Afcons Infrastructure Limited has informed the Exchange about Transcript of the Q4 & FY25 Earnings Conference Calls held on May 27, 2025
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Afcons reported FY25 total income of INR13,023 crores, down 4.6% YoY, marking only the second time in a decade (after COVID) the company missed its budgeted turnover, hit by Bangladesh political issues, Jal Jeevan Mission payment delays, and slower L1-to-LOA conversions. Despite the topline dip, EBITDA margin expanded 120 basis points to 12.8% (FY24: 11.6%), with full-year EBITDA at INR1,662 crores and PAT up 8.2% to INR487 crores. Pending order book hit a record INR36,869 crores (2.9x turnover), with additional INR10,600 crores in L1 positions awaiting conversion. Management guided for 20-25% revenue growth and INR20,000-25,000 crores of order inflows in FY26, but set a more conservative EBITDA margin guidance of 11%+. Debt-to-equity improved from 0.68 to 0.42, CRISIL upgraded the company's long-term rating to AA-, and Afcons was added to the MSCI India Domestic Small Cap Index.
FY26 revenue guidance of 20-25% looks strong but the EBITDA margin guidance of 11%+ is actually a step down from the 12.8% delivered in FY25, signalling cautious near-term margins despite a record order book. Investors should watch for timely conversion of the INR10,600 crore L1 pipeline and improvement in Jal Jeevan Mission receivables (~INR500 crore outstanding), which are key swing factors for FY26 execution and working capital.