Afcons Infrastructure (AFCONS) Q3 25/26 earnings summary

Executive summary

• Revenue for the 9-month period was INR 9,545 crores, with Q3 revenue at INR 3,025 crores, both showing year-over-year declines; order book stood at INR 31,543 crores as of December 2025.

• EBITDA for 9 months was INR 1,269 crores (13.3% margin), and Q3 EBITDA was INR 424 crores (14% margin), reflecting margin improvement despite lower revenues and a one-time labour code impact.

• Profit after tax for 9 months was INR 339 crores, and for Q3 was INR 97 crores, both impacted by a one-time INR 76.5 crores provision for the new Labour Code.

• Order inflow for 9M FY26 reached INR 2,640 crores, with a book-to-bill ratio of 2.5x and net debt to equity at 0.5x.

• Operational highlights include early completion and record tunneling in the CIDCO water supply project, Chenab Bridge inauguration, and multiple awards for innovation and safety.

Financial highlights

• Q3 revenue was INR 3,025 crores, down 9% year-over-year; 9-month revenue was INR 9,545 crores, down 0.9% year-over-year.

• Q3 EBITDA margin improved to 14.0% from 13.5% last year; 9M EBITDA margin at 13.3%.

• PAT margin for Q3 was 3.2%, down from 4.5% last year; 9M PAT margin at 3.6%.

• EPS for Q3 was INR 2.63, and for 9M was INR 9.23.

• Net worth as of December 2025 was INR 5,387.98 crores.

Outlook and guidance

• Q4 order inflow expected to pick up, with full-year order inflow guidance of INR 20,000 crores and robust pipeline at INR 3.8 trillion.

• Revenue growth target for FY 2026 revised to 5%, with strong execution anticipated in Q4.

• Focus on sustainable, profitable growth, cost management, and expanding overseas footprint.

• Management expects ongoing disputes and claims to be project-specific, not impacting overall outlook.