Afcons Infrastructure Ltd.
AFCONSIndustrials filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
8 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 8 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20241128 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250218 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250602 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250813 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251117 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260216 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260522 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260813 | 2026-06-30 | yes |
AFCONS
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 253.75 |
| 52-week range | 253.75 – 465.7 |
| Return 1M | -11.18% |
| Return 3M | -20.54% |
| Return 1Y | -44.43% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 2,671.00 |
| Other income | 56.00 |
| Total income | 2,727.00 |
| Cost of materials consumed | 577.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 1,301.00 |
| Employee benefit expense | 303.00 |
| Finance costs | 173.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.50 | 0.00 |
| institutions foreign | 0.12 | -0.00 |
| institutions domestic | 0.20 | -0.01 |
| mutual funds | 0.18 | -0.01 |
| public | 0.50 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 8 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2024-09-30 | 2024-12-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,960.00 | 3,211.00 | 3,370.00 | 2,988.00 | 2,976.00 | 2,614.00 | 2,671.00 |
| Other income | 130.00 | 121.00 | 49.00 | 113.00 | 50.00 | 163.00 | 56.00 |
| Total income | 3,090.00 | 3,332.00 | 3,419.00 | 3,101.00 | 3,025.00 | 2,777.00 | 2,727.00 |
| Cost of materials consumed | 2,004.00 | 724.00 | 680.00 | 911.00 | 1,960.00 | 580.00 | 577.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 1,045.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 1,438.00 | 1,538.00 | 0.00 | 0.00 | 1,173.00 | 1,301.00 |
| Employee benefit expense | 355.00 | 352.00 | 378.00 | 349.00 | 347.00 | 379.00 | 303.00 |
| Finance costs | 164.00 | 169.00 | 162.00 | 170.00 | 167.00 | 175.00 | 173.00 |
| Depreciation and amortisation | 120.00 | 117.00 | 139.00 | 122.00 | 93.00 | 100.00 | 84.00 |
| Other expenses | 256.00 | 332.00 | 339.00 | 355.00 | 259.00 | 439.00 | 239.00 |
| Total expenses | 2,899.00 | 3,132.00 | 3,236.00 | 2,952.00 | 2,826.00 | 2,846.00 | 2,676.00 |
| Profit before exceptional items and tax | 191.00 | 200.00 | 183.00 | 149.00 | 200.00 | -69.00 | 51.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | -77.00 | 0.00 | 0.00 |
| Profit before tax | 191.00 | 200.00 | 183.00 | 149.00 | 123.00 | -69.00 | 51.00 |
| Current tax | 94.00 | 40.00 | 53.00 | 70.00 | 1.00 | 77.00 | 4.00 |
| Deferred tax | -39.00 | 11.00 | -7.00 | -25.00 | 25.00 | -58.00 | 16.00 |
| Tax expense | 55.00 | 51.00 | 46.00 | 44.00 | 26.00 | 20.00 | 20.00 |
| Profit for the period | 135.00 | 149.00 | 137.00 | 105.00 | 97.00 | -89.00 | 30.00 |
| Profit attributable to owners | — | 0.00 | 0.00 | — | — | — | — |
| Profit attributable to non-controlling interests | — | 0.00 | 0.00 | — | — | — | — |
| Other comprehensive income | -8.00 | -41.00 | 8.00 | -30.00 | 8.00 | 23.00 | -5.00 |
| Total comprehensive income | 128.00 | 108.00 | 145.00 | 75.00 | 105.00 | -66.00 | 25.00 |
| Earnings per share, basic | 3.97 | 4.05 | 3.74 | 2.86 | 2.63 | -2.41 | 0.82 |
| Earnings per share, diluted | 3.97 | 4.05 | 3.74 | 2.86 | 2.62 | -2.41 | 0.82 |
Annual results, as filed
| Line | 2026-03-31 |
|---|---|
| Revenue from operations | 11,948.00 |
| Other income | 374.00 |
| Total income | 12,322.00 |
| Cost of materials consumed | 2,845.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 5,046.00 |
| Employee benefit expense | 1,452.00 |
| Finance costs | 674.00 |
| Depreciation and amortisation | 454.00 |
| Other expenses | 1,388.00 |
| Total expenses | 11,859.00 |
| Profit before exceptional items and tax | 463.00 |
| Exceptional items | -77.00 |
| Profit before tax | 387.00 |
| Current tax | 201.00 |
| Deferred tax | -65.00 |
| Tax expense | 136.00 |
| Profit for the period | 251.00 |
| Other comprehensive income | 8.00 |
| Total comprehensive income | 259.00 |
| Earnings per share, basic | 6.82 |
| Earnings per share, diluted | 6.82 |
Balance sheet, as filed
| Line | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Total assets | 17,653.00 | 17,934.00 | 19,131.00 |
