AFCONS
Afcons Infrastructure share price & financials
- Price
- ₹313.45
- Market cap
- ₹10.0k Cr
- Sector
- Construction
- Calls analysed
- 8
Afcons Infrastructure Limited Q1 FY27
What went well
- Order inflows of ₹13,219 crores in Q1 FY27, contributing to a strong order book of ₹43,290 crores.
- Full-year order inflow guidance of ₹30,000 crores reiterated, with ₹15,700 crores already secured.
- Mumbai-Pune Expressway Missing Link project inaugurated on May 1, 2026, highlighting successful project execution.
What to watch
- Total income declined 20.3% YoY to ₹2,727 crores in Q1 FY27 from ₹3,419 crores in Q1 FY26.
- EBITDA decreased 41% YoY to ₹263 crores, with EBITDA margin compressing to 9.6% from 13% in Q1 FY26.
What Afcons Infrastructure Limited does
Afcons Infrastructure is an engineering, procurement and construction (EPC) contractor that designs and builds large, technically complex infrastructure projects such as ports and marine works, highways and metros, bridges and flyovers, dams, tunnels, and offshore oil & gas facilities. It earns revenue by executing fixed-scope construction contracts for government, multilateral and private-sector clients in India and overseas, owning a strategic fleet of heavy construction equipment (including tunnel boring machines, marine barges, jack-ups and cranes) that it deploys across projects rather than relying solely on subcontractors. The company operates across five business verticals and maintains an order book spanning both domestic and international markets, with in-house design, methods and technical-training capabilities supporting execution.
Segments
- Marine & Industrial
- Surface Transport
- Urban Infrastructure
- Hydro & Underground
- Oil & Gas
- Countries with presence/delivered projects
- 31
- Elevated & underground metro built
- 150+ km
- Lane km of roads built
- 5,100+
- Marine works executed
- 235
- Bridges, flyovers & viaducts built
- 195+
- Underground tunnel by NATM method
- 65+ km
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 2 delivered 7 missed 7 open- EBITDA Margin delivered said Q2 FY25 Promised: around 11% margin Q1 FY27: Target period passed. Final verdict remains achieved.
- Revenue Growth FY26 missed said Q2 FY25 Promised: 20% to 25% growth Q1 FY27: Target period passed. Final verdict remains missed.
- Debt Reduction FY27 at risk said Q4 FY26 Promised: sizable drop Q1 FY27: Net debt stood at ~INR 2,700 crores. Management guided for year-end net debt of INR 2,700-2,800 crores, which contradicts the promise of a 'sizable drop' from the FY26 closing of INR 2,653 crores.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 20.7%, net profit down 78.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,960 | 3,211 | 3,223 | 3,370 | 2,988 +1% | 2,976 −7% | 2,614 −19% | 2,671 −21% |
| EBITDA | 344 | 364 | 294 | 435 | 329 −4% | 410 +13% | 43 −85% | 251 −42% |
| Net profit | 135 | 149 | 111 | 137 | 105 −22% | 97 −35% | -89 −180% | 30 −78% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −43.2% 1Y
1Y: ₹447.1 on 10 Sept 2025 → ₹253.8. High ₹465.7 (9 Oct 2025), low ₹253.8 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.2%
- 10 Aug
- Q4 FY26
- −0.6%
- 19 May
- Q3 FY26
- −1.0%
- 11 Feb
- Q2 FY26
- −1.2%
- 17 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 5.1% a year over 2 years, FY24 to FY26. Operating margin held at 10.2%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹13.3k Cr | ₹12.5k Cr | ₹11.9k Cr |
| Operating profit | ₹1.4k Cr | ₹1.4k Cr | ₹1.2k Cr |
| Operating margin | 10.3% | 10.8% | 10.2% |
| Interest | ₹578 Cr | ₹630 Cr | ₹674 Cr |
| Depreciation | ₹495 Cr | ₹491 Cr | ₹454 Cr |
| Net profit | ₹450 Cr | ₹487 Cr | ₹250 Cr |
| Net margin | 3.4% | 3.9% | 2.1% |
| Cash from operations | ₹707 Cr | ₹-132 Cr | ₹-127 Cr |
| Free cash flow | ₹25 Cr | ₹-470 Cr | ₹-491 Cr |
| ROCE | 23.0% | 20.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹72 Cr | ₹72 Cr | ₹72 Cr | ₹341 Cr | ₹368 Cr | ₹368 Cr |
| Reserves | ₹1.9k Cr | ₹2.2k Cr | ₹2.7k Cr | ₹3.3k Cr | ₹5.0k Cr | ₹5.1k Cr |
| Borrowings | ₹2.1k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.5k Cr | ₹3.6k Cr | ₹3.6k Cr |
| Other liabilities | ₹8.5k Cr | ₹8.6k Cr | ₹9.5k Cr | ₹10.1k Cr | ₹9.0k Cr | ₹10.1k Cr |
| Total liabilities | ₹12.5k Cr | ₹13.0k Cr | ₹14.3k Cr | ₹16.2k Cr | ₹17.9k Cr | ₹19.1k Cr |
| Fixed assets | ₹2.0k Cr | ₹2.3k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹2.6k Cr | ₹2.5k Cr |
| Capital work in progress | ₹146 Cr | ₹18 Cr | ₹184 Cr | ₹43 Cr | ₹42 Cr | ₹901 Cr |
| Investments | ₹0 Cr | ₹1 Cr | ₹0 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹10.3k Cr | ₹10.6k Cr | ₹11.6k Cr | ₹13.4k Cr | ₹15.3k Cr | ₹15.7k Cr |
| Total assets | ₹12.5k Cr | ₹13.0k Cr | ₹14.3k Cr | ₹16.2k Cr | ₹17.9k Cr | ₹19.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +5.54 pp while FIIs trimmed −3.65 pp. The shareholder count shrank 10% to 2,40,266.
