Announcement
Outcome of Board Meeting 28 Aug - Unreadable announcement content; only signature pages provided.
Source: Nse
AVP Infracon Ltd. (AVPINFRA)
SME CapInfra stocks · SME cap · NSE
AVP Infracon Ltd. is an Indian infrastructure company primarily engaged in road construction in Tamil Nadu. It is expanding into solar EPC and pre-engineered buildings, aiming for significant top-line growth while navigating funding challenges and raw material volatility.
₹66.8
-2.15 · -3.12%
Market cap ₹172 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals16 Oct 2026 · screener
Latest result20 May, 10:10 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 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
44NeutralSMA20 +1.4% / mo · MACD + · near 52W low · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 50
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
AVPINFRAD candles · FIT view-31.8%Latest close ₹66.80 on 2026-10-19
Bar
-4.4%
RSI
57
MACD hist
1.67
52W pos
11%
2026-10-19O ₹69.90H ₹69.90L ₹66.20C ₹66.80Vol 46,400 sh
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
AVPINFRANifty InfraNifty 500
- AVPINFRA
- +10.5%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +16.1 pp
Chart stats
19 Oct 2026- From 52W high
- -63.8%
- 52W range position
- 10%
- ATR (14)
- 6.4%
- Volume vs 20D
- 0.64x
- Avg traded value
- ₹0.5 Cr
- 20D price channel
- ₹53.1 - ₹82.9
₹184.6
₹53.1 - ₹184.6
₹4.3
Latest completed session
20-session average
96.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +161.7% · PAT +72.7% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+82.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence61
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 31 Mar 2026
Good · 72/100Rev +162% YoY · PAT +73% YoY · +26% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹246 Cr | +161.7% | +25.5% |
| EBITDA | ₹42 Cr | NDF | -4.5% |
| Operating margin | 17.0% | NDF | -600 bps |
| PAT | ₹19 Cr | +72.7% | -17.4% |
| PAT margin | 7.7% | NDF | -401 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 4.09
- P/B
- 0.97
- EV/EBITDA
- 4.37
- Market Cap
- 172.00Cr
Profitability
- ROE
- 27.70%
- ROCE
- 22.40%
- ROA
- 8.22%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 56.52%
- EPS 5Y
- 51.83%
- Revenue 3Y
- 57.00%
- EPS 3Y
- 54.00%
Balance Sheet
- Debt/Equity
- 1.31
- Interest Coverage
- 3.91×
- Altman Z
- 2.27
- Book Value
- 71.40
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -16.00 Cr
- EPS TTM
- 16.86
Shareholding
- Promoter Hold
- 62.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 12%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 441+50.5% vs prev
Net Profit
₹ CrLatest: 42.0+27.3% vs prev
Return on Equity
%Latest: 23.6-9.9% 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 57. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.4% over last month) — short-term momentum positive.
- RSI(14) at 57 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 63% off 52W high · 26% 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
7
RS percentile
Stage 4 Downtrend
1M return
+16.2%
3M return
+10.5%
6M return
-36.5%
1Y return
-58.9%
RS 1D
-1
RS 20D
+4
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is 8.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -6.0%.
50-DMA
price above
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 39.86-2.11%
RS vs Nifty 50040
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth21/25
Quality16/20
Balance Sheet7/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-7
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 82.9%.
- Valuation contributes 30/30 to the score.
- Growth contributes 21/25 to the score.
Main drags
- Penalty bucket subtracts 7 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
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
4.1
PB
1.0
EV/EBITDA
4.4
ROE
27.7%
ROCE
22.4%
FCF Yield
—
Debt/Equity
1.3
MoS
+82.9%
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
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+82.9%
Previous: +82.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
70
70
70
70
70
70
70
70
70
70
70
70
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
₹164.58
+59.4% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹389.47
+82.9% MoS
PEG
0.08
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
BRNL
Small
Bharat Road Network Limited
Construction & Engineering
match 82
23
—
-8.2%
—
OVERVALUED
HILINFRA
Small
Highway Infrastructure Limited
Construction & Engineering
match 78
51
12.1
18.8%
+36%
FAIR VALUE
GAYAHWS
Small
Gayatri Highways Limited
Construction & Engineering
match 77
24
—
—
—
OVERVALUED
CEIGALL
Small
Ceigall India Limited
Construction & Engineering
match 67
39
20.8
15.7%
+7%
WATCHLIST
GRINFRA
Micro
G R Infraprojects Limited
Construction & Engineering
match 67
36
8.1
9.2%
-27%
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 2026-06-22T13:10:11.381Z
Management commentary snapshot
AVP Infracon reports H2 FY26 margin compression due to bitumen price hikes and increased finance costs; misses FY26 revenue guidance despite practical execution, citing unbilled revenue and election delays.
