The shares of the Small-cap company, specializing in large-scale, complex EPC (Engineering, Procurement, and Construction) projects both domestically and internationally, are in focus after management gave Revenue Guidance of 25 percent growth in FY26.
With a market capitalization of Rs. 16,487.79 Crores on Tuesday, the shares of Afcons Infrastructure Ltd rose by 0.4 percent after making a high of Rs. 447.95 compared to its previous closing price of Rs. 449.95.
Guidance of Afcons Infrastructure Ltd
According to the company’s recent conference call update, Afcons Infrastructure Ltd’s management is aiming for strong revenue growth of 20-25 percent in FY26, which is higher than their usual long-term CAGR guidance of 15 percent.
Furthermore, the company expects to maintain an EBITDA margin of around 11 percent. They believe that improving margins depends on effective risk management, careful project selection, and strong knowledge management practices.
Afcons Infrastructure Ltd at a Glance
Afcons Infrastructure, the flagship engineering and construction arm of the Shapoorji Pallonji Group, is a leading global EPC company with a strong track record in executing large, complex, and high-value projects. The company has delivered over 5,100 lane kilometers of roads, more than 150 kilometers of elevated and underground metro, 8 LNG tanks, 235 marine works, and 65+ kilometers of tunnels using NATM.
It has also completed 6 major irrigation, water supply, and hydro projects, 195+ bridges, flyovers, and viaducts, 47 general civil and industrial structures, and over 60 overseas projects. Afcons is recognized for its extreme engineering capabilities, standardized processes, and efficient resource management, maintaining a strategic equipment base.
Internationally, it ranks among the top Indian and global contractors: top 3 in international marine and port facilities, 14th in global bridges, 12th in global transportation, and 45th in aqueducts, as per ENR 2024 rankings. The company is included in the MSCI India and Domestic Small Cap Index and holds strong credit ratings (AA-/Stable, A1+), reflecting its leadership and reliability in the infrastructure sector.
Financials & Others
The company’s revenue declined by 11 percent from Rs. 3,809.49 crore to Rs. 3,387.45 crore in Q4FY24-25. Meanwhile, the Net profit declined from Rs. 144.89 crore to Rs. 110.93 crore during the same period.
For Q4FY25, the company maintained a low net debt-to-equity ratio of 0.3x and reported a healthy ROE of 11 percent and ROCE of 17.3 percent. Order inflow for the year stood at Rs. 15,960 crore (excluding ₹10,662 crore of L1 orders), with a robust order book of Rs. 36,869 crore as of March 2025.
Total income for FY25 was Rs. 13,023 crore, and EBITDA reached Rs. 1,662 crore, while PAT for the year was Rs. 487 crore. The company also reported a strong book-to-bill ratio of 2.9x, reflecting a solid pipeline of future projects.
As of March 2025, the company’s order book stands at Rs. 36,869 crore, diversified across several sectors. Urban Infra – Underground & Elevated Metro accounts for 33% (₹12,167 crore), Urban Infra – Bridges & Elevated Corridor makes up 22% ( ₹8,111 crore), Hydro & Underground projects contribute 24% ( ₹8,849 crore), Marine & Industrial projects represent 12% ( ₹4,424 crore), Surface Transport is 5% ( ₹1,843 crore), and Oil & Gas makes up 4% ( ₹1,475 crore).
Written by Sridhar J
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