Announcement
Announcement Under Regulation 30 (LODR) 15 Oct - Commissioner (Appeals) upheld Rs 38.82 crore GST demand, interest and penalty; company will appeal to GSTAT.
Source: Bse
Afcons Infrastructure Limited (AFCONS)
Small CapInfra stocks · Small cap · NSE
Afcons Infrastructure, flagship of Shapoorji Pallonji Group, is a global EPC company. It specializes in complex infrastructure projects across marine, surface transport, urban infrastructure, hydro & underground, and oil & gas. Ranked among ENR Top International Contractors, it leverages extreme engineering capabilities for high-value projects.
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:15 am ISTDetails
Quote21 Oct, 09:15 am IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:38 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
30Bearishfull bear SMA stack · SMA20 -11.0% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
AFCONSD candles · FIT view-26.9%TODAY · PROVISIONALLatest price ₹243.95 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
-0.2%
RSI
39
MACD hist
1.26
52W pos
8%
2026-10-21O ₹244.40H ₹244.40L ₹243.95C ₹243.95Vol 2,112 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AFCONSNifty InfraNifty 500
- AFCONS
- -17.2%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -11.6 pp
Chart stats
19 Oct 2026- From 52W high
- -48.9%
- 52W range position
- 8%
- ATR (14)
- 3.3%
- Volume vs 20D
- 0.61x
- Avg traded value
- ₹12.3 Cr
- 20D price channel
- ₹238 - ₹262.9
₹479.4
₹225.4 - ₹479.4
₹8.2
Latest completed session
20-session average
20.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED18
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -20.7% · PAT -78.1% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-123.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence37
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -21% YoY · PAT -78% YoY · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,671 Cr | -20.7% | +2.2% |
| EBITDA | ₹251 Cr | -42.3% | +483.7% |
| Operating margin | 9.0% | -400 bps | +740 bps |
| PAT | ₹30 Cr | -78.1% | NDF |
| PAT margin | 1.1% | -295 bps | +452 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 44.00
- P/B
- 1.66
- EV/EBITDA
- 8.83
- Market Cap
- 9015.00Cr
Profitability
- ROE
- 5.61%
- ROCE
- 13.90%
- ROA
- 0.75%
- Dividend Y
- 0.83%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -11.00%
Balance Sheet
- Debt/Equity
- 0.67
- Interest Coverage
- 1.51×
- Altman Z
- 1.64
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -127.00 Cr
- EPS TTM
- 3.94
Shareholding
- Promoter Hold
- 50.17%
- Promoter Pledge
- 100.00%
- Momentum 52W
- 9%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 11.9k-4.8% vs prev
Net Profit
₹ CrLatest: 251-48.5% vs prev
Return on Equity
%Latest: 4.6-50.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~12.2% over last month) — short-term momentum negative.
- RSI(14) at 39 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 47% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
3
RS percentile
Stage 4 Downtrend
1M return
-6.9%
3M return
-17.2%
6M return
-25.6%
1Y return
-45.4%
RS 1D
+1
RS 20D
-1
Sector rank
#14
Industry rank
#22
Stage evidence
- Price is 16.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.8%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 57.63+1.35%
RS vs Nifty 50058
Valuation & peers
U-Score 18 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 18 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth10/25
Quality0/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
18
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
18/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 10/25 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 1/30 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Promoter pledge is 100.0%.
- Fair-value margin of safety is negative at -123.4%.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
44.0
PB
1.7
EV/EBITDA
8.8
ROE
5.6%
ROCE
13.9%
FCF Yield
—
Debt/Equity
0.7
MoS
-123.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
18
Previous: 18
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-123.4%
Previous: -124.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
18
18
18
18
18
18
18
18
18
18
18
18
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹114.54
-113.0% MoS
Growth-justified P/E
27.7
Growth-justified Value
₹109.22
-123.4% MoS
PEG
3.67
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IRCON
Small
Ircon International Limited
Construction & Engineering
match 97
17
19.2
8.2%
-33%
OVERVALUED
RITES
Large
RITES Limited
Construction & Engineering
match 93
41
23.1
15.4%
-245%
WATCHLIST
POWERMECH
Micro
Power Mech Projects Limited
Construction & Engineering
match 92
55
19.8
15.4%
+18%
FAIR VALUE
TARACHAND
Small
Tara Chand InfraLogistic Solutions Limited
Construction & Engineering
match 89
61
16.9
19.4%
+44%
UNDERVALUED
PNCINFRA
Micro
PNC Infratech Limited
Construction & Engineering
match 88
45
6.1
2.4%
-110%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-04T08:37:45.907Z
Management commentary snapshot
Afcons reported Q4 FY26 PAT of -₹89 Cr, a sharp decline from ₹111 Cr YoY and ₹97 Cr QoQ. FY26 PAT was ₹251 Cr, down 48.5% YoY. Total Income for Q4 FY26 was ₹2,777 Cr (-18% YoY, -8.2% QoQ). FY26 Order Inflow was ₹4,125 Cr, with an Order Book of ₹32,496 Cr as of Mar’26.
