MANAGEMENT DISCUSSION AND ANALYSIS
Development of infrastructure has a multiplier effect on any economy. India intends to enhance its infrastructure to reach its 2025 economic growth target of US$ 5 trillion. As per a report of Morgan Stanley Indias infrastructure investment shall steadily increase from 5.3% of GDP in FY24 to 6.5% of GDP by FY29.
The Government of India is driving a comprehensive and ambitious infrastructure overhaul, spearheaded by strategic frameworks like the PM Gati Shakti National Master Plan for integrated planning and the National Infrastructure Pipeline (NIP). This vision is being executed through sector-specific flagship programs aimed at creating seamless multi-modal connectivity, including the Bharatmala Pariyojana for highways, Dedicated Freight Corridors for railways, the Sagarmala Programme for port-led development, UDAN scheme for regional air connectivity and the Special Accelerated Road Development Programme for the North Eastern Region (SARDP-NE) and many more ongoing projects.
The Indian government has introduced various formats in order to attract private investments, especially in roads, highways, airports, industrial parks, higher education and skill development sectors.
The trajectory for Indias infrastructure sector is exceptionally strong, supported by a strategic government focus and robust private sector participation. An emphasis on developing resilient, sustainable, and inclusive systems is expected to be a primary catalyst for economic expansion and enhanced living standards, positioning the sector as an integral component of the nations development goals through 2 047.
GLOBAL ECONOMIC OVERVIEW
Escalating uncertainty and substantial policy shifts are reshaping economic and fiscal outlooks. Major tariff announcements by the United States, countermeasures by other countries, are contributing to financial market volatility, deteriorating prospects, and heightening downside risks. Disinflation has stalled in many countries, and already disappointing growth projections have been significantly downgraded, while financial turbulence poses considerable downside risks to growth. Heightened uncertainty regarding tariffs and economic policy, rising yields in major economies, and widening spreads in emerging markets alongside increased defence spending, particularly in Europe, and a challenging foreign aid landscape are further complicating the fiscal outlook.
The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity. The global growth is projected to drop to 2.8% in 2025 and 3% in 2026 much below the historical (2000-19) average of 3.7%. In emerging market and developing economies, growth is expected to slow down to 3.7% in 2025 and 3.9% in 2026, with significant downgrades for countries affected most by recent trade measures, such as China. Broader financial instability may ensue, including damage to the international monetary system. Demographic shifts and a shrinking foreign labour force may curb potential growth and threaten fiscal sustainability.
INDIAN ECONOMY
Indian economy exhibits strong fundamentals with controlled inflation and robust growth. The RBIs June Monetary Policy report indicates success in taming inflation, projecting a rate of 3.7% for FY 2024-25, though it is expected to rise to approximately 4.5% the following year. This price stability is complemented by strong economic expansion, as confirmed by the National Statistical Office (NSO). Provisional NSO estimates real GDP growth at 6.5% for FY 2024-25, with nominal GDP growing at a faster 9.8%, reflecting the impact of inflation. On the external front, while foreign exchange reserves saw a significant fluctuation, decreasing from US$ 705.78 billion in September 2024 to a low of US$ 630.61 billion in January 2025, they recovered to a healthy US$ 668.33 billion by the end of March 2025, underscoring the resilience of the nations external buffers.
Government has introduced various formats in order to attract private investments, especially in roads and highways, airports, industrial parks and higher education and skill development sectors. Infrastructure Finance Secretariat is established to enhance opportunities for private investment in infrastructure that will assist all stakeholders for more private investment in infrastructure.
In the Union Budget 2025-26, capital investment outlay for infrastructure has been increased to Rs 11.21 lakh crore (US$ 128.64 billion), which would be 3.1% of GDP. According to CRISILs Infrastructure yearbook 2023, India will spend nearly Rs143 lakh crore (US$ 1,727.05 billion) on infrastructure in seven fiscals through 2030, more than twice the near Rs67 lakh crore (US$ 912.81 billion) spent in the previous seven years. The Green Energy Project is an initiative to make Indian Railways environment-friendly by focusing on renewable sources of energy.
Indias logistics market is estimated to be US$ 317.26 billion in 2024 and is expected to reach US$ 484.43 billion by 2029, growing at a CAGR of 8.8%. The Ministry of Commerce and Industry, states that the logistics sector accounts for 5% of Indias GDP and provides jobs for nearly 2.2 crore Indians. India road logistics industry will grow at 3-6% in FY25 as per ICRA.
International Monetary Fund (IMF) in its World Economic Outlook (April 2025) expressed relatively more stable growth outlook at 6.2% in 2025 for India, supported by private consumption, particularly in rural areas, but this rate is 0.3% lower than that in the January 2025 WEO Update on account of higher levels of trade tensions and global uncertainty.
INDUSTRY OVERVIEW
The Indian government has placed a strategic priority on developing its infrastructure and construction sectors. This commitment is demonstrated through liberalized Foreign Direct Investment (FDI) norms, substantial budgetary allocations, and the ongoing Smart Cities Mission. To further unify and accelerate these efforts, the Prime Minister has launched the Gati Shakti National Master Plan, a transformative platform aimed at integrating multimodal transportation and improving the efficiency of project execution.
The outlook for Indias infrastructure, railway, highway, and logistics sectors is exceptionally positive, driven by a government strategy to create an integrated, world-class economic framework. At the heart of this transformation are the PM Gati Shakti National Master Plan and the National Infrastructure Pipeline, which ensure coordinated, data-driven planning and massive capital investment to build a seamless multi-modal network.
Indian Railways is undergoing a major overhaul with the rollout of Dedicated Freight Corridors (DFCs) to streamline cargo movement and modern Vande Bharat trains to upgrade passenger travel. Simultaneously, the highway sector is rapidly expanding under the Bharatmala Pariyojana, creating economic corridors and expressways to enhance connectivity and reduce travel times. These developments are crucial for the success of the National Logistics Policy (NLP), which aims to drastically reduce Indias high logistics costs through initiatives like Multi-Modal Logistics Parks and digital platforms. The Government of India had launched the National Logistics Policy (NLP) on 17th September 2022. One of the primary objectives of the NLP was to reduce the percentage of logistics cost to the GDP.
These synergistic efforts are building a cost-effective and efficient infrastructure ecosystem, poised to lower the cost of doing business, boost the Make in India initiative, and accelerate the nations overall economic growth.
Railway Sector
Indias logistics market is estimated to be US$ 317.26 billion in 2024 and is expected to reach US$ 484.43 billion by 2029, growing at a CAGR of 8.8%. The Ministry of Commerce and Industry, states that the logistics sector accounts for 5% of Indias GDP and provides jobs for nearly 2.2 crore Indians. India road logistics industry will grow at 3-6% in FY25 as per ICRA.
In Union Budget 2025-26, the government has allocated record CAPEX of Rs2,65,200 crore (US$ 31.43 billion) for Railways. Indian Railways will achieve 100% electrification by FY26, with over 97% already completed, and is rapidly adopting renewable energy.
Indian Railways is exploring a new public-private partnership (PPP) model to attract private investment to re-develop railway stations. Under this model, investors would receive up to 40% of the total project cost as viability-gap funding (VGF) and be allowed to use the space above platforms and tracks commercially. Under the hybrid PPP model, bids will be chosen based on the quantum of VGF support required by the private investor. The private developer will be allowed to develop air space to generate additional revenue through commercial activities, including the lease of office space, development of entertainment and recreational facilities, hospitality services, malls and even healthcare facilities.
Indian Railways is introducing Indias first cargo liners with a double-decker design. The upper deck will have passenger seating, while the lower deck is dedicated to cargo storage. Trials for these trains are currently underway.
The government announced 5,000 km of Metro Rail network by 2047 in 100 cities. The Government of India aims to transform Indian Railways into a net-zero emitter as part of its broader energy goals by 2030. India is projected to account for 40% of the total global share of rail activity by 2050.
Indian Railways to enhance safety and efficiency on its rail network, "Kavach" an indigenous technology for train collision avoidance system is introduced. Kavach is a highly technology intensive system, which requires safety certification of highest order (SIL-4). Kavach aids the Loco Pilot in running of train within specified speed limits by automatic application of brakes in case Loco Pilot fails to do so and also helps the trains to run safely during inclement weather. Indian Railway is in the process to convert 15,000 kms into automatic signalling and 37,000 kms to be fitted with "KAVACH".
The Green Energy Project is an initiative to make Indian Railways environment-friendly by focusing on renewable sources of energy. Indian Railways aims to become a Net Zero Carbon Emitter by 2030.
Road Sector
India has the second-largest road network in the world, spanning over 6.7 million kilometers. This vast network is crucial for the nations economy, as over 64.5% of all goods are transported via roads, and it accommodates 90% of the total passenger traffic. The countrys road infrastructure has seen remarkable growth, expanding by 59% in the last nine years. National Highways, which form the primary arterial network, play a vital role in the economic and social development of the country by enabling the efficient movement of freight and passengers and improving market access. This network alone has expanded from 91,287 km in 2014 to a current length of 1,46,145 km.
The Government of India and its implementing agencies, like the Ministry of Road Transport and Highways (MoRTH), have undertaken several initiatives to enhance and strengthen the National Highways network. These are driven by flagship programmes such as the Bharatmala Pariyojana, which includes the subsumed National Highway Development Project (NHDP), and the Special Accelerated Road Development Programme for the North Eastern Region (SARDP-NE). The SARDP-NE is specifically aimed at developing road connectivity between remote areas in the northeast and their state capitals and district headquarters, facilitating connectivity for 88 district headquarters to their nearest national highway.
