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 / Q2-FY26 / risks
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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.