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Afcons Infrastructure Q2 FY27 results: net profit down 60.9% to ₹41.09 crore, revenue down 11.8%
Afcons Infrastructure Limited reported consolidated revenue of ₹2,635 crore and a net profit of ₹41.09 crore for Q2 FY27. Revenue fell 11.8% from Q2 FY26, while EBITDA declined 72.1% to ₹91.68 crore and basic EPS fell to ₹1.12. The results were approved by the board on 4 November 2026.
Key points
- Consolidated revenue was ₹2,635 crore in Q2 FY27, down 11.8% from Q2 FY26.
- EBITDA fell 72.1% year on year to ₹91.68 crore, with margin at 3.5% against 11.0%.
- Net profit declined 60.9% to ₹41.09 crore and basic EPS was ₹1.12, down 60.8%.
- Other income rose 140.8% to ₹271.03 crore, while there was no exceptional item.
- In H1 FY27, revenue was ₹5,306.25 crore and net profit was ₹71.39 crore, down 16.6% and 70.6% respectively from H1 FY26.
How did Afcons Infrastructure perform in Q2 FY27?
Afcons Infrastructure’s consolidated revenue for Q2 FY27 was ₹2,635 crore, down 11.8% from ₹2,988 crore in Q2 FY26 and 1.3% from ₹2,671 crore in Q1 FY27. EBITDA fell to ₹91.68 crore from ₹328.62 crore a year earlier and ₹251.48 crore in the previous quarter. The EBITDA margin declined to 3.5% from 11.0% and 9.4%, respectively.
The company reported profit before tax of ₹82.38 crore, against ₹149.24 crore in Q2 FY26 and ₹50.59 crore in Q1 FY27. Net profit was ₹41.09 crore, down from ₹105.08 crore a year earlier but up from ₹30.30 crore in the previous quarter. Basic EPS was ₹1.12, compared with ₹2.86 in Q2 FY26 and ₹0.82 in Q1 FY27. Standalone revenue was ₹2,635.26 crore, with profit after tax of ₹131.84 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,635 | 2,671 | 2,988 | −11.8% | −1.3% |
| Other income | 271.03 | 55.68 | 112.54 | +140.8% | +386.8% |
| Total expenses | 2,824 | 2,676 | 2,952 | −4.3% | +5.5% |
| EBITDA | 91.68 | 251.48 | 328.62 | −72.1% | −63.5% |
| EBITDA margin | 3.5% | 9.4% | 11.0% | −7.5 pp | −5.9 pp |
| Profit before tax | 82.38 | 50.59 | 149.24 | −44.8% | +62.8% |
| Tax | 41.29 | 20.29 | 44.16 | −6.5% | +103.5% |
| Net profit | 41.09 | 30.30 | 105.08 | −60.9% | +35.6% |
| EPS (₹) | 1.12 | 0.82 | 2.86 | −60.8% | +36.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Afcons Infrastructure's costs and profit?
Against Q2 FY26, total expenses fell 4.3% to ₹2,824 crore. Cost of materials declined 15.3% to ₹772.20 crore, employee cost fell 14.5% to ₹298.18 crore and depreciation fell 19.8% to ₹97.99 crore. Finance costs rose 7.4% to ₹182.34 crore, while other expenses increased 28.6% to ₹456.14 crore.
Other income rose 140.8% to ₹271.03 crore from ₹112.54 crore in Q2 FY26. Tax expense fell 6.5% to ₹41.29 crore from ₹44.16 crore, and there was no exceptional item. Against Q1 FY27, other income increased by ₹215.35 crore, while other expenses rose by ₹217.13 crore and total expenses increased by ₹147.81 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 772.20 | 911.45 | −139.25 | −15.3% |
| Employee cost | 298.18 | 348.71 | −50.53 | −14.5% |
| Finance costs | 182.34 | 169.78 | +12.56 | +7.4% |
| Depreciation | 97.99 | 122.14 | −24.15 | −19.8% |
| Other expenses | 456.14 | 354.75 | +101.39 | +28.6% |
| Total expenses | 2,824 | 2,952 | −127.79 | −4.3% |
| Other income | 271.03 | 112.54 | +158.49 | +140.8% |
| Tax | 41.29 | 44.16 | −2.87 | −6.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
Afcons Infrastructure’s consolidated revenue in H1 FY27 was ₹5,306.25 crore, down 16.6% from ₹6,358.77 crore in H1 FY26. Total income fell 13.6% to ₹5,632.96 crore, while profit before tax declined 60.0% to ₹132.97 crore. Net profit fell 70.6% to ₹71.39 crore from ₹242.48 crore.