In the Union Budget 2025-26, the government has decided to allocate Rs2.87 lakh crore (US$ 32.94 billion) towards the Ministry of Road with a target of Rs35,000 crore (US$ 4.02 billion) in private sector investment. A network of 35 Multimodal Logistics Parks is planned to be developed as part of Bharatmala Pariyojana, with a total investment of about Rs46,000 crore (US$ 5.5 billion), which once operational, shall be able to handle around 700 million metric tonnes of cargo. Of this, MMLPs at 15 prioritized locations will be developed with a total investment of about Rs22,000 Crore (US$ 2.6 billion).
Gati Shakti National Master Plan (NMP) was launched for providing multimodal connectivity infrastructure to various economic zones. PM Gati Shakti National Master Plan provides a comprehensive database of the trunk & utility infrastructure, ongoing & future projects of various Infrastructure and Economic Ministries/ Departments of Central Government and States/UTs. This data is integrated with the GIS-enabled PM Gati Shakti platform, there by facilitating the integrated planning, designing, and monitoring of the Next Generation infrastructure projects on a single portal. In line with the PM Gati Shakti National Master Plan, the government has shortlisted eight key infrastructure projects-seven from the Ministry of Railways and one from the Ministry of Road Transport and Highways (MoRTH) to enhance efficiency and reliability in challenging terrains.
The Special Accelerated Road Development Programme for the North Eastern region (SARDP-NE) is aimed at developing road connectivity between remote areas in the northeast with state capitals and district headquarters. Implementation of the road development programme would facilitate connectivity of 88 district headquarters across states in the Northeast to their nearest national highway.
Renewable Energy Sector
India is positioning itself at the forefront of the global energy transition, with its renewable energy sector experiencing exponential growth. Driven by ambitious government targets, falling technology costs, and a strategic push for energy security, the country has become one of the worlds most attractive destinations for green investment. This leadership is evidenced by its ranking as 4th globally in both installed renewable and solar power capacity. Major domestic consumers, such as Indian Railways, are creating significant, focused demand by embarking on missions to become "Net Zero Carbon Emitters" by 2030.
The nation is already surpassing its climate targets, having installed over 100 Gigawatts of solar capacity and achieving a power mix where 47% comes from non- fossil fuel sources. Building on this success, India has set aggressive future goals, aiming to install 500 GW of renewable energy capacity by 2030. These near- term goals, including sourcing 50% of electricity from renewables and reducing economic carbon intensity by 45% by 2030, are crucial milestones in Indias long-term strategy to reach Net Zero emissions by 2070. Indias renewable energy capacity is set to reach 250 GW by 2026, driven by a strong project pipeline.
India will drive 35% of global energy demand growth over the next two decades, focusing on balancing energy availability, affordability, and sustainability. It is advancing its green energy transition through investing in natural gas, LNG, and hydrogen to support decarbonisation while meeting energy needs. India aims to become a global wind power hub, with policy support driving local manufacturing and a target of capturing 10% of global wind energy demand by 2030.
The Union Budget 2025-26 allocates Rs20,000 crore (US$ 2.30 billion) each for nuclear energy and the PM Surya Ghar Muft Bijli Yojana to expand rooftop solar. It also introduces legislative reforms to enhance energy security.
Ministry of New and Renewable Energy targets 500 GW non-fossil fuel-based electricity generation by 2030, as per the Prime Ministers COP26 announcement. Power generation from solar and wind projects are likely to be cost-competitive relative to thermal power generation in India in 2025-2030. India surpasses the global average in setting and reducing carbon emission targets, ranking among the top three countries worldwide for emission reporting and reduction efforts.
Sustainable Alternative Towards Affordable Transportation (SATAT) has been launched as an initiative to set up a Compressed Bio-Gas (CBG) production plant and make CBG available in the market for use in automotive fuels. The 100 Smart City project also includes a mandatory provision of roof-top solar for new construction and a 10% renewable energy provision for end-customers. The shift towards renewable energy, hence, involves a focal point towards the renewable energy segment, which has the potential to create more job opportunities and lead the world to inclusive growth.
COMPANY OVERVIEW
Ircon International Limited (IRCON), an integrated engineering and construction company having expertise in major infrastructure sectors including railways, highways, bridges, flyovers, tunnels, metro, railway electrification, EHV sub-stations, electrical and mechanical works, commercial and residential buildings, railway production units, amongst others. It offers Engineering Procurement and Construction (EPC) services on a lumpsum turnkey, EPC and item- rate basis for various infrastructure projects. To boost coal evacuation from states like Odisha, Jharkhand & Chhattisgarh, IRCON is executing coal connectivity projects in joint venture with other CPSEs under the Ministry of Coal. In addition to this, IRCON executes projects on Build, Operate and Transfer (BOT) mode and Hybrid Annuity Mode (HAM) by leveraging the financial strength of the Company to build long term wealth.
IRCON, a prominent public sector construction company in the Country, has established itself as a leader in Transportation Infrastructure, particularly in the execution of Railway Projects. The Company is renowned for its high-quality solutions, unwavering commitment, and consistent performance.
Over the past 49 years, IRCON has successfully completed numerous significant construction projects, both domestically and internationally. The Company has actively pursued a strategy of diversification, expanding its presence in various sectors and geographical locations. While IRCON ventured into the field of Solar Power Development and Renewable Energy Sector, its primary focus and core strength have always remained firmly rooted in the railway sector.
The Company has consistently paid dividends to the government, highlighting its financial stability and success and is amongst the few construction companies in the public sector to have earned substantial foreign exchange for the country.
Over the years, IRCON has expanded its business footprints in different geographies such as Algeria, Afghanistan, Bangladesh, Bhutan, Brazil, Indonesia, Iran, Iraq, Liberia, Malaysia, Mozambique, Myanmar, Nepal, Nigeria, Saudi Arabia, South Africa, Sri Lanka, Turkey, UK and Zambia. So far, the Company has completed over 130 projects in 25 countries across the globe, and more than 405 projects in India. In the domestic market, it specializes in working in difficult terrains and disturbed regions. Furthermore, it is an active participant in prestigious nation-building projects.
BUSINESS UNITS / DIVISIONS
Major business units / divisions of IRCON are as follows:
1. Civil Engineering Department
IRCON has established itself as a prominent construction organization in the country, with the Civil Engineering Department serving as the backbone of the Company and generating a significant portion of its revenue. It plays a pivotal role and provides leadership in the successful execution of large-scale composite projects. The departments insight and leadership are essential for the smooth implementation of the numerous projects awarded to IRCON. This department is led by a highly experienced senior management team, consisting of professionals from renowned Engineering and Business Schools. They are supported by a large group of motivated and skilled Civil Engineers who have graduated from prestigious institutes like IITs and NITs. As on March 31, 2025, there are 616 Civil Engineers in the department, accounting for approx. 52% of the total staff strength.
IRCON is committed to incorporate the latest technology in project execution to ensure timely and cost-effective delivery. With its highly qualified and experienced workforce, the Company has significantly enhanced its competitiveness in the construction industry. It has an impressive track record of growth and expansion in various construction domains, including Railways, Highways, Bridges, Flyovers, Airports, Commercial & Industrial Buildings, Tunnels, Water treatment Plants, Residential Quarters, Multifunctional Complex (MFC) and more. IRCONs Civil Engineers are adept at working in remote areas, both in India and abroad, utilizing advanced Project Management Tools such as Primavera, TILOS, and MS Project. They are also trained in the latest surveying techniques, including GPS Surveying, Aerial LIDAR Surveying with Drones, and Total Station Surveying.
The department has successfully completed numerous mega projects, demonstrating its competency in Samawa High Speed Railway Line Project in Iraq, Construction of 2nd Bhairab Railway Bridge with approach Rail lines in Bangladesh, the Double track project between Seremban & Gemas in Malaysia, the Upgradation of Railway Lines in the Northern Province of Sri Lanka, the completion of the Qazigund - Baramulla New BG Railway Line in J&K, and the completion of the 11.2 km Pir Panjal Tunnel, the longest transportation tunnel in India, in J&K, Longest Rail cum Road Bridge (at the time of commissioning, in India) at Patna. IRCON is the only public sector undertaking (PSU) to connect the rail network in the J&K States valley region. IRCON has also commissioned a new line works from Khulna-Mongla (65 Km) route and track length (91 Km) on 31st March, 2024 and also done preventive maintenance of 92 Track Km in this section for one year from AprilRs 24 to MarchRs 25 under DLP without any accident or unusuals. It was first of its kind commissioned by any Indian Company in Bangladesh out of LOC fund by GoI. Track linking of 186 km route double line for DFCCIL under CTP- 12 projects have also been completed during year 2023-24 and the project is commissioned for traffic operations 38.262 Km New BG line in Udhampur- Srinagar-Banihal Section during year 2023-24. Also, IRCON has technically completed Katni upgrade separator - 15.5 Route Km on 31st March & now the section is ready to operate trains to remove bottleneck at Katni specially for freight trains. IRCON also successfully commissioned Santragachi Station to decongest the Howrah by constructing new building with modern facilities.
The department has developed expertise in tunneling in the Himalayas, utilizing advanced technologies such as NATM. It takes great pride in having more than 200 trained tunnel Engineers and successfully completing over 100 km of tunnel mining in the challenging geology of the Himalayas. Another significant tunnel, the 12.75 km long tunnel on USBRL Project, is completed, which is the longest transportation tunnel in the country.
In another prestigious tunneling project to connect Sikkim by Railway line, has achieved tunneling of 35 Km by NATM, in very challenging geology.
With its extensive pool of experienced Civil Engineers and its accomplishments in tunneling through the challenging geology of the lower Himalayas (such as the USBRL in J&K State and Sivok Rangpo in West Bengal & Sikkim), IRCON has emerged as a pioneer in the field of tunneling in India.
2. Design and Development Cell
IRCONs Design and Development Cell (D.D. Cell) is dedicated to develop in-house civil designs & review designs submitted by consultants as per relevant CODAL provisions, value engineering/Optimisation of design, estimation of quantities for bidding of various big-ticket national & international infra projects and other civil engineering solutions to most of IRCONs projects. Sophisticated design softwares such as Bentley Power Rail Track/Open Rail/Open Roads (for Track/Road Alignment Design), STAAD Pro & MiDas (For Structural design and Bridge Design), IITPAVE & KGPBACK (Road Pavement & Overlay Design), SLIDE, MIDAS GTS NX, RS2 etc. (For GT Analysis & solutions) are being used for developing designs and corresponding drawings with the help of efficient CAD Engineers.
The in-house design team has extensive experience in Alignment Design, Bridge Design, RCC/Steel Structures Design, Buildings Design, Highway Pavement Design, Geo Technical Solutions and Hydrological Studies etc. The in-house design team has specialized group consisting of experienced Civil Engineers, graduated from top ranking Engineering Colleges of India such as IITs, NITs and other reputed colleges.
Through D.D.Cell, IRCON is member in the following code/standard committees and shares the knowledge and contributes in developing/modifying codes:
• IS Codal Committee CED54: concrete reinforcement sectional committee: Standardization in the field of reinforcement for concrete including pre-stressing steel.
• Standardization of Bridge Girders: Designing Long Span Steel based road bridges, convened by Ministry of Steel, Government of India.
IRCON Design Team has been extensively involved in finalizing designs of various domestic projects as well as international projects viz. CERL-2 Urga-Dharamjaigarh Section, Mokama Viaduct Project, MCRL Project, ROBs at Shalimar & Santragachi project, Shivpur-Kathautia Rail line project (JCRL), Agartala-Akhaura (India Portion) Viaduct Project, CEWRL Gevra-Pendra Section, Sivok Rangpo Railway line project, Maho-Omanthai railway line project in Sri Lanka, Gurgaon-Rewari Highway Project, DFCCIL CTP-12, CERL Dharamjaigarh-Kharsia section including spur line and feeder line etc. Some of the noteworthy projects done earlier wherein D.D Cell has been involved in providing design solutions are: 2-tier Road cum Railway Bridge across River Ganges in Bihar at Digha Ghat, Bikaner-Phaloudi Road Project, Buildings of RAPDRP, Jammu; Railway link in Northern province of Sri Lanka, Railway Bridges of Jaynagar - Bardibas Railway Project (India and Nepal), Seremban- Gemas Electrified double track Railway Project (SGEDT) in Malaysia, Beira Rail Project in Mozambique including Dona Ana Bridge across the mighty River Zambezi etc.
The team is involved in quantity estimation for bidding for projects viz. Important bridge across river Ganga between Bikramshila-Katareah section, Kottavalasa- Koraput Tunnel project & Aizwal bypass tunnel project- which have been secured by the company through bidding lately.
The team has been also involved (quantity estimation) in bidding of various other major rail / road projects viz Bundi Airport Project, Indian Railway EPC Projects, 4-Laning of NH in districts of Darjeeling & Jalpaiguri, Sudhmahadev - Dranga Tunnel of approx. length 4.5 Km and its approach roads on Chenani - Sudhmahadev - Goha road portion, Vailoo Tunnel of approx. length 10.00 Km under Sinthan Pass and its approach roads on Goha - Khellani - Khanabal road portion, HRIDC C-4, C23 Project, High-Speed Rail Project C4, C5, C6 & C7 Packages, Gurgaon-Rewari Highway Project, DFCCIL CTP 1,2,3,3A, 11, 12 Packages, Vadodara-Kim Expressway Pkg-II, Devangiri-Haveri in Karanataka, Shivpuri-Guna Highway Project, Etihad Rail in UAE, various projects in Bangladesh, Maldives, Iran, Ethiopia, Oman etc. of late a new vertical for Tunnel Design has been established for further enhancing capacity-building.
3. Electrical Department
As leading turnkey project execution Company in Railways Sector, Electrical department wing provided end-to-end solution for Electrical projects. The Electrical Department provides expertise in 25 kV Railway Electrification Works, HT Grid & Traction Sub- station of voltage classes up to 400 kV, Extra High Tension Transmission lines, Extra High Voltage (EHV) cabling works, Renewable Energy sector / Industrial Electrification of mega industrial plants / Loco Sheds, Power supply distribution network for Cities / Metro Railways (AC & DC Systems) / Airports, Tunnel Power Supply, Ventilation and Electrification including Power Supply sub-stations for Metro Railways.
IRCON undertook its first major Railway Electrification Project of the Delhi - Ring - Railway in 1980 and offered environment-friendly electric traction services to passengers during the Asian Games organized in 1982. Thereafter, in its journey of 4 decades, the company has executed more than 11,395 TKM of Railway Electrification works in India & abroad and established itself as the leader in the market.
IRCON has also entered into Renewable Energy business and is executing a 500 MW Grid Connected Solar Power Plant Project under the Central Public Sector Undertaking (CPSU) Scheme of MNRE through latest technology Solar Modules, state-of-the-art tracker technology & waterless Robotic Cleaning System which are being implemented for the first time in the country in such large-scale solar project to enhance the efficiency of the solar plant. Cumulatively part capacities of 225 MW out of 500 MW has already been connected with the Southern Grid for sale of power to South Western Railway. The balance capacity is targeted to be connected by Sept-2025. Upon full commissioning of 500 MW, approximately 1076 million units shall be supplied annually which will help Railways in achieving net zero carbon emission targets.
IRCON has also executed many H.T. sub-station works up to 400 kV in India and abroad. Majority of sub-station works in all three phases of DMRC are executed by IRCON. IRCON has also acquired capability to execute Gas Insulated Sub-station (GIS) and Transmission Line projects up to 220 kV.
IRCON has extensive experience for execution of Tunnel Ventilation, Safety & Electro Mechanical works. Electro Mechanical works of 65 km Railway Tunnels (T-43, T-44, T-49, T-50/51,T-52,T-53,T-54,T-55 & T-80) including 13 km longest Rail Tunnel, stretch from Banihal to Sawlakote under USBRL Project, has also been completed. This network provides all weather Rail connectivity to Kashmir Valley. Complete turnkey E&M work comprises of design, planning, project management, testing, commissioning, operation, and maintenance facility for Electrical Works (complete HT and LT works), Tunnel Ventilation System (TVS), Fire Fighting Systems, Operational Management and Control System (SCADA).
IRCON has the experience of executing railway electrification work at high altitude (1650 m above msl), which was implemented for the first time in Indian Railways between Baramulla to Banihal (J&K) - 200 TKM including tunnel T-80 with Flexible Overhead Catenary System (FOCS). IRCON has also executed about 38 km of Rigid Overhead Catenary System (ROCS) works in Banihal to Dharam (J&K) section, which has also been implemented for the first time in Indian Railways.
Further, about 38.6 km of Electro Mechanical (E&M) works in Railway tunnels T-1 to T-14 of Sivok-Rangpo Rail
Project connecting Sikkim state to India are also under execution stage. The Rigid Overhead Catenary System (ROCS) works in Railway tunnels T-1 to T-14 connecting Sikkim state to India are also under execution stage.
IRCON is also executing Traction & Power Supply works of Indias first Semi-High Speed Regional Rapid Transit System in Delhi-Meerut Section (82 km) for National Capital Region Transport Corporation (NCRTC). The work involves Extra High Voltage 220 kV Power Cabling, 05 Nos. Receiving Sub- Stations (RSS), 09 Nos. ofAuxiliary Sub-Stations (ASS) & Overhead Equipment (OHE) with a design speed of 180 kmph. The section from Sarai Kale Khan to Modipuram including Duhai Depot has already been commissioned. The Inauguration of Stage-1 (Sahibabad to Duhai) & Stage-2 (Duhai to Meerut South) was done by Honble Prime Minister in the previous year & further Stage-3A (Sahibabad to New Ashok Nagar) was inaugurated by Honble Prime Minister on 05.01.2025.
For the prestigious Mission 100% Railway Electrification ofthe Ministry ofRailways (Government ofIndia), IRCON is executing more than 2700 RKM of Railway Electrification works & 29 Traction sub-station works in various Railway Electrification projects, out of which more than 2670 RKM & 20 Nos. Traction Sub-Stations (TSS) have already been commissioned along with 135 kms. of 132 kV Transmission Lines. Recently, Mumbai Metropolitan Region Development Authority (MMRDA) has awarded two contracts to IRCON, which includes traction & power supply system, SCADA and E&M works for line-5 (13.025 km long) and Line - 6 (15.6 km long).
