Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Afcons Infrastructure Ltd.
NSE: AFCONSIndustrialsEngineering & Construction
- Last close
- ₹217.84
- Day change
- −₹18.21 (−7.71%)vs
- Market cap
- ₹8,012 crIndian rupees
- Research updated
- 3 reports
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About Afcons Infrastructure
Afcons Infrastructure Ltd. operates as a multifaceted engineering and construction company, renowned for its proficiency in executing complex infrastructure projects globally. The company's primary focus is on developing infrastructure across sectors such as transportation, energy, and marine, delivering sophisticated solutions from bridges, tunnels, and highways to ports and metro systems. Afcons significantly impacts the infrastructure landscape by advancing projects that facilitate connectivity and economic development. As part of the Shapoorji Pallonji Group, a major construction conglomerate, Afcons leverages substantial industry expertise and resources. The firm's strategic role within the market is underscored by its capabilities in adopting innovative construction techniques and ensuring sustainability, thereby contributing to the growth and modernization of infrastructure in emerging economies and developed regions alike. Its projects not only play a crucial role in urban development but also support national growth agendas, reflecting Afcons' vital position in the global infrastructure sector.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: AFCONS
- Employees
- 3,626
- Headquarters
- Mumbai, India
- ISIN
- INE101I01011
- Website
- afcons.com
Public research · Report of
Business model & financial foundation
Afcons (NSE: AFCONS), Construction & Engineering - infrastructure EPC (marine, tunnelling, metro, bridges, hydro): revenue of ₹11,948 crore in FY26 (-4.8% on FY25), an EBITDA margin of 10.2%, net profit of ₹251.5 crore and net debt of ₹2,652 crore.
- Revenue, FY26 (₹ crore)
- 11,948
- consolidated
- Revenue growth, FY26
- -4.8%
- on FY25
- EBITDA margin, FY26
- 10.2%
- EBITDA (revenue less operating costs, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 251.5
- to owners
- Return on equity, FY26
- 4.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,652
- Net debt (borrowings less cash and bank; negative = net cash)
- Market capitalisation (₹ crore)
- 8,953
- at the close of 24 Oct 2026
Company profile
Afcons is the Shapoorji Pallonji group's infrastructure EPC contractor, specialising in technically complex work: marine and port structures, underground metro and rail tunnels, bridges and elevated corridors, hydro and underground works and selected oil and gas. About 70-80% of the order book is government or multilateral; overseas work (Africa, Gulf, South Asia, now Croatia) has been 13-30% of revenue. It owns a large strategic equipment fleet (20 TBMs, 13 barges, 9 jack-ups) and is a single EPC segment for reporting.
| Item | Value |
|---|---|
| Legal name | Afcons Infrastructure Limited (formerly Asia Foundations and Constructions Private Limited) |
| Exchange and ticker | NSE: AFCONS; BSE: 544280 |
| ISIN | INE101I01011 |
| CIN | L45200MH1976PLC019335 |
| Sector | Industrials |
| Industry | Construction & Engineering - infrastructure EPC (marine, tunnelling, metro, bridges, hydro) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (joint with HDS & Associates LLP until the 2026 AGM; Deloitte sole thereafter) (since FY23) |
| Market capitalisation | ₹8,953 crore (24 Oct 2026) |
| Shares outstanding | 36.78 crore shares (FY26) |
| Price | ₹217.8 (close, 24 Oct 2026) |
| 52-week range | ₹216.3 - ₹457.7 (to 24 Oct 2026) |
| Website | https://www.afcons.com |
Corporate structure and shareholding
Parent: Shapoorji Pallonji Group (promoters: Goswami Infratech 25.03%, Shapoorji Pallonji & Co 15.41%, Floreat Investments 7.52%; group 50.17%).
| Entity | Holding | Business |
|---|---|---|
| Afcons Overseas Singapore Pte Ltd | 100% | Overseas holding/contracting; the only material subsidiary |
| Afcons Contracting Company (Saudi Arabia) | 90% | Saudi contracting vehicle incorporated Aug 2024 |
| Afcons Infrastructures Kuwait WLL | 49% | Kuwait contracting (controlled) |
| Afcons Construction Mideast LLC | 100% | UAE contracting |
| Afcons Sener LNG Construction Projects Pvt Ltd | 49% | LNG tank JV company |
| Transtonnelstroy Afcons JV | 99% | Chennai Metro joint operation; arbitration claims |
| Afcons Gunanusa JV | 100% | ONGC offshore joint operation; arbitration |
| Strabag Afcons JV | 40% | Tunnelling joint operation |
12 subsidiaries, 1 JV company and 14 unincorporated joint operations at 31 Mar 2026; JOs proportionately consolidated.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 50.17% | 50.17% | 50.17% | 50.17% |
| Promoter holding pledged | 26.84% | 30.17% | 50.17% | 100.00% |
| Foreign institutions | 12.81% | 12.19% | 12.14% | |
| Domestic institutions | 19.61% | 20.95% | 20.07% | |
| of which mutual funds | 17.02% | 18.60% | 17.78% | |
| Retail | 5.91% | 5.81% | 6.29% | |
| Other | 11.51% | 10.88% | 11.33% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Afcons is the Shapoorji Pallonji group’s single-segment infrastructure EPC contractor, earning construction revenue over time on marine, tunnelling/metro, bridges, hydro and selected oil-and-gas projects. It controls specialist engineering and equipment, but not client work-front availability, certification, collection timing or claim adjudication.
