A B Infrabuild Limited (ABINFRA) share price

₹11.34 on NSE as of 2026-09-11. +0.27% on the day. market cap ₹724 Cr. P/E 18.9. 52-week range ₹9.07 to ₹21.97. Construction.

A B Infrabuild FY26: ₹256 Cr Revenue, ₹19.3 Cr Profit, Working Capital in Chains

At a glance

A B Infrabuild posted its seventh consecutive year of growth in FY26, with sales rising to ₹256 crore and net profit to ₹19.3 crore. That's the headline. But inside the numbers sits a puzzle: revenues up 23%, profit up 20%, yet the company's cash position deteriorated sharply. Operating cash flow swung from ₹5.4 crore into negative ₹51.2 crore.

The stock sits at ₹10.13 (prices referenced are not live). At that level, the market values the enterprise at ₹645 crore—a P/E of 33, nearly double its 5-year average of 17.75 (median construction peer). An order book of ₹846.75 crore provides revenue visibility. But working capital intensity of 266 days means cash gets locked in for nine months before it returns. That's both the company's curse and its invisible anchor.

The question isn't whether ABIL grows. It's whether growth can fund itself without draining the balance sheet.

Introduction

A B Infrabuild was incorporated in 2011 and headquartered in Mumbai. Amit Bholanath Mishra is the promoter with two decades of construction sector experience. The company migrated from SME to the main board of NSE and BSE in May 2023, signalling institutional legitimacy.

Over the past three years, the business has scaled from ₹122 crore (FY23) to ₹184 crore (FY24) to ₹256 crore (FY26). Compound growth at 28% annually. At the same time, promoter holding has fallen from 59% to 31%, a loss of 28 percentage points since FY22. More on that later.

The company operates Grade "AA" contractor status with MCGM and Class 1(A) with PWD Maharashtra. Its core work is railways—platform construction, gauge conversion, track formation, rail-over bridges. Roughly 85% of execution happens in Mumbai; roughly 61% of the order book targets railway projects. This is either a superb moat or a catastrophic concentration risk, depending on state policy.

Business model

ABIL bids for contracts in infrastructure—primarily railways, secondarily roads, bridges, dams. The tender model is competitive and win-dependent, not recurring revenue. Margins are tight, execution windows are long, retention money (2–5 years) locks cash, and unbilled revenue sits on the balance sheet until handover.

The railway specialisation is deliberate. Projects are large and sticky. The cost structure is straightforward: raw materials, labour, subcontractors. Overheads are light. The company doesn't have factories, inventory of finished goods, or distribution networks. It has equipment, project teams, and a reputation.

Orders come, work happens, invoices flow (slowly), cash trickles back (slowly). The working capital cycle at 266 days is longer than the average construction firm's patience. That's what happens when 61% of your order book sits with Indian Railways—the gold-standard client but the slowest payer.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for A B Infrabuild Limited.

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