Afcons Infrastructure Ltd logo

Afcons Infrastructure Ltd

AFCONS NSE

Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.[1]

AI Verdict: HOLD Confidence: 4%

Afcons Infrastructure trades at an elevated PE of 46.8x despite a -41% TTM profit decline and -29% one-year stock CAGR. While the company has a strong order book in the infrastructure space and maintains a 22.4% dividend payout, high promoter pledge of 60.1% and poor sales growth of 4.97% over 5 years warrant caution.

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹11,697 Cr
Volatility
Moderate
P/E Ratio
46.62
EBITDA
₹1,141 Cr
Debt to Equity
0.55
Book Value
₹148.18
52W High
₹479.4
52W Low
₹265.8

Technical Indicators

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 22.4%

Weaknesses

5
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 4.97% over past five years.
  • Company has a low return on equity of 9.55% over last 3 years.
  • Promoters have pledged 60.1% of their holding.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
-8.25% ↘
Net Income Growth
-61.82% ↗
Cash Flow Change
-118.69% ↘
ROE
-26.00% ↗
ROCE
-22.51% ↗
EBITDA Margin (Avg.)
-34.09% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

Afcons Infrastructure trades at an elevated PE of 46.8x despite a -41% TTM profit decline and -29% one-year stock CAGR. While the company has a strong order book in the infrastructure space and maintains a 22.4% dividend payout, high promoter pledge of 60.1% and poor sales growth of 4.97% over 5 years warrant caution.

Bull Case 7
  • Established infrastructure player with market cap of Rs 11,697 Cr providing scale advantages in large EPC contracts
  • 5-year compounded profit growth of 11% indicates long-term earnings capability despite recent slowdown
  • Consistent dividend payout of 22.4% with current yield of 0.78% shows commitment to shareholder returns
  • Price-to-book ratio of 2.15x is reasonable for an infrastructure company with tangible asset base
  • 5-year compounded sales growth of 5% demonstrates ability to sustain revenue base through cycles
  • 50% of analysts rate the stock a BUY (5 out of 10 analysts) suggesting institutional confidence in recovery
  • 3-year ROE of 10% and 5-year ROE of 12% show historically decent capital efficiency before recent dip
Bear Case 8
  • Promoters have pledged 60.1% of their holdings, creating significant downside risk if share price falls further
  • TTM compounded profit decline of -41% signals severe margin compression or project execution issues
  • PE ratio of 46.8x is expensive given negative earnings momentum and single-digit ROE of 5% last year
  • Stock has declined -29% over 1 year, significantly underperforming broader market indices
  • Low interest coverage ratio indicates stretched debt servicing capability amid high borrowing costs
  • TTM sales growth of -5% and 3-year sales CAGR of -2% show revenue contraction, not just margin pressure
  • Last year ROE collapsed to 5% from 3-year average of 10%, indicating deteriorating return profile
  • 20% of analysts rate the stock a SELL (2 out of 10) reflecting divided opinion on recovery prospects

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 3
  • Q4 FY26 net loss of ₹88.4Cr Jun 9

    Afcons reported a consolidated net loss of ₹88.4 crore in Q4 FY26 vs net profit of ₹110.9 crore YoY. EBITDA plunged 85.4% to ₹42.9 crore and revenue declined 18.9% to ₹2,613.8 crore.

  • Stock down 24% in one year Jun 10

    Despite the rally, the stock has lost 14% year-to-date and 24% over the past year, reflecting sustained underperformance with a market cap of ₹12,328 crore.

  • FY26 order inflows below book Jun 9

    Order inflows during FY26 stood at ₹4,125 crore against an order book of ₹32,496 crore, suggesting a slower replenishment rate relative to execution capacity.

Positives 4
  • ₹5,301Cr Vadhvan Port order win Jun 9

    Afcons secured a ₹5,301 crore Letter of Award for constructing a 10.14 km breakwater at Vadhvan Port — the world's second-longest — providing 36-48 months of revenue visibility.

  • Stock rallies 8% on order news Jun 10

    Shares surged over 8% to an intraday high of ₹346.50 from a previous close of ₹315.50, reflecting strong market reaction to the mega order win.

  • Strong ₹32,496Cr order book Jun 9

    As of March 2026, Afcons holds an order book of ₹32,496 crore, with the new Vadhvan contract further boosting the order-book-to-bill ratio and long-term visibility.

  • Global marine contractor ranking Jun 9

    Afcons is ranked 8th largest marine and port facilities contractor globally by Engineering News-Record (ENR), USA, underscoring its technical credentials for complex projects.

Neutral 2
  • ₹25Cr commercial papers issued Jun 4

    Afcons issued ₹25 crore unsecured commercial papers at 8.05% p.a. on June 4, 2026, maturing December 3, 2026.

  • Promoter confirms no encumbrance Jun 2

    Promoter Zahan Mistry disclosed no new encumbrances on shares in FY26 under SEBI SAST regulations, maintaining a clean promoter holding structure.

TL;DR: Afcons Infrastructure secured a landmark ₹5,301 crore Vadhvan Port breakwater order that significantly strengthens its order book to ₹32,496 crore and provides multi-year revenue visibility. However, the Q4 FY26 results were sharply negative with a net loss of ₹88.4 crore and an 85% EBITDA decline, raising concerns about near-term execution and margins. The stock remains down 24% over the past year despite the 8% rally on the order news. The trend is improving on the order pipeline side, but profitability recovery remains the key monitorable over the next few quarters.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,171
3,334
3,126
3,636
3,154
2,960
3,211
3,223
3,370
2,988
2,976
2,614
Expenses
2,867
3,002
2,751
3,282
2,801
2,615
2,847
2,930
2,935
2,660
2,565
2,571
Operating Profit
304
332
374
355
353
344
364
294
435
329
410
43
OPM %
10%
10%
12%
10%
11%
12%
11%
9%
13%
11%
14%
2%
Other Income
50
100
56
173
59
130
121
164
49
113
-27
163
Interest
116
157
129
176
147
164
169
150
162
170
167
175
Depreciation
111
114
124
146
130
120
117
124
139
122
93
100
PBT
128
160
178
207
135
191
200
184
183
149
123
-69
Tax %
29%
35%
39%
30%
32%
29%
26%
40%
25%
30%
21%
29%
Net Profit
91
104
110
145
92
135
149
111
137
105
97
-89
EPS in Rs
12.64
14.47
15.24
4.25
2.69
3.97
4.05
3.02
3.74
2.87
2.64
-2.4
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
9,934
9,376
11,019
12,637
13,268
12,548
11,948
Expenses
9,113
8,505
10,076
11,305
11,890
11,187
10,731
Operating Profit
821
870
943
1,333
1,377
1,361
1,217
OPM %
8%
9%
9%
11%
10%
11%
10%
Other Income
186
138
244
185
367
469
297
Interest
391
468
425
447
577
629
674
Depreciation
240
250
355
472
495
491
454
PBT
376
290
407
599
673
710
387
Tax %
34%
42%
12%
31%
33%
31%
35%
Net Profit
248
170
358
411
450
487
251
EPS in Rs
34.12
23.2
49.51
57.09
13.2
13.24
6.84
Div. Payout %
10%
15%
7%
7%
19%
19%
29%
Figures in ₹ Crores

Balance Sheet

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
72
72
72
72
341
368
368
Reserves
1,721
1,868
2,190
2,654
3,255
4,893
5,082
Borrowings
2,118
2,059
2,073
2,062
2,523
2,343
3,627
Other Liabilities
9,186
8,491
8,638
9,513
10,114
9,515
10,054
Total Liabilities
13,097
12,490
12,974
14,301
16,234
17,119
19,131
Fixed Assets
1,938
2,003
2,318
2,498
2,784
2,738
2,499
CWIP
18
146
18
184
43
33
901
Investments
0
0
1
0
1
1
1
Other Assets
11,141
10,341
10,638
11,619
13,406
14,348
15,730
Total Assets
13,097
12,490
12,974
14,301
16,234
17,119
19,131
Figures in ₹ Crores

Cash Flow

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,050
913
610
1,215
707
-132
-127
Investing
-390
-260
-255
-861
-859
-131
-402
Financing
-455
-564
-521
-483
246
290
473
Net Cash Flow
205
90
-165
-128
94
27
-56
Free Cash Flow
651
462
259
306
25
-470
-491
CFO/OP
143
110
77
99
70
8
9
Figures in ₹ Crores

Ratios

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
91
100
76
63
86
81
105
Inventory Days
146
135
146
150
148
112
47
Days Payable
458
446
310
332
393
393
187
Cash Conversion Cycle
-222
-212
-88
-119
-160
-200
-35
Working Capital Days
8
0
5
10
12
65
63
ROCE %
—
19%
20%
23%
23%
20%
14%

Shareholding Pattern

As of Mar 2026
Promoters 50.17%
DIIs 20.95%
FIIs 12.19%
Others 10.08%
Public 6.61%
Total 100.00%
  Mar 2024Oct 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
99.48%
50.17%
50.17%
50.17%
50.17%
50.17%
50.17%
50.17%
FIIs
0.00%
8.20%
18.00%
18.21%
15.80%
12.81%
12.81%
12.19%
DIIs
0.00%
13.25%
11.12%
12.07%
14.53%
17.94%
19.61%
20.95%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
14.56%
6.62%
6.53%
7.12%
6.99%
6.82%
6.61%
Others
0.52%
13.83%
14.10%
13.02%
12.38%
12.09%
10.60%
10.08%
No. of Shareholders
395
6,50,618
2,82,920
2,68,890
2,66,041
2,56,969
2,45,226
2,37,539

Documents

Frequently Asked Questions about Afcons Infrastructure Ltd

What does Afcons Infrastructure Ltd do?
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.[1]
Where is Afcons Infrastructure Ltd (AFCONS) listed?
Afcons Infrastructure Ltd is listed on the Indian stock exchanges. It is listed on NSE: AFCONS and BSE: 544280. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Afcons Infrastructure Ltd belong to?
Afcons Infrastructure Ltd operates in the Industrials sector within the Construction industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Afcons Infrastructure Ltd?
Afcons Infrastructure Ltd has a market capitalisation of approximately ₹11697.39 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Afcons Infrastructure Ltd?
The Price-to-Earnings (PE) ratio of Afcons Infrastructure Ltd is 46.62. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Afcons Infrastructure Ltd?
Over the past 52 weeks, Afcons Infrastructure Ltd has traded between a low of ₹265.8 and a high of ₹479.4. This range helps investors understand the stock's price volatility and recent trading levels.
Does Afcons Infrastructure Ltd pay dividends?
Yes, Afcons Infrastructure Ltd has a dividend yield of 0.80%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
How can I research Afcons Infrastructure Ltd on Tapetide?
On Tapetide, you can view Afcons Infrastructure Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.[1]

Website afcons.com
CEO Mr. Subramanian Krishnamurthy
Employees 3,793
Listed 2024-11-04
Face Value ₹ 10
Issued Size 36,77,84,631

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