A2Z Infra Engineering Ltd.

•

a2zgroup.co.inBSE: 533292NSE: A2ZINFRA

Market Cap₹ 281 Cr.

Current Price

High / Low₹ 23 / 12

Stock P/E76.8

Book Value₹ 3

Price to Book5.94

Dividend Yield0.00 %

ROCE9.8 %

ROE3.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • FMS: 63.5% • MSW: 22.1% • ES: 14.4%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Operating margins have improved to 2.6% from -37.1%
Company generates healthy free cash flow

CONS

Company has a high debt-to-equity of 2.26x
A large part of profit comes from other income (215.0% of PBT)
Company has a low return on equity of -53.5% over last 3 years
Company has a low return on capital employed of -3.5%
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.55x)
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3965.00	32.88	545530.90	0.96	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	209.50	48.56	43681.17	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1417.50	21.30	24207.01	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.67	24.90	23757.43	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1296.30	37.02	22268.82	0.23	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	281.90	20.21	15843.97	1.77	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	975.45	26.32	11344.44	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.65	21.31	11159.22	1.60	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	AFCONS	295.00	74.98	10849.65	0.68	303.00	120.52	26710.00	692.49	12.88	9.42
10.	KEC	406.15	19.53	10811.71	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
11.	WELENT	765.35	34.66	10593.50	0.39	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	A2ZINFRA	15.84	76.77	281.20	0.00	-0.03	-104.61	68.45	-24.37	9.82	0.89

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	94	102	94	98	83	78	85	91	91	95	109	92	68
	91	104	112	136	79	80	87	82	84	89	109	95	71
Operating Profit	3	-2	-18	-38	4	-1	-3	9	7	6	-0	-3	-3
OPM %	3.32%	-1.83%	-18.90%	-38.55%	4.50%	-1.70%	-3.36%	10.04%	7.46%	5.87%	-0.44%	-3.42%	-4.23%
	2	23	22	49	3	7	5	2	-2	-4	4	13	3
Interest	2	2	1	1	2	2	2	2	1	2	2	2	2
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before Tax	2	17	2	9	3	3	-1	7	2	-1	0	7	0
Tax %	37.77%	6.90%	95.93%	-8.63%	57.14%	52.48%	25.81%	82.74%	64.10%	-55.81%	476.47%	1.91%	107.54%
Net Profit	0	0	0	-5	-6	1	-1	1	1	-1	-1	7	-0
	-0.05	-0.12	-0.08	-0.07	0.00	0.31	-0.03	0.23	0.04	-0.10	-0.04	0.34	0.00

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,349	996	709	869	700	415	353	349	388	336	364
	1,266	935	734	811	729	445	502	348	443	328	365
Operating Profit	83	61	-25	58	-29	-30	-149	1	-54	9	-1
OPM %	6.15%	6.13%	-3.54%	6.63%	-4.14%	-7.16%	-42.04%	0.40%	-14.00%	2.57%	-0.26%
	35	-61	179	333	-133	26	23	-89	95	16	17
Interest	198	201	206	60	60	60	28	13	6	8	8
Depreciation	46	43	33	27	14	9	9	9	5	5	5
Profit before Tax	-126	-244	-85	294	-237	-77	-177	-106	-5	10	6
Tax %	-4.44%	-25.45%	-2.79%	2.26%	-17.22%	-4.97%	-1.76%	-18.72%	-60.31%	89.70%	27.70%
Net Profit	-132	-306	-87	287	-278	-81	-180	-126	-7	1	5
EPS	-10.24	-20.50	-7.41	17.30	-15.73	-4.61	-10.22	-6.98	-0.32	0.51	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: -6%
5 Years:: -14%
3 Years:: -2%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: -9%
5 Years:: 29%
3 Years:: 17%
1 Year:: -26%

RETURN ON EQUITY

10 Years:: -37%
5 Years:: -51%
3 Years:: -53%
Last Year:: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	127	145	176	176	176	176	176	176	176	176
Minority Interest	-18	-145	-133	1	-5	-7	-6	-9	-11	-19
	349	208	191	503	228	154	-25	-145	-149	-136
	1,392	1,773	1,401	437	510	557	424	342	208	102
Trade Payables	774	760	742	645	671	608	529	362	278	250
	561	392	529	343	381	353	300	254	169	113
Total Liabilities	3,185	3,133	2,905	2,106	1,962	1,842	1,397	980	670	487
	484	342	321	166	122	114	107	73	75	73
Capital Work in Progress	603	384	309	142	90	90	93	55	58	18
	2	0	0	226	213	220	156	70	36	0
	63	52	21	4	6	7	5	5	0	0
	0	0	0	0	0	0	0	0	156	105
Cash & Bank	21	75	29	14	12	15	10	12	3	5
	2,012	2,279	2,225	1,554	1,519	1,396	1,026	766	342	286
Total Assets	3,185	3,133	2,905	2,106	1,962	1,842	1,397	980	670	487

