Afcons Infrastructure Limited (AFCONS) share price

₹253.80 on NSE as of 2026-09-11. -2.70% on the day. market cap ₹9,334 Cr. P/E 65.1. 52-week range ₹253.80 to ₹465.70. Construction.

What the company does

AIL, incorporated in 1976 as Asia Foundations and Constructions Limited, is a reputed construction entity and is a part of th e SP Group, which holds majority stake of 50.17% in the company. It operates in diverse segments such as marine works (including construction of jetties and dry docks), offshore oil and gas, bridges and flyovers, road construction, hydro and tunnelling, pipe laying and general civil engineering works. AIL commenced operations as a civil construction firm in 1959 and was initially involved in constructing specialised foundation activities, such as pile foundations, diaphragm walls, geotechnical investigations, drilling and grouting.

Filed by ICRA, page 2.

Afcons Infrastructure Q1 FY27: Revenue ₹2,671 Cr, Order Inflow ₹13,219 Cr, and a ₹43,290 Cr Book

At a glance

Afcons booked ₹13,219 Cr of new orders in a single quarter — more than three times what it booked in the whole of FY26 (₹4,125 Cr) — and reported revenue of ₹2,671 Cr, against ₹3,370 Cr a year earlier. Two numbers moving in opposite directions, both in the same three months, both entirely about the same business: winning work and doing work are separate departments, and this quarter they were not on speaking terms.

Operating profit came in at ₹251 Cr against ₹435 Cr in Q1 FY26. PAT was ₹30.6 Cr versus ₹137 Cr. EPS was ₹0.82. Management attributed the weaker year-on-year performance primarily to lower turnover, noting that project-level margins remained robust but overall volumes could not cover overhead cost.

The quarter also carried a fair amount of non-financial event traffic. The Mumbai–Pune Expressway Missing Link was inaugurated on 1 May 2026, with what the company describes as India's tallest road cable-stayed bridge — a 182-metre pylon and 240 cables, which is a lot of cable for a company that spent the quarter explaining why revenue was down. Both tunnel boring machines on the Mumbai–Ahmedabad High Speed Rail C2 package commenced initial drives on schedule.

On 19 August 2026, Crisil revised its outlook on Afcons' long-term facilities to 'Negative' from 'Stable' while reaffirming the rating at 'Crisil AA-', citing moderation in operating performance and increased working capital intensity.

The order book stood at ₹43,290 Cr as on 30 June 2026.

Introduction

Afcons was incorporated in 1959 as Rodio Hazarat & Co, a partnership between a Swiss foundation-engineering firm and an Indian civil construction house. That is a corporate origin story with a hyphen in it, and the hyphen has been busy ever since. It entered marine construction in 1963, went overseas in 1974 with a jetty and intake structure for a desalination plant in Muscat, and became a company proper in 1976 under the name Asia Foundations and Constructions Private Limited — a name that reads like the world's most literal business plan.

Bridges came in 1979, Africa in 1987 (Ethiopia), roads in 1988. The Afcons name arrived in 1996; full public limited company status in 1997. In 2000 the company was acquired by Sterling Investment Corporation, a Shapoorji Pallonji Group entity, and entered elevated metro the same year. Hydro and rail tunnels followed in 2005, offshore oil and gas in 2009, underground metro tunnelling in 2010, turnkey railways and irrigation in 2016, RRTS in 2020, domestic water supply in 2022. It is a company that has spent seven decades adding verticals the way other people add browser tabs.

Total income crossed INR 10bn in 2007 and INR 100bn in 2020 — thirteen years for the first order of magnitude, which for an EPC contractor counts as brisk. In 2023 it won the C2 tunnel package for the Mumbai–Ahmedabad High Speed Rail corridor, including India's first 7 km undersea rail tunnel. It listed on the NSE and BSE on 4 November 2024, following an IPO that raised ₹1,250 crore in primary issuance.

FY26 and FY27-to-date have been eventful in a way that is easy to list and harder to summarise. In February 2026, a client terminated an EPC contract of about EUR 113.03 million covering 117 km, roughly 93.47% complete as of 31 December 2025. In May 2026, Afcons was selected for the Dugo Selo–Novska railway in Croatia at €677.07 million, its largest international order to date, while two road tenders were cancelled on financial resource limits. June brought a ₹5,301 Cr Vadhvan Port breakwater award. August brought a ₹1,918 Cr desalinated water tunnel project in Mumbai.

Crisil notes that Afcons has limited operating and financial linkages with the Shapoorji Pallonji Group and has historically been managed independently, with group entities accounting for a small portion of revenue and orders.

Business model

Afcons builds the things that are annoying to build. That is the entire strategy, stated in more syllables.

The company runs EPC across five verticals. **Marine & Industrial**: ports, harbour jetties, dry docks, wet basins, breakwaters, outfall and intake structures, LNG tanks, material handling systems. **Surface Transport**: highways, roads, interchanges, mining-related infrastructure, railways. **Urban Infrastructure**: elevated and underground metro, bridges, flyovers, elevated corridors. **Hydro & Underground**: dams, barrages, tunnels, underground works, water and irrigation. **Oil & Gas**: offshore and onshore.

The cumulative delivery list is the kind of thing you read twice: 5,100+ lane km of roads, 235 marine works, 196+ bridges, flyovers and viaducts, 150+ km of elevated and underground metro, 65+ km of underground tunnel by NATM, 8 LNG tanks, 47 general civil engineering and industrial structures, and 60+ overseas projects. Somewhere in there is a person whose job is counting viaducts.

Per the 2025 ENR Top International Contractors rankings, Afcons is the 8th largest international marine and port facilities contractor, 12th in global bridges, 48th in global transportation and 15th in aqueducts. Aqueducts. Fifteenth in the world at aqueducts, a category the Romans opened and nobody has formally closed.

The equipment base is where the model gets physical: as of June 2026, 13 marine barges (200–1,200 tonne), 20 tunnel boring machines, 9 large-capacity jack-ups (200–750 tonne), 141 cranes and 24 jumbo drills, worth ₹43,089.1 mn, with workshops in Delhi and Nagpur. Management defended owning rather than renting, saying it invests only in "strategic equipments" and noting that in Africa rental pricing seeks to realise equipment value in nine months against 48 to 60 months in India. A tunnel boring machine is not a thing one picks up on short notice, and the depreciation follows the digging — this quarter carried lower depreciation because, as management put it, there was hardly any TBM-related tunnelling activity.

Geography: presence or delivered projects across 31 countries in South Asia, Africa, the Middle East and CIS. Ongoing work spans India, Bangladesh, Maldives, Liberia, Mozambique, Tanzania, Ivory Coast, Rwanda, Benin, Uganda and Zimbabwe. The consolidated statement includes 18 branches and 14 joint operations. As of March 2026 there were 12 subsidiaries and 15 JVs.

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

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