| Non-current assets | 4,964.00 | 5,865.00 | 6,177.00 |
| Current assets | 12,688.00 | 12,069.00 | 12,954.00 |
| Property, plant and equipment | 2,600.00 | 2,504.00 | 2,410.00 |
| Capital work-in-progress | 34.00 | 42.00 | 901.00 |
| Goodwill | 0.00 | 0.00 | 0.00 |
| Other intangible assets | 1.00 | 1.00 | 0.00 |
| Inventories | 1,578.00 | 1,016.00 | 1,017.00 |
| Trade receivables | 3,069.00 | 2,908.00 | 3,432.00 |
| Cash and cash equivalents | 696.00 | 375.00 | 386.00 |
| Total equity and liabilities | 17,653.00 | 17,934.00 | 19,131.00 |
| Equity | 3,796.00 | 5,390.00 | 5,451.00 |
| Equity share capital | 341.00 | 368.00 | 368.00 |
| Other equity | 3,453.00 | 5,021.00 | 5,082.00 |
| Total liabilities | 13,857.00 | 12,543.00 | 13,680.00 |
| Non-current liabilities | 3,153.00 | 3,512.00 | 3,669.00 |
| Current liabilities | 10,704.00 | 9,031.00 | 10,011.00 |
| Borrowings, non-current | 593.00 | 608.00 | 920.00 |
| Borrowings, current | 2,809.00 | 2,865.00 | 2,619.00 |
| Trade payables | 4,499.00 | 3,540.00 | 4,043.00 |
Cash flow, as filed
| Line | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | -405.00 | -669.00 | -143.00 |
| Net cash from investing activities | 107.00 | -184.00 | -386.00 |
| Net cash from financing activities | 580.00 | 784.00 | 473.00 |
| Purchase of property, plant and equipment | 131.00 | 234.00 | 372.00 |
| Net increase in cash | 283.00 | -65.00 | -54.00 |
| con:CFO.BEFORE_TAX | -188.00 | -488.00 | 94.00 |
| con:INTEREST_RECEIVED.OPERATING | -107.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 110.00 | 181.00 | 237.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 2.00 | 7.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-11-04 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 50.17 | 50.17 | 50.17 | 50.17 | 0.50 | 0.50 | 0.50 | 0.50 |
| Domestic institutions | 13.25 | 11.12 | 12.07 | 14.53 | 0.18 | 0.20 | 0.21 | 0.20 |
| Mutual funds | — | — | — | 10.02 | 0.14 | 0.17 | 0.19 | 0.18 |
| Insurance companies | 1.69 | 1.46 | 1.21 | 1.25 | 0.01 | 0.00 | 0.00 | 0.00 |
| Foreign institutions | 8.20 | 18.00 | 18.21 | 15.80 | 0.13 | 0.13 | 0.12 | 0.12 |
| Public | 49.83 | 49.83 | 49.83 | 49.83 | 0.50 | 0.50 | 0.50 | 0.50 |
| Non-institutional | 28.38 | 20.72 | 19.55 | 19.50 | 0.19 | 0.17 | 0.17 | 0.18 |
| Shares outstanding | 367784631 | 367784631 | 367784631 | 367784631 | 367784631 | 367784631 | 367784631 | 367784631 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Afcons Infrastructure Limited & Vijeta Projects And Infr | Jointly Controlled | Advance, Any other transaction, Interest paid, Sale | 2,990,188,000.00 | 10 |
| Afcons - Vijeta Joint Venture, Zimbabwe | Jointly Controlled | Advance, Any other transaction, Interest paid, Sale | 949,707,000.00 | 10 |
| Shapoorji Pallonji Finance Private Limited | Promoter Group | Advance, Any other transaction, Interest paid, Loan | 764,116,000.00 | 5 |
| Afcons JAL Joint Venture | Jointly Controlled | Advance, Any other transaction, Interest paid, Sale | 747,580,000.00 | 7 |
| Afcons - Vijeta Joint Venture | Jointly Controlled | Advance, Any other transaction, Interest paid, Sale | 545,719,000.00 | 7 |
| Shapoorji Pallonji Pandoh Takoli Highway Private Limited | Promoter Group Entity | Any other transaction, Sale of goods or services | 311,139,000.00 | 3 |
| Shapoorji Pallonji Infrastructure Capital Company Private Li | Promoter Group Entity | Sale of goods or services | 289,299,000.00 | 1 |
| Afcons Construction Mideast LLC | Subsidiary | Advance, Any other transaction, Interest received, P | 173,883,000.00 | 12 |
| Sterling & Wilson Private Limited | Promoter Group Entity | Any other transaction, Purchase of goods or services | 140,176,000.00 | 3 |
| Goswami Infratech Private Limited | Promoter Entity | Dividend paid | 133,037,000.00 | 1 |
| Shapoorji Pallonji & Company Private Limited | Promoter Entity | Any other transaction, Dividend paid, Purchase of go | 128,950,000.00 | 10 |
| Afcons Pauling Joint Venture | Jointly Controlled | Advance, Any other transaction | 116,365,000.00 | 6 |
| Afcons – Sibmost – Joint Venture | Jointly Controlled | Advance, Any other transaction, Interest paid, Purch | 107,019,000.00 | 11 |
| Forvol International Service Limited | Promoter Group Entity | Any other transaction, Purchase of goods or services | 99,835,000.00 | 3 |
| Afcons - KPTL Joint Venture | Jointly Controlled | Advance, Any other transaction, Sale of goods or ser | 51,206,000.00 | 5 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-13 | Q1FY27 | LIMITED | Read the call |
