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Delayed L1 conversions in Maharashtra
View Risks →Afcons Infrastructure Limited — Q2 FY26
Afcons reported Q2 FY26 revenue of ₹3,101 crore (flat YoY) and EBITDA of ₹401 crore (margin 12.9%, down 10bps YoY).
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Afcons reported Q2 FY26 revenue of ₹3,101 crore (flat YoY) and EBITDA of ₹401 crore (margin 12.9%, down 10bps YoY). PAT fell 22% to ₹105 crore due to a ~₹100 crore exceptional provision. H1 revenue grew 3.4% to ₹6,520 crore, with EBITDA margin improving 30bps to 13%. Management cut FY26 revenue guidance from 20%+ to 10%+ due to delayed L1 conversions (₹23,000 crore pipeline), payment issues in Jal Jeevan Mission (₹450 crore stuck), and slow ordering. Order book stands at ₹32,681 crore. Full-year EBITDA margin is expected to exceed the 11% guidance. Key risk: further delays in Maharashtra L1 awards and TBM consignment clearance could pressure H2 execution.
अफकॉन्स ने दूसरी तिमाही में 3,101 करोड़ रुपये की कमाई की, जो पिछले साल जितनी ही है। कंपनी ने 401 करोड़ रुपये का परिचालन लाभ कमाया, जो कमाई का 12.9% है। मुनाफा 22% घटकर 105 करोड़ रुपये रह गया, क्योंकि कंपनी ने एक बार का 100 करोड़ रुपये का खर्च दिखाया। पहली छमाही में कमाई 3.4% बढ़ी और मुनाफा मार्जिन 13% हो गया। प्रबंधन ने सालाना कमाई वृद्धि का अनुमान 20% से घटाकर 10% कर दिया, क्योंकि नए ऑर्डर मिलने में देरी हो रही है और जल जीवन मिशन के 450 करोड़ रुपये फंसे हैं। कंपनी के पास 32,681 करोड़ रुपये के ऑर्डर हैं। पूरे साल मुनाफा मार्जिन 11% से अधिक रहने की उम्मीद है।
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Order Book
₹32,681 crore
+3.9% YoY
Order book remains strong at ₹32,681 crore as of September 2025, providing 2.5x revenue visibility.
Order Inflow (H1)
₹1,268 crore
-67% YoY
H1 ordering slowed significantly; management expects 20,000 crore full-year inflow, driven by L1 conversions.
L1 Pipeline
₹23,000 crore
N/A
Includes Croatia railway (₹6,771 cr), road projects, and Maharashtra expressways; conversion expected in Q3.
Net Debt
₹2,714 crore
+18% YoY
Net debt increased due to working capital stretch; debt-to-equity remains comfortable at 0.5x.
Fast read
Guidance and risk preview
Management lowered revenue growth guidance from 20%+ to 10%+ due to delayed L1 conversions and payment issues in Jal Jeevan Mission.
Four L1 projects in Maharashtra (total ~₹7,700 crore) face uncertainty due to land acquisition issues; management is engaging with the government b...
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