Delayed L1 conversions in Maharashtra
Four L1 projects in Maharashtra (total ~₹7,700 crore) face uncertainty due to land acquisition issues; management is engaging with the government but outcome is unclear.
AFCONS / bear-case history
Track the concerns that keep returning.
Afcons Infrastructure · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Jal Jeevan Mission payment stuck
₹450 crore receivables and ₹600-650 crore unexecuted work stalled due to client payment delays; work has been stopped and demobilized.
TBM consignment delay from China
Second consignment of TBMs for high-speed rail project is stuck at port for two months; delay could push execution start to Q1 FY27.
Working capital and debt increase
Net debt rose to ₹2,714 crore due to delayed certifications and payment stretch; interest-bearing advances doubled to 40% of total advances.
Delayed conversion of L1 orders
Large L1 orders (₹11,300 crore) including Croatia and Maharashtra projects face delays; Maharashtra projects may be rebid, risking order inflow targets.
TBM clearance for bullet train project
Second consignment of TBM from China is awaiting clearance, impacting project timelines and capex plans.
Gabon bank guarantee encashment
A ₹191 crore bank guarantee was encashed by the client; recovery depends on ICC arbitration, with no immediate impact on P&L but debt increased.
Aggressive competition in metro bids
Management noted rising competitive intensity in metros with aggressive bidding, which could pressure margins on new orders.