| Peer | Why the dossier compares them |
|---|---|
| Larsen & Toubro (LT) | Largest Indian EPC; competes in metro, tunnelling, marine and HSR |
| Kalpataru Projects International (KPIL) | Diversified EPC with urban infra, water and international exposure; JV partner of Afcons |
| KEC International (KEC) | Large EPC contractor with civil and international book |
| NCC (NCC) | Government-heavy domestic civil EPC, similar client and working-capital profile |
| Ircon International (IRCON) | Rail and tunnel EPC, competes in rail tunnelling and overseas |
| J Kumar Infraprojects (JKIL) | Metro underground and elevated specialist |
| HG Infra Engineering (HGINFRA) | Road and rail EPC; surface transport comparator |
| PNC Infratech (PNCINFRA) | Road EPC; surface transport and water comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 10,943 | 12,539 | 13,268 | 12,548 | 11,948 |
| Cost of revenue (vendor classification) * | 8,116 | 9,052 | 9,306 | 8,536 | 7,891 |
| Other operating costs (vendor classification) * | 739.8 | 850.9 | 1,692 | 880.9 | 1,181 |
| EBITDA (vendor classification) * | 1,048 | 1,388 | 1,744 | 1,750 | 1,508 |
| EBIT * | 713.2 | 902.2 | 1,250 | 1,171 | 908.3 |
| Finance costs | 306.7 | 303.1 | 577.3 | 629.2 | 673.6 |
| Profit before tax | 406.6 | 599.1 | 672.6 | 710.0 | 386.8 |
| Tax expense | 49.0 | 188.2 | 222.9 | 223.2 | 136.1 |
| Profit after tax | 357.6 | 410.9 | 449.8 | 486.8 | 250.7 |
| Diluted EPS (INR) | 9.69 | 11.17 | 13.20 | 13.24 | 6.82 |
| Other income | 379.4 | 474.4 | 373.7 | ||
| Cost of materials consumed | 4,012 | 3,290 | 2,845 | ||
| Cost of construction (subcontract and site) | 5,294 | 5,246 | 5,046 | ||
| Employee benefit expenses | 1,383 | 1,435 | 1,452 | ||
| Other expenses | 1,213 | 1,221 | 1,388 | ||
| Depreciation and amortisation | 494.5 | 491.1 | 453.9 | ||
| Exceptional items (charge positive) | 0.00 | 0.00 | 76.5 | ||
| Share of JV/associates | 0.00 | 0.00 | 0.00 | ||
| Non-controlling interest share | 0.00 | -0.02 | -0.76 | ||
| PAT attributable to owners | 449.8 | 486.8 | 251.5 | ||
| EBITDA (revenue less operating costs, excl. other income) | 1,365 | 1,356 | 1,217 | ||
| Company-adjusted EBITDA including other income | 1,583 | 1,662 | 1,439 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,703 | 3,177 | 3,598 | 5,262 | 5,451 |
| Borrowings excluding leases | 1,623 | 1,612 | 2,455 | 2,236 | 3,538 |
| Cash equivalents plus other bank balances | 447.1 | 319.3 | 666.3 | 770.6 | 885.9 |
| Trade receivables current plus noncurrent | 2,304 | 2,197 | 3,620 | 3,458 | 4,038 |
| Inventories | 1,270 | 1,586 | 1,627 | 1,010 | 1,017 |
| Trade payables current plus noncurrent | 2,697 | 3,509 | 4,757 | 3,975 | 4,471 |
| Net property, plant and equipment | 825.8 | 1,040 | 2,715 | 2,631 | 2,410 |
| Capital work in progress | 39.1 | 205.4 | 43.1 | 32.9 | 901.0 |
| Total assets * | 12,974 | 14,301 | 16,234 | 17,119 | 19,131 |
| Current investments | 0.00 | 0.00 | n.r. | ||
| Net debt (borrowings less cash and bank; negative = net cash) | 1,789 | 1,465 | 2,652 | ||
| Contract assets current plus noncurrent | 5,225 | 7,096 | 7,732 | ||
| Contract liabilities current plus noncurrent | 4,449 | 4,774 | 4,094 | ||
| Current borrowings (including LT current maturities) | 1,857 | 1,640 | 2,619 | ||
| Noncurrent borrowings (excludes leases) | 597.7 | 595.2 | 919.6 | ||
| Current lease liabilities | 33.1 | 49.3 | 39.1 | ||
| Noncurrent lease liabilities | 35.2 | 58.3 | 49.5 | ||
| Cash and cash equivalents only | 413.3 | 440.2 | 385.7 | ||
