FY26 revenue growth revised to 10%+
Management lowered revenue growth guidance from 20%+ to 10%+ due to delayed L1 conversions and payment issues in Jal Jeevan Mission.
AFCONS / guidance tracker
Keep management guidance in view.
Afcons Infrastructure · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
revenue
Full-year EBITDA margin to exceed 11%
H1 EBITDA margin of 13% provides cushion; management expects full-year margin to be better than the 11% annual guidance.
Order inflow target of ₹20,000 crore for FY26
Management reaffirmed achieving ₹20,000 crore order inflow, excluding Maharashtra L1 projects, driven by Croatia and other L1 conversions.
Capex of ~₹1,100 crore for FY26
Capex includes TBM purchases for high-speed rail; some spend may spill into FY27 due to delayed consignments.
Full-year order inflow target of ₹20,000 crore
Management confident of achieving ₹20,000 crore order inflow for FY26, with ~₹16,300 crore expected in Q4, including the Croatia rail project.
Revenue growth of 5% for FY26
While 10% growth is still being worked on, 5% growth is definitely achievable, implying a strong Q4 execution ramp-up.
EBITDA margin guidance of 11%+ for FY26
9M EBITDA margin at 13.3% and Q3 at 14%; full-year margin expected to be better than the usual 11% guidance, barring unforeseen events.
Capex of ₹1,100 crore for FY26 contingent on TBM clearance
Capex includes ₹700 crore for TBM for the bullet train project; if clearance is delayed, capex will be ~₹400 crore.