IRCON International

What IRCON International does

IRCON International Limited is a Navratna central public sector enterprise under the administrative control of the Ministry of Railways, Government of India, incorporated in 1976 as Indian Railway Construction Company Limited and publicly listed on NSE/BSE in September 2018 under ticker IRCON. The Government of India is the promoter and majority shareholder (61.29 crore shares, no encumbrance as of March 31, 2026). Headquartered in New Delhi, the company executes turnkey infrastructure projects across 11 service lines: railway construction, highways, bridges and flyovers, buildings, electrical and EHV electrification, signalling and telecommunications, mechanical (coaches and locomotives), coach factory construction, station buildings, multi-functional complexes, and aviation infrastructure. Its in-house technology stack spans signalling systems (Kavach train collision avoidance, electronic interlocking, CTC, axle counters, OFC-based communications, SCADA), EHV substation design up to 400 kV, and CAD/CAM-based coach/locomotive manufacturing using 50+ CNC machines with robotic/laser/plasma welding, supported by ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications.

IRCON serves primarily government and public-sector clients — Indian Railways, NHAI, NHSRCL, DMRC, NTPC, Coal India subsidiaries, state electricity boards (Rajasthan, MP, UP, Tripura), AAI, Paradip Port Trust, plus international sovereigns across 25+ countries including Malaysia (KTMB), Bangladesh, Sri Lanka, Nepal, Iraq, Iran, Saudi Arabia, Turkey, Ethiopia, Mozambique, Algeria, the UK and Ireland. FY26 consolidated total income was Rs 95.02 billion (down 14.6% YoY) with PAT of Rs 5.92 billion; Q4 FY26 sequential recovery was 49.2% in income with EBITDA margin expansion to 8.4%. The order book stood at Rs 24,984 crore (~2.6x annual revenue), and a proposed merger with Rail Vikas Nigam Ltd (announced March 2026) would create a combined entity with order book exceeding Rs 1.5 lakh crore.

The business model is sales-led, tender-based EPC: IRCON bids on E-Tender and GeM government procurement platforms, executes large multi-year contracts as sole bidder or JV lead/partner (74:26 JV with Badri Rai & Company for Agartala Smart Grid; JVs with Soma, Gannon, SMJ Indonesia, L&T), and operates 11 wholly-owned SPVs (highway/HAM/BOT/expressway/renewable power) plus 7 joint venture companies (IRSDC, CERL, CEWRL, MCRL, JCRL, BRPL, ISTPL) for project execution and tollway revenue. Revenue is generated through one-time EPC contracts, long-term tollway managed-services via subsidiaries, locomotive wet-leasing to Malaysian Railway (US$6M/year at >86.3% availability), and commercial real estate from 24 multi-functional complexes at railway stations. Project execution is funded by multilateral agencies (World Bank, ADB, AfDB, JBIC, Kuwait Fund) and bilateral partners (Japan/JICA for Mumbai-Ahmedabad HSR).

Name

IRCON International

Legal name

IRCON International Limited (formerly Indian Railway Construction Company Limited)

Website

https://ircon.org

Company type

Public

Founded year

1976

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

IRCON International Limited is a Navratna Government of India public sector enterprise under the Ministry of Railways that delivers turnkey railway, highway, EHV substation, signalling, telecom, coach-manufacturing, and aviation infrastructure projects across India and 25+ countries, serving government and public-sector clients primarily through competitive EPC tenders.

Ownership category

akta.pro rank

Product category

Infrastructure Construction Services

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Communications Services, Nec (4899), Misc Industrial & Commercial Machinery & Equipment (3590)

akta.pro primary industry

Overhead Transmission Line EPC (HV/EHV) (EUAEABAA)

akta.pro secondary industries

Transmission line EPC & construction (overhead) (EUADAKAA), SCADA, Controls & Communications Integration (RTU, Fiber, Networking) (EUAEADAD), Transmission Interconnection & Line Works (Gen-Tie Lines, Overhead/Underground Lines) (EUAMAFAF)

Keywords

• Railway construction
• Highway construction
• Infrastructure EPC
• Signaling and telecom
• Railway electrification

