a ‘buy’ rating on the stock. However, Antique Stock Broking has a ‘hold’ rating on the stock with a price target of ₹153. Meanwhile, IDBI Capital Markets and Equirus Securities have a ‘sell’ recommendation on the stock with a target price of ₹143 and ₹144 respectively.

Shares of IRCON International are currently trading at ₹148.6, up 7.5%. Though the stock has recovered all its losses made over the last one month, it still has a long way to go as the shares are down by 32% in 2025.