Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹2,988 Cr
verified against source
Revenue YoY
0.4%
reported change
EBITDA
₹401 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management lowered revenue growth guidance from 20%+ to 10%+ due to delayed L1 conversions and payment issues in Jal Jeevan Mission.
- H1 EBITDA margin of 13% provides cushion; management expects full-year margin to be better than the 11% annual guidance.
- Management reaffirmed achieving ₹20,000 crore order inflow, excluding Maharashtra L1 projects, driven by Croatia and other L1 conversions.
- Capex includes TBM purchases for high-speed rail; some spend may spill into FY27 due to delayed consignments.
Risks flagged
- 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.
- ₹450 crore receivables and ₹600-650 crore unexecuted work stalled due to client payment delays; work has been stopped and demobilized.
- Second consignment of TBMs for high-speed rail project is stuck at port for two months; delay could push execution start to Q1 FY27.
- Net debt rose to ₹2,714 crore due to delayed certifications and payment stretch; interest-bearing advances doubled to 40% of total advances.
Key quotes
- We estimate revenue growth to moderate to 10% plus. We had earlier expressed 20% plus. Now we are reducing our guidance to 10% plus.
- We have demobilized some projects giving notice to the client.
- We are not having any bad project as such in the second half or any less profitable activity to be executed. So we expect our EBITDA margin to be better than what we had indicated at the beginning of the year at 11%.
Research modules