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. EPC / Turnkey construction contracts: Core revenue is generated through large-scale engineering, procurement, and construction (EPC) / turnkey contracts awarded by government clients such as Indian Railways, NHAI, metro rail corporations, state electricity boards, and international clients. FY26 consolidated total income was Rs 95.02 billion with PAT of Rs 5.92 billion; order book stood at Rs 249.84 billion (Rs 24,984 crore) across railways, highways and other projects.
2. Joint venture project execution: Revenue from joint venture project execution where IRCON holds a minority or majority stake, such as the Rs 763.10 crore Agartala Smart Grid project (IRCON's 26% share = Rs 198.41 crore), tunnel and railway line projects, and metro construction.
3. Tollway / Build-Operate-Transfer (BOT) operations via subsidiaries: Long-term toll collection revenue from completed BOT highway projects operated through wholly-owned subsidiaries such as Ircon PB Tollway Ltd, Ircon Shivpuri Guna Tollway Ltd, Ircon Davanagere Haveri Highway Ltd, Ircon Vadodara Kim Expressway Ltd, Ircon Gurgaon Rewari Highway Ltd, Ircon Akloi Shirsad Expressway Ltd, Ircon Ludhiana Rupnagar Highway Ltd, Ircon Bhoj Morbe Expressway Ltd, and Ircon Haridwar Bypass Ltd.
4. Locomotive leasing and maintenance services: Wet lease and comprehensive maintenance of diesel locomotives (1,000 mm gauge) to Malaysian Railway KTMB, with assured availability above 86.3% and reliability of maximum 1 failure per 50,000 locomotive km, at US$6 million per year, plus supply of plant and machinery for railway workshops.
5. Multi-Functional Complex (MFC) commercial operations: Commercial real estate revenue from 24 multi-functional complexes at railway stations across India providing budget hotels, restaurants, food courts, parking, basements, and shopping areas, including locations at Udaipur, Haridwar, Raipur, Jabalpur, Hubli, Gwalior, Jammu, Cannanore, Barddhaman, Rampurhat, Bilaspur, Tiruvalla, Mysuru, and Hyderabad.

Pricing tiers

Go-to-market motion3 records

Core offering

IRCON International Limited is a Navratna central public sector enterprise under the Ministry of Railways that delivers turnkey engineering, procurement and construction (EPC) infrastructure projects across railway construction, highways, bridges and flyovers, buildings, electrical and railway electrification (up to 25 kV AC), signalling and telecommunications, mechanical works (passenger coaches and diesel-electric locomotives), coach factories, station buildings, multi-functional complexes, and aviation infrastructure. It executes these capabilities for government ministries, public sector undertakings and foreign sovereign clients, often through joint ventures and wholly-owned subsidiary SPVs, in India and across 25+ countries.

Product overview

IRCON International Limited (formerly Indian Railway Construction Company Limited) is a premier Navratna central public sector enterprise under the Ministry of Railways, incorporated in 1976, that delivers turnkey infrastructure projects across 11 distinct service lines: Railway Construction Services, Highways Construction Services, Bridge and Flyover Construction, Buildings Construction, Electrical and Electrification Services, Signaling and Telecom Services, Mechanical Services (coaches and locomotives), Coach Factory Construction, Station Building Construction, Multi-Functional Complexes (MFC), and Aviation Infrastructure. These service lines are not software products but vertically integrated construction and engineering capabilities delivered as standalone offerings or combined as integrated turnkey projects, complemented by 11 wholly-owned subsidiaries (such as IrconISL, IrconSGTL, IrconPBTL, IrconDHHL, IrconVKEL, IrconGRHL, IASEL, IrconLRHL, IrconBMEL, IrconHBL, and Ircon Renewable Power Limited) and 7 joint venture companies (including ISTPL, IRSDC, CERL, CEWRL, MCRL, JCRL, and BRPL). Together, the company has executed approximately 405 domestic projects and 130+ international projects across 25+ countries including Malaysia, Nepal, Bangladesh, Mozambique, Ethiopia, Afghanistan, UK, Algeria, and Sri Lanka.

Differentiator

Problem solved

Functional benefit

Products and services

• Railway Construction Services
• Highways Construction Services
• Bridge and Flyover Construction
• Buildings Construction
• Electrical and Electrification Services
• Signalling and Telecom Services
• Mechanical Services (Coaches and Locomotives)
• Coach Factory Construction
• Station Building Construction
• Multi-Functional Complexes (MFC)
• Aviation Infrastructure
• Locomotive Leasing and Maintenance Services
• Tollway / Build-Operate-Transfer (BOT) Highway Operations
• Agartala Smart Grid Project (JV with Badri Rai & Company)
• Sri Lanka Northern Railway Line Restoration Project
• Mumbai-Ahmedabad High Speed Rail Project (Packages MAHSRC-7 and MAHSRT-2)

