Afcons Infrastructure Limited has informed the Exchange about Earnings Call Transcript of Q3 & 9M FY26
AFCONS · price
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Awaiting price reaction for this filing.
Afcons Infrastructure reported Q3 FY26 total income of INR 3,025 crores, down 9% year-on-year, due to execution slowdowns, L1 project conversion delays, and government client payment issues. EBITDA margin improved 50 basis points to 14%, with 9M FY26 EBITDA margin at 13.3% (up from 12.9%). Q3 profit after tax fell to INR 97 crores from INR 149 crores, dragged by a one-time INR 76.51 crore Labor Code provision. Management has cut full-year revenue growth guidance from 10% to 5%, citing timing issues rather than structural problems. Order book stands healthy at INR 32,635 crores, with an INR 3.8 trillion pipeline spread across urban infrastructure (35%), hydro/underground (30%), marine (20%), and surface transport (15%). The company maintains its INR 20,000 crores FY26 order inflow target, with INR 3,700 crores already secured including a EUR 100 million Uganda road project. CFO guided that full-year EBITDA margin will be better than the historical 11% guidance. Key risks include a INR 191 crore Gabon bank guarantee encashment (under ICC arbitration), pending TBM clearance for the high-speed rail project, and INR 500+ crore stuck receivables in UP Jal Jeevan Mission.
Near-term sentiment may be pressured by the cut in FY26 revenue growth guidance from 10% to 5%, but margin outperformance and a robust INR 3.8 trillion pipeline provide medium-term comfort. Watch for conversion of the INR 11,300 crore L1 order book (largely Croatia railway), resolution of the Gabon bond encashment, and working capital improvement as key catalysts.