Delayed conversion of L1 orders
Large L1 orders (₹11,300 crore) including Croatia and Maharashtra projects face delays; Maharashtra projects may be rebid, risking order inflow targets.
AFCONS / Q3-FY26 / risks
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Material risks this quarter
high
TBM clearance for bullet train project
Second consignment of TBM from China is awaiting clearance, impacting project timelines and capex plans.
Gabon bank guarantee encashment
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.
Aggressive competition in metro bids
Management noted rising competitive intensity in metros with aggressive bidding, which could pressure margins on new orders.