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Revenue
₹2,976 Cr
verified against source
Revenue YoY
-9%
reported change
EBITDA
₹424 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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. EBITDA margin improved 50 bps YoY to 14%, aided by project savings and arbitration awards, though PAT fell 35% to ₹97 crore due to a ₹76.5 crore labor code provision. Order inflow was ₹3,700 crore YTD, with a pending order book of ₹32,635 crore. Management maintained its full-year order inflow guidance of ₹20,000 crore, expecting large awards in Q4 including a Croatia rail project (₹6,600 crore). Revenue growth guidance was revised to 5% from 10%, with Q4 execution needing a sharp pickup. Risks include delayed TBM clearance for the bullet train project, aggressive bidding in metros, and stuck payments in UP Jal Jeevan Mission.
Colored figures show movement against the previous available record.
Guidance to track
- Management confident of achieving ₹20,000 crore order inflow for FY26, with ~₹16,300 crore expected in Q4, including the Croatia rail project.
- While 10% growth is still being worked on, 5% growth is definitely achievable, implying a strong Q4 execution ramp-up.
- 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 includes ₹700 crore for TBM for the bullet train project; if clearance is delayed, capex will be ~₹400 crore.
Risks flagged
- Large L1 orders (₹11,300 crore) including Croatia and Maharashtra projects face delays; Maharashtra projects may be rebid, risking order inflow targets.
- Second consignment of TBM from China is awaiting clearance, impacting project timelines and capex plans.
- 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.
- Management noted rising competitive intensity in metros with aggressive bidding, which could pressure margins on new orders.
Key quotes
- We are hopeful of achieving our full-year order inflow guidance of 20,000 crores.
- While we are still working to achieve our 10% growth as guided in the last call, a 5% growth looks definitely achievable.
- We are quite confident of winning the job winning the award in the ICC arbitration and we don't expect any impact as far as this job is concerned.
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