NSE: AFCONS · BSE: 544280
AFCONS INFRASTRUCTURE LTD
Executes civil construction and EPC contracts across bridges, marine works, ports, tunnels, railways, roads, urban infrastructure and hydro projects. FY26 revenue was ₹11,948 cr, with operations spanning about 31 countries and 15 Indian states, and roughly 30% of revenue coming from overseas projects. The order book at year-end stood at ₹32,496 cr, with FY27 order inflow guided at ₹30,000 cr on a ~60% domestic / ~40% international mix. Notable recent wins include a ₹7,544 cr Croatia railway contract, the ₹5,300 cr Vadhavan project, ₹373 cr from DMRC, and ~₹900 cr of urban infrastructure orders secured in July 2026. Customers are primarily central and state government entities; FY26 results were hit by payment delays from these clients, pushing working capital days to 143 against a target of 120. The largest cost line is materials at 23.8% of revenue, followed by employees at 12.1%, and capex is guided at ₹725 cr for FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Bridges and marine/ports, Railway and road, Hydro projects, Urban infrastructure, Tunnels and underground works. Cyclical, project-based civil construction and EPC contractor with overseas exposure
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 12,548 | 11,948 |
| EBITDA (ex other income) | 1,356 | 1,141 |
| margin % | 10.8 | 9.5 |
| Owners' profit | 368 | 251 |
| EPS, as reported (₹) | 13.24 | 6.82 |
| ROE % · ROCE % | 9.3 · 15.2 | 4.6 · 11.6 |
| Debt / equity (x) | 0.42 | 0.65 |
| Cash from operations | (132) | (143) |
| Capex | 0 | (372) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,211 | 3,223 | 3,370 | 2,988 | 2,976 | 2,614 | 2,671 | 2,635 |
| Profit before tax | 200 | 184 | 183 | 149 | 123 | (69) | 51 | 82 |
| Net profit | 149 | 111 | 137 | 105 | 97 | (89) | 30 | 41 |
| EPS (₹) | 4.05 | 3.02 | 3.74 | 2.86 | 2.63 | (2.41) | 0.82 | 1.12 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 99.8 | 13.5 | 97 of 102 | 5% |
| P/B | 1.4 | 1.3 | 44 of 85 | 48% |
| ROCE | 1.5 | 6.3 | 77 of 98 | 22% |
| ROE | 1.3 | 6.4 | 64 of 84 | 24% |
| Debt / Equity | 0.9 | 0.4 | 69 of 87 | 21% |
| EBITDA margin | 3.5 | 10.3 | 91 of 105 | 14% |
| Revenue growth | (11.8) | 7.5 | 68 of 86 | 21% |
| Profit growth | (60.9) | 17.3 | 70 of 83 | 16% |
| Market cap | 7926 | 509 | 13 of 107 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Q2 profit falls as order book reaches INR 43,836 crore | investor communications | medium | — | — |
| 5 Nov 2026 · Afcons uploads Q2 and H1 FY27 earnings call audio | investor communications | low | — | — |
| 5 Nov 2026 · Afcons Infrastructure publishes September 2026 results in newspapers | compliance | minimal | — | — |
| 4 Nov 2026 · Afcons Q2 FY27: profit after tax falls 61%, order book at Rs 43,837 crore | investor communications | medium | — | — |
| 4 Nov 2026 · Afcons reports lower Q2 profit despite strong new orders | compliance | low | — | — |
| 4 Nov 2026 · Consolidated revenue falls 11.8% and profit after tax falls 60.9% | results | high | — | — |
| 4 Nov 2026 · Consolidated Q2 FY27 (Sep 2026): revenue down 11.8 percent, PAT down to Rs 41.09 crore | results | high | — | — |
| 29 Oct 2026 · Afcons wins Rs 3,469 crore expressway and metro contracts | compliance | low | — | — |
| 29 Oct 2026 · Afcons to hold Q2 and H1 FY27 earnings call on November 5, 2026 | board shareholder meetings | low | — | — |
| 28 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.