AFCONS
Small CapAfcons Infrastructure Limited
Infra
Afcons Infrastructure, flagship of Shapoorji Pallonji Group, is a global EPC company. It specializes in complex infrastructure projects across marine, surface transport, urban infrastructure, hydro & underground, and oil & gas. Ranked among ENR Top International Contractors, it leverages extreme engineering capabilities for high-value projects.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is a red flag, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -19% YoY · PAT -180% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,614 Cr | -18.9% | -12.2% |
| EBITDA | ₹43 Cr | -85.4% | -89.5% |
| Operating margin | 2.0% | -700 bps | -1200 bps |
| PAT | ₹-89 Cr | -180.2% | -191.8% |
| PAT margin | -3.4% | -684 bps | -666 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Afcons reported Q4 FY26 PAT of -₹89 Cr, a sharp decline from ₹111 Cr YoY and ₹97 Cr QoQ. FY26 PAT was ₹251 Cr, down 48.5% YoY. Total Income for Q4 FY26 was ₹2,777 Cr (-18% YoY, -8.2% QoQ). FY26 Order Inflow was ₹4,125 Cr, with an Order Book of ₹32,496 Cr as of Mar’26.
Q4 FY26 results show significant deterioration with negative PAT and sharp declines in Total Income and EBITDA both YoY and QoQ. While FY26 PAT is positive, it nearly halved YoY. Order inflow for FY26 is modest relative to the large order book, raising concerns about execution pace and future revenue conversion.
Order Book by Segment (Mar’26)
Latest issuer-disclosed distribution across 6 reported categories.
Extreme Engineering Capabilities
Track record in executing large, complex, high-value projects, including world's tallest single-arch railway bridge and India's first undersea rail tunnel.
Diverse & High-Quality Order Book
Order book of ₹32,496 Cr as of Mar’26, spread across major infrastructure segments and geographies, providing revenue visibility.
Strategic Equipment Base
Indigenous strategic equipment fleet worth ₹42,825.5 mn, including 20 TBMs and 9 large-capacity jack-ups, providing a technological edge.
Market Expansion
Strategy to maximize opportunities in existing markets and expand footprint in overseas markets.
Project Execution
Risks include unknown site conditions, operational challenges, construction methods, design issues, and site access/logistics.
Subcontractor Management
Potential challenges related to subcontractor performance and management.
Cost Overruns
Monitoring and reporting system tracks budget monthly/quarterly for cost overruns, indicating this as a managed risk.
Contractual Disputes
Robust contracts management system and engagement with clients to resolve claims, suggesting dispute resolution is a key activity.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is vital for assessing sequential momentum in project execution, utilization, and margin trends. YoY comparison provides a broader view of annual performance and accounts for any seasonality in the infrastructure sector.
Order Inflow
₹4,125 Cr for FY26.
Order Book
₹32,496 Cr as of Mar’26.
Book to Bill
2.6x for FY26.
Total Income
Q4 FY26: ₹2,777 Cr (-18.0% YoY, -8.2% QoQ); FY26: ₹12,322 Cr (-5.4% YoY).
Sustainable Profitable Growth
Aims to grow business in a sustainable profitable manner.
Order Book Management
Maintaining an order book that matches its execution capacity.
Operational Efficiency
Rationalizing costs, improving execution efficiencies, and consistently developing capabilities and capacity for project delivery.
Project Selection
Selectively pursue large value and complex projects.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | ₹4,125 Cr (FY26) | Monitor new order wins to ensure replenishment of the order book and future revenue visibility. |
| EBITDA Margin | 6.1% (Q4 FY26) | Watch for stabilization and improvement in margins, which have seen significant declines both YoY and QoQ. |
| Working Capital | Trade Receivables ₹4,038 Cr, Contract Assets ₹7,731 Cr (FY26) | Monitor trends in receivables and contract assets to ensure efficient working capital management and cash conversion. |
| Quarterly Profitability | -₹89 Cr (Q4 FY26) | Observe if the company can return to consistent profitability on a quarterly basis, reversing the Q4 loss. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -5.8% / mo
Technical chart
AFCONSdaily · 5Y-24.3%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 47.
- SMA20 falling (~4.4% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 9/25 to the score.
- Cash flow contributes 3/10 to the score.
- Balance sheet contributes 2/15 to the score.
Main drags
- Promoter pledge is 60.1%.
- Fair-value margin of safety is negative at -2.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 3rd percentile within Infra. Main check: results consistency is weak at 27/100.
Low Trust Lite: 4 years of positive FCF. Key concern: Promoters have pledged 60.1% of holding.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Infra: 3rd pctile, median 65 · Small: 2nd pctile, median 65
37 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸4 years of positive FCF.
Trust risks
- ▸Promoters have pledged 60.1% of holding.
- ▸Operating cash flow is negative at ₹-127 Cr.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Interest coverage is 1.8x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 39.90
- P/B
- 2.11
- EV/EBITDA
- 9.06
- Market Cap
- 11504.00Cr
Profitability
- ROE
- 5.38%
- ROCE
- 13.60%
- ROA
- 1.31%
- Dividend Y
- 0.80%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -12.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 1.81×
- Altman Z
- 1.81
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -127.00 Cr
- EPS TTM
- 6.84
Shareholding
- Promoter Hold
- 50.17%
- Promoter Pledge
- 60.10%
- Momentum 52W
- 22%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.