Ircon International Limited has informed the Exchange regarding Change in Auditors of the company.

Revenue declinedEmphasis of matterGoing-concern doubtResults View source PDF Explain this filing

IRCON · price

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Price reactionminutes from the announcement price · days from the prior close

-1.8%Reaction day

₹171.50

prior close

₹164.96

announcement price

After-mkt

timing

Nifty Smallcap 250market · index membership as recorded later (tracked since Jun 2026)-0.1%-1.7% vs market

Civil Construction peers, median of 87sector-0.5%-1.3% vs sector

On the reaction day the stock moved 1.7 pts less than Nifty Smallcap 250 and 1.3 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+1.3

10m

+1.1

15m

+0.7

30m

+1.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.8-0.1-1.7-0.5-1.3

Next day

-4.1-1.4-2.7-0.8-3.3

-1.7-0.9-0.8-0.7-1.0

-2.4-0.9-1.5-0.6-1.8

-2.2-0.3-1.9-0.5-1.7

-3.6-0.7-3.0-1.5-2.2

+0.9+1.4-0.5+0.2+0.6

15d

-2.6-0.2-2.4-1.9-0.6

+0.3+1.0-0.7-0.3+0.6

+7.5+1.7+5.9-2.3+9.9

-4.4+1.5-5.9-4.1-0.3

UpDownMarket · Nifty Smallcap 250Sector · Civil Construction peers, median of 87Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Ircon International, a government-owned railway construction company, reported weak Q1 FY26 numbers. Standalone revenue from operations fell about 23.7% year-on-year to Rs 1,664.19 crores, while standalone net profit after tax declined about 14.7% to Rs 150.57 crores (EPS of Rs 1.60 vs Rs 1.88 last year). Consolidated revenue dropped roughly 21.9% to Rs 1,786.28 crores and consolidated PAT fell about 26.7% to Rs 164.10 crores. The board also approved the appointment of M/s VAP & Associates as the new Secretarial Auditor for five years (FY26–FY30), subject to shareholder approval, and re-appointed M/s Bandyopadhyaya Bhaumik & Co. as Cost Auditor for FY26. The statutory auditor issued a clean limited review report but included an 'Emphasis of Matter' on the liquidation of joint venture IRSDC, and the ISTPL tollway JV's books were prepared on a non-going-concern basis as its concession ends in April 2026.

Likely market impact

Sharp double-digit declines in both revenue and profit, combined with an auditor emphasis-of-matter on the IRSDC liquidation and a going-concern flag on the ISTPL tollway JV, may pressure the stock in the near term despite the company maintaining it sees no impairment in its investments.