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Afcons Infrastructure (AFCONS) investor relations material
Afcons Infrastructure Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary13 Nov, 2025
Executive summary
H1 FY26 revenue reached ₹6,520 Cr, up 3.4% year-over-year, with EBITDA at ₹846 Cr (13% margin) and PAT at ₹242 Cr, up 6.8% year-over-year; Q2 FY26 revenue was ₹3,101 Cr, EBITDA ₹401 Cr, and PAT ₹105 Cr.
Achieved highest ever order book of ₹32,681 Cr as of September 2025, with 60+ overseas projects and presence in 30 countries.
Board strengthened with new members from the promoter group and an independent director; company listed on NSE and BSE in 2024.
Major project milestones include the inauguration of the Chenab Bridge and winning India’s first undersea rail tunnel for the Mumbai-Ahmedabad High Speed Rail.
Focus on disciplined execution, prudent financial management, and sustainable growth.
Financial highlights
H1 FY26 EBITDA: ₹846 Cr (13.0% margin), PAT: ₹242 Cr (3.7% margin), and EPS: 6.59; Q2 FY26 EBITDA: ₹401 Cr (12.9% margin), PAT: ₹105 Cr (3.4% margin), EPS: 2.85.
Net debt to equity at 0.5x; book-to-bill ratio at 2.5x for H1 FY26; net worth as of September 2025: ₹5,282.89 Cr.
Net cash from operating activities for H1 FY26: -₹669 Cr, reflecting working capital changes.
IPO proceeds of ₹1,250 Cr fully utilized by September 2025 for capex, working capital, debt repayment, and general corporate purposes.
Sizable provisioning of ₹100 Cr made for a specific project in the quarter.
Outlook and guidance
FY26 revenue growth revised to 10%+ due to delayed order conversions and payment issues; EBITDA margin for FY26 expected to exceed initial 11% guidance, with H1 at 13%.
FY27 revenue growth guidance maintained at 15%, anticipating order inflow bunching in H2 FY26.
Order inflow guidance of ₹20,000 Cr for FY26 reaffirmed, excluding Maharashtra L1 projects.
Management expects a robust uptick in order book in H2 FY26, supported by a healthy pipeline and government capex plans.
Strategic emphasis on large, complex projects and expanding overseas footprint.
Quantify revenue impact from client payment delays
Maharashtra L1 orders: What is the timeline?
Working capital and debt outlook for H2 FY26
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Next Afcons Infrastructure earnings date
Q3 25/2612 Feb, 2026
Next Afcons Infrastructure earnings date
Q3 25/2612 Feb, 2026
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