Annual Report along with C&AG Comments for the Financial Year 2025-26

IRCON/SECY/STEX/124 15th September, 2026 BSE Limited National Stock Exchange of India Limited Listing Dept./ Dept. of Corporate Services Listing Department Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot no. C-1, G Block, Dalal Street, Bandra –Kurla Complex, Mumbai – 400001 Bandra (East), Mumbai – 400051 पी. जे. टावस(cid:330), दलाल (cid:720)(cid:332)ीट, ए(cid:411)च(cid:336)ज (cid:600)ाजा, (cid:600)ॉट नं सी-1, जी (cid:624)ॉक, मुंबई– 400001 बां(cid:363)ा-कु ला(cid:330) कॉ(cid:817)(cid:600)े(cid:411), बां(cid:363)ा (पूव(cid:330)), मुंबई-400051 Scrip code / ID: 541956 / IRCON Scrip Code: IRCON Sub: Annual Report along with C&AG Comments for the Financial Year 2025-26 Pursuant to provisions of Regulation 34 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 {SEBI (LODR) Regulations, 2015} and in continuation to our letter of even no. dated 1st September, 2026, regarding Annual Report and Notice of the 50th Annual General Meeting (“AGM”) of the Company, we wish to inform you that the C&AG Comments on the financial statements (standalone and consolidated) of the Company for the Financial Year 2025-26 have been received and incorporated in the Annual Report. Accordingly, please find enclosed herewith the Annual Report along with C&AG Comments for the Financial year 2025-26. Further, the updated Annual Report for the Financial Year 2025-26 is available on the website of the Company i.e. www.ircon.org under “Investor Relations” section. Thankyou/ध(cid:586)वाद, Yours faithfully/भवदीया, (Pratibha Aggarwal)/((cid:366)ितभा अ(cid:356)वाल) Membership No/सद(cid:735)ता (cid:354).: F8874 STNETNOC CORPORATE OVERVIEW IRCON at a Glance 3 Our Service Portfolio 4 Chairman's Statement 7 Board of Directors 12 Senior Executives 15 Domestic Projects 17 Foreign Projects 21 Awards & Accolades 23 CSR Spend 24 Key Performance Indicators (Standalone) 25 Financial Highlights (Standalone) 26 MANAGEMENT REPORTS Management Discussion & Analysis Report 27 Board’s Report 44 Corporate Governance Report 71 Business Responsibility & Sustainability Report 100 Annual Report on CSR & Sustainability 142 Secretarial Audit Report with Management Reply 145 Related Party Transactions (Form AOC-2) 149 STANDALONE FINANCIAL STATEMENTS Independent Auditors' Report 156 Balance Sheet 171 Statement of Profit & Loss 173 Statement of Cash Flow 174 Statement of Changes in Equity 176 Notes to Standalone Financial Statements 177 CONSOLIDATED FINANCIAL STATEMENTS Salient Features of Financial Statements of Subsidiaries/ 258 Joint Ventures [AOC-1] Independent Auditors Report 261 Balance Sheet 272 Statement of Profit & Loss 274 Statement of Cash Flow 276 Consolidated Statement of Changes In Equity 278 Notes to Consolidated Financial Statements 279 C&AG Comments (Standalone & Consolidated) 382 AANNNNUUAALL RREEPPOORRTT 22002255--22002266 IIRRCCOONN IINNTTEERRNNAATTIIOONNAALL LLIIMMIITTEEDD CORPORATE INFORMATION Registered Office Bankers C-4, District Centre, Saket, New Delhi-110017 State Bank of India, HDFC Bank, Axis Bank, ICICI Bank, Tel: 91-11-26530266 Fax: 91-11-26522000/26854000 IDBI Bank, Kotak Mahindra Bank, Indian Overseas Email: info@ircon.org Website: www.ircon.org Bank, Indian Bank, Punjab National Bank CIN: L45203DL1976GOI008171 Company Secretary & Compliance Officer Registrar to an issue & Share Transfer Agent Smt. Pratibha Aggarwal Alankit Assignments Limited 205-208, Anarkali Complex, Jhandewalan Exten- sion, New Delhi-110055 Chief Financial Officer & Chief Investor Website: www.alankit.com Relations Officer Email: rta@alankit.com Shri Alin Roy Choudhury Toll free no.: 011-42541234/23541234 Statutory Auditors Shares listed at M/s Ramesh C. Agrawal & Co. BSE Limited (BSE) Chartered Accountants National Stock Exchange of India Limited (NSE) Cost Auditors Depositories M/s Bandyopadhyaya Bhaumik & Co. National Securities Depository Limited (NSDL) Cost Accountants Central Depository Services (India) Limited (CDSL) Secretarial Auditors SCRIP CODE M/s VAP & Associates BSE: 541956 Company Secretaries NSE: IRCON Internal Auditors ISIN M/s HDSG & Associates INE962Y01021 Chartered Accountants Glorious 50 Years IRCON AT A GLANCE IRCON, a Navratna Central Public Sector Undertaking is a rapidly growing integrated engineering and construction company specializing in major infrastructure sectors. ANNUAL REPORT 2025-2026 IRCON INTERNATIONAL LIMITED Engineering, Project Public Private Real Estate Procurement & Management Partnership Construction Consultancy Engineering, Procurement and Construction (EPC) IRCON over a period of time has gained expertise of providing services from concept to commissioning for infrastructure projects. With in-house design capability - available experts in the field of Civil, Mechanical, Electrical, Signal and Telecommunication with a wide range of experience of working in domestic and international projects for various clients under different scheme of funding is better placed to take up EPC Projects. IRCON has adopted the best process and procedures in its working which is a unique strength of IRCON. IRCON owns construction equipment and machines for taking up complex projects on its own. Projects under EPC mode are efficiently executed by IRCON through design Optimization and Value Engineering. The centralized procurement system for major items make available competitive rates. Projects where 50 - 60 percent, procurement is carried out in-house, balance portion of the work is executed through sub- contractors appointed through a transparent system. Project is executed following sustainable practices. Due consideration with respect to the environment and community in large is ensured while executing the projects. With the robust IT enabled contract management tools project delivery is ensured with maximum efficiency and avoiding cost and item over-run. Public Private Partnership (PPP) We offer major services in the category of PPP projects in the railways sector through a joint venture model along with the state government and other stakeholders under the DAFOT pattern on toll, annual institute, and mixed annual institute basis. For the execution of such projects and timely completion, we have a well- placed team of experienced designers, technical personnel, and skill project management professionals along with our financial capacity. Project Management & Consultancy (PMC) We offer comprehensive wide-ranging PMC services from planning to commissioning in the entire spectrum of projects. These PMC are provided for construction of railway sidings, highways, railway, and road over bridges, building amongst others either by us or through our wholly owned subsidiary ‘Ircon Infrastructure Services limited (IrconISL): We have a dedicated team of project management, quality management and contract management professionals to undertake PMC jobs in the infrastructure sector Real Estate (RE) We undertake development, construction and leasing of office realty spaces and development of commercial real estate Glorious 50 Years ANNUAL REPORT 2025-2026 IRCON INTERNATIONAL LIMITED Glorious 50 Years C hairman’s Statement Dear Shareholders, It is a profound honour to present the 50th Annual Report of Ircon International Limited, outlining our performance during Financial Year 2025-26 alongside our future growth initiatives. This is my first address to you as the Chairman and Managing Director of your Company and I am deeply conscious of the trust this responsibility entails. IRCON is 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. The Company is executing various infrastructure projects under Project Management Consultancy (PMC), Engineering, Procurement, and Construction (EPC) and Public Private Part [Showing first 8,000 characters — download PDF for full document]