Afcons Infrastructure Limited — Q3 FY26
Afcons reported Q3 FY26 revenue of ₹3,125 crore, down 9% YoY, impacted by execution delays, slow conversion of L1 orders, and liquidity issues with government clients.
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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.
75%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
Status of L1 projects stuck for long and margin sustainability.
Asked by Adita, Invest
Answered L1 status with specifics for Croatia but vague for Maharashtra; margin answer gave range but no precise guidance.
no specific timeline for Maharashtramargin sustainability explained qualitatively
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Question
Um so my first question is uh on the L1 status of uh our projects. ... My second question is on on margins which uh I mean for last few quarters we've been doing quite well ... what is really leading to that and how sustainable should we consider the current margins to be?
Management (unidentified)
With respect to L1 status ... Croatia railway project is at an advanced stage ... Maharashtra projects ... going for rebid ... we don't expect to bag in the near future. On margins ... 11% EBITDA margin is something which will be there ... sustainable.
Evasive
High priority
Revenue growth outlook for FY27 given subdued order inflow.
Asked by Mohit Kumar, ICS Security
Refused to provide any growth outlook, deferred to after orders are received.
deferred to futureno number given
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Question
My question is in this context how do you think about the growth in FY27?
Management (unidentified)
It's too premature to comment what will be the growth for the next quarter. Once the orders are in place we will come back to you with a specific guidance on the next year.
Answered
Medium priority
Status of Jal Jeevan Mission orders and payments.
Asked by Mohit Kumar, ICS Security
Provided specific numbers on order book and outstanding payments, though future cash flow uncertain.
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Question
Can you please throw some light on on the jelg mission order and how do you things and what are we seeing on the ground now on jgan mission projects
Management (unidentified)
Our major problem is with respect to UP ... balance spending order is roughly around 500 crores ... outstanding from the client 405 crores ... not much traction had taken place in terms of cash flows.
Partial answer
High priority
EBITDA impact of 165 cr arbitration award and status of remaining 115 cr.
Asked by Ash Sha, HDFC Mutual Son
Gave a percentage range but not exact EBITDA impact; deferred on remaining 115 cr arbitration.
exact number not givenrange provided
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Question
Could you tell that whether this 165 cr directly flows to the EBITDA and down or there is a cost element also attached to it so what could the EBITDA impact of this 165 cr?
Management (unidentified)
Not the full amount is having an EBITDA impact. There is a cost element also ... the EBITDA impact could be around say 23 to 24% of 165.
Answered
High priority
Details on Gabon bank guarantee encashment of 911 crores.
Asked by Ash Sha, HDFC Mutual Son
Explained the situation, confirmed encashment, and stated confidence in arbitration recovery.
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Question
There has been encachment of a bond in in Gibbon uh for about 911 crores rupees equivalent amount. So any anything that you could share on this what really has happened what is the impact as far as our numbers are concerned?
Management (unidentified)
On Gabon ... more than 90% of the project had been completed ... bank guarantee encashment has happened. ICC arbitration has already commenced. We are quite confident of winning the award.
Answered
Medium priority
How can company recover 194 cr from Gabon if Meridian filed bankruptcy?
Asked by Shrain Sha, Dollar Capital
Clearly explained that recourse is on Gabonese entity, not Meridian.
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Question
Meridian French has already filed for the bankruptcy. So when we are saying that we are confident to get back this 194 cr ... can you explain how that is possible?
Management (unidentified)
Our recourse is on the Gabanese entity not the Meridian entity ... the project is on a B basis in Gabon and this is for government of Gabon. So once they start tolling from that toll revenue they'll make the payment.
Answered
High priority
Order inflow guidance of 20,000 cr for FY26 and composition of remaining 16,300 cr.
Asked by Shrain Sha, Dollar Capital
Provided specific breakdown of order inflow guidance and clarified composition.
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Question
So when we are saying that we are looking at 20,000 cr order inflow for fi 26 ... can you help me understand ... the balance of 16,000 is is entirely how much would be the fresh new one not the converting of the L1 to LOA Croatia.
Management (unidentified)
Only the Croatia rail project is what we have factored in which is around 6,600 crores rest all are in the new projects which are in the tendering phase ... no other L1 we have taken in account in this 16,300 crores.
Partial answer
Medium priority
Debt numbers and working capital details.
Asked by Shrain Sha, Dollar Capital
Provided debt numbers but did not give working capital breakdown, referred to presentation.
working capital details not provideddeferred to presentation
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Question
If you can share gross debt and net debt and maybe data inventory creditors mobilization retention and bill if you can share would be help to understand how the working capital is moving
Management (unidentified)
Gross debt number is 3,634 crores ... net debt number is 2,779 crores ... broadly the balance sheet parameters are similar to the September number.
Answered
Medium priority
Capex done in 9 months and outlook for FY26 and FY27.
Asked by Shrain Sha, Dollar Capital
Provided specific capex numbers and explained contingency.
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Question
The capex till now 9 month how much we have done and we were looking at 1100 odd k so what's the number for full year and maybe for next year also if you can specify
Management (unidentified)
9 month we have done close to 200 crores ... planned 1100 crores ... TBM related to highspeed rail is around 700 cr ... if approval comes then 1100 cr else 400 cr.
Partial answer
Medium priority
Timeline for Vadwan port award and interest-bearing advances mix.
Asked by Bala Subramanyam, Aryand Capital
Explained status but did not provide expected award date.
no specific timeline given
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Question
Badawan port ... it's opened and it's estimated nearly around 5,900 cr and the award when we can expect sir.
Management (unidentified)
Vadwan port is something which has gone for security clearance for all the bidders. Once security clearance comes bid could be open.
Answered
High priority
Total L1 position and Vadwan port opportunity quantification.
Asked by Bhav Sha, GM Financial
Provided specific L1 number and quantified Vadwan opportunity.
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Question
What would be our total L1 position as of now? ... how big could be the vadan opportunity for us in EPC terms over medium terms
Management (unidentified)
L1 position total is 11,300 crores ... Vadwan estimated EPC values somewhere in the region of around 15,000 crores. And we are bidding for all the packages.
Answered
High priority
Current bid pipeline and NHAI awarding outlook.
Asked by Bhav Sha, GM Financial
Provided specific pipeline number and segment breakdown.
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Question
What would be our current uh bid pipeline? And you could quantify it across uh key verticals.
Management (unidentified)
Current bid pipeline which extend to next two years is close to 3.8 trillion rupees. It is well spread across all segments ... around 35% urban infrastructure, 30% hydro, 20% marine, 15% surface transport.