Afcons Infrastructure Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹7,796 Cr
- P/E
- 38.07
- ROE
- 5.61%
- PEG
- -3.45
- Price to sales
- 0.69
- Debt to equity
- 0.67
- 52W high / low
- ₹453 / ₹209
- Sales growth (5Y)
- 4.97%
- EBITDA margin
- 9.19%
- Net profit margin
- 2.51%
- Promoter holding
- 50.17%
- Sales (last year)
- ₹11,249 Cr
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.[1]
Guidance scorecard · Q1 FY27 call
What Afcons Infrastructure Ltd's management guided
and where it ranks in Construction
Construction
RevenueQ1 FY27 call
10–20%- H1 typically contributes 40-45% of yearly revenue; H2 (Q3, Q4) expected to see strong execution and revenue bounce-back.
- Significant revenue growth anticipated in FY28 and FY29 as order book execution ramps up.
- Execution challenges in FY27 due to slow-moving orders (~11% of order book) and initial phases of projects; improvement expected from Q3 onwards.
- Order inflows targeted at a minimum INR30,000 crores for FY27, with potential upside after achievement.
2 more points from Afcons Infrastructure Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Afcons Infrastructure Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Q1 FY27 capex was close to INR150 crores capitalized, with a sizable amount in CWIP.
- Despite sizable capex payments (~INR700-800 crores planned this year), the company expects debt to remain similar to FY26 levels.
- Strategic equipment base is approximately INR4,300 crores, which supports marine projects and international operations, particularly in Africa where rentals are expensive.
2 more points from Afcons Infrastructure Ltd's call on capex
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FundraisingQ1 FY27 call
See what Afcons Infrastructure Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- As of Q1 FY27, the order book stood at approximately INR43,290 crores.
- Orders booked for the year so far amount to around INR15,700 crores.
- There are no pending orders from L1 status to be converted into confirmed orders as of now.
- The company is confident of achieving a full-year order inflow guidance of INR30,000 crores for FY27.
- The bid pipeline is healthy with about INR1.5 lakh crores for the remaining 9 months of FY27.
- The long-term bid pipeline stands at around INR3.96 lakh crores over the next 2 years.
- Order mix is expected to shift, with overseas orders projected to return to about 25%-30% of the total order book.
2 more points from Afcons Infrastructure Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Construction
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Construction companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹6,531 Cr | 11.7 | |
| 2 | 40%+ | Flat | ₹1,089 Cr | 9.3 | |
| 3 | 40%+ | Flat | ₹898 Cr | 7.6 | |
| 4 | 40%+ | Flat | ₹807 Cr | 14.7 | |
| 5 | 40%+ | Flat | ₹554 Cr | 13.1 | |
| 6 | 40%+ | Flat | ₹516 Cr | 30.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Construction rankingAfcons Infrastructure Ltd announcements
All announcements →Financials of Afcons Infrastructure Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Afcons Infrastructure Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,205 | 3,047 | 3,557 | 3,130 | 2,947 | 3,205 | 3,219 | 3,363 | 2,988 | 2,974 | 2,614 |
| Expenses + | 2,878 | 2,662 | 3,214 | 2,762 | 2,599 | 2,821 | 2,858 | 2,930 | 2,650 | 2,551 | 2,550 |
| Operating Profit | 327 | 385 | 344 | 368 | 348 | 384 | 360 | 434 | 338 | 423 | 63 |
| OPM % | 10% | 13% | 10% | 12% | 12% | 12% | 11% | 13% | 11% | 14% | 2% |
| Other Income + | 94 | 60 | 168 | 56 | 131 | 119 | 161 | 48 | 109 | -31 | 167 |
| Interest | 158 | 128 | 175 | 147 | 163 | 169 | 149 | 162 | 170 | 167 | 175 |
| Depreciation | 113 | 123 | 145 | 130 | 119 | 117 | 124 | 138 | 122 | 93 | 99 |
| Profit before tax | 150 | 194 | 191 | 147 | 196 | 218 | 248 | 182 | 156 | 131 | -43 |
| Tax % | 37% | 35% | 32% | 30% | 28% | 23% | 29% | 25% | 28% | 20% | 45% |
| Net Profit + | 94 | 125 | 130 | 104 | 140 | 167 | 175 | 136 | 112 | 105 | -63 |
| EPS in Rs | 13.11 | 17.38 | 3.80 | 3.04 | 4.12 | 4.53 | 4.77 | 3.69 | 3.05 | 2.86 | -1.71 |
