Ircon International Limited has informed the Exchange regarding Change in Auditors of the company.
IRCON · price
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Awaiting price reaction for this filing.
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.
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.