Afcons Infrastructure Ltd(AFCONS)

NSE: AFCONSBSE: 544280

₹ 218-7.35%refreshed 23 Oct, 03:51 pm ISTMarket cap: ₹ 8,018 crWebsite: www.afcons.comUpdated: 24 Oct 2026

About

Afcons Infrastructure Limited is a Mumbai-based civil construction company specialising in complex infrastructure projects across urban transport, surface transport, hydro and underground works, and marine and industrial segments. Afcons operates across India and in select international markets, with projects currently active in Croatia, Africa, the Middle East, and Bangladesh among others.^[1][2]

Order book and book-to-bill

Order book composition as of Mar'26 was 87% domestic and 13% overseas; overseas share of order book recovered to ~25% by Jun'26 as new international orders were booked.^[3][2]
Urban infrastructure and surface transport dominated the Mar'26 order book at 51% and 23% respectively.^[3]
Approximately 11% of the Jun'26 order book is slow-moving: ~5.65% general slow-moving, ~2% Bangladesh, ~3% Jal Jeevan Mission; a further ~20% is in initial mobilisation phase.^[2]

Order inflows

Q1 FY27 order inflows were ₹13,219 Cr, the highest single-quarter inflow on record; year-to-date orders stood at ₹15,700 Cr as of the Q1 FY27 call date.^[2]
FY26 new order inflows were ₹4,125 Cr (plus ~₹3,800 Cr of variations on existing contracts), well below the ₹20,000 Cr full-year guidance.^[3]
FY27 full-year order inflow guidance is ₹30,000 Cr minimum, supported by a ₹1.5 lakh Cr nine-month bid pipeline.^[2]

Key operating metrics

Q1 FY27 total income fell 20.3% YoY to ₹2,727 Cr (Q1 FY26: ₹3,419 Cr), driven by unavailable work fronts, land acquisition delays, labour shortages, adverse weather on marine projects and pending clearances.^[2]
Q1 FY27 EBITDA margin contracted to 9.6% from 13.0% in Q1 FY26, reflecting overhead dilution on lower revenues; individual project-level margins remained robust.^[2]
FY26 full-year EBITDA margin was 11.7%, down from 12.8% in FY25; Q4 FY26 standalone margin collapsed to 6.1% following ~₹260 - 265 Cr of one-off provisions.^[3]
Overseas projects carry 200 - 300 bps better EBITDA margins than domestic projects, per management.^[2]
Working capital stood at 143 days as of Mar'26; net debt-to-equity was 0.68x in Q1 FY27.^[3][2]

Business segments and geography

Two-year bid pipeline of ~₹3.8 trillion as of Q3 FY26 was spread ~35% urban infrastructure, ~30% hydro and underground, ~20% marine and industrial, ~15% surface transport; one-third overseas.^[4]
Overseas revenue share fell to 16% in Q1 FY27 from ~30% in FY26, reflecting project mix; management targets a return to 30%+ as new international orders move into execution.^[2]

Landmark projects in execution

Croatia railway project is the largest single order ever secured by Afcons (~₹7,544 Cr LOA); it is in early-stage design and mobilisation in FY27 with minimal revenue contribution expected in FY27.^[2][3]
Vadhvan Port project provides the opportunity to construct the world's second-largest breakwater; secured in Q1 FY27 at approximately ₹5,300 Cr and in early mobilisation.^[2][3]
Mumbai-Ahmedabad High Speed Rail C2 package: both TBMs commenced initial tunneling drives as planned in Q1 FY27; main tunneling revenue expected from November 2026, carrying materially higher unit revenue.^[2]
Jal Jeevan Mission UP: ₹450 Cr in receivables remained stuck as of H1 FY26 with ₹600 - 650 Cr of unexecuted scope; Afcons demobilised from site due to persistent non-payment.^[5]

Capex and debt

FY26 capex was ₹1,069 Cr; FY27 capex is guided at ₹700 - 800 Cr, declining to ₹600 - 650 Cr in FY28 as the heavy-equipment procurement cycle winds down.^[3][2]
Gross debt was ₹3,538 Cr at Mar'26, up from ₹2,235 Cr at Mar'25; FY27 year-end net debt is targeted at ₹2,700 - 2,800 Cr with gross debt broadly flat at ~₹3,500 Cr.^[3][2]

Recent developments

India Ratings and Research affirmed Afcons's Commercial Paper programme at IND A1+ (filed 25 Sep 2026).^[6]
Q4 FY26 reported a net loss of ₹89 Cr - the first quarterly loss since 2010 - driven by ~₹260 - 265 Cr of one-off provisions including an ECL matrix change, an arbitration provision and a marine project cost overrun.^[3]
Two Croatia road packages where Afcons held L1 positions were cancelled by the client due to budgetary over-runs (bids were 20 - 45% above estimate); the client is revising estimates for re-tender.^[3]
A French court allowed encashment of a ₹191 Cr Gabon project performance bond despite finding employer abuse; Afcons has commenced ICC arbitration to recover the amount.^[4]
Pallon Mistry and Firoz Mistry (next generation of the Shapoorji Pallonji Group) joined the Afcons board in H1 FY26; Shapoor Mistry was elevated to Chairman Emeritus.^[5]

Market Cap

₹8,018 Cr

High / Low

₹457 / 216

Stock P/E

55.8

Price / Book

1.5

Book Value

₹148

EPS

₹6.8

No. of Shares

36.78 Cr

ROCE

12.1%

ROE

4.7%

OPM

9.2%

Debt / Equity

0.65

Sales

₹11,948 Cr

Net Profit

₹251 Cr

Promoter holding

50.2%

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