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Afcons Infrastructure Results: Latest Quarterly Results & Analysis

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Afcons Infrastructure Ltd. 13 Nov 2025 12:44 PM
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Q2FY26 Quarterly Result Announced for Afcons Infrastructure Ltd.

Construction & Engineering company Afcons Infrastructure announced Q2FY26 results

  • Total Income: Rs 3,101 crore against Rs 3,090 crore during Q2FY25, change 0.4%.
  • EBITDA: Rs 401 crore against Rs 427 crore during Q2FY25, change -6.1%.
  • EBITDA Margin: 12.9% for Q2FY26.
  • PAT: Rs 105 crore against Rs 135 crore during Q2FY25, change -22.4%.
  • PAT Margin: 3.4% for Q2FY26.
  • EPS: Rs 2.85 for Q2FY26.

Subramanian Krishnamurthy, Executive Chairman (Whole-time Director), said: “We delivered modest growth both in revenue and profitability during the first half of FY26, despite extended and intense monsoons.

In H1FY26, our total income reached Rs 6,520 crore representing a growth of 3.4% YoY. The EBITDA margin during the period expanded to 13.0%. Our profit after tax grew by 6.8% YoY. However, our Q2 performance was muted on the back of subdued order inflow and slower execution due to extended and harsh monsoons. Pending order book at the end of September 2025 was Rs 32,681 crore, which includes order inflow of Rs 1,268 crore received in H1FY26. With a healthy pipeline and considering Government’s capex plans we believe that the second-half will witness a robust uptick in our order book.

We extend our gratitude to Mr. Shapoorji Pallonji Mistry for his invaluable guidance and oversight as Chairman of the Board. His continued association as Chairman Emeritus will remain a source of strength as we strive to reinforce our position as a leading infrastructure-focused organization. The recent induction of Mr. Pallon Mistry, Mr. Firoz Cyrus Mistry, and Mr. Santosh Nayar to the Board marks an important step forward. Their insights will bring fresh perspectives that will support our long-term growth ambitions.

As we step into the second-half, our focus remains on disciplined execution and prudent financial management as we pursue sustainable growth and maintaining our profitability. We will continue to approach bidding and investment decisions with care, ensuring that shareholder value remains at the core of our strategy.”

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Construction & Engineering company Sanathan Afcons Infrastructure announced Q1FY26 results

  • Total income reached Rs 3,419 crore, reflecting top-line growth of 6.4% YoY.
  • EBITDA for the quarter jumped to Rs 445 crore, reflecting a 20% YoY growth.
  • EBITDA margin surged by 144bps YoY to 13.0%
  • PAT showed 50% YoY improvement to reach Rs 137 crore.
  • PAT margin also expanded by 110 bps to reach 4.0%
  • Order book stood at Rs 35,311 crore at the end of Jun’25 providing us healthy visibility to drive topline growth

Subramanian Krishnamurthy, Executive Vice Chairman (Whole-time Director), said: “Afcons Infrastructure has started the new financial year with a positive set of results, which positions us well for the rest of FY26. We have delivered good growth in our profitability metrics.

In Q1FY26, our total income reached Rs 3,419 crore, reflecting top-line growth of 6.4% YoY. The corresponding EBITDA grew by 20% YoY, with margins expanding to 13.0% vs 11.6% achieved in Q1FY25. Our profit after tax grew by 50.0% YoY, and PAT margins improved by 110 bps to reach 4% vs 2.9% in Q1FY25 . This reflects the robustness of our business model. The order inflow of Rs 1,093 crore led to a pending order book of Rs 35,311 crore, excluding L1 projects worth Rs 21,556 crore (as on date). Our order book continues to remain high quality and healthy with a book to bill ratio of 2.6x, providing a good near-term revenue visibility.

Our sustained efforts to make an entry in European markets bore fruits with us becoming L1 in multiple large orders in croreoatia. This is in-line with our strategy of focusing on large orders and expanding our presence in overseas markets.