Financials of Afcons Infrastructure Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,013 | 4,175 | 5,740 | 5,805 | 7,732 | 9,255 | 8,931 | 10,499 | 12,467 | 12,907 | 12,500 | 11,938 |
| Expenses + | 2,763 | 3,723 | 5,261 | 5,244 | 7,210 | 8,499 | 8,183 | 9,729 | 11,126 | 11,545 | 11,036 | 10,681 |
| Operating Profit | 250 | 452 | 479 | 561 | 522 | 756 | 748 | 770 | 1,340 | 1,363 | 1,464 | 1,258 |
| OPM % | 8% | 11% | 8% | 10% | 7% | 8% | 8% | 7% | 11% | 11% | 12% | 11% |
| Other Income + | 155 | 130 | 100 | 145 | 199 | 243 | 216 | 287 | 196 | 370 | 462 | 294 |
| Interest | 179 | 269 | 299 | 302 | 277 | 386 | 466 | 423 | 444 | 577 | 628 | 673 |
| Depreciation | 125 | 155 | 166 | 195 | 235 | 234 | 245 | 351 | 469 | 491 | 489 | 452 |
| Profit before tax | 101 | 158 | 114 | 209 | 210 | 378 | 253 | 283 | 623 | 665 | 809 | 426 |
| Tax % | 22% | 44% | 34% | 38% | 40% | 36% | 50% | 8% | 34% | 34% | 28% | 32% |
| Net Profit + | 79 | 88 | 75 | 129 | 125 | 242 | 126 | 259 | 410 | 442 | 586 | 290 |
| EPS in Rs | 10.97 | 12.19 | 10.44 | 17.90 | 17.38 | 33.61 | 17.50 | 36.03 | 56.92 | 12.98 | 15.94 | 7.88 |
| Dividend Payout % | 14% | 25% | 29% | 20% | 20% | 10% | 20% | 10% | 7% | 19% | 16% | 0% |
Financials of Afcons Infrastructure Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 72 | 341 | 368 | 368 |
| Reserves | 584 | 939 | 982 | 1,088 | 1,211 | 1,394 | 1,498 | 2,167 | 2,147 | 2,735 | 4,459 | 4,634 |
| Borrowings + | 1,862 | 2,509 | 2,462 | 2,109 | 2,023 | 2,101 | 2,061 | 1,629 | 2,077 | 2,538 | 2,359 | 3,645 |
| Other Liabilities + | 1,911 | 3,038 | 3,321 | 4,333 | 6,452 | 8,865 | 8,213 | 8,532 | 9,342 | 9,998 | 9,490 | 10,033 |
| Total Liabilities | 4,429 | 6,559 | 6,836 | 7,602 | 9,757 | 12,431 | 11,844 | 12,400 | 13,638 | 15,611 | 16,675 | 18,680 |
| Fixed Assets + | 899 | 1,479 | 1,611 | 1,566 | 1,659 | 1,912 | 1,985 | 2,305 | 2,447 | 2,770 | 2,725 | 2,487 |
| CWIP | 174 | 124 | 21 | 22 | 31 | 18 | 146 | 18 | 184 | 43 | 33 | 901 |
| Investments | 99 | 113 | 109 | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 20 | 20 |
| Other Assets + | 3,256 | 4,843 | 5,095 | 6,003 | 8,056 | 10,490 | 9,701 | 10,065 | 10,995 | 12,786 | 13,897 | 15,273 |
| Total Assets | 4,429 | 6,559 | 6,836 | 7,602 | 9,757 | 12,431 | 11,844 | 12,400 | 13,638 | 15,611 | 16,675 | 18,680 |
Financials of Afcons Infrastructure Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 824 | 794 | 570 | 1,198 | 813 | -117 | -135 | |||||
| Cash from Investing Activity + | -334 | -181 | -211 | -820 | -891 | -139 | -394 | |||||
| Cash from Financing Activity + | -406 | -543 | -516 | -471 | 246 | 292 | 476 | |||||
| Net Cash Flow | 84 | 70 | -157 | -94 | 168 | 35 | -52 | |||||
| Free Cash Flow | 428 | 345 | 218 | 330 | 101 | -454 | -498 | |||||
| CFO/OP | 125% | 113% | 89% | 97% | 78% | 8% | 8% |
Financials of Afcons Infrastructure Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 71 | 42 | 45 | 83 | 88 | 90 | 97 | 76 | 60 | 84 | 79 | 101 |
| Inventory Days | 905 | 149 | 93 | 104 | 164 | 145 | 132 | 152 | 150 | 148 | 110 | 46 |
| Days Payable | 556 | 350 | 241 | 328 | 445 | 443 | 433 | 317 | 328 | 392 | 395 | 188 |
| Cash Conversion Cycle | 421 | -158 | -103 | -140 | -194 | -207 | -204 | -89 | -119 | -161 | -207 | -41 |
| Working Capital Days | 149 | 133 | 98 | 116 | 78 | 6 | -6 | -3 | 3 | 1 | 60 | 56 |
| ROCE % | 11% | 14% | 12% | 15% | 15% | 22% | 20% | 19% | 27% | 25% | 23% | 15% |
Guidance history
How Afcons Infrastructure Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 0–10% | — | Planned | — | — |
| Q3 FY26 call → | 0–10% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
2 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −53.3% | 3% |
| Last 6 months | −37.7% | 3% |
| Last 3 months | −22.5% | 11% |
The price is 61.2% below its all-time high of ₹545.55 (6 Dec 2024). Stocks more than 20% below their peak have their score halved, so 5 became 2.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Afcons Infrastructure Ltd: 0.4 × 3 + 0.4 × 3 + 0.2 × 11 = 5, halved to 2 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Afcons Infrastructure Ltd's management said in earlier quarters
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