Quantifiable outcome

• Approximately 405 domestic projects and 130+ international projects completed across 25+ countries over 50 years
• +6 more outcomes

Named customers39 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

26 partnerships are on record, tiered major / current project jv partner, wholly-owned subsidiary (group company), wholly-owned subsidiary (bot tollway spv), wholly-owned subsidiary (highway spv), wholly-owned subsidiary (expressway spv), wholly-owned subsidiary (ham highway spv), wholly-owned subsidiary (ham bypass spv), wholly-owned subsidiary (renewable power spv), major joint venture (bot tollway), major joint venture (railway station development), major joint venture (coal corridor spv), joint venture (rail corridor spv), strategic (proposed merger), project subcontractor, project jv partner, strategic (mumbai-ahmedabad hsr consortium), strategic (hsr project owner-client and consortium partner) and strategic bilateral partner.

• Badri Rai & Company (BRC)major / current project jv partnerStrategic or Co-development PartnerIRCON and Badri Rai & Company formed a 74:26 joint venture to execute the Rs 763.10 crore Agartala Smart Grid project awarded by Tripura State Electricity Corporation Limited in June 2026. BRC is the lead partner with 74% share (Rs 564.70 crore) while IRCON holds 26% (Rs 198.41 crore). The project covers underground power cable network, smart grid applications, SCADA, ADMS, OMS, GIS mapping, optical fibre communication system, and smart grid control centres, to be completed within 24 months.
• Ircon Infrastructure and Services Limited (IrconISL)wholly-owned subsidiary (group company)Strategic or Co-development PartnerWholly-owned subsidiary of IRCON (Ajay Pal Singh serves as CEO-IrconISL). Annual reports published from FY2014-15 onwards. Provides infrastructure services supporting IRCON's business development and execution activities.
• Ircon PB Tollway Limited (IrconPBTL)wholly-owned subsidiary (bot tollway spv)Strategic or Co-development PartnerWholly-owned subsidiary acting as the SPV for the Bikaner-Phalodi highway BOT (Toll) project in Rajasthan (Rs 681 crore). Independent annual reports published from FY2014-15 onwards.
• Ircon Shivpuri Guna Tollway Limited (IrconSGTL)wholly-owned subsidiary (bot tollway spv)Strategic or Co-development PartnerWholly-owned subsidiary acting as the SPV for the Shivpuri-Guna four-laning highway project (Rs 670 crore, Package-I, NHDP Phase-IV). Awarded the 11th CIDC Vishwakarma Award for Best Construction Project (Shivpuri Guna Highway) in 2019.
• Ircon Davanagere Haveri Highway Limited (IrconDHHL)wholly-owned subsidiary (highway spv)Strategic or Co-development PartnerWholly-owned subsidiary for the Davanagere Haveri highway project in Karnataka. Independent annual reports from FY2017-18 onwards.
• Ircon Vadodara Kim Expressway Limited (IrconVKEL)wholly-owned subsidiary (expressway spv)Strategic or Co-development PartnerWholly-owned subsidiary for the Vadodara Kim Expressway project (Rs 1,378 crore, NHDP Phase VI Package IA-II). Independent annual reports from FY2018-19 onwards.
• Ircon Gurgaon Rewari Highway Limited (IrconGRHL)wholly-owned subsidiary (ham highway spv)Strategic or Co-development PartnerWholly-owned subsidiary for the Gurgaon-Pataudi-Rewari section of NH 352W upgradation (Rs 900 crore, Hybrid Annuity Mode). Independent annual reports from FY2020-21 onwards.
• Ircon Akloi Shirsad Expressway Limited (IASEL)wholly-owned subsidiary (expressway spv)Strategic or Co-development PartnerWholly-owned subsidiary for the eight-lane access-controlled expressway Shirsad-Akloli section (Spur of Vadodara Mumbai Expressway, Rs 1,258.88 crore, Bharatmala Pariyojana Phase II Package XIV, HAM).
• Ircon Ludhiana Rupnagar Highway Limited (IrconLRHL)wholly-owned subsidiary (ham highway spv)Strategic or Co-development PartnerWholly-owned subsidiary for the Ludhiana-Rupnagar four/six-lane greenfield national highway (Rs 1,239.84 crore, Bharatmala Pariyojana, HAM).
• Ircon Bhoj Morbe Expressway Limited (IrconBMEL)wholly-owned subsidiary (expressway spv)Strategic or Co-development PartnerWholly-owned subsidiary for the eight-lane access-controlled Bhoj-Morbe section of Vadodara Mumbai Expressway (Rs 1,608.32 crore, Bharatmala Pariyojana Phase II Package XVII, HAM).
• Ircon Haridwar Bypass Limited (IrconHBL)wholly-owned subsidiary (ham bypass spv)Strategic or Co-development PartnerWholly-owned subsidiary for the Haridwar Bypass Package-1 four-laning upgradation (Rs 964.32 crore, Hybrid Annuity Mode).
• Ircon Renewable Power Limited (IRPL)wholly-owned subsidiary (renewable power spv)Strategic or Co-development PartnerWholly-owned subsidiary focused on renewable power generation, with annual reports published from FY2022-23 onwards. Reflects IRCON's diversification into sustainable energy infrastructure.
• Ircon-Soma Tollway Private Limited (ISTPL)major joint venture (bot tollway)Strategic or Co-development PartnerJoint venture company of IRCON with Soma Enterprise for the Pimpalgaon-Dhule section of NH 3 four-laning (Rs 3,459 million, BOT basis, IRCON's share). One of seven listed JV companies.
• Indian Railway Stations Development Corporation Limited (IRSDC)major joint venture (railway station development)Strategic or Co-development PartnerJoint venture company for development of railway stations in India. IRCON holds equity stake and participates in the development of railway station infrastructure.