- Promoters
- 50.2%
- FIIs
- 12.2%
- DIIs
- 20.1%
- Public
- 17.6%
Since Jun 2025
- DIIs +5.54 pp
- FIIs −3.65 pp
- Public −1.88 pp
How it drifted, 7 quarters
Over this window DIIs went from 11.1% to 20.1% — +8.9 pp.
Ownership split by quarter, oldest first. Dec '24: Promoters 50.2%, FIIs 18.0%, DIIs 11.1%, Public 20.7%.Mar '25: Promoters 50.2%, FIIs 18.2%, DIIs 12.1%, Public 19.6%.Jun '25: Promoters 50.2%, FIIs 15.8%, DIIs 14.5%, Public 19.5%.Sep '25: Promoters 50.2%, FIIs 12.8%, DIIs 17.9%, Public 19.1%.Dec '25: Promoters 50.2%, FIIs 12.8%, DIIs 19.6%, Public 17.4%.Mar '26: Promoters 50.2%, FIIs 12.2%, DIIs 21.0%, Public 16.7%.Jun '26: Promoters 50.2%, FIIs 12.2%, DIIs 20.1%, Public 17.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd Mutual fund newly disclosed 3.12% held
The same filing shows 2 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Afcons Infrastructure Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Goswami Infratech Private Limited | 25.03% | unchanged |
| Shapoorji Pallonji And Company Private Limited | 15.41% | unchanged |
| Floreat Investments Private Limited | 7.52% | unchanged |
| SBI Small Cap Fund Mutual fund | 4.86% | unchanged |
| Gamnat Pte. Ltd. FPI fund | 4.44% | unchanged |
| Quant Mutual Fund - Quant Small Cap Fund Mutual fund | 3.36% | unchanged |
| ICICI Prudential Infrastructure Fund Mutual fund | 3.16% | −0.36 pp |
| Nippon Life India Trustee Ltd Mutual fund | 3.12% | newly disclosed |
| Synergy Solutions Investments Holding Limited | 2.35% | unchanged |
| Volrado Venture Partners Fund II VC / PE | 1.64% | unchanged |
| Invesco India Small Cap Fund Mutual fund | 1.58% | −0.13 pp |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio Global fund house | 1.46% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in AFCONS
Filings to Aug 2026
0 new, 5 added, 1 trimmed, 1 sold out — net +3.94 L shares (+1.3%).
- Held by funds
- ₹860 Cr
- 15 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹455 Cr · 1.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹455 Cr | held | Apr '25 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹191 Cr | held | Oct '24 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹70 Cr | held | Oct '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹66 Cr | +4.37 L | Oct '24 |
| SBI Multi Asset Allocation Fund SBI Mutual Fund | ₹23 Cr | held | Nov '25 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹22 Cr | held | Oct '25 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹7 Cr | +0.03 L | Mar '25 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹7 Cr | held | Oct '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
5 added, 1 trimmed — net +3.94 L shares (+1.3%)
- Funds are sitting on
- -26%
- vs est. average cost
- Held by funds
- ₹860 Cr
- 15 schemes · ≈ 9.4% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹455 Cr · 1.1% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 1y 11m · since Oct '24
Shares held by these funds +708%
Oct '24 2.97 cr shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Afcons Infrastructure Limited
Guides on how to read this kind of business and the numbers that matter.