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Afcons Infrastructure Ltd

AFCONS NSE

Key Fundamentals

MicrocapCivil ConstructionConstruction
Market Cap
₹10,018 Cr
Volatility
Moderate
P/E Ratio
71.13
EBITDA
₹1,591 Cr
Return on Equity
4.6%
Debt to Equity
0.67
Book Value
₹148.18
52W High
₹479.4
52W Low
₹259.1

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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44 extracted metrics + investor summaries across FY20–FY26.

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Tapetide Score

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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 9.64% over last 3 years.
  • Promoters have pledged 100% of their holding.
  • Company's cost of borrowing seems high

Growth Rate

Revenue Growth
-5.38% ↘
Net Income Growth
-48.50% ↘
Cash Flow Change
3.56% ↗
ROE
-50.27% ↗
ROCE
-23.74% ↘
EBITDA Margin (Avg.)
-8.11% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 47d ago
AI opinion · based on fundamentals
Risk high

Afcons Infrastructure trades at a market cap of ₹11,399 crore with a PE of 45.3x on declining earnings (TTM PAT down 41% YoY) and revenues that fell 5.4% in FY26 to ₹12,322 crore. The company maintains a sizeable order book of ~₹31,543-36,869 crore (book-to-bill of 2.5-2.9x) providing revenue visibility, but faces margin compression with EBITDA margins declining from 12.8% in FY25 to 11.7% in FY26, high promoter pledge of 60.1%, and elevated borrowing costs.

Bull Case 7
  • Order book stood at ₹36,869 crore as of March 2025 (highest in company history) with a book-to-bill ratio of 2.9x, providing multi-year revenue visibility
  • Net debt-to-equity remains manageable at 0.5x as of Q1 FY26, indicating the balance sheet is not over-leveraged relative to sector peers
  • Company has maintained a consistent dividend payout of 22.4%, returning capital to shareholders even during a downturn in profitability
  • 5-year compounded profit growth of 11% demonstrates the ability to grow earnings over a full business cycle despite near-term weakness
  • Order inflow of ₹15,960 crore in FY25 shows continued order-winning capability across infrastructure segments and geographies (20 international branches)
  • India's infrastructure capital expenditure push provides a strong secular tailwind for EPC contractors with proven execution track records
  • Price-to-book of 2.08x is moderate for an infrastructure company with an established brand under the Shapoorji Pallonji Group umbrella
Bear Case 8
  • TTM profit declined 41% year-over-year, with FY26 EBITDA falling to ₹1,439 crore (11.7% margin) from ₹1,662 crore (12.8% margin) in FY25
  • Promoters have pledged 60.1% of their holding, creating significant risk of forced selling or loss of control in a market downturn
  • Stock has declined 28% in the past year, reflecting market scepticism about near-term earnings recovery
  • Revenue declined 5.4% in FY26 to ₹12,322 crore and compounded sales growth over 3 years is negative at -2%, indicating persistent top-line weakness
  • PE of 45.3x is elevated for a construction company delivering negative earnings growth, leaving little room for further execution misses
  • Low interest coverage ratio and high cost of borrowing compress net margins and increase vulnerability to rising interest rate environments
  • 3-year average ROE of ~9.55% is below cost of equity for most investors, suggesting inadequate shareholder value creation
  • Q4 FY26 EBITDA margin collapsed to 6.1% (down 59.1% YoY), raising concerns about project-level cost overruns or execution delays

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

AI News Digest

Anthropic anthropic claude-opus-4.6 43d ago
Headwinds 3
  • Q4 net loss, revenue down 19% Jun 9

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

  • Stock down 24% in one year Jun 10

    Despite the recent rally, the stock has lost 14% YTD and 24% over the past year, with market cap at ₹12,328 crore.

  • ₹16.48 Cr penalty order received Jul 6

    Tahsildar Bhiwandi issued a ₹16.48 crore penalty for alleged earth excavation irregularities at MML5 Project site. Afcons plans to appeal the order.

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

    Afcons secured a ₹5,301 crore letter of award from VPPL for constructing a 10.14 km breakwater at Vadhvan Port, which will be the world's second-longest breakwater providing 36-48 months of revenue visibility.

  • Stock rallies 8% on order win Jun 10

    Shares surged over 8% to an intraday high of ₹346.50 following the Vadhvan Port order announcement, with the complex marine engineering work expected to offer better margins.