4. Mechanical Engineering Department
The Mechanical Engineering Department comprises a proficient mix of seasoned experts and young, dynamic professionals. With expertise in the design, installation, and commissioning of new rolling stock production units, workshops, and diesel sheds, the department is also adept at re-engineering existing facilities. Its primary objective is to enhance output and efficiency through optimal resource utilization, aligning deliverables with the needs of both domestic and international clients. The team is equally skilled in the operation and maintenance of rolling assets.
We consistently deliver projects on schedule, even under accelerated timelines, using advanced project management tools such as MS Project, Six Sigma, and Primavera, while effectively mobilizing global physical resources.
One of our recent achievements is securing the prestigious MAHSR-T2 High Speed Rail project from NHSRCL, a Government of India initiative, implemented with technical guidance from Japanese Shinkansen experts. The Japanese consultants mandated the use of Japan-origin machinery or equipment based on Japanese engineering for track construction. Under the Make-in-India initiative, IRCONs Mechanical team developed these critical machines domestically by guiding Indian manufacturers on intricate technical and functional design requirements. As a result, we not only matched Japanese design standards but also significantly reduced costs by manufacturing locally. Some of the machines developed include Track Slab Car, Rail Feeder-cum-Drawer Cars, Track Motor Cars, Construction Motor Car, Trolleys/Wagons, and Flash Butt Welding Machines—all built to meet stringent Japanese specifications.
The department has successfully established state-of- the-art Stainless Steel Coach Manufacturing Units at Raebareli in record time, exceeding targets. It also upgraded diesel sheds to accommodate both diesel and electric locomotives.
The Raebareli production facility stands as an engineering marvel. It is a fully integrated plant capable of transforming raw materials, like rolled steel sheets, into finished coaches. Key features include a Coach/ Shell Fabrication Line, robotic welding-enabled Bogie Shop, Finishing Shop, Wheel Shop, cutting-edge Paint Shop, and high-tech systems such as Automated Material Storage and Retrieval, a Power Substation, and a 3 MW Solar Park. The campus is self-sustaining, with a residential colony for employees and management, a 100-bed hospital, a cricket stadium, athletic track, FIH- certified hockey stadium, and an 18-hole golf course.
The department also excels in the export, leasing, and maintenance of locomotives, freight wagons, passenger coaches, and track machines. It brings end-to-end expertise across all aspects of rolling stock asset management—from infrastructure development and asset upkeep to business process re-engineering. These capabilities have been proven in successful executions across India and internationally for various governments, multilateral agencies, and organizations.
Additional notable projects include:
• Procurement of Plant and Machineries to various technical centers of Ministry of Micro Small and Medium Enterprises (MSME)
• Detachment-free rake examination facility at Bondamunda Exchange Yard (SER)
• Wheel Shop setup at Rail Coach Factory, Kapurthala
• Diesel Loco Shed augmentation at Visakhapatnam
• Supply of 10 YDM4 (Meter Gauge) locomotives to Royal Railways, Cambodia
• Supply of 6 2300HP AC/DC (Broad Gauge) locomotives with Co-Co bogies to Sri Lankan Railways
• Leasing and maintenance of diesel locomotives for KTMB, Malaysia, achieving over 85% asset availability over two decades—a testament to IRCONs excellence in rolling stock maintenance
5. Signal & Telecom Department
Since its inception in 1976, IRCON has been providing turnkey Signal & Telecom (S&T) solutions for Railways in India and abroad; IRCON has unique distinction of executing Signaling & Telecom (S&T) projects in various countries as per their local codes, manuals and standards, with in-house design, construction and project management capabilities, on agreed timelines.
IRCON has been executing number of state of the art S&T projects, starting from Relay Interlocking to Electronic Interlocking (EI), Automatic Train Protection (ATP), Centralized Traffic Control (CTC) systems, Integrated Passenger Information Systems, Tunnel Communication System.
In the year 2024-25, IRCON commissioned Signalling Works at 81 Stations of Indian Railways as part of New Line, Doubling, Replacement of Mechanical Sigg with EI, Yard Alterations/Sidings, RE Modifications.
In the year 2024-25, IRCON commissioned Integrated Tunnel Communication System in J&K as part of USBRL Project, consisting of 104 Tunnel km (60 km Main Tunnel & 44 km Escape Tunnel) with 537 km of 24F/48F OFC laid connecting 1860 Network Switches & 4652 IP enabled devices; the system also comprises of VHF Tunnel Communication Network over 208 km of Leaky Coaxial Cable with 47 Optical Master Units, 156 Optical Remote Units.
In the year 2024-25, Six Major ongoing S&T Projects were completed in all respects viz., :
a) Replacement of mechanical interlocking with EI at 20 Stations of Moradabad division
b) New EI Works at 22 Stations & 6 IB s as part of Doubling Projects of Katni-Singrauli section
c) New EI Works at 12 Stations & 2 IB s as part of Doubling Project on Kiul-Gaya section
d) New EI Works on Coal Line Project of MCRL
e) S&T works in USBRL Project
f) S&T Works for 25 kV RE-fit across 3 Division of NFR
New Business Development Vertical has been set up in S&T in 2024-25 which enabled Open e-Tender participation for S&T Works by IRCON and winning Projects in the New Technology Verticals in S&T viz. Station Kavach Works, Telecom Towers for Kavach, EI with Auto Signaling, Predictive Maintenance of Sigg Gear, Integrated Tunnel Communication.
Thus, IRCON S&T continues its stride in the forefront of Modern Technology in S&T Works.
6. Business Development Department
IRCONs Business Development Department has a dedicated team to grow order book, develop and evaluate bidding strategies as well as to identify new business opportunities to generate and nurture future business of the Company in the fast-paced competitive environment in India as well as in foreign geographies.
IRCONs Business Development Department plays a crucial role in navigating a competitive landscape, especially with the shift away from nomination-based awards. Competing through tenders alongside private infrastructure firms require sharp bidding strategies and deep industry insights.
IRCONs Business Development Department has certainly established a strong track record across diverse infrastructure sectors such as railway, highway, tunnel, metro, solar, electrical & mechanical, signaling & telecommunication, buildings etc., securing projects through competitive bidding and nomination-based awards. The Railway Board has changed its policy and award of works to PSUs on nomination basis has been discontinued. Accordingly, IRCON through its Business Development department now competes with infrastructure companies including private players in the sector by participating in tenders invited by various clients in India & abroad and secure work through competitive bidding. With the shift in policy eliminating nomination-based awards, the department is refining its approach to maintain this momentum.
In the year 2024-25, the Business Development Department of IRCON has secured following 15 (fifteen) projects:
• Kottavalasa-Koraput Doubling Project: Execution of Earth-work in formation, blanketing, Minor bridges, drains, barricading, protection works, construction of Major Bridges including open/ underground excavation, rock bolts and other steel supports, shotcrete, concrete works, drainage works, execution of ballastless track works and supply, erection, testing for commissioning of E&M works etc., from Km. 45.483 to Km. 72.550 from Shivalingapuram station to Borraguhalu station in connection with Kottavalasa Koraput Doubling Project of Waltair Division, East Coast Railway- Rs611.02 Crore
• PMC contract for construction of MGR for linking of Hurra-C mines with existing MGR of Kahalgaon STPP for Kahalgaon STPP- Rs6.35 Crore
• Consultancy assignment to prepare FR, DPR, ESP, OHE works, land requirement etc. for commissioning of Dulanga Siding- Rs2.16 Crore
• Design, supply, installation, testing and commissioning of broad gauge ballastless track (blt), supply of ballast and installation of ballasted track (excluding supply of rails and ballasted track sleepers) between chainage 6+015 (fls) to 125+200 (fls) in connection with new BG line between Rishikesh and Karanprayag (125 km) in the state of Uttarakhand, India- Rs450.49 Crore
• Ballasting, Regulating and Tamping Works in connection with the Project: Penyiapan Baki Kerja - Transformasi KTMB - Infrastruktur Landasan (1. Proposed Rehabilitation, Upgrading of Railway Track and Associated works from Kepas Badu to Pasir Gudang Rail Station, Yards and Johor Port Line, Johor)- Rs19.46 Crore
• Restoration Works of damaged Road/Slope due to the Erosion/Floods in River Teesta at KM-8, KM- 33.650 and KM-34.750 of NH-10- Rs11.22 Crore
• Detailed Engg. and PMC (Project Management Construction) Contract for Construction of Lalmatia Silo-3 Track including S&T Works and its Connectivity with existing MGR System of Kahalgaon for Kahalgaon STPP- Rs2.76 Crore
• Appointment of Independent Engineer for Monitoring the Concession Agreement in respect of Operations, Management and Development of Jaipur International Airport, Jaipur- Rs7.20 Crore
• Construction of Rigid Pavement and Lined Drain of Selected Roads under Imphal East Division (ED-2) -Package 3: Total Road Length-122.209 Km- Rs164.11 Crore
• Construction of Rigid Pavement and Lined Drain of Selected Roads under Highway South Division
Package 4: Total Road Length 111.182 km- Rs138.29 Crore
• Survey, design, supply, installation, testing and commissioning of Towers for Kavach and other associated works over Central Railway- Rs194.46 Crore
• Outsourcing of TRD Maintenance & Breakdown attention & related work under 11 Nos OHE Depots of Newly commissioned OHE & PSI Assets of Lumding Division of Northeast Frontier Railway- Rs50 Crore
• Outsourcing of TRD Maintenance & Breakdown attention & related work under 11 Nos OHE Depots of Newly commissioned OHE & PSI Assets of Tinsukia Division of Northeast Frontier Railway- Rs39 Crore
• Construction of New Secretariat Complex Including Campus Infrastructure on Engineering, Procurement and Construction (EPC) Basis in New Shillong City, Meghalaya- Rs285 Crore
• Construction of Tunnel T1 from Chainage Km 33+160 To Km 34+400 And Tunnel 2 From Chainage Km 57+400 To Km 66+040 With Ballast Less Track and Works Related to Formation on Approaches of Such Tunnels in Connection with Construction of Electrified New BG Railway Line Between Mangliyagaon (Indore) to Budni Stations (198 Kms) of Ratlam Division and Bhopal Division of Western Railway and West Central Railway Respectively In Madhya Pradesh State, India- Rs610.88 Crore
Diversification is key to staying competitive and ensuring long-term sustainability. The Department is also engaged in the process of formation of strategic MOUs and alliances enabling the Company to tap into new markets and industries with strong growth potential.