We are excited by the growth opportunities available both domestically and internationally. We believe that our consistent financial performance including a sturdy margin profile, positions us well to deliver value to our shareholders. We will continue to remain disciplined in our bidding and financing decisions while focusing on growth.”

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Construction & Engineering company Afcons Infrastructure announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income was Rs 3,387 crore in Q4FY25, compared to Rs 3,809 crore in Q4FY24.
  • EBITDA for Q4FY25 came in at Rs 415 crore compared to Rs 482 crore in Q4FY24.
  • PAT stood at Rs 111 crore in Q4FY25 compared to Rs 145 crore in Q4FY24
  • As of March 2025, the consolidated debt reduced to Rs 2,236 crore compared to Rs 2,692 crore at the end of December 2024

FY25 Financial Highlights:

  • Total Income for FY25, stood at Rs 13,023 crore compared to Rs 13,647 crore in FY24
  • EBITDA for FY25 reached Rs 1,662 crore, up by 5.0% YoY, with the corresponding EBITDA margin reaching 12.8% compared to 11.6% in FY24
  • PAT stood at 487 crore in FY25 jumped by 8.2% YoY
  • We received LOA for a project worth Rs 1,283 crore from Hindustan Gateway container Terminal Kandla Pvt Ltd and also emerged as the L1 bidder for projects worth Rs 4,787 crore by Maharashtra State Road Development Corporation (MSRDC) in Q4FY25
  • Our order book stood at a robust level of Rs 36,869 crore at the end of Mar’25 reflecting our ability to deliver strong revenue outlook and sustained profitable growth

Commenting on the Results, Subramanian Krishnamurthy, Executive Vice Chairman (Whole-time Director) said, “Afcons Infrastructure witnessed a strong surge in EBITDA and PAT despite the topline headwinds during FY25, coupled with substantial improvement in debt metrics. The strong performance momentum witnessed during the year was a testament of our resilience.

In FY25, we reported a total income of Rs 13,023 crore, with the corresponding EBITDA margin at 12.8%, reflecting improved profitability during the year. Our profit after tax grew by 8.2% year-on-year, as we continued to strive for sustainable profitable growth. On the back of strong order inflow of Rs 15,960 crore, our order book reached Rs 36,869 crore, excluding L1 projects worth Rs 10,662 crore. This includes high-quality and diversified orders. Our robust order book with a strong book to bill ratio of 2.9x showcases the company’s ability to deliver top-line growth over the medium term. We remain at the forefront of India’s infrastructure development which should help us achieve robust order book growth in the future as well.

Going forward, we expect to deliver consistent and sustained top-line growth while maintaining a sturdy margin profile. We aim to generate value for our shareholders while remaining disciplined and financially prudent in our decision-making.

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Construction & Engineering company Afcons Infrastructure announced Q3FY25 results

  • Total Income was Rs 3,332 crore in Q3FY25, compared to Rs 3,182 crore in Q3FY24.
  • EBITDA for Q3FY25 came in at Rs 448 crore compared to Rs 393 crore in Q3FY24, reflecting a jump of 14.1% YoY. The company’s EBITDA margin came in at 13.5%, up ~111 basis points (bps) YoY
  • PAT for Q3FY25 reached Rs 149 crore versus Rs 110 crore in Q3FY24, surging by 35.7% YoY. The corresponding PAT margin stood at 4.5% compared to 3.4% for Q3FY24.
  • As of December 2024, the consolidated debt reduced to Rs 2,692 crore as compared to Rs 3,402 crore at the end of September 2024.
  • Crisil rated company’s bank loan and assigned AA-/Stable (Long term) and A1 /Stable (Short term) upgrade from earlier rating of A (Long term) and A1 (Short term). The rating is on total bank loan facilities of Rs 21,960 crore.

Subramanian Krishnamurthy, Executive Vice Chairman (Whole-time Director), said: “Afcons Infrastructure reported a robust set of results for the third quarter and nine months ended FY25 as we continue to build strongly on our performance.