• Chhattisgarh East Railway Limited (CERL)major joint venture (coal corridor spv)Strategic or Co-development PartnerJoint venture company for the East Corridor-1 rail project between Kharsia-Dharamjaigarh in Chhattisgarh, for coal evacuation. JV partner of IRCON with equity stake.
• Chhattisgarh East-West Railway Limited (CEWRL)major joint venture (coal corridor spv)Strategic or Co-development PartnerJoint venture company for the East-West Corridor rail project between Gevra Road-Pendra Road in Chhattisgarh (Rs 28,000 crore), for coal transportation.
• Mahanadi Coal Railway Limited (MCRL)major joint venture (coal corridor spv)Strategic or Co-development PartnerJoint venture company for coal transportation rail corridor in the Mahanadi coalfields region (Odisha/Chhattisgarh). IRCON holds equity stake.
• Jharkhand Central Railway Limited (JCRL)major joint venture (coal corridor spv)Strategic or Co-development PartnerJoint venture company for coal transportation rail corridor in the Jharkhand central region. IRCON holds equity stake.
• Bastar Railway Private Limited (BRPL)joint venture (rail corridor spv)Strategic or Co-development PartnerJoint venture company for rail corridor development in the Bastar region (Chhattisgarh). IRCON holds equity stake.
• Rail Vikas Nigam Limited (RVNL)strategic (proposed merger)Strategic or Co-development PartnerThe Indian Ministry of Railways proposed a formal merger between IRCON International and Rail Vikas Nigam Limited (RVNL) in March 2026, both majority-owned by the Ministry of Railways. The proposed consolidation would combine engineering, construction, and project management capabilities, with the new entity expected to have an order book exceeding Rs 1.5 lakh crore. The merger requires approvals from the Ministry of Finance, Department of Public Enterprises, Cabinet Committee on Economic Affairs (CCEA), shareholders, and SEBI. Combined market cap of approximately Rs 65,000 crore. The proposal led to IRCON shares surging up to 12% and RVNL up to 6% on announcement.
• Univastu India Limitedproject subcontractorImplementation/ SI/ Consulting PartnerUnivastu India received a Rs 485.67 crore subcontract from IRCON International for Mumbai Metro Line 6 work. The project involves design, supply, installation, testing, commissioning, and maintenance, with a timeline of 104 weeks. The award enhances Univastu India's metro infrastructure order book.
• Gannon (IRCON-Gannon JV)project jv partnerStrategic or Co-development PartnerIRCON formed a joint venture with Gannon for the Aligarh-Ghaziabad section 3rd line project in Uttar Pradesh, covering construction of roadbed, bridges, facilities, track installation, and electrification for the 106 km section. Also executed the Rewari-Phulera-Ajmer gauge conversion project as JV partners.
• SMJ Indonesia (JV partner)project jv partnerStrategic or Co-development PartnerIRCON formed a joint venture with SMJ Indonesia for the Tamil Nadu Road Sector Project (TNSP02) — upgradation of roads from Nagapattinam to Kattumavadi and new bypass at Nagapattinam, Tituthuraipundi and Muttupet (Rs 1,367 million).
• Larsen & Toubro (L&T)strategic (mumbai-ahmedabad hsr consortium)Strategic or Co-development PartnerIRCON is one of the active contractors alongside Larsen & Toubro and NHSRCL for the Mumbai-Ahmedabad High Speed Rail corridor (508 km, Rs 1.98 lakh crore). IRCON's packages include MAHSRC-7 (Rs 1,714.23 crore) and MAHSRT-2 (Rs 5,143 crore). The project features 90% elevated tracks and India's first 7-km undersea tunnel beneath Thane Creek.
• National High Speed Rail Corporation Limited (NHSRCL)strategic (hsr project owner-client and consortium partner)Strategic or Co-development PartnerNHSRCL is the lead implementing agency for the Mumbai-Ahmedabad High Speed Rail project, and IRCON is one of the active contractors executing major track-work packages (MAHSRC-7 Rs 1,714.23 crore and MAHSRT-2 Rs 5,143 crore). Japan is the primary partner through JICA loans and technical expertise.
• Government of Sri Lanka (Ministry of Transport)strategic bilateral partnerStrategic or Co-development PartnerIRCON International Limited is the executing agency for the Government of India-funded restoration of the Northern Railway Line in Sri Lanka (Mahawa Junction to Omanthai) under a USD 5 million grant from a broader USD 450 million reconstruction package. The project includes five new bridges, a modern signalling system, and an elephant tunnel, with completion targeted before April 14, 2026. This follows Cyclone Ditwah (November 2025) which killed over 600 people and destroyed railway infrastructure.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Hindustan Construction Company (HCC): Established Indian infrastructure construction major executing hydropower, highways, metros, nuclear and railways. Comparable in highways/bridges/EPC capability to IRCON, including elevated metro and tunnel work.
• Tata Projects: Tata Group infrastructure EPC company executing railways, metros, highways, power and urban infrastructure. Competes with IRCON on metro and rail tenders, including the Mumbai-Ahmedabad HSR corridor.
• NCC Limited: Diversified Indian EPC company active in buildings, roads, water, electrical T&D and railways. Comparable scale and government-client exposure, competing with IRCON in highway, electrical and building construction tenders.
• Larsen & Toubro (L&T): India's largest EPC conglomerate with a dedicated L&T Construction division covering railways, highways, metros, power T&D and signalling. Active alongside IRCON on the Mumbai-Ahmedabad HSR corridor (L&T holds major HSR packages) and competes with IRCON on railways, EHV substations and signalling tenders.