The department is aggressively pursuing potential infrastructure opportunities in countries such as Algeria, Kazakhstan, Uzbekistan, Uganda, Albania, Armenia, Mozambique, Middle East Countries, South East Asian Countries etc. which will help in fostering future growth of IRCON.
7. Estate Management Department
Over the years, from diversification into entire spectrum of infrastructure the Companys nature of business has also changed from a construction company to a project development and operation company including, real estate and commercial operations among other activities.
With the objective of growth in the Real Estate Business in medium and long terms viz., development of the plots, construction of buildings, leasing and / or sell out of the immovable properties and other matter related to the properties like tax and legal matters, IRCON has set up the Estate Management Department. This department is professionally managed and constituted to manage IRCONs existing real estate and undertake real estate development projects including property tax matters.
Among real estate projects, IRCON has constructed many commercial buildings, institutional buildings, railway stations and townships etc. in India such as multi-storied commercial complexes for CIDCO in Navi Mumbai, 500 bedded Hospital in Bhopal, Veterinary Science Animal Husbandry college campus in Aizwal, three major residential townships at Jhansi, Bhopal and Allahabad for Ministry of Defense, projects connected to Pusa University, Banaras Hindu University, CIFE, Mumbai, Vashi Railway Station, Multi-Functional Complexes (MFCs), Rail Coach Factory at Kapurthala as well as at Raebareli etc. IRCON has developed its own corporate office which is a modern and smart office featuring all elements of Green Building.
Foreseeing the growth in Real Estate Sector, IRCON has accumulated a large portfolio of real estate properties and assets in metropolitan cities such as Mumbai, Chennai, Kolkata, Bangalore, Noida and Gurugram etc. for commercial development. The Company had acquired 8 plots in different sectors, on leasehold basis for 90 years, at NOIDA and developed Office Complex at Sector 1, Retail Mall at Sector 43 and Commercial Cum Office Complex at Sector 48. The Company has also developed a property in Sector 32, Gurugram, Haryana and this property is registered with the trademark authorities in India as IRCON INTERNATIONAL TOWER. Apart from the Office Spaces, IRCON International Tower, Sector-32, Gurugram, accommodates state- of-the-art 250 seats auditorium and training center equipped with latest equipment along with an accommodation facility. Entire leasable space in NOIDA and Gurugram has been leased out to different agencies.
FINANCIAL PERFORMANCE (STANDALONE)
During FY 2024-25, total income of the Company stood at Rs10,677.45 Crores as compared to Rs12,387.85 Crores in the previous financial year. Operating Turnover stood at Rs10,193.14 Crores (Rs11,950.40 Crores in FY 2023-24) including Rs339.10 crores from international projects.
The Profit Before Tax (PBT) and Profit After Tax (PAT) stood at Rs917.81 Crore (Rs1,155.54 Crores in FY 2023- 24) and Rs737.59 Crore (Rs862.90 Crores in FY 2023-24) respectively reflecting the impact of reduced turnover and provisioning in ongoing projects.
The details of interim dividend declared & paid and proposed final dividend for FY 2024-25 for consideration and declaration by the shareholders, over and above the interim dividend at the forthcoming AGM are mentioned in the Directors Report under Financial Highlights. Further, the details of significant changes (that is, change of 25% or more as compared to FY 2023-24 in the key financial ratios) along with detailed explanations thereof forms part of the Financial Statement.
Key Financial Ratios
The details of significant changes (that is change of 25% or more as compared to FY 2023-24 in the key financial ratios) along with detailed explanations thereto is placed below:
* Interest Coverage Ratio is not applicable as the company does not have any debt.
During FY 2024-25, the Company has complied with the guidelines prescribed by the Accounting Standards while preparing the financial statements (standalone and consolidated), and no deviation has been made in the reporting of the financial information.
OPERATIONAL PERFORMANCE
SECTORAL PERFORMANCE
During FY 2024-25, around 80.97% of the revenue earned by IRCON is contributed by the Railway sector. The main focus business area for IRCON is Railways, however, the Company is also concentrating on Highways business, which generates approximately 18.36% of the revenue and remaining from other areas such as electrical and building works.
SECTOR WISE PERFORMANCE:
(Rs in Crore)
Sectors |
FY2025 |
FY2024 |
FY2023 |
|||
| Operating Income | % | Operating Income | % | Operating Income | % | |
Railways |
8,252.97 | 80.97 | 10,018.45 | 83.83 | 9,313.47 | 93.87 |
Highways |
1,871.31 | 18.36 | 1,888.57 | 15.80 | 583.23 | 5.88 |
Others |
68.86 | 0.67 | 43.38 | 0.37 | 24.50 | 0.25 |
Total |
10,193.14 | 100 | 11,950.40 | 100 | 9,921.20 | 100 |
SEGMENT WISE PERFORMANCE:
(Rs in Crore)
Sectors |
FY2025 |
FY2024 |
FY2023 |
|||
| Total Operating Income | % | Total Operating Income | % | Total Operating Income | % | |
Foreign |
339.10 | 3.33 | 574.82 | 4.81 | 411.84 | 4.15 |
Domestic |
9,854.04 | 96.67 | 11,375.58 | 95.19 | 9,509.36 | 95.85 |
Total |
10,193.14 | 100 | 11,950.40 | 100 | 9,921.20 | 100 |
ORDER BOOK POSITION
Ministry of Railways had earlier changed its policy of awarding work on nomination basis to railway PSUs, the Railway works were being awarded by bidding process among railway PSUs. Later, in October 2021, the Ministry of Railways has revoked this policy of competition amongst the PSUs and open tendering has been introduced for awarding Railway works.
IRCONs order book, as on March 31, 2025, stood at Rs20,346.65 Crore (approx.) with Rs15,434.82 Crore value of work in Railways sector and Rs4,541.38 Crore value of work in Highway sector.
Out of the total order book, Rs11,709.49 Crore value of work secured through competitive bidding and Rs8,637.16 Crore value of work secured through nomination basis.
SWOT ANALYSIS STRENGTHS:
1. Sturdy Financial Performance:
The company has demonstrated healthy financial performance in terms of turnover as well as profit, underscoring its financial strength.
2. Zero Debt Company:
IRCON is debt-free on a standalone basis, enhancing its resilience throughout all business cycles.
3. Strong Cash Position:
As of March 31, 2025, IRCON holds a cash and bank balance of Rs4,124 crore, with approximately 21% being its own cash. Cash & Bank represents nearly
28% of the companys total assets, a rarity in the infrastructure sector.
4. Extensive Experience:
Leveraging more than 40 years of experience, IRCON has a proven track record of executing large- scale, complex infrastructure projects in India and internationally. The companys core competency lies in its ability to operate effectively in challenging terrains, such as those in Jammu & Kashmir and the Northeast states.
5. Experienced Manpower:
The technical manpower exhibits high skill and experience in their respective fields. The top and middle management of the company represents an optimal blend of Ministry of Railways expertise and seasoned professionals with a strong track record in project execution.
6. Diversified Business Segments:
The company operates across diverse sectors including railways, highways, electricals, and renewable energy. This diversification mitigates industry-specific and business cycle risks. The company also has credentials across value chain i.e. EPC and PPP projects both in India & outside India.
7. Established International Footprint:
IRCON has a proven track record of executing complex projects in challenging international environments. Presently, the company operates in more than 20 states across India and maintains a presence in Algeria, Sri Lanka, Myanmar, Nepal, and Bangladesh.
8. Concept to Commissioning (C2C):
The company delivers end-to-end solutions, managing projects from concept to delivery. The company offers turnkey solutions, handling every stage of the project for its clients.
9. Strong Technical and Execution Capabilities:
With over four decades of experience, IRCON possesses deep technical expertise in executing large and complex EPC (Engineering, Procurement, and Construction) projects, often in difficult terrains.
WEAKNESSES:
1. Inherent constraint of being a PSU:
Being a government company, it must adhere to specific guidelines that do not apply to private sector firms. Private sector companies enjoy greater flexibility and can make decisions more swiftly due to less stringent procedures.
2. Exposure to geopolitical risk due to geographical presence:
IRCON is working in five foreign countries, which gives it exposure to geopolitical conditions of that country. Further, it is also exposed to diplomatic relations with the countries it operates.
3. Margin Pressure:
In a highly competitive bidding environment for government tenders, profit margins can be thin. The pressure to win contracts at low prices can impact overall profitability.
OPPORTUNITIES:
1. Massive Government Push on Infrastructure:
The Indian governments focus on infrastructure through initiatives like the National Infrastructure Pipeline (NIP), Gati Shakti Master Plan, and Bharatmala Pariyojana presents an enormous opportunity for growth.
