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).
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
88%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Status and timelines for Vadwan port and DST projects.
Asked by Adita, Invest India
Answered Vadwan port specifics but gave no timeline or details for DST project.
no timeline for DSTrefused to share details on DST
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Question
my first question is on uh two large opportunities... one being Wadwan port, the other one being uh dubet and link... share some details on the status of these two projects and timelines.
Management (unidentified)
Wadwan port we have already submitted the bid. Technical bit is opened yesterday... financial bit could opened towards end of the quarter or beginning of next quarter... DSST project... bit submissions date is still away. We are in active discussion... Beyond that I'm not in a position to say anything.
Answered
High priority
Progress and margin recognition on Mumbai high-speed rail project.
Asked by Adita, Invest India
Provided specific progress percentage and confirmed margin recognition has started.
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Question
my second question is on Mumbai highspeed rail project... how much work has been done and what kind of revenues and margins recorded until now? Has margin recognition started?
Management (unidentified)
We have done about 15% of the project... NATM tunneling of 4.8 kilometers is already completed... profitability is on expected lines. No margin recognition typically we start at 10%... force major acceptance communicated.
Answered
High priority
Quantify L1 position with breakup by road/rail and geography.
Asked by Sherom Kapoor, Jeffy's group
Provided specific numbers and breakup for L1 orders.
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Question
I just want to ask you about your L1. So could you quantify what is your L1 position currently and if you could give the breakup... between the road and the railway job as well as the other L1's like in Maharashtra.
Management (unidentified)
Maharashtra L1 continues to be the four jobs... Nagpur Gundia Expressway package 1 which is 2599 crores... total L1 project of around 23,000 crores... Croatia... first road project is 2406 second is 2144 railway is 6771.
Answered
High priority
Order inflow guidance of 20,000 cr for FY26 still valid?
Asked by Sherom Kapoor, Jeffy's group
Confirmed guidance without hedging.
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Question
just on your order flow guidance are you still sticking to your 20,000 cr guidance for the full year or any changes to that?
Management (unidentified)
100% we are achieving a 20,000 cr cadence.
Answered
Medium priority
Breakup of 3.6 lakh cr prospect pipeline by segment and geography.
Asked by Sherom Kapoor, Jeffy's group
Provided detailed segmental and geographical breakup.
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Question
your prospect pipeline you mentioned is 3.6 trillion. Would you be able to give us a break up of that across segments and between domestic and international?
Management (unidentified)
urban infrastructure project around 1.6 lakh cr... hydro and underground... around 94,000 crores... road business... around 65,000 crores... marine and industrial around 43,000 crores... geographical breakup... 1/4 from overseas, 3/4 domestic.
Answered
High priority
Why growth guidance reduced from 20-25% to 10%?
Asked by Mahesh Bendre, LIC Mutual Fund
Explained specific reasons for guidance reduction.
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Question
the last conference call you mentioned... guided for 20-25% kind of growth now we are talking about 10% kind of growth so what changed?
Management (unidentified)
some of the L1 orders... we were expecting to get converted in first and second quarter... some projects... no visibility with respect to payment... Jalgiban mission... we had to stop... stuck with 450 crores of receivables... we have to take a cautious step.
Answered
High priority
FY27 growth guidance given 10% in FY26?
Asked by Shahan Sha, Dalat Capital
Provided clear guidance of 15% for FY27.
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Question
this year we will be doing a 10%... next year onwards... FI 27 can we look at a kind of a 20% or there also at current stage only 10%?
Management (unidentified)
we would like to maintain our earlier guidance of 15% for the next financial year because this... orders are bunching... If it comes in the current quarter then work will start in the next financial year... our guidance of 15% would remain.
Answered
Medium priority
Clarify if 20,000 cr order inflow excludes Maharashtra L1.
Asked by Shahan Sha, Dalat Capital
Confirmed exclusion.
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Question
when we say 20,000 cr... that obviously would be excluding the L1 that we are so the L1 of Maharashtra... excluding L1 of Maharashtra?
Management (unidentified)
Correct. Correct.
Partial answer
High priority
EBITDA margin guidance for FY26 and FY27?
Asked by Shahan Sha, Dalat Capital
Reiterated 11% sustainable but said full year will be better without giving exact number.
no exact full-year margin numberdeferred to later
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Question
our guidance in terms of ITA margin... will it be a kind of a 13% for this year and next year onwards again we will be having a 11% kind of guidance?
Management (unidentified)
on an annual basis the guidance we are trying to give is 11%... we have done in the range of 13%... we expect the full year number to be better than what we had initially indicated... on a sustainable basis you would like to do... 11% AITA number.
Partial answer
Medium priority
Capex for FY26 and FY27, and balance sheet data points.
Asked by Shahan Sha, Dalat Capital
Provided capex numbers but declined to give specific balance sheet data, referring to presentation.
no exact September balance sheet numbersreferred to presentation
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Question
on the capex front how much for this year we would be booking and a broader level next year would be how much and also the balance sheet data point mobilization advance retention money and unbuild revenue as on September.
Management (unidentified)
on capex this year we have planned close to 1100 cr... some part of it is going to spill over to next year... when we had made our budget for 26... we were looking at somewhere around 700-750 crores kind of capex for 27.
Answered
Medium priority
Incremental bid pipeline additions in H1 by segment and geography.
Asked by Parveves Kazi, Nama Group
Provided segmental and geographical breakdown.
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Question
just wanted to get color on the incremental bid which got added to this bid pipeline... in which segment... and also some color on the geography.
Management (unidentified)
largely the projects got added on the urban infrastructure space... certain projects got added on the hydro and underground... domestic and overseas... ratio was pretty much same... 1/4 and 3/4.
Answered
Medium priority
Capex in Q2 and order book projects without appointed date.
Asked by Parveves Kazi, Nama Group
Provided capex number and confirmed all projects have appointed dates.
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Question
what is the capex that we have done in Q2 and second of our 32,700 cr order book... what is the quantum of audits where we are yet to receive the appointed date?
Management (unidentified)
capex we have done close to around 200 crores up to September... all these projects are under execution. So there is no such project for which we have not got the appointed date.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin for H1 FY26 at 13% | 13% | 11% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.