Direct peers

• Afcons Infrastructure: Shapoorji Pallonji Group infrastructure EPC company executing marine, elevated corridors, tunnels, railways and bridges. Currently in arbitration with IRCON over a railway line project (Delhi High Court review) and a direct competitor in rail tunnel and bridge EPC.
• Rail Vikas Nigam Limited (RVNL): Navratna railway infrastructure PSU under the Ministry of Railways, executing project execution, railway electrification and project management services for Indian Railways. Directly comparable to IRCON in business model, client base, and capability stack — proposed merger partner as of March 2026.
• Kalpataru Projects International: EPC player in power T&D, railways, oil & gas pipelines and buildings. Comparable to IRCON in transmission line and substation EPC, and has a railway construction business that overlaps directly with IRCON's order book.
• KEC International: RPG Group flagship executing power T&D, railway electrification, signalling and civil infrastructure across India and 25+ countries. Highly comparable to IRCON's EHV substation and railway electrification capability (4,000+ TKM), and competes for similar EPC contracts.

Regional players

• Dilip Buildcon: Highway construction specialist with significant HAM and BOT portfolio across India. Comparable to IRCON's highway SPVs (IrconVKEL, IrconGRHL, IASEL, IrconLRHL, IrconBMEL, IrconHBL) in execution model and revenue profile, though narrower in rail scope.
• GR Infraprojects: Highway and railway EPC contractor with HAM/BOT concessions and a growing railway construction business. Comparable to IRCON in highway SPV structure and increasingly in railway electrification, though smaller in signalling/telecom and international scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/IrconOfficial
• YouTubeyoutube.com/@IrconInternationalLimited
• Facebookfacebook.com/IrconOfficial
• LinkedInlinkedin.com/company/ircon-international-ltd-

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRCON International