State-owned engineering and construction firm IRCON International Ltd on Wednesday said the minority tribunal has awarded ₹23.64 crore against a claim of ₹359.72 crore raised by Afcons Infrastructure in relation to work package T-74R-A. The company said Afcons had raised the dispute involving the ₹359.72 crore claim on February 22, 2023.
The matter had previously been disclosed by IRCON. On June 29, 2026, the majority tribunal had declared an award of ₹147.14 crore against the claim value of ₹359.72 crore. The minority tribunal on September 23, 2026, declared its dissenting opinion by awarding ₹23,64,20,885 against the ₹359.72 crore claim.
IRCON said the arbitration process is now complete. However, the company said it will challenge the award before the High Court of Delhi in accordance with law. The company had posted a net profit of ₹164.5 crore in the year-ago quarter. Consolidated revenue from operations rose 9.5% to ₹1,955.8 crore from ₹1,786.3 crore a year earlier.
Earnings before interest, taxes, depreciation and amortisation increased 2.6% to ₹205.17 crore from about ₹200 crore. EBITDA margin, however, narrowed to 10.49% from 11.19% in the corresponding quarter last year. Ltd. , a joint venture in which it holds a 50% stake, ended on May 14 following the expiry of the extended concession period.
The highway assets are being handed over to the National Highways Authority of India. ISTPL had a net worth of about ₹216.17 crore as of June 30, with IRCON's 50% share amounting to about ₹108.09 crore. IRCON said it doesn't expect any impairment in the value of its investment in the joint venture.
Shares of Ircon International Ltd ended at ₹110.20, up by ₹1.05, or 0.96%, on the BSE.