2. Government Focus on Sustainable Energy:
Government is promoting green energy and introducing several schemes. GoI has target of installed capacity of 500 gigawatts from non-fossil fuel sources by 2030. IRCON has expanded its operations into the growing green energy sector through its subsidiary company. The governments focus on renewable energy presents substantial opportunities for IRCON.
3. Diversification into New Growth Areas:
IRCON can leverage its core EPC skills to venture further into related high-growth sectors like renewable energy infrastructure, metro rail projects, anti-collision system (KAVACH), and water management projects.
4. Public-Private Partnerships (PPP):
The increasing adoption of the PPP model for large infrastructure projects allows IRCON to form strategic joint ventures with private players, combining its government credibility with private sector efficiency to bid for larger and more complex projects.
THREATS:
1. Intensifying Competition:
An increase in competition due to the presence of regional small players has led to intense price competition in the industry, potentially putting pressure on the companys turnover and margins.
2. Changes in Government Policies and Spending:
A change in government or a shift in economic priorities could lead to a slowdown in work order and profitability. Earlier, the company was also securing the orders on nomination basis from the Ministry of Railways. However, government had changed its policy and now IRCON must compete with other PSUs as well as private companies to secure the orders. The company has been securing projects through competitive bidding for last many years.
3. Regulatory and Environmental Delays:
Infrastructure projects are highly susceptible to delays from land acquisition issues, environmental clearances, and local political opposition. These external factors are often beyond the companys control and can derail project timelines and budgets. However, with nearly 50 years of experience, the government-backed IRCON has the proven expertise to succeed.
4. Volatility in Raw Material Prices:
Sharp fluctuations in the prices of key commodities like steel, cement, and fuel can significantly impact project costs, especially for fixed-price contracts, thereby squeezing margins. However, the company proactively addresses this issue by including price escalation clauses in contract agreements to mitigate the impact of price fluctuations.
FUTURE OUTLOOK
IRCON has a long-standing reputation as one of the industry leaders in transportation infrastructure with proven expertise in railway projects. As we move ahead, we plan to build on our strategy of diversifying across industry segments through new engines of growth. We endeavour to enhance our portfolio with projects in the domestic & international markets to achieve healthy order book and profit margins. Although, we continue to focus on the railway sector, through portfolio diversification we aim to hedge against risks in specific areas or projects and guard the Company against market variations resulting from business concentration in particular industry sectors and limited geographical regions.
However, the company has been facing challenge in securing order due to stiff competition & low margin.
We are confident that various infrastructure initiatives declared by the Government of India will play a pivotal role in future growth of the company. We believe that we are well positioned to execute projects under these modes due to our strong technological capabilities and sound financial position. With sound experience and solid performance, we expect to see steady growth in our business with a rise in the number of projects that we undertake in long run, for which our strategies are as follows:
Expanding Geographical Footprints in Domestic and International Markets:
IRCON has strategically focused on transforming into a diversified infrastructure company, expanding both sectorally and geographically. While traditionally strong in the railway domain, the company has extended its expertise into transportation engineering, civil and industrial construction, renewable energy, and other infrastructure segments.
Currently, IRCON is actively executing projects across 23 states in India and five countries internationally, underscoring its capability to deliver across diverse terrains and regulatory environments. With a well- established presence in the Indian infrastructure space, IRCON plans to venture into previously untapped domestic regions, further strengthening its market footprint.
IRCONs growth strategy is centered on portfolio diversification—a deliberate move to: Hedge against sector-specific risks, reduce geographic dependency, and capitalize on emerging opportunities aligned with Government of India initiatives such as PM Gati Shakti, National Infrastructure Pipeline (NIP) etc. Backed by a legacy of sound performance, engineering excellence, and growing institutional experience, IRCON expects to achieve consistent and sustainable growth—targeting a rate of expansion on par with or exceeding the leading players in the construction and infrastructure industry.
Diversification in Renewable Energy Sector: IRCON is exploring new emerging areas for business diversification. As part of its diversification strategy, the company has entered into Hydro power sector. With the government thrust on renewable power sector, there are immense opportunities in this sector and company is very hopeful to do well in this sector. Renewable power sector will ensure regular revenue and will also strengthen its profitability.
PPP Modes of Revenue Generation: IRCON has also moved from generating income only through individual projects to regularly generating revenue and profits through its Subsidiaries and Joint Venture companies (JVs). The Subsidiaries and JVs of IRCON are likely to generate revenue and profits on a sustained basis because of the continued operation of existing projects and new projects. The Companys goal is to move ahead from being a construction company to a diversified company having a portfolio of BOT, DBFOT, HAM, EPC and other contracts as well as project development and operation through Subsidiaries and JVs.
Active Focus of New Projects: IRCONs business growth is primarily fueled by a significant increase in bidding activity, targeting the procurement of large- scale infrastructure projects across its core and allied sectors. Leveraging its long-standing reputation, deep in-house technical capabilities, and proven execution track record, the Company continues to expand its portfolio by securing high-value projects—especially in its niche domain of turnkey railway infrastructure. IRCON actively bids for a diverse range of projects, including: turnkey railway projects, roads, tunnels, bridges, elevated corridors, Dedicated Freight Corridors (DFC), metro systems, Regional Rapid Transit Systems (RRTS), High-Speed Rail/ Bullet Train tracks, hydroelectric projects, projects of industrial development corporation operating in various states, railway-related infrastructure such as warehouses, Gati Shakti cargo terminals, logistics hubs, S&T projects in KAVACH, KAVACH Towers, Video Surveillance System, tunnel communication, metro and railway electrification, power distribution Infrastructure for various state electricity companies etc.
Favorable Financial Risk Profile: IRCONs operational performance is underpinned by its strong profitability and solid liquidity. Looking ahead, the company is committed to a low-leverage capital structure, minimizing debt to drive sustainability in revenue and profitability.
Attract and Retain Talent Pool: IRCON recognizes the importance of its talented employees and the role they play in the Companys success. It relies on them to operate the modern construction equipment, complete various tasks on its complex construction projects, and deliver quality performance to its clients on a demanding timeline. With an efficient human resource system, IRCON continues to focus on improving health, safety, and environment for its employees. It intends to further strengthen its workforce through regular on-job skill development and training programs. Additionally, IRCON aims to provide a congenial and safe working
atmosphere to its women employees. In addition to these efforts, IRCON also intends to maintain a relatively low employee attrition rate and retain more of its skilled workers for its future expansion. This is done by providing better overall job safeguard and a safer and healthier working environment.
STRATEGIC MOUs AND ALLIANCES
Your Company from time to time enters into various strategic MOU to explore new business opportunities. In the FY 2024-25, IRCON has entered into JVs Agreement with construction companies in India & Abroad.
Technological Advancements: The Company adopts advanced technology and construction methodology that ensure edge over competitors. It further improves operational efficiency, establishes credibility, enhances order book value and drive customer satisfaction. Furthermore, IRCON aims to accordingly train its employees to get familiar with trending technologies and is also exploring infrastructure projects that require the latest technology. By integrating technology into every layer of its operations, from bidding and planning to execution and monitoring, IRCON is positioning itself as a future-ready infrastructure leader.
RISK MANAGEMENT
IRCON acknowledges that operating in the construction sector exposes the Company to inherent uncertainties and risks. The volatility of this sector introduces various external and internal risks that can impact both the financial and non-financial outcomes. Recognizing the importance of an integrated approach to risk management, IRCON has established a comprehensive Enterprise Risk Management (ERM) framework.
IRCON has had a Risk Management System in place since 2007, with the Risk Management Policy (RMP) initially formulated in 2013. Over time, the RMP has been amended to align with the changing business environment and regulatory requirements. The latest revision of the RMP was approved by the Board in December 2021, with the aim of fostering a higher level of risk awareness across the organization, encouraging broader participation, and cultivating a sustainable risk- aware culture.
In accordance with the ERM framework and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, IRCON has established a Board Level Risk Management Committee (RMC). This committee reports
to the Board providing insights into risk elements and mitigation plans, among other responsibilities.
The RMCs primary functions include identifying key risk- bearing activities, assessing the gaps in risk potential compared to best business practices, identifying deficiencies in current business processes that may leave potential threats uncovered, establishing risk assessment control systems, reviewing risk assessment reports compiled by the Rapid Action Group (RAG), providing directions for improvements, and ensuring IRCONs preparedness for potential risks. The RMC is also responsible for formulating and reviewing the RMP, including the framework for identifying internal and external risks specific to the company, developing measures for risk mitigation and internal control systems, and monitoring implementation.
To ensure effective implementation of the Risk Management Policy, IRCON has established a Rapid Action Group at the Executive Director and Chief General Manager levels, along with business groups and internal audit teams. The Risk Management Policy, Risk Management Processes, and MIS report formats, including reports on Risk Management, have been developed in accordance with the ERM framework. Reports from the Rapid Action Group are submitted to the RMC for review. In line with the updated Risk Management Policy, the identification of critical risks, monitoring, review, mitigation plans, and corrective actions are now carried out through an Online Web- Based Risk Management IT Tool, which is reviewed by the RMC via the RAG for the Organizational Risk Repository.