| Bank balances other than cash equivalents | 253.0 | 330.4 | 500.2 | ||
| Bank margins/security for debt, guarantees, commitments | 41.6 | 113.5 | 63.1 | ||
| Other earmarked bank / escrow accounts | 1.77 | 2.30 | 2.28 | ||
| Bank unpaid-dividend accounts | 0.03 | 0.04 | 0.05 | ||
| Bank deposits with maturity above 3 and below 12 months | 209.6 | 214.6 | 434.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | 608.2 | 34.9 | 707.5 | -132.2 | -127.5 |
| Free cash flow (vendor definition) * | 253.5 | 296.5 | -8.95 | -476.7 | -499.3 |
| Dividends paid (outflow negative) | -25.2 | -0.05 | -28.8 | -32.4 | -92.0 |
| PPE purchase payments (outflow negative) | -351.9 | -909.9 | -716.4 | -344.5 | -371.8 |
| Free cash flow (CFO less gross PPE payments) | -8.95 | -476.7 | -499.3 | ||
| Operating profit before working-capital changes | 1,633 | 1,631 | 1,702 | ||
| Cash generated from operations before cash income tax | 957.6 | 108.1 | 110.0 | ||
| Income taxes paid (cash outflow negative) | -250.1 | -240.3 | -237.5 | ||
| Cash-flow change in trade receivables incl. retention | -793.9 | 156.6 | -680.1 | ||
| Cash-flow change in inventories | -40.8 | 616.3 | -6.35 | ||
| Cash-flow change in contract assets | -546.7 | -1,949 | -635.7 | ||
| Cash-flow change in trade payables | 792.2 | -732.2 | 519.6 | ||
| Cash-flow change in contract liabilities | -33.8 | 369.1 | -643.0 | ||
| Cash-flow change in other/non-financial assets | 65.2 | -77.4 | -8.64 | ||
| Cash-flow change in financial assets | -38.7 | 180.2 | -38.2 | ||
| Cash-flow change in financial liabilities | -51.8 | -75.2 | 54.0 | ||
| Cash-flow change in other liabilities | -33.7 | 58.1 | -14.1 | ||
| Cash-flow change in provisions | 6.13 | -68.9 | -139.8 | ||
| Net cash from investing activities | -858.6 | -131.4 | -401.7 | ||
| Net cash from financing activities | 245.5 | 289.9 | 472.9 | ||
| Proceeds from sale of PPE | 34.0 | 6.47 | 7.86 | ||
| Other bank balances redeemed | 9.25 | 174.2 | 251.6 | ||
| Other bank balances invested (outflow negative) | -211.6 | -245.3 | -418.8 | ||
| Interest received in investing activities | 16.5 | 273.1 | 117.4 | ||
| Insurance claim cash received in investing activities | 9.65 | 4.66 | 12.0 | ||
| Proceeds from long-term borrowings | 201.6 | 227.4 | 771.5 | ||
| Repayment of long-term borrowings (outflow negative) | -200.4 | -229.9 | -447.1 | ||
| Net proceeds/(repayment) of short-term borrowings | 888.6 | -219.0 | 974.4 | ||
| Finance costs paid (outflow negative) | -574.9 | -627.0 | -669.9 | ||
| Principal element of lease payments (outflow negative) | -40.6 | -49.1 | -64.1 | ||
| Fresh IPO cash proceeds (excludes OFS) | 0.00 | 1,250 | 0.00 | ||
| IPO cash expenses paid (outflow negative) | 0.00 | -30.1 | 0.00 | ||
| Net cash-equivalent movement before FX | 94.4 | 26.4 | -56.3 | ||
| FX effect on cash and cash equivalents | -0.47 | 0.52 | 1.82 | ||
| Opening cash and cash equivalents (not all bank balances) | 319.3 | 413.3 | 440.2 | ||
| Closing cash and cash equivalents (not all bank balances) | 413.3 | 440.2 | 385.7 | ||
| Noncash acquisition of right-of-use assets | 63.8 | 92.2 | 47.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end equity shares outstanding | 36.78 | 36.78 | n.r. | 36.78 | 36.78 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,960 | 3,211 | 3,223 | 3,370 | 2,988 | 2,976 | 2,614 | 2,671 |
| Cost of revenue (vendor classification) * | 2,163 | 2,185 | 2,218 | 1,960 | 1,960 | 1,753 | 1,878 | |
| Other operating costs (vendor classification) * | 332.3 | -315.0 | 339.3 | 351.0 | 259.1 | 438.8 | 239.0 | |