| 2026-05-22 | FYFY26 | DIRECTOR, AFCONS INFRASTRUCTURE LIMITED, OFFICER, AFCONS INFRASTRUCTURE LIMITED | Read the call |
| 2026-02-16 | LIMITED | Read the call | |
| 2025-11-17 | H1FY26 | CHAIRMAN, AFCONS INFRASTRUCTURE LIMITED, DIRECTOR, AFCONS INFRASTRUCTURE LIMITED, OFFICER, | Read the call |
| 2025-08-13 | Q1FY26 | LIMITED, MR. PARAMASIVAN SRINIVASAN– MANAGING | Read the call |
| 2025-06-02 | FYFY25 | Read the call | |
| 2025-02-18 | Q3FY25 | INDIA PRIVATE LIMITED, MR. PARAMASIVAN SRINIVASAN– MANAGING | Read the call |
| 2024-11-28 | Q2FY25 | LIMITED, MR. PARAMASIVAN SRINIVASAN– MANAGING | Read the call |
What they said about it, quarter by quarter
| Topic | 2026-02 | FYFY25 | FYFY26 | H1FY26 | Q1FY26 | Q1FY27 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Capex | And the capex, till now nine months, how much we have done? | And wherever there will be a requirement to, put in some capex and all that, we are fully prepared. | And the CAPEX for full year now, given the FY26, I think the TBM cost now will be shifting in the FY27. So, how one can look at the FY27 CAPEX? | Lastly, on the CAPEX front, how much for this year we would be booking and a broader level next year would be how much? | Capital expenditure by state governments is also anticipated to remain healthy. | Also, we have done sizable capex payment this quarter, so debt has moved to a higher number. | Then third, we look at the capex expenditure. | Afcons Infrastructure Limited February 14, 2025 In the recent budget, despite significant measures to boost consumption and the associated pressures o… |
| Capital allocation | And as it is more than one year is over, land acquisition in all the cases have not been completed, they would like to have the price discovery again,… | But in this case, what we have later found out is that a proper survey had not been done with respect to Nagpur-Gondia in terms of land acquisition, w… | With respect to Nagpur-Gondiya, I think visibility will come once they do the land acquisition fully. | With respect to Maharashtra, I think in the last call also people were asking, there is some amount of uncertainty, because in some of the projects, t… | Typically, these kinds of things, as per Maharashtra government guidelines, once 70% land acquisition is completed, it can be awarded. | And the order what we were having in hand on, say, around INR32,000 crores, in such project, there were couple of project which were moving slow, and … | The timing, I am not in a position to say because there is a land acquisition related payment is to be made. | — |
| Costs | — | And could you comment on the scale of cost inflation that you are seeing at the moment, be it from employee, employees or raw material? | Hi, can you explain this cost inflation passed through in the domestic projects? | — | — | — | — | — |
| Debt and cash | And that is because of working capital blockage, because we are not seeing the payments very smooth in this nine-month period. | We can see from the cash flow statement that there appears to be elevated provisioning this year. | What we are saying is in any project, what we try to do, we have our own internal threshold that this many months of turnover, if it is not realized, … | Moving to networking capital, networking capital has increased. | If you see the debt of the company, the net debt is sub INR2,500 crores and on net debt to equity basis, it is around 0.46 or so, which is a quite com… | We remain actively engaged with our clients at multiple levels to accelerate recoveries and improve cash flows over the coming months. | If the project is all, the cash flow, number one, we look at the client risk. | These numbers will help us to analyze the working capital. |
| Demand | Coming to our focused international markets, we continue our drive in the international geographies and believe that there is a healthy pipeline of pr… | So, my first question is, how are we seeing the bid pipeline in India and Middle East in this year? | And then in the midst of that, the war started and then that severely impacted the supply chain management and you are aware that even this year we ha… | However, we continue to see healthy project pipelines in select international markets, particularly in Africa, Middle East and Eastern Europe, where g… | There are several other things in the pipeline. | As we look ahead, we are equally encouraged by the quality of our existing order book, which includes several projects that have the potential to beco… | For the simple reason, a few orders could change the composition of the order book. | And in the phase two now, whatever is announced, I am pretty sure with the three year pipeline what is made will go -- the national monetization pipel… |
