Afcons Infrastructure Ltd.
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ABOUT
AI Sector View
AI GENERATEDConstruction
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.
PROS
- Company has consistently been profitable over the last 5 years
- Company has a consistent dividend-paying track record
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (109.6% of PBT)
- Recent results are weak - TTM profit is down 71.1% versus prior year
- Promoter holding has decreased over last 2 years: -36.1pp
- Receivables are growing faster than sales - a possible quality concern
- Interest coverage is weak at 1.6x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LT | 3915.00 | 32.47 | 538651.57 | 0.97 | 4988.03 | 15.51 | 67941.74 | 6.69 | 15.98 | 12.00 |
| RVNL | 205.00 | 47.52 | 42742.91 | 0.35 | 159.52 | 18.73 | 4321.23 | 10.55 | 10.81 | 4.41 |
| KPIL | 1435.05 | 21.56 | 24506.71 | 0.77 | 311.53 | 45.85 | 6407.97 | 3.84 | 18.95 | 8.77 |
| IRB | 19.64 | 24.86 | 23721.19 | 1.32 | 3062.70 | 1412.58 | 21372.72 | 918.25 | 7.72 | 53.93 |
| CEMPRO | 1244.10 | 35.53 | 21372.09 | 0.24 | 140.83 | 2.64 | 2720.92 | 7.02 | 33.53 | 10.09 |
| ENGINERSIN | 269.20 | 19.30 | 15130.18 | 1.86 | 157.94 | 141.49 | 819.84 | -5.80 | 30.94 | 20.61 |
| TECHNOE | 972.50 | 26.24 | 11310.13 | 0.72 | 93.33 | -31.44 | 630.34 | 19.84 | 14.86 | 15.79 |
| WELENT | 782.75 | 35.45 | 10834.34 | 0.38 | 56.36 | -44.29 | 773.72 | -8.44 | 16.44 | 19.49 |
| KEC | 406.45 | 19.54 | 10819.70 | 1.35 | 72.62 | -41.72 | 5023.54 | 0.01 | 16.35 | 5.79 |
| IRCON | 113.20 | 20.33 | 10646.64 | 1.68 | 92.03 | -43.92 | 1955.83 | 9.49 | 10.15 | 9.81 |
| AFCONS | 253.95 | 64.55 | 9339.89 | 0.79 | 30.30 | -77.95 | 2671.00 | -20.75 | 12.88 | 9.42 |
| NCC | 141.00 | 12.65 | 8852.64 | 1.56 | 228.90 | 11.85 | 5811.83 | 12.22 | 16.77 | 9.43 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,334 | 3,126 | 3,636 | 3,154 | 2,960 | 3,211 | 3,223 | 3,370 | 2,988 | 2,976 | 2,614 | 2,671 | |
| 3,002 | 2,751 | 3,282 | 2,801 | 2,615 | 2,847 | 2,930 | 2,935 | 2,660 | 2,565 | 2,571 | 2,676 | |
| Operating Profit | 332 | 374 | 355 | 353 | 344 | 364 | 294 | 435 | 329 | 410 | 43 | -5 |
| OPM % | 9.95% | 11.98% | 9.76% | 11.21% | 11.64% | 11.35% | 9.11% | 12.92% | 11.00% | 13.79% | 1.64% | -0.19% |
| 100 | 56 | 173 | 59 | 130 | 121 | 164 | 49 | 113 | -27 | 163 | 56 | |
| Interest | 157 | 129 | 176 | 147 | 164 | 169 | 150 | 162 | 170 | 167 | 175 | 173 |
| Depreciation | 114 | 124 | 146 | 130 | 120 | 117 | 124 | 139 | 122 | 93 | 100 | 84 |
| Profit before Tax | 160 | 178 | 207 | 135 | 191 | 200 | 184 | 183 | 149 | 123 | -69 | 51 |
| Tax % | 34.84% | 38.53% | 29.89% | 32.38% | 28.98% | 25.51% | 39.73% | 25.07% | 29.59% | 21.32% | -28.58% | 40.11% |
| Net Profit | 0 | 0 | 0 | 0 | 135 | 149 | 111 | 137 | 105 | 97 | -89 | 30 |
| 3.06 | 3.22 | 4.25 | 2.69 | 3.97 | 4.05 | 3.02 | 3.74 | 2.85 | 2.63 | -2.41 | 0.82 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,305 | 6,551 | 8,727 | 9,934 | 9,376 | 11,019 | 12,637 | 13,268 | 12,548 | 11,948 | 11,249 | |
| 5,728 | 5,937 | 8,023 | 9,124 | 8,513 | 10,083 | 11,327 | 11,902 | 11,211 | 10,781 | 10,472 | |
| Operating Profit | 577 | 614 | 704 | 810 | 862 | 936 | 1,311 | 1,365 | 1,337 | 1,167 | 777 |
| OPM % | 9.15% | 9.38% | 8.06% | 8.16% | 9.20% | 8.50% | 10.37% | 10.29% | 10.66% | 9.77% | 6.90% |
| 101 | 137 | 149 | 196 | 146 | 251 | 207 | 379 | 493 | 347 | 304 | |
| Interest | 302 | 306 | 285 | 391 | 468 | 425 | 447 | 577 | 629 | 674 | 685 |
| Depreciation | 169 | 201 | 249 | 240 | 250 | 355 | 472 | 495 | 491 | 454 | 399 |
| Profit before Tax | 207 | 244 | 319 | 376 | 290 | 407 | 599 | 673 | 710 | 387 | 254 |