In Q3FY25, we reported a total income of Rs 3,332 crore, with our EBITDA margin elevated at an encouraging 13.5%, reflecting strong operational efficiency. Our profit after tax grew significantly by 36% year-on-year, highlighting our commitment to profitable and sustainable growth. Our business enables us to extract significant operating leverage from our operations, as evidenced from our quarterly results. Our order book reached a record Rs 38,021 crore, excluding L1 projects worth Rs 10,662 crore, comprising of high-quality diversified orders. Owing to this record order book we have a healthy book to bill of 3.1x providing certainty for sustainable profitable growth.

We remain committed to driving top-line growth while maintaining healthy margins. On the balance sheet front, we have significantly reduced our net debt over the past few months, further reinforcing our financial strength. Additionally, our financial credibility has been reinforced by Crisil’s rating, assigning us AA-/Stable (Long Term) and A1 (Short Term) for our bank loans.

We remain dedicated to delivering long-term value to our stakeholders while contributing to the growth and development of our nation through transformative infrastructure projects and strengthening our presence on the global stage.

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Construction & Engineering company Afcons Infrastructure announced H1FY25 & Q2FY25 results

  • The order book as of Sept’24 stood at Rs 34,152 crore, reflecting a strong revenue visibility.
  • In H1FY25, order momentum was strong as the company received orders worth Rs 8,925 crore. Additionally, the company has emerged as the L1 bidder for orders amounting to Rs 10,154 crore of which LOAs have been received for orders worth Rs 3,752 post 30th Sept’24.
  • Total Income stood at Rs 3,090 crore in Q2FY25, compared to Rs 3,434 crore in Q2FY24. For H1FY25, Total Income stood at Rs 6,303 crore compared to Rs 6,655 crore in H1FY24.
  • EBITDA for Q2FY25 stood at Rs 427 crore as compared to Rs 394 crore in Q2FY24 representing a growth of 8.5% YoY. The company recorded highest ever EBITDA margin for the quarter which stood at 13.8% as against 11.5% for the same quarter last year. EBITDA for H1FY25 stood at Rs 799 crore up by 12.8% while margins stood at 12.7%.
  • PAT for Q2FY25 stood at Rs 135 crore as compared to Rs 104 crore in Q2FY24 representing a growth of 30.0% YoY. PAT margin for the quarter stood at 4.4% as against 3.0% for the same quarter last year. PAT for H1FY25 stood at Rs 227 crore up by 16.3%.
  • As of Sept’24 the consolidated net debt stood at Rs 2,640 crore compared to Rs 1,789 crore as of Mar’24.
  • Post the IPO fund raise, the company has utilized the IPO proceeds to the extent of Rs 600 crore for repayment of debt and 320 crore towards working capital requirements

Subramanian Krishnamurthy, Executive Vice Chairman, Afcons Infrastructure, said: “We are delighted to share Afcons Infrastructure's performance for the second quarter and first half of FY25. At the outset, I sincerely thank all our investors for their overwhelming support during our recent IPO. Your trust inspires us as we embark on this exciting new chapter of growth and value creation.

In Q2FY25, we recorded total income of Rs 3,090 crore, achieving our highest-ever quarterly EBITDA margin of 13.8% and a robust 30% year-on-year growth in profit after tax. Our strong order book of Rs 34,152 crore, excluding L1 projects worth Rs 10,154 crore, reflects our ability to secure high-quality projects and the confidence our clients place in our capabilities. This healthy and diversified orderbook provides strong revenue visibility for the future.

Aligned with our commitment to prudent financial management, we have utilized Rs 600 crore from the IPO proceeds to repay debt, further strengthening our balance sheet. While our revenue performance reflects challenges stemming from both external factors and internal strategic decisions, our steady improvement in profitability and operational metrics underscores our resilience and focus on sustainable growth.

We remain dedicated to delivering long-term value to our stakeholders while contributing to the growth and development of our nation through transformative infrastructure projects and strengthening our presence on the global stage.“

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