Afcons Infrastructure Management Guidance Tracker
8 forward-looking guidance items tracked across 2 quarters.
Revenue
Management lowered revenue growth guidance from 20%+ to 10%+ due to delayed L1 conversions and payment issues in Jal Jeevan Mission.
Q3 FY26Revenue growth of 5% for FY26ActiveWhile 10% growth is still being worked on, 5% growth is definitely achievable, implying a strong Q4 execution ramp-up.
Margins
H1 EBITDA margin of 13% provides cushion; management expects full-year margin to be better than the 11% annual guidance.
Q3 FY26EBITDA margin guidance of 11%+ for FY26Active9M EBITDA margin at 13.3% and Q3 at 14%; full-year margin expected to be better than the usual 11% guidance, barring unforeseen events.
Growth
Management reaffirmed achieving ₹20,000 crore order inflow, excluding Maharashtra L1 projects, driven by Croatia and other L1 conversions.
Q3 FY26Full-year order inflow target of ₹20,000 croreActiveManagement confident of achieving ₹20,000 crore order inflow for FY26, with ~₹16,300 crore expected in Q4, including the Croatia rail project.
Capex
Capex includes TBM purchases for high-speed rail; some spend may spill into FY27 due to delayed consignments.
Q3 FY26Capex of ₹1,100 crore for FY26 contingent on TBM clearanceActiveCapex includes ₹700 crore for TBM for the bullet train project; if clearance is delayed, capex will be ~₹400 crore.