| EBITDA (vendor classification) * | 485.6 | 289.3 | 484.0 | 441.2 | 460.0 | 205.7 | 307.2 | |
| EBIT * | 368.6 | 165.3 | 345.2 | 319.0 | 290.1 | 106.2 | 223.6 | |
| Finance cost (statutory) | 163.8 | 168.7 | 149.7 | 161.8 | 169.8 | 167.0 | 175.0 | 173.1 |
| Profit before tax | 190.7 | 199.8 | 184.1 | 183.4 | 149.2 | 123.0 | -68.9 | 50.6 |
| Total tax expense | 55.3 | 51.0 | 73.1 | 46.0 | 44.2 | 26.2 | 19.7 | 20.3 |
| Profit after tax including non-controlling share | 135.4 | 148.9 | 110.9 | 137.4 | 105.1 | 96.8 | -88.6 | 30.3 |
| Diluted EPS (₹) | 3.97 | 4.05 | 3.02 | 3.74 | 2.85 | 2.62 | -2.41 | 0.82 |
| Other income (net) | 129.9 | 121.2 | 164.2 | 48.7 | 112.5 | 49.7 | 162.8 | 55.7 |
| Materials consumed including traded goods as regrouped | 876.9 | 724.4 | 890.4 | 680.1 | 915.2 | 669.6 | 580.3 | 576.8 |
| Cost of construction (unsplit) | 1,128 | 1,438 | 1,295 | 1,538 | 1,045 | 1,290 | 1,173 | 1,301 |
| Employee benefits expense | 355.1 | 351.9 | 383.4 | 377.5 | 348.7 | 346.8 | 378.7 | 302.8 |
| Other expenses (statutory, no finance reclassification) | 255.8 | 332.3 | 361.4 | 339.3 | 351.0 | 259.1 | 438.8 | 239.0 |
| Depreciation and amortisation | 119.8 | 117.1 | 124.0 | 138.8 | 122.1 | 93.4 | 99.6 | 83.5 |
| Exceptional expense (positive charge) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 76.5 | 0.00 | 0.00 |
| PAT attributable to non-controlling interest (signed) | -0.01 | 0.00 | -0.01 | 0.00 | -0.33 | -0.28 | -0.15 | -0.30 |
| PAT attributable to owners | 135.4 | 148.9 | 110.9 | 137.4 | 105.4 | 97.1 | -88.4 | 30.6 |
| Subcontracting (split unavailable) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Construction/site expense (split unavailable) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Share of associates/JV profit (signed; unavailable) | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Operating-statement EBITDA excluding other income | 344.4 | 364.5 | 293.6 | 435.3 | 328.6 | 410.3 | 42.9 | 251.5 |
| Company-adjusted EBITDA including other income | 427.0 | 448.0 | 415.0 | 445.0 | 401.0 | 424.0 | 170.0 | 263.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.6% | 14.6% | 5.8% | -5.4% | -4.8% |
| EBITDA margin | 10.3% | 10.8% | 10.2% | ||
| Net margin | 3.4% | 3.9% | 2.1% | ||
| Return on equity | 13.3% | 11.0% | 4.7% | ||
| Return on capital employed | 17.1% | 19.8% | 23.1% | 17.3% | 11.0% |
| Return on assets | 2.9% | 2.9% | 1.4% | ||
| Net debt (₹ crore) | 1,789 | 1,465 | 2,652 | ||
| Net debt / EBITDA | 1.31x | 1.08x | 2.18x | ||
| Interest cover | 2.33x | 2.98x | 2.17x | 1.86x | 1.35x |
| Asset turnover | 0.86x | 0.92x | 0.87x | 0.75x | 0.66x |
| Receivable days | 77 | 64 | 100 | 101 | 123 |
| Inventory days (on revenue) | 42 | 46 | 45 | 29 | 31 |
| Payable days (on revenue) | 90 | 102 | 131 | 116 | 137 |
| Cash conversion | 1.57x | -0.27x | -0.51x | ||
| Capex intensity | 3.2% | 7.3% | 5.4% | 2.7% | 3.1% |
| Free cash flow (₹ crore) | 256.4 | -875.1 | -8.95 | -476.7 | -499.3 |
| Dividend payout | 6.4% | 6.6% | 36.6% | ||
| EPS, diluted (₹) | 9.69 | 11.17 | 13.20 | 13.24 | 6.82 |
| Book value per share (₹) | 73.49 | 86.39 | 143.1 | 148.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and bank; negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less operating costs, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Afcons Infrastructure includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Afcons Infrastructure
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 25 Oct 2026.
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