Afcons Infrastructure (AFCONS) Q4 24/25 earnings summary

Executive summary

• FY25 total income was ₹13,023 crore, down 4.6% year-over-year, with Q4 FY25 income at ₹3,387 crore, down 11.1% from Q4 FY24.

• EBITDA for FY25 rose 5% to ₹1,662 crore, with margin improving to 12.8% from 11.6% in FY24.

• PAT for FY25 increased 8.2% to ₹487 crore, with PAT margin at 3.7% versus 3.3% in FY24.

• The order book reached ₹36,869 crore as of March 2025, with a book-to-bill ratio of 2.9x and strong order inflow of ₹15,960 crore.

• Completed major projects including Ghana Railway, Kolkata Metro under-river tunnel, Tirupati Smart City, Zanzibar water supply, and Nagpur Metro four-level viaduct.

Financial highlights

• Q4 EBITDA was ₹415 crore (12.2%), down from ₹482 crore (12.7%) in Q4 FY24; full-year EBITDA was ₹1,662 crore, up 5% year-over-year.

• Q4 PAT was ₹111 crore, down from ₹145 crore in Q4 FY24; full-year PAT was ₹487 crore, up 8.2% year-over-year.

• Net debt reduced to ₹1,465 crore in FY25 from ₹1,789 crore in FY24; net debt/EBITDA improved to 0.88x.

• Return on equity (ROE) for FY25 was 10.99%; return on capital employed (ROCE) was 17.28%.

• Book-to-bill ratio: 2.9x in FY25 (up from 2.3x in FY24).

Outlook and guidance

• Targeting 20%-25% top-line growth for FY26, with new order bookings of ₹20,000-25,000 crore, excluding ₹10,500 crore of L1 orders.

• Aims to maintain EBITDA margin at 11%+ for FY26.

• Medium-term CAGR guidance remains at 15%.

• Focus on sustainable, profitable growth by maintaining a robust order book aligned with execution capacity and selective pursuit of large, complex projects in India and overseas.

• Strong order book of ₹36,869 crore as of March 31, 2025, about 2.9x turnover, with robust pipeline in domestic and international markets.