AFCONS / Q3-FY26 / claim-ledger

Audit the questions that mattered.

Afcons Infrastructure · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

Answered directly

75%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Adita · Invest

partial

Status of L1 projects stuck for long and margin sustainability.

With respect to L1 status ... Croatia railway project is at an advanced stage ... Maharashtra projects ... going for rebid ... we don't expect to bag in the near future. On margins ... 11% EBITDA margin is something which will be there ... sustainable.

Mohit Kumar · ICS Security

evasive

Revenue growth outlook for FY27 given subdued order inflow.

It's too premature to comment what will be the growth for the next quarter. Once the orders are in place we will come back to you with a specific guidance on the next year.

Mohit Kumar · ICS Security

direct

Status of Jal Jeevan Mission orders and payments.

Our major problem is with respect to UP ... balance spending order is roughly around 500 crores ... outstanding from the client 405 crores ... not much traction had taken place in terms of cash flows.

Ash Sha · HDFC Mutual Son

partial

EBITDA impact of 165 cr arbitration award and status of remaining 115 cr.

Not the full amount is having an EBITDA impact. There is a cost element also ... the EBITDA impact could be around say 23 to 24% of 165.

Ash Sha · HDFC Mutual Son

direct

Details on Gabon bank guarantee encashment of 911 crores.

On Gabon ... more than 90% of the project had been completed ... bank guarantee encashment has happened. ICC arbitration has already commenced. We are quite confident of winning the award.

Shrain Sha · Dollar Capital

direct

How can company recover 194 cr from Gabon if Meridian filed bankruptcy?

Our recourse is on the Gabanese entity not the Meridian entity ... the project is on a B basis in Gabon and this is for government of Gabon. So once they start tolling from that toll revenue they'll make the payment.

Shrain Sha · Dollar Capital

direct

Order inflow guidance of 20,000 cr for FY26 and composition of remaining 16,300 cr.

Only the Croatia rail project is what we have factored in which is around 6,600 crores rest all are in the new projects which are in the tendering phase ... no other L1 we have taken in account in this 16,300 crores.

Shrain Sha · Dollar Capital

partial

Debt numbers and working capital details.

Gross debt number is 3,634 crores ... net debt number is 2,779 crores ... broadly the balance sheet parameters are similar to the September number.

Shrain Sha · Dollar Capital

direct

Capex done in 9 months and outlook for FY26 and FY27.

9 month we have done close to 200 crores ... planned 1100 crores ... TBM related to highspeed rail is around 700 cr ... if approval comes then 1100 cr else 400 cr.

Bala Subramanyam · Aryand Capital

partial

Timeline for Vadwan port award and interest-bearing advances mix.

Vadwan port is something which has gone for security clearance for all the bidders. Once security clearance comes bid could be open.

Bhav Sha · GM Financial

direct

Total L1 position and Vadwan port opportunity quantification.

L1 position total is 11,300 crores ... Vadwan estimated EPC values somewhere in the region of around 15,000 crores. And we are bidding for all the packages.

Bhav Sha · GM Financial

direct

Current bid pipeline and NHAI awarding outlook.

Current bid pipeline which extend to next two years is close to 3.8 trillion rupees. It is well spread across all segments ... around 35% urban infrastructure, 30% hydro, 20% marine, 15% surface transport.