Afcons Infrastructure Ltd
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.[1]
- Market Cap ₹ 13,970 Cr.
- Current Price ₹ 380
- High / Low ₹ 570 / 376
- Stock P/E 27.8
- Book Value ₹ 147
- Dividend Yield 0.66 %
- ROCE 19.6 %
- ROE 11.1 %
- Face Value ₹ 10.0
Pros
Cons
- The company has delivered a poor sales growth of 4.78% over past five years.
- Company has a low return on equity of 13.6% over last 3 years.
- Promoters have pledged or encumbered 53.5% of their holding.
- Dividend payout has been low at 14.9% of profits over last 3 years
- Working capital days have increased from 29.1 days to 65.5 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Construction Construction Civil Construction
Part of BSE 500 Nifty 500 BSE SmallCap Nifty Smallcap 100 BSE Allcap
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 9,934 | 9,376 | 11,019 | 12,637 | 13,268 | 12,548 | 12,793 | |
| 9,113 | 8,505 | 10,076 | 11,305 | 11,890 | 11,187 | 11,371 | |
| Operating Profit | 821 | 870 | 943 | 1,333 | 1,377 | 1,361 | 1,422 |
| OPM % | 8% | 9% | 9% | 11% | 10% | 11% | 11% |
| 186 | 138 | 244 | 185 | 367 | 469 | 447 | |
| Interest | 391 | 468 | 425 | 447 | 577 | 629 | 650 |
| Depreciation | 240 | 250 | 355 | 472 | 495 | 491 | 502 |
| Profit before tax | 376 | 290 | 407 | 599 | 673 | 710 | 716 |
| Tax % | 34% | 42% | 12% | 31% | 33% | 31% | |
| 248 | 170 | 358 | 411 | 450 | 487 | 502 | |
| EPS in Rs | 34.12 | 23.20 | 49.51 | 57.09 | 13.20 | 13.24 | 13.67 |
| Dividend Payout % | 10% | 15% | 7% | 7% | 19% | 19% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 4% |
| TTM: | -1% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 11% |
| TTM: | 4% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -27% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 14% |
| Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 72 | 72 | 72 | 72 | 341 | 368 | 368 |
| Reserves | 1,721 | 1,868 | 2,190 | 2,654 | 3,255 | 4,893 | 5,021 |
| 2,118 | 2,059 | 2,073 | 2,062 | 2,523 | 2,343 | 3,565 | |
| 9,186 | 8,491 | 8,638 | 9,513 | 10,114 | 9,515 | 8,979 | |
| Total Liabilities | 13,097 | 12,490 | 12,974 | 14,301 | 16,234 | 17,119 | 17,934 |
| 1,938 | 2,003 | 2,318 | 2,498 | 2,784 | 2,738 | 2,597 | |
| CWIP | 18 | 146 | 18 | 184 | 43 | 33 | 42 |
| Investments | 0 | 0 | 1 | 0 | 1 | 1 | 1 |
| 11,141 | 10,341 | 10,638 | 11,619 | 13,406 | 14,348 | 15,294 | |
| Total Assets | 13,097 | 12,490 | 12,974 | 14,301 | 16,234 | 17,119 | 17,934 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 1,050 | 929 | 610 | 1,215 | 707 | -132 | |
| -390 | -275 | -255 | -861 | -859 | -131 | |
| -455 | -564 | -521 | -483 | 246 | 290 | |
| Net Cash Flow | 205 | 90 | -165 | -128 | 94 | 27 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 91 | 100 | 76 | 63 | 86 | 81 |
| Inventory Days | 146 | 135 | 146 | 150 | 148 | 112 |
| Days Payable | 458 | 446 | 310 | 332 | 393 | 393 |
| Cash Conversion Cycle | -222 | -212 | -88 | -119 | -160 | -200 |
| Working Capital Days | 8 | -0 | 5 | 10 | 12 | 65 |
| ROCE % | 19% | 20% | 23% | 23% | 20% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - Afcons named India’s Most Innovative Company 2025; won Grand and Service (Large) CII awards on Dec 19, 2025.
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 1d
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Dec - Meetings with Nippon Mutual Fund (Dec 16, 2025) and PhillipCapital (Dec 17, 2025) in Mumbai.
-
Intimation Of Grant Of Employee Stock Options Under 'Afcons Infrastructure Limited - Employee Stock Option Plan 2025'
12 Dec - Granted 10,171,230 ESOPs at Rs321 under ESOP 2025 on Dec 12, 2025.
-
Intimation Of Receipt Of Arbitration Of Award
12 Dec - Arbitral award of INR 243.52 Crores received Dec 11, 2025 for Chenab bridge project.
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT
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Jun 2025Transcript PPT
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Feb 2025Transcript PPT
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Nov 2024Transcript PPT REC
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Nov 2024TranscriptAI SummaryPPT
Market Leadership[1]
- 10th largest international marine and port facilities contractor globally.
- 12th largest contractor in the bridges segment globally.
- 42nd largest contractor in the transportation segment.
- 18th largest contractor in the transmission lines and aqueducts segment.