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	15	69	48	101	-16	-15	39	57	95	54
Cash from Investing	22	1	4	5	7	11	25	-7	-11	-12
Cash from Financing	-21	-17	-82	-95	17	-1	-68	-47	-94	-39
	6	51	-43	-6	-2	4	-5	2	-9	3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-9.19	-18.32	-6.28	17.32	-15.73	-4.61	-10.22	-6.98	-0.32	0.51
Book Value (₹)	37.53	24.37	20.85	38.58	22.97	18.72	8.57	1.79	1.52	2.30
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-6.78	-18.12	-3.11	17.84	-15.01	-4.08	-9.70	-6.66	-0.12	0.34
PROFITABILITY
Operating Margin %	8.75%	9.92%	2.54%	8.86%	-0.11%	-0.99%	-37.05%	9.74%	-13.99%	2.57%
Net Margin %	-9.77%	-30.71%	-12.34%	33.06%	-39.74%	-19.55%	-50.89%	-36.07%	-1.90%	0.31%
ROE %	-22.72%	-73.71%	-24.27%	54.89%	-51.32%	-22.09%	-74.79%	-138.17%	-25.32%	3.08%
ROCE %	3.36%	-2.11%	6.65%	25.70%	-17.62%	-1.99%	-21.14%	-20.75%	0.56%	9.82%
	-4.51%	-9.68%	-2.90%	11.46%	-13.68%	-4.26%	-11.10%	-10.61%	-0.89%	0.18%
EFFICIENCY
Debtor Days	263	455	682	482	496	800	731	437	226	142
Inventory Days	16	21	19	5	3	6	6	5	0	0
Payable Days	4035	1372	1725	1104	1501	0	0	0	0	0
	-3757	-896	-1024	-616	-1003	806	737	442	226	142
FINANCIAL HEALTH
Debt to Equity (x)	3.34x	4.66x	3.43x	0.64x	1.18x	1.60x	2.55x	9.96x	7.40x	2.26x
Interest Coverage (x)	0.36x	-0.22x	0.59x	5.92x	-2.93x	-0.29x	-5.34x	-6.99x	0.26x	2.26x
	0.91x	0.83x	0.85x	1.01x	0.92x	0.88x	0.81x	0.79x	0.72x	0.77x
GROWTH
Revenue Growth %	126.90%	-26.19%	-28.83%	22.60%	-19.44%	-40.71%	-14.84%	-1.10%	11.17%	-13.44%
Operating Profit Growth %	276.94%	-16.37%	-81.76%	327.38%	-101.02%	-423.85%	-3083.78%	125.99%	-148.78%	282.21%
Net Profit Growth %	37.08%	-131.97%	71.40%	428.47%	-193.66%	70.84%	-121.72%	29.89%	94.16%	114.05%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	95.37%	257.64%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.77x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.85x	5.94x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	-25.99x	10.80x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	28.14	28.14	28.14	28.14	28.14	28.14	28.14	28.14	27.92
	1.64	1.62	1.28	1.03	0.89	0.84	0.81	0.86	0.94
	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	70.21	70.23	70.57	70.83	70.96	71.01	71.04	70.99	71.14

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Copy of Newspaper Publication

2026-09-04 - A2Z Infra Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Updates

2026-09-03 - A2Z Infra Engineering Limited has informed the Exchange regarding 'Intimation Regarding Dispatch Of Physical Communication To Shareholders Regarding Web Link Of Annual Report Who Have Not Registered Their Email Address'.

2026-09-03

Record Date

2026-09-03 - A2Z Infra Engineering Limited has informed the Exchange that Record date for the purpose of Meeting is 21-Sep-2026.

2026-09-03

Shareholders meeting

2026-09-03 - A2Z Infra Engineering Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 26, 2026

2026-09-01

Copy of Newspaper Publication

2026-09-01 - A2Z Infra Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-31

Appointment

2026-08-31 - A2Z Infra Engineering Limited has informed the Exchange regarding Appointment of Mr. Amit Mittal as Managing Director & CEO of the company w.e.f. January 01, 2027.

2026-08-31

Appointment

2026-08-31 - A2Z Infra Engineering Limited has informed the Exchange regarding Appointment of MRKS & Associates as Other of the company w.e.f. April 01, 2026.

2026-08-14

Copy of Newspaper Publication

2026-08-14 - A2Z Infra Engineering Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-12

Copy of Newspaper Publication

2026-08-12 - A2Z Infra Engineering Limited has informed the Exchange about Copy of Newspaper Publication

News

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