| Tax % | 26.18% | 32.78% | 26.57% | 34.06% | 41.52% | 12.04% | 31.42% | 33.13% | 31.44% | 35.17% | 43.45% |
| Net Profit | 153 | 164 | 234 | 248 | 170 | 358 | 411 | 450 | 487 | 251 | 144 |
| EPS | 4.50 | 4.82 | 6.88 | 7.27 | 4.99 | 10.49 | 12.06 | 13.20 | 13.24 | 6.84 | — |
| Dividend Payout % | 14.00% | 14.51% | 10.49% | 10.26% | 15.09% | 7.07% | 7.01% | 18.94% | 18.89% | 29.25% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 5%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 9%
- 3 Years:
- -15%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -44%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 13%
- 3 Years:
- 10%
- Last Year:
- 5%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 72 | 72 | 72 | 72 | 72 | 72 | 72 | 341 | 368 | 368 | |
| Minority Interest | -0 | -10 | -16 | -13 | -11 | -9 | 2 | 2 | 2 | 1 |
| 1,101 | 1,269 | 1,501 | 1,721 | 1,868 | 2,190 | 2,654 | 3,255 | 4,893 | 5,061 | |
| 2,634 | 2,694 | 3,610 | 4,172 | 3,597 | 3,839 | 3,541 | 4,258 | 4,821 | 5,968 | |
| Trade Payables | 1,487 | 1,843 | 2,496 | 3,361 | 2,976 | 2,697 | 3,508 | 4,326 | 3,541 | 4,043 |
| 1,937 | 2,437 | 2,931 | 4,005 | 4,225 | 4,538 | 4,904 | 4,414 | 3,974 | 4,233 | |
| Total Liabilities | 7,230 | 8,306 | 10,594 | 13,317 | 12,728 | 13,327 | 14,681 | 16,595 | 17,598 | 19,672 |
| 1,632 | 1,601 | 1,691 | 1,938 | 2,003 | 2,318 | 2,498 | 2,784 | 2,738 | 2,499 | |
| Capital Work in Progress | 21 | 22 | 31 | 18 | 146 | 18 | 184 | 43 | 33 | 901 |
| 100 | 3 | 3 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | |
| 559 | 558 | 857 | 1,067 | 938 | 1,270 | 1,586 | 1,627 | 1,010 | 1,017 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,121 | 2,779 | 3,432 | |
| Cash & Bank | 189 | 154 | 343 | 639 | 711 | 526 | 377 | 666 | 771 | 886 |
| 4,730 | 5,968 | 7,670 | 9,656 | 8,930 | 9,194 | 10,036 | 8,354 | 10,266 | 10,938 | |
| Total Assets | 7,230 | 8,306 | 10,594 | 13,317 | 12,728 | 13,327 | 14,681 | 16,595 | 17,598 | 19,672 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 557 | 769 | 878 | 1,172 | 977 | 727 | 1,315 | 707 | -132 | -127 | |
| Cash from Investing | -137 | -70 | -216 | -390 | -278 | -251 | -870 | -859 | -131 | -402 |
| Cash from Financing | -354 | -678 | -353 | -455 | -564 | -521 | -483 | 246 | 290 | 473 |
| 18 | -34 | 191 | 205 | 88 | -161 | -137 | 94 | 26 | -56 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Afcons Infrastructure Limited has informed the Exchange about, Investors Group/Analyst meet Meeting
2026-08-24 - Afcons Infrastructure Limited has informed the Exchange about the receipt of Arbitration Award in favour of the Company.
2026-08-20 - Afcons Infrastructure Limited has informed the Exchange about Credit Rating
2026-08-13 - Afcons Infrastructure Limited has informed the Exchange about Transcript
2026-08-10 - Afcons Infrastructure Limited has informed the Exchange about the Audio recording link of Earning Conference Call on Un-Audited Financial Results for Quarter ended June 30, 2026
2026-08-08 - Afcons Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication w.r.t containing publication of unaudited Financial Result for the Quarter ended June 30, 2026
2026-08-07 - Afcons Infrastructure Limited has informed the Exchange about Investor Presentation on the Unaudited Financial Results for the Quarter ended June 30, 2026
2026-08-07 - Afcons Infrastructure Limited has informed the Exchange regarding a press release dated August 07, 2026, titled " Unaudited Financial Results for the Quarter ended June 30, 2026.".
2026-08-07 - Afcons Infrastructure Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for AFCONS
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Afcons Infrastructure Ltd.
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