In the Indian context, IRCON faces significant challenges in project execution, such as the non- availability of encumbrance-free land and delays in obtaining approvals for drawings and estimates. These factors pose risks of time and cost overruns, which are often uncompensated by the client. Additionally, the Company faces uncertainties in predicting project revenues, as they can vary due to various factors.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
A well-designed and consistently enforced system of operational and financial control is integral to safeguarding the Companys resources, ensuring the accuracy and integrity of financial reporting, and upholding compliance with pertinent laws and regulations. Additionally, such a system serves to mitigate the likelihood of substantial errors and irregularities, while facilitating their prompt identification upon occurrence. IRCON has instituted an internal control mechanism along with an Internal Audit Function tailored to its scale and operational scope, with the objective of augmenting operational efficacy and ensuring adherence to relevant statutory provisions, standards, and directives. Furthermore, the Company has established policies and guidelines optimizing the allocation of authority to streamline business processes.
In pursuit of enhancing the internal control system, the following actions have been executed:
Internal Financial Control (IFC)
The Company upholds sufficient Internal Control over Financial Reporting (ICFR) in compliance with the stipulations outlined in the Companies Act, 2013, which are meticulously enforced. These controls are structured to facilitate accurate maintenance of accounting records, orderly execution of business operations in accordance with company policies, safeguarding of assets, prevention and detection of fraud and errors, and ensuring the reliability of financial and operational information.
The internal financial control framework, encompassing ICFR, undergoes periodic evaluations to ensure its alignment with evolving business requisites. Any requisite modifications are instituted to augment its efficacy. The management ensures transparent disclosure of all pertinent financial information, furnishing a comprehensive insight into the Companys financial standing and operations.
Internal Audit
The Company engages experienced professional firms to conduct its Internal Audit, with the frequency of audits determined by the turnover and completion status of each project.
The Company has established and ratified its Internal Audit Framework, delineating the breadth of audit coverage. This framework covers various aspects, including financial accounting, financial reporting, tender and allied matters, project execution, procurement, sub-contracting, statutory compliance, and more. Both the management and the Audit Committee periodically review the internal control and audit systems, with corrective measures taken as necessary to ensure continuous improvement.
Furthermore, IRCON has an organizational chart in place, along with a system for delegation of power that undergoes regular updates to ensure alignment with current organizational structures. Additionally, the Company has instituted a structured Fraud Prevention, Detection, and Control Policy (FPDC Policy) and a Whistleblower Policy, endorsed by the Board of Directors. These policies establish channels for confidential e-complaints, fostering a culture of integrity within the organization.
QUALITY, SAFETY, HEALTH AND ENVIRONMENT STANDARDS
IRCON is an ISO certified Company for Quality, Environment and Occupational Health & Safety Management Systems. The Company has implemented a Quality Management System in accordance with ISO 9001:2015. It has also implemented an Environmental Management System in accordance with ISO 14001:2015 and Occupational Health and Safety Management System in accordance with IS0 45001:2018.
QUALITY
IRCON is a pioneer Public Sector Organization in adopting the Quality Management System Certification in the domestic as well as International Markets. Quality Management System (QMS) has been successfully sustained and continually improved since 1996 when the Company as a whole was first certified for ISO 9002:1994 by TUV SUD Private Limited. We have continued the certification and sustained the system as per the latest version of Quality Management Standards, i.e. ISO 9001:2015 (by periodical re-certification audit after the expiry of every three years). Latest surveillance audit was conducted TUV SUD South Asia Private Limited in the month of January, 2025 and the validity of the certificate is up to March, 2026.
Department continued the initiative of sharing technical knowledge by adopting digital platform (i.e. Google Meet, Microsoft Teams etc.) on various topics as per the scope and many more technical as well as technological solutions prevailing in the core competence of the organization i.e. railways, highways, tunneling & other infrastructure projects.
In addition to this, new initiative for attracting the participation from each & every employee within the organization, conducted the quality circle meeting with project professionals for ensuring better product delivery as well as quality. RACI matrix has been defined & implemented at our project sites for maintaining the Quality of Works. Standardization of Project Procedure Manual (PPM) along with the material testing plan and formats have been made available on the internal website of the Company for knowledge sharing and helping the projects to prepare the required documents at project levels. Despite of the complex & diversified nature of projects, IRCON initiative for the standardization of quality procedures are the way forward towards attaining the complete integration within the organizational framework.
The Company nominates Quality Officers for major Indian projects to monitor QMS at their respective projects, and the same is also incorporated in General Conditions of Contract (GCC) of the Company for implementation of Quality Management Standards by the Contractor while carrying out the work.
Project Quality Council meetings are being conducted to review the implementation of Quality Management System (QMS). The Quality objectives are being measured and reviewed both at the Corporate Office and at the Project levels. Internal Quality Audit, as well as Quality Assurance Audit, were conducted in coordination with the project and Corporate Office. Reports of these audits provide not only details of non- conformities encountered during the audit but also the salient features of the project, including progress, positive points if any and areas requiring improvements.
OCCUPATIONAL HEALTH AND SAFETY MANAGEMENT SYSTEM
The Company established an Occupational Health & Safety Management System and was certified for ISO 45001:2004 in October, 2011. The latest Re-certification audit for ISO 45001:2018 was conducted by TUV SUD South Asia Private Limited in the month of October 2024, and the validity of the certificate is upto December, 2027.
During COVID-19 Pandemic, the Company follows the precautionary measure/ Guideline issued by the Government from time to time. Also taking fast initiative to prevent the spread of COVID-19 in work space by implementing monitoring equipment like thermal scanners, Arogyasetu app, automatic sanitization machine, paper disinfection machines etc. The Company has also initiated a vigilant vaccination drive for their employees and other stakeholders for maintaining the highest standards of Occupational Health and Safety. The Company is organizing health talks with specialized doctors from reputed hospitals on various topics.
The Company nominates SHE Officers for major Indian projects to monitor SHE compliance of the statutory laws at their respective projects, and the same is also incorporated in General Conditions of Contract (GCC) of the Company for implementation of SHE Management Standards by the Contractor while carrying out the work. In addition to this, document like Safety and Environmental checklists are also provided at IRCON intranet.
IRCON actively participates in the national events through competitions. IRCON received a prestigious "Construction Health, Safety & Environment Award 2024" by Construction Industry Development Council (CIDC) for implementing Safety Management Systems.
ENVIRONMENTAL MANAGEMENT SYSTEM (EMS)
The Company established an Environment Management System (EMS) and was certified for ISO 14001:2004 in October 2011. The latest surveillance audit for ISO 14001:2015 was conducted by TUV SUD South Asia Private Limited in the month of October 2024, and the validity of certificate is upto February, 2026.
The Company nominates Environment Officers for major Indian projects to monitor EMS and compliance of the environmental laws at their respective projects and the same is also incorporated in General Conditions of Contract (GCC) of the Company for implementation of Environmental Management Standards by the contractor while carrying out the work. Environmental checklists have been developed and maintained by all projects. Further, environmentally friendly equipment such as solar panels have been installed and are being installed at various offices/projects. Waste water is recycled at Corporate Office through Sewage Treatment Plant (STP), and the same is used for horticulture work. STPs are also being constructed at IRCONs buildings at Noida and Gurugram.
To conserve electricity and water, LED lights, sensor lights and sensor taps are being used in Corporate Offices. Moreover, various environment-friendly steps are taken up across offices/projects of the Company, such as use of fly ash brick instead of clay brick, rainwater harvesting arrangements, sensor-controlled Chromium Plate (CP) fittings, and use of the latest version of facade glass (glass in the building) to make the building sustainable. At construction sites, regular monitoring of water usage and wastewater, ambient air quality and noise quality are being carried out.
Being the environment friendly organization, IRCON actively participates in the national & international events (i.e. world environment day) through competitions & display of banners in order to inculcate the awareness towards the protection of environment among its stakeholders.
HUMAN RESOURCES
IRCON recognizes that its employees are fundamental to its success and are instrumental in upholding the organizations values and culture. The Company is committed to achieving its organizational goals by investing in the development of its human resources, ensuring that they possess the necessary skills and competencies to effectively contribute to the Companys business objectives. IRCONs efforts in human resources development are in line with industry standards, ensuring that its workforce remains equipped with the required knowledge and expertise. The Company places great importance on fostering a positive workplace environment and consistently works towards maintaining it. IRCON strives to create a motivating and satisfying atmosphere where employees are encouraged to make valuable contributions to the companys growth and success.
The Company takes pride in its highly motivated and competent human resource and its contribution. The total employee strength of our company stood at 1,182 as on March 31, 2025 which included 834 regular employees, 27 employees on deputation, 242 on contractual, 75 consultants / advisors and 04 on fixed tenure basis. The attrition rate during FY 2024-25 stood 9.17% in comparison to 6.10% during last year.
Employee Productivity
The total income of the Company for FY 2024-25 is Rs10,677.45 Crore and overall income per employee for FY 2024-25 stood at Rs9.03 Crore.
Recruitment
To maintain its competitive edge, the Company is committed to attracting and onboarding top talent at all levels. This is achieved through various means, including recruiting fresh graduate engineers, professionals, and management trainees. The Company also brings in experienced personnel from the open market, through deputation or absorption from other government departments and railways, as well as by hiring retired staff and utilizing third-party payroll services. The Company follows best recruitment practices to ensure equal opportunities and a harmonious working environment for the advancement of employees from diverse backgrounds, including SC, ST, OBC, minorities, and women. These policies reflect the inclusive and forward- thinking mindset of the management, with a strong emphasis on being an "Equal Opportunity Employer". The Company continuously reviews and refines its recruitment strategies to align them with its broader goals and objectives.