Management acknowledges significant margin compression, increased finance costs, and negative operating cash flow for three consecutive years. While management expresses confidence in achieving FY27 revenue targets and improving profitability, the reliance on debt for growth and challenges in equity fundraising pose material risks to the investment thesis.
Growth engines
Geographic Expansion
Bidding for orders outside Tamil Nadu; if successful, will start work outside the state.
Solar EPC Subsidiary
Obtained first order and started work; looking for good orders this year.
Pre-Engineered Buildings (PEB)
Executing one first order; targeting smaller tickets to build prequalification for bigger projects.
Targeting Larger Orders
Targeting orders of INR100 crores and more, with technical capability up to INR300 crores.
Capacity and execution
Capex in FY26
Undertook approximately INR25 crores worth of capex in FY26.
FY27 Capex Plans
No immediate plans for capex in FY27; will shuffle existing assets or hire machinery as needed.
Tailwinds
Government Support for Escalation
Government circulars provide relief on price escalation factors, instructing regional offices to calculate escalations on a running account basis.
NHAI Schemes
NHAI has introduced schemes for billings and instructed regional offices to calculate escalations on a running account basis.
Credit Rating Upgrade
Company's credit rating improved by one notch from BBB to BBB+, which may help with bank limits.
Headwinds
Bitumen Price Volatility
Geopolitical war caused bitumen prices to increase by 50-60%, impacting margins.
Bitumen Scarcity
Bitumen availability was very scarce in the last month, affecting project milestones and billing.
Competitive Bidding
Bidding, especially for NHAI projects, is very competitive, requiring conservative pricing.
Delayed Receivables
Receivables got delayed due to elections, affecting cash flow.
Risk radar
Negative Cash Flow from Operations
Cash flow from operations has been negative for the last three financial years (FY24, FY25, FY26).
High Debt Levels & Finance Costs
Total consolidated debt is INR234 crores; finance costs increased due to reliance on debt for working capital and growth.
Working Capital Management
High unbilled revenue (INR70 crores) and delayed receivables (INR160 crores outstanding) strain working capital; low creditor days (INR20 crores trade payables) exacerbate the issue.
Equity Fundraising Uncertainty
Plans for equity raise are contingent on improved share market conditions; alternative debt options are being explored.
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 YOY
The earnings call discusses full-year FY26 and H2 FY26 results, comparing performance to the 'last financial year' and 'previous years,' making annual year-over-year comparison most relevant for assessing overall financial health and growth trajectory.
Sector KPIs management disclosed
PAT Margin
PAT margin compressed by 1-2% in FY26; management aims to maintain 9-10% and regain 11-11.5%.
EBITDA Margin
EBITDA margin compressed by 1-2% in FY26.
Order Book (Unexecuted)
Current unexecuted order book is roughly INR500 crores.
Revenue Cover (FY27 Target)
FY27 revenue guidance is INR700 crores against an unexecuted order book of INR500 crores.
Management forward view
FY27 Revenue Target
Management is sticking to its guidance of INR700 crores revenue for FY27.
PAT Margin Outlook
Will try to maintain a minimum 10% PAT margin, aiming to regain 11-11.5% in the future.
Equity Raise & Warrant Subscription
Plans an equity raise post H1 FY27 results; MD will subscribe to the balance INR22.5 crores warrants in H1 FY27.
Debt Management
Aims to reduce debt and keep the debt-to-equity ratio below 1.5; current ratio is 1.23.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Guidance | INR700 crores | Achievement of this target, especially given past shortfalls due to unbilled revenue. |
| PAT Margin | Compressed (below 10%) | Sustained maintenance of 10% minimum and progress towards regaining 11-11.5%. |
| Cash Flow from Operations | Negative for 3 years | Turnaround to positive in FY27, as committed by management. |
| Debt-to-Equity Ratio | 1.23 | Maintenance below 1.5 and the impact of warrant subscription and potential equity raise. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
61Limited 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 32nd percentile of the scored universe and 38th percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
32nd percentile
overall median 67 · Infra: 38th pctile, median 64 · SME: 36th pctile, median 64
Evidence depth
Financial-only
5 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 62.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 22.4%.
Trust risks
- ▸Operating cash flow is negative at ₹-16 Cr.
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.31.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching AVP Infracon Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Credit rating
Credit Rating 5 Aug - Acuite reaffirmed BBB+/Stable on Rs225 Cr facilities and assigned BBB+/Stable to Rs30 Cr proposed NCDs.
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Concall transcriptMay 2025
May 2025 · Transcript
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.