  • ₹148.67 Cr arbitration award won Jul 1

    Afcons secured a favourable arbitration award of ₹148.67 crore for the USBRL Project Tunnel T74-R in J&K, with the tribunal ordering release of its bank guarantee.

  • ₹2 dividend, record date Jul 23 Jun 29

    Board fixed July 23, 2026 as record date for ₹2 final dividend, subject to AGM approval on July 30 with payout by August 28.

  • Strong order book at ₹32,496 Cr Jun 9

    Order book stood at ₹32,496 crore as of March 2026, with FY26 order inflows of ₹4,125 crore. ENR ranked Afcons as the 8th largest marine contractor globally.

Neutral 1
  • Penalty appeal likely no impact Jul 6

    The ₹16.48 crore penalty from Bhiwandi Tahsildar has no immediate financial impact per the company, and Afcons will challenge it through the appeals process.

TL;DR: Afcons Infrastructure secured a transformative ₹5,301 crore Vadhvan Port breakwater order that significantly strengthens its order book and provides multi-year revenue visibility in high-margin marine construction. However, Q4 FY26 financials were weak with a net loss and sharp EBITDA decline, and the stock remains down 24% over the past year. The arbitration win and dividend announcement signal management confidence, but execution on the large order book needs to translate into improved profitability. The trend is cautiously improving on order wins, though near-term earnings recovery remains the key risk to monitor.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
2,671
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
2,420
Operating Profit
304
332
374
355
353
344
364
294
435
329
410
43
251
OPM %
10%
10%
12%
10%
11%
12%
11%
9%
13%
11%
14%
1.6%
9%
Other Income
50
100
56
173
59
130
121
164
49
113
-27
163
56
Interest
116
157
129
176
147
164
169
150
162
170
167
175
173
Depreciation
111
114
124
146
130
120
117
124
139
122
93
100
84
PBT
128
160
178
207
135
191
200
184
183
149
123
-69
51
Tax %
29%
35%
39%
30%
32%
29%
26%
40%
25%
30%
21%
29%
40%
Net Profit
91
104
110
145
92
135
149
111
137
105
97
-89
30
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
0.83
Figures in ₹ Crores

Profit & Loss

  Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
9,934
9,376
11,019
12,637
13,268
12,548
11,948
11,249
Expenses
9,113
8,505
10,076
11,305
11,890
11,187
10,708
10,216
Operating Profit
821
870
943
1,333
1,377
1,361
1,241
1,033
OPM %
8%
9%
9%
11%
10%
11%
10%
9%
Other Income
186
138
244
185
367
469
274
304
Interest
391
468
425
447
577
629
674
685
Depreciation
240
250
355
472
495
491
454
399
PBT
376
290
407
599
673
710
387
254
Tax %
34%
42%
12%
31%
33%
31%
35%
—
Net Profit
248
170
358
411
450
487
251
144
EPS in Rs
34.12
23.2
49.51
57.09
13.2
13.24
6.84
3.94
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
2,066
2,073
2,062
2,523
2,343
3,627
Other Liabilities
9,186
8,484
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
929
610
1,215
707
-132
-127
Investing
-390
-275
-255
-861
-859
-131
-400
Financing
-455
-564
-521
-483
246
290
473
Net Cash Flow
205
90
-165
-128
94
27
-54
Free Cash Flow
651
441
259
306
25
-470
-491
CFO/OP
143
112
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
130
Days Payable
458
427
310
332
393
393
519
Cash Conversion Cycle
-222
-192
-88
-119
-160
-200
-283
Working Capital Days
8
-1
2
10
12
65
63
ROCE %
—
19%
20%
23%
23%
20%
14%

Shareholding Pattern

As of Jun 2026
Promoters 50.17%
DIIs 20.07%
FIIs 12.14%
Others 9.99%
Public 7.63%
Total 100.00%
  Mar 2024Oct 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
99.48%
50.17%
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%
12.14%
DIIs
0.00%
13.25%
11.12%
12.07%
14.53%
17.94%
19.61%
20.95%
20.07%
Government
0.00%
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%
7.63%
Others
0.52%
13.83%
14.10%
13.02%
12.38%
12.09%
10.60%
10.08%
9.99%
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
2,40,266

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 Construction sector within the Civil 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 ₹10018.45 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 71.13. 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 ₹259.1 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 0.74%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Afcons Infrastructure Ltd?
Afcons Infrastructure Ltd has a Return on Equity (ROE) of 4.60%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
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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