During FY 2024-2025, 42 employees were recruited on a full-time basis while 63 were recruited on contractual basis including service contract, as a policy of inclusive employment, 24 of those inducted on full time basis belong to the SC/ST/OBC/EWS category and 19 of those inducted on contractual basis (excluding service contract) belong to SC/ST/OBC/EWS category. The Company has also implemented EWS reservation with 5 EWS category employees being inducted. A selection process for tenure-based appointments has also been initiated.
Deputation
To meet its continuous need for trained and experienced manpower, especially in view of project requirements, experienced and trained manpower is inducted from Indian Railways and other Government departments on deputation on a fixed tenure basis. During the year, 4 personnel were inducted on deputation, bringing the total manpower on deputation to 27.
Training and Development
IRCON is moving towards a competency-based framework with the aim of building competency pool of the employees at all levels. As an outcome of competency mapping, individual development plans are prepared for senior and middle-level management. Based on this, training needs are identified and customized training programs are conducted.
Considering the Training and Development as a high focus area, employees are being trained in various domains such as Contract Management, Arbitration, Project Management, Track Works, Bridges & Structures, Business Responsibility & Sustainability Responsibility, Risk Management etc. During the year, 1998 man-days of training was imparted, which covered around 595 employees, which included Training Programme on GST Training, National Level Special-Vendor Development
Program, especially for SC & ST & Women Entrepreneur, Related Party Transaction, Labor Laws and Industrial Relations, Human Rights, Direct Tax and Labor Cess, Gender Equality and Women Empowerment, Management Development Programme, Training on POSH Act, Capacity Building Training Initiatives, Health Awareness Talk, virtual Training Programmes and many other behavioral, technical, non-technical internal and external training, seminars, workshops were imparted. Strengthening our human capital is, therefore, core to our operations. IRCON runs multiple initiatives to help employees grow in their careers. Progressive policies such as a mentoring and skill development programmes for junior employees, and special leadership development programs for senior employees, have gone toward making the workplace more employee-friendly.
Career Progression
The Companys promotion policy is well-established and proven effective over time. It ensures that deserving employees have ample opportunities for career advancement and facilitates succession planning. Promotions are based on merit, suitability, performance, and professional accomplishments that align with the organizations business requirements. In the Departmental Promotion Committee (DPC) of 2024, a total of 139 promotions were granted in the executive category, while 21 promotions were awarded in the non- executive category.
Performance Management System
The Company has implemented an IT-enabled Performance Management System that is linked with a Performance Related Pay (PRP) system. This PRP system effectively captures various aspects of employee performance, including company performance, team performance, and individual contributions towards achieving the Companys annual objectives. The emphasis on team performance promotes a collaborative and cohesive work environment, where employees are motivated to work together synergistically to achieve team objectives. This approach facilitates the attainment of the Companys long-term goals, such as maintaining minimum wages and other benefits.
Use of Information Technology Tools
The IT Department has taken a leap forward to keeping records in digitized format and implementing e-office for day-to-day operations. HR functions such as Employee Records, Leave Records, Performance Management
System (PMS), Annual Property Returns, Employee Engagement, etc. have been put in an e-format, thereby reducing paper use, bringing transparency and efficiency, and improving quality. The policies and programmes are communicated to employees through the Employee Self-Service portal and various social media modes.
Motivation, Awards and Recognition
To recognize the exceptional performance, periodic awards and recognition are given to employees. The meritorious employee delivering the exceptional performance in a financial year is awarded with CMD Award. In addition, various individual and group awards are given to employees for their exceptional performance during the year.
Employee Welfare
During the employment, employees are provided with generous perks, allowances, and facilities, encompassing both monetary and non-monetary benefits. These include transportation assistance, housing options, leased accommodation, subsidized food, and medical facilities. The Companys main objective is to enhance the quality of life for its employees, and as such, it has implemented various schemes to improve their overall welfare.
In addition to statutory benefits such as Maternity & Adoption Leave, First Aid Facility, and payment of scholarship cash awards for education and higher education of employees wards, the Company offers several Employee Assistance Programs. These programs encompass training, advances, a house lease policy to provide better living conditions, and support for employees suffering from prolonged illnesses or terminal diseases. Periodic gifts, such as superannuation gifts, marriage gifts, birthday gifts, diwali gifts, and Annual Day gifts, are granted to foster a sense of belongingness among employees and create a positive work environment.
The Company provides liberal superannuation benefits, including Provident Fund, Gratuity, Pension, and Post- Retirement Medical Scheme, which serve as retention tools and offer social security to employees.
Women Development
The Company has implemented best practices to ensure equal opportunities and a harmonious working environment for the growth and advancement of women employees. Various programs on gender issues, prevention of sexual harassment, and conducive working conditions are conducted to address these concerns. Women employees are provided with opportunities to participate in meetings, project work, and committees, promoting equal opportunity without gender bias. The management has always been at the forefront of adopting practices that create an environment where women feel empowered, confident, and able to make decisions. To ensure a safe and secure working atmosphere for women employees, a committee for the Prevention of Sexual Harassment at the Workplace (POSH) has been established. This committee aims to provide a supportive framework and address any instances of sexual harassment.
Grievance Redressal
To promptly address and resolve employee grievance fairly and equitably, a grievance redressal system is present in the Company wherein employee can submit their grievance to appropriate authority for redressal. In addition, online grievances can be made to the Ministry of Railways through the Centralized Public Grievance Redress & Monitoring System (CPGRAMS) portal.
Whistle Blower Policy
IRCON has a separate and well-structured Vigilance Department, which deals with frauds or suspected malpractices involving employees, contractors, suppliers, consultants, service providers or those doing business with the Company. Besides, a whistle blower and fraud prevention policy is also in place to monitor unethical activities.
CONTRIBUTION TO GOVT. OF INDIA INITIATIVES
IRCON has actively aligned its operations with flagship Government of India initiatives:
• Skill India: Upskilling workforce through training programs.
• Swachh Bharat Mission: Promoting cleanliness at project sites and offices.
• Start-up India: Encouraging innovation in project execution.
• Make in India: Prioritizing domestic sourcing and manufacturing.
• Digital India: Implementing digital project monitoring tools.
• Solar Ecosystem: Promoting renewable energy in infrastructure projects.
PROMOTING MSMEs
Being a CPSE, the Companys procurement policy and practices are guided by the ongoing Government policies and practices including the CVC Guidelines. These are based on transparent procurement mechanism which enables procurement from local and small manufacturers/suppliers/service providers etc. IRCON is procuring goods and services in line with the Public Procurement Policy for Micro and Small Enterprises (MSEs) Amendment Order, 2022 from MSEs. Accordingly, purchase preference is given to those micro & small enterprises quoting their price within the price band of L1+15% as prescribed in the Public Procurement Policy for Micro and Small Enterprises (MSEs) Amendment Order, 2022. The Company has also adopted fair, equitable and transparent tendering procedures to encourage Indian bidders and suppliers. Furthermore, Vendor Development Program for MSEs is also organized by the Company to bring more awareness among MSEs and increase their participation.
During the FY 2024-25, the Company has procured items valuing Rs31.34 Crore from MSE vendors against expenditure valuing Rs118.01 Crore (excluding the procurement of items which are beyond the scope of MSEs) towards goods & services, thereby achieving 26.56% procurement from MSEs as against the target of 25% as per the procurement policy.
The Company has conducted four Vendor Development Programs during FY 2024-25. Details are as under-
1. "National Level - Special Vendor Development
Program" for Micro and Small Enterprises especially owned by SC/ST and Women entrepreneurs organized in IRCON Corporate Office on 12.12.2024.
2. National Level Special Vendor Development Program (VDP) in association with EEPC India on 21.06.2024 through online VC mode.
3. National Level - Special Vendor Development
Program" for Micro and Small Enterprises especially owned by SC/ST and Women entrepreneurs organized in IRCON Corporate Office on 11.03.2025.
4. Two days Vendor Development Programme cum industrial Exhibition at Lloyd Institute of Engineering, Greater Noida, Uttar Pradesh on 19th and 20th March 2025 organised by Ministry of MSME, MSME D.F.O, Okhla, New Delhi in association with IRCON.
The Company has been extensively following the guidelines of Government on procurement through Government e-Market place (GeM) and provisions are also made in tenders to promote "Make in India" directives of the Government of India by giving preference to the Class-I Local suppliers & calling of tenders upto Rs200 Crore through National Competitive Bidding in line with the Public Procurement (Preference to Make in India), Order 2017.
CAUTIONARY STATEMENT
Statements made in the Management Discussion and Analysis Report describing the Companys objective, projections, estimates, expectations may be forward-looking statements within the meaning of applicable laws and regulations, based on beliefs of the management of the Company. Such statements reflect the Companys current views with respect to the future events and are subject to risks and uncertainties. Many factors could cause the actual result to be materially different from those projected in this report, including among others, changes in the general economic and business conditions affecting the segment in which the Company operates, changes in business strategy, changes in interest rates, inflation, deflation, foreign exchange rates, competition in the industry, changes in Governmental Regulations, tax laws and other Statutes & other incidental factors. The Company does not undertake any obligation to update any forward- looking statements publicly, whether as a result of new information, future events or otherwise.
| For and on behalf of the Board of Directors | |
| Sd/- | |
| Chairman & Managing Director & CEO | (Hari Mohan Gupta) |
| Date: August 21, 2025 | (DIN: 08453476) |
| Place: New Delhi |
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