SYNOPSIS: One of India’s large international infrastructure players reported Q3 FY26 revenue of Rs. 2,976 crore and profit of Rs. 97 crore, impacted by execution delays and labour code costs, while maintaining a robust Rs. 31,543 crore order book.
Shares of one of India’s large international infrastructure players and the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group tumbled nearly 5 percent on Wednesday, after reporting muted Q3 FY26 results with a decline in net profit by 8 percent QoQ and 35 percent YoY.
With a market cap of Rs. 12,470 crores, shares of Afcons Infrastructure Limited were trading in the red at Rs. 339.05 on BSE, down by around 2 percent, compared to its previous closing price of Rs. 345.45. The stock has delivered negative returns of around 25 percent in the last one year, and has fallen by nearly 5 percent in one month.
Financial Performance Q3 FY26
Afcons Infrastructure Limited announced the financial results for the third quarter of FY26 on Tuesday after market hours, as per the latest regulatory filings with the stock exchanges.
For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 2,976 crores, reflecting a sequential decline of around 0.4 percent QoQ compared to Rs. 2,988 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue decreased by more than 7 percent from Rs. 3,211 crores recorded in Q3 FY25.
The management indicated that the topline was impacted by a combination of factors, including client-related execution delays, slower payment cycles, and deferred conversion of L1 orders.
Meanwhile, the net profit stood at Rs. 97 crore, indicating a decline of about 8 percent QoQ from Rs. 105 crores in Q2 FY26, while on a year-on-year basis, the profit was down by nearly 35 percent from Rs. 149 crores reported in Q3 FY25. Profitability was primarily affected by the one-time financial impact arising from the implementation of the new labour code.
On the operating front, for 9M FY26, EBITDA (excluding the one-time labour code impact of Rs. 76.5 crore) stood at Rs. 1,269 crore, registering a 1.8 percent YoY growth, while the corresponding EBITDA margin improved to 13.3 percent, up 35 bps YoY. In Q3 FY26, EBITDA came in at Rs. 424 crore compared to Rs. 448 crore in Q3 FY25, while EBITDA margin improved to 14 percent, reflecting an expansion of 50 bps YoY.
During the same period, the company’s debt-to-equity ratio surged to 0.66, with a current ratio of 1.37. Net profit margin stood at 3.26 percent, while the operating margin was reported at 12.56 percent.
Order Book
As of December 2025, the company’s total order book stood at Rs. 31,543 crore, representing a decline of more than 3 percent QoQ from Rs. 32,681 crores in September 2025 and around 17 percent YoY from Rs. 38,021 crores recorded in December 2024.
Urban Infrastructure – Underground & Elevated Metro accounts for the largest share at 30 percent, followed by Hydro & Underground projects contributing 25 percent. Urban Infra – Bridges & Elevated Corridors at 22 percent, while Marine & Industrial projects make up 16 percent. Surface Transport represents 5 percent of the order book, and Oil & Gas accounts for the remaining 2 percent.
Afcons Infrastructure Limited is engaged in the business of marine works, highways, bridges, metro works, power houses, tunnels, oil and gas, LNG tanks and other general civil engineering projects both in India and Africa and Mideast countries.
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