Afcons Infrastructure (AFCONS) Q2 26/27 earnings summary

Executive summary

• H1 FY27 total income was ₹5,633 crore, adjusted EBITDA ₹578 crore and PAT ₹71 crore; order book was ₹43,837 crore, excluding L1 orders.

• H1 order inflow was ₹15,968 crore, with book-to-bill of 3.95x; FY27 order-inflow guidance remains ₹30,000 crore.

• H2 execution is expected to exceed H1; FY28 revenue growth outlook is 20%-25% versus FY26.

Financial highlights

• Q2 FY27 revenue from operations was ₹2,635.25 crore and total income ₹2,906 crore; H1 figures were ₹5,306.25 crore and ₹5,633 crore, respectively.

• Q2 adjusted EBITDA was ₹316 crore at 10.9% margin versus ₹401 crore and 12.9% YoY; H1 adjusted EBITDA was ₹578 crore at 10.3%.

• Consolidated PBT was ₹82.38 crore in Q2 and ₹132.97 crore in H1; attributable profit was ₹41.25 crore and ₹71.85 crore, respectively.

• Lower turnover reduced fixed-cost absorption; energy, transport, logistics, finance and provisioning costs increased, while project margins remained robust.

Outlook and guidance

• FY27 order-inflow guidance remains ₹30,000 crore; intake was ₹19,437 crore as of the call, excluding ₹4,200 crore of European L1 projects expected to convert in FY28.

• FY27 identified pipeline was ₹80,602 crore, with 63% domestic and 37% overseas opportunities; management expects to meet order guidance.

• H2 execution is expected to exceed H1; FY28 revenue growth outlook is 20%-25% versus FY26, while FY27 growth guidance remains on hold amid uncertainty.

• FY27/FY28 CapEx plans are ₹700 crore/₹650 crore; FY27 gross debt target is ₹3,500 crore and net debt target ₹2,750-2,800 crore.