Basic EPS in H1 FY27 was ₹4.59, against ₹6.59 in H1 FY26. The decline in net profit was larger than the decline in revenue over the first half. The results above are consolidated; the company also reported standalone figures for the period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5,306 | 6,359 | −16.6% |
| Profit before tax | 132.97 | 332.62 | −60.0% |
| Net profit | 71.39 | 242.48 | −70.6% |
| EPS (₹) | 4.59 | 6.59 | −30.3% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹19,420.49 crore against ₹19,130.88 crore at 31 March 2026, while total equity rose to ₹5,464.92 crore from ₹5,450.58 crore. Borrowings increased to ₹4,765.03 crore from ₹3,538.27 crore, and cash rose to ₹504.18 crore from ₹385.7 crore. Inventories fell to ₹950.26 crore from ₹1,016.57 crore, and trade receivables declined to ₹2,720.03 crore from ₹3,431.52 crore. Trade payables were ₹3,876.26 crore against ₹4,042.77 crore.
For H1 FY27, operating cash flow was negative ₹352.91 crore, compared with negative ₹668.64 crore in H1 FY26. Investing cash flow was negative ₹361.03 crore against negative ₹184.12 crore, while financing cash flow was ₹833.73 crore against ₹784.17 crore. Capital expenditure was ₹706.24 crore, compared with ₹234.19 crore in the earlier period.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 19,420 | 19,131 |
| Total equity | 5,465 | 5,451 |
| Borrowings | 4,765 | 3,538 |
| Cash and equivalents | 504.18 | 385.70 |
| Inventories | 950.26 | 1,017 |
| Trade receivables | 2,720 | 3,432 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −352.91 | −668.64 |
| Cash from investing | −361.03 | −184.12 |
| Cash from financing | 833.73 | 784.17 |
| Capital expenditure | 706.24 | 234.19 |
Source: Company's results filing (XBRL).
How has Afcons Infrastructure done over the last 8 quarters?
Revenue reached a high of ₹3,370.38 crore in Q1 FY26 and fell to ₹2,635.25 crore in Q2 FY27. Net profit peaked at ₹148.85 crore in Q3 FY25 and bottomed at a loss of ₹88.55 crore in Q4 FY26. The latest quarter recorded net profit of ₹41.09 crore. EBITDA margin rose to 13.8% in Q3 FY26 before falling to 1.6% in Q4 FY26 and 3.5% in Q2 FY27.
What did the auditors point out?
Deloitte Haskins & Sells LLP’s review report on the standalone results included an emphasis of matter concerning arbitration and High Court proceedings over variations recognised under client contracts. It noted that management considered the amounts due from customers under construction contracts good and recoverable, based on its assessment, technical evaluation and legal opinion, but that the duration and outcome of the ongoing arbitration proceedings was uncertain. The auditor stated that its conclusion was not modified in respect of this matter.
The review report for the Transtonnelstroy Afcons Joint Venture also drew attention to uncertainty in arbitration, High Court and Supreme Court proceedings. The joint venture’s management considered the recognised construction-contract receivables and trade receivables, including interest under an arbitration award, good and recoverable, while noting that the proceedings remained ongoing. The joint-operation review report stated that its conclusion was not modified. The auditor also did not review the interim results of 11 joint operations.
How did other Civil Construction companies do?
Nineteen other Civil Construction companies had filed results for the quarter by 4 November 2026, with median revenue growth of 9.4%. Seventeen peers grew revenue faster than Afcons Infrastructure and two grew slower. Of the 20 companies compared for profit, 15 reported higher profit.
| Afcons Infrastructure revenue growth (YoY) | −11.8% |
|---|---|
| Median of 19 other Civil Construction companies | +9.4% |
| Companies with slower revenue growth than Afcons Infrastructure | 2 of 19 |
| Companies with faster revenue growth than Afcons Infrastructure | 17 of 19 |
| Companies whose net profit rose | 15 of 20 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Afcons Infrastructure's revenue in Q2 FY27?
Revenue from operations was ₹2,635 crore, down 11.8% from ₹2,988 crore in Q2 FY26 (consolidated).
Did Afcons Infrastructure make a profit in Q2 FY27?
Yes. Net profit was ₹41.09 crore, against a net profit of ₹105.08 crore in Q2 FY26.
What was Afcons Infrastructure's EPS in Q2 FY27?
Basic earnings per share were ₹1.12, against ₹2.86 in Q2 FY26.
When did Afcons Infrastructure announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider And Approve The Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026, Of The Company Along With Limited Review Reports (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for For Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 4 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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