Q4 FY26 results show significant deterioration with negative PAT and sharp declines in Total Income and EBITDA both YoY and QoQ. While FY26 PAT is positive, it nearly halved YoY. Order inflow for FY26 is modest relative to the large order book, raising concerns about execution pace and future revenue conversion.
Current business mix
Order Book by Segment (Mar’26)
Latest issuer-disclosed distribution across 6 reported categories.
Urban Infra - Underground & Elevated Metro28.0%
Urban Infra - Bridges & Elevated Corridor23.0%
Hydro & Underground23.0%
Marine & Industrial15.0%
Surface Transport9.0%
Oil & Gas2.0%
Growth engines
Extreme Engineering Capabilities
Track record in executing large, complex, high-value projects, including world's tallest single-arch railway bridge and India's first undersea rail tunnel.
Diverse & High-Quality Order Book
Order book of ₹32,496 Cr as of Mar’26, spread across major infrastructure segments and geographies, providing revenue visibility.
Strategic Equipment Base
Indigenous strategic equipment fleet worth ₹42,825.5 mn, including 20 TBMs and 9 large-capacity jack-ups, providing a technological edge.
Market Expansion
Strategy to maximize opportunities in existing markets and expand footprint in overseas markets.
Risk radar
Project Execution
Risks include unknown site conditions, operational challenges, construction methods, design issues, and site access/logistics.
Subcontractor Management
Potential challenges related to subcontractor performance and management.
Cost Overruns
Monitoring and reporting system tracks budget monthly/quarterly for cost overruns, indicating this as a managed risk.
Contractual Disputes
Robust contracts management system and engagement with clients to resolve claims, suggesting dispute resolution is a key activity.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is vital for assessing sequential momentum in project execution, utilization, and margin trends. YoY comparison provides a broader view of annual performance and accounts for any seasonality in the infrastructure sector.
Sector KPIs management disclosed
Order Inflow
₹4,125 Cr for FY26.
Order Book
₹32,496 Cr as of Mar’26.
Book to Bill
2.6x for FY26.
Total Income
Q4 FY26: ₹2,777 Cr (-18.0% YoY, -8.2% QoQ); FY26: ₹12,322 Cr (-5.4% YoY).
Management forward view
Sustainable Profitable Growth
Aims to grow business in a sustainable profitable manner.
Order Book Management
Maintaining an order book that matches its execution capacity.
Operational Efficiency
Rationalizing costs, improving execution efficiencies, and consistently developing capabilities and capacity for project delivery.
Project Selection
Selectively pursue large value and complex projects.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | ₹4,125 Cr (FY26) | Monitor new order wins to ensure replenishment of the order book and future revenue visibility. |
| EBITDA Margin | 6.1% (Q4 FY26) | Watch for stabilization and improvement in margins, which have seen significant declines both YoY and QoQ. |
| Working Capital | Trade Receivables ₹4,038 Cr, Contract Assets ₹7,731 Cr (FY26) | Monitor trends in receivables and contract assets to ensure efficient working capital management and cash conversion. |
| Quarterly Profitability | -₹89 Cr (Q4 FY26) | Observe if the company can return to consistent profitability on a quarterly basis, reversing the Q4 loss. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
37Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 1st percentile within Infra. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
46 docs text-extracted · 15 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
1st percentile
overall median 67 · Infra: 1st pctile, median 64 · Small: 1st pctile, median 66
Evidence depth
Financial-only
46 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Do not rely on management narrative unless hard turnaround evidence is visible.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
35
weak · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
33
weak · leverage and solvency
Discipline
42
weak · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸4 years of positive FCF.
Trust risks
- ▸Promoters have pledged 100% of holding.
- ▸Operating cash flow is negative at ₹-127 Cr.
- ▸Altman Z is 1.64.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Afcons Infrastructure Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Afcons will meet Arihant Bharat Connect virtually on September 29, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep - Afcons to meet investors on September 23, 2026, at PhillipCapital's Bharat Maritime Renaissance Investor Conference in Mumbai.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - India Ratings affirmed Afcons’ ₹500 crore commercial paper rating at IND A1+.
Source: Bse
Credit rating
Announcement Under Regulation 30 SEBI (LODR)- Credit Rating 25 Sep - India Ratings affirmed Afcons’ CP rating IND A1+ for INR 500 crore issue.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 20 Aug - CRISIL revised Afcons' bank facilities and NCD outlook to Negative; CP rating reaffirmed at A1+.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Copies of Newspaper Advertisement regrading 50th Annual General Meeting and E-Voting related Information
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2025 - Receipt Of Arbitration Award 30 Jun - Afcons wins INR 148.67 crore arbitration award for tunnel project; bank guarantee to be released.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.