| Guidance | While order inflows so far have been lower than our initial expectations, we expect a few meaningful awards to materialize during the current quarter,… | So, see, as far as provisioning is concerned, there is an accounting standard on the ECL and recently there was a guidance also on the ECL. | So, first, obviously, I think, correct me if I am wrong, for full year FY27, we are not providing any revenue guidance. | However, we expect that H2 will see an uptick on capital expenditure towards roads, railways, urban transit, marine, hydro and water infrastructure. | No. We had guided that we will have about INR20,000 crores of order book from the current year plus L1 order that effectively translates into about IN… | We expect these issues to gradually ease, enabling stronger execution momentum over the coming quarters. | In our case, on order book, we will always have an annual guidance, not a quarter-on-quarter guidance. | And as we conveyed earlier, while the current year we expect ourselves to be the flat or marginally higher growth, next year we expect 20% to 25% grow… |
| Margin | Company is into business of construction, the margin in a quarter varies based on the nature, type, and quantum of work executed. | And on the debt to EBITDA level, we have, we would not like to, make this cross maybe say around 1.5x or so. | What we look at is in any project, what is the threshold of margin we are looking at. | EBITDA margin came in at 13%, reflecting an improvement of 30 basis points. | Turning to our profitability, EBITDA for Q1 stood at INR445 crores compared to INR372 crores in Q1 FY'25. | EBITDA for the quarter stood at INR263 crores with an EBITDA margin of 9.6%. | And as far as EBITDA is concerned, we are looking at 11% plus. | And in terms of EBITDA, you would have seen we have been consistently improving. |
| People | — | — | — | — | — | — | So, we will try to optimize the utilization of those equipment and as per the requirement, we will try to plan it. | — |
| Pricing | — | — | Normal price increases get absorbed over to that formula, which we put internally in the pricing itself, we do that. | — | — | — | — | — |
| Revenue growth | For the nine months ended, we have done a top line of INR9,545 crores against last year nine-month top line of INR9,635 crores, which is a kind of, it… | Second question is, could you outline your, I take your point on the 20% top line growth KPI for 2026, FY26. Can you outline EBITDA margin or just mar… | So, when we had a call in the third quarter post the result in February, we were kind of confident that we will be able to at least 5% revenue growth … | For the first half of FY '26, our revenue was INR 6,520 crores, representing a growth of 3.4% year-on-year, while EBITDA rose 6% to INR 846 crores. | Afcons reported a total income of INR3,419 crores in Q1 FY'26 compared to INR3,213 crores in Q1 FY'25, representing a growth of 6.4%. | If you look at last few years, our topline is anywhere between INR10,000 crores to INR13,000 crores range, but if you look at our interest cost and de… | So with that kind of growth, we are poised to maintain the growth at 15%-16% CAGR over a medium to longer term. | Now, moving to specific numbers, during Q3, we have done a top line of INR3,332 crores as compared to Q3 in the previous year, INR3,182 crores. |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2024-11-28 | Q2FY25 | MR. PARAMASIVAN SRINIVASAN– MANAGING | And for 2026, we expect 20% to 25% growth comfortably from the current position. |
| 2024-11-28 | Q2FY25 | MR. PARAMASIVAN SRINIVASAN– MANAGING | And therefore, we expect a further order booking of not less than INR5,000 crores. |
| 2025-02-18 | Q3FY25 | MR. PARAMASIVAN SRINIVASAN– MANAGING | And as we conveyed earlier, while the current year we expect ourselves to be the flat or marginally higher growth, next year we expect 20% to 25% growth from that of current year, more towards 25%. |
| 2025-02-18 | Q3FY25 | MR. PARAMASIVAN SRINIVASAN– MANAGING | FY26 order flow guidance is INR25,000 crores. |