Afcons Infrastructure Ltd.

NSE: AFCONS · Civil Construction

52W Range₹266 ₹479

Snapshot

Unlock Afcons Infrastructure Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Afcons Infrastructure Limited is a diversified engineering and construction company specialising in complex infrastructure projects including marine works, highways, bridges, and metro systems. The company operates both domestically in India and internationally, delivering large-scale civil engineering solutions for the oil and gas, transport, and water sectors.

Business Model

The company generates revenue primarily through the execution of large-scale engineering, procurement, and construction (EPC) contracts for government and private sector clients. It leverages its technical expertise in specialised civil engineering to secure high-value infrastructure projects across diverse sectors.

  • Founded:1959

Growth Outlook

Growth is driven by the increasing demand for infrastructure development in India and international markets, particularly in urban transport, marine infrastructure, and energy-related construction. The company continues to focus on complex, high-barrier-to-entry projects to maintain its competitive position.

Key Risks

  • Project Execution Risk. Delays in project completion due to technical complexities, land acquisition issues, or regulatory hurdles can adversely impact profitability.
  • Concentration Risk. Heavy reliance on government-funded infrastructure projects makes the company vulnerable to changes in public spending priorities and policy shifts.
  • Input Cost Volatility. Fluctuations in the prices of raw materials like steel, cement, and fuel can significantly affect project margins if not adequately hedged.
  • Geopolitical Risk. Operating in international markets exposes the company to risks associated with foreign regulatory environments, currency fluctuations, and political instability.

Price

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Key Metrics

P/E

24.5x

Q4 FY26 · consolidated

24.5 vs 20.9x5Y avg

EV/EBITDA

7.9x

Q4 FY26 · consolidated

7.9 vs 7.2x5Y avg

NET PROFIT MARGIN

3.4%

Q4 FY26 · consolidated

+0.0 ppYoY

DEBT TO EQUITY

0.7%

Q4 FY26 · consolidated

+0.2 ppYoY

Peers · Civil Construction

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Afcons Infrastructure Ltd.AFCONS
10,20224.527.9014.5%8.1%13.5%-32.0%
IRCON International Ltd.IRCON
11,22020.6013.15-15.7%13.2%9.2%8.1%-31.8%
Engineers India Ltd.ENGINERSIN
10,55218.8314.5127.2%22.7%24.8%30.1%-6.1%
Cemindia ProjectCEMPRO
9,19346.0623.5910.0%11.8%30.3%47.0%
RITES Ltd.RITES
9,10725.7215.048.9%27.5%17.1%19.8%-21.3%
NCC Ltd.NCC
8,59811.155.74-5.7%9.5%12.0%23.6%-38.4%

As of Q4 FY26

Financials