Afcons Infrastructure Ltd
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company.[1]
- Market Cap ₹ 16,438 Cr.
- Current Price ₹ 447
- High / Low ₹ 570 / 382
- Stock P/E 30.8
- Book Value ₹ 143
- Dividend Yield 0.57 %
- 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
- Company's cost of borrowing seems high
- 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 BSE IPO Nifty Smallcap 100
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 | 12,764 | |
| 9,113 | 8,505 | 10,076 | 11,305 | 11,890 | 11,187 | 11,327 | |
| Operating Profit | 821 | 870 | 943 | 1,333 | 1,377 | 1,361 | 1,438 |
| OPM % | 8% | 9% | 9% | 11% | 10% | 11% | 11% |
| 186 | 138 | 244 | 185 | 367 | 469 | 464 | |
| Interest | 391 | 468 | 425 | 447 | 577 | 629 | 644 |
| Depreciation | 240 | 250 | 355 | 472 | 495 | 491 | 500 |
| Profit before tax | 376 | 290 | 407 | 599 | 673 | 710 | 758 |
| Tax % | 34% | 42% | 12% | 31% | 33% | 31% | |
| 248 | 170 | 358 | 411 | 450 | 487 | 533 | |
| EPS in Rs | 34.12 | 23.20 | 49.51 | 57.09 | 13.20 | 13.24 | 14.78 |
| Dividend Payout % | 10% | 15% | 7% | 7% | 19% | 19% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 5% |
| 3 Years: | 4% |
| TTM: | -4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 14% |
| 3 Years: | 11% |
| TTM: | 18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| 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 | |
|---|---|---|---|---|---|---|
| Equity Capital | 72 | 72 | 72 | 72 | 341 | 368 |
| Reserves | 1,721 | 1,868 | 2,190 | 2,654 | 3,255 | 4,893 |
| 2,118 | 2,059 | 2,073 | 2,062 | 2,523 | 2,343 | |
| 9,186 | 8,491 | 8,638 | 9,513 | 10,114 | 9,515 | |
| Total Liabilities | 13,097 | 12,490 | 12,974 | 14,301 | 16,234 | 17,119 |
| 1,938 | 2,003 | 2,318 | 2,498 | 2,784 | 2,738 | |
| CWIP | 18 | 146 | 18 | 184 | 43 | 33 |
| Investments | 0 | 0 | 1 | 0 | 1 | 1 |
| 11,141 | 10,341 | 10,638 | 11,619 | 13,406 | 14,348 | |
| Total Assets | 13,097 | 12,490 | 12,974 | 14,301 | 16,234 | 17,119 |
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
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Commercial Paper Proceeds Utilisation Certificate For The Quarter Ended September 30, 2025
17 Oct - Certifies CP proceeds (ISINs listed) used for disclosed purpose for quarter ended Sep 30, 2025.
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Announcement under Regulation 30 (LODR)-Issue of Securities
15 Oct - Issued Rs.55 crore CP on Oct 15, 2025; 152-day, 7.50% p.a., unsecured, A1+.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
15 Oct - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the Quarter ended September 30, 2025
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Announcement under Regulation 30 (LODR)-Allotment
14 Oct - Allotted 5,000 NCDs totaling Rs50 crore on Oct 14, 2025; 3-year, 8.40% p.a., redeemable Oct 13, 2028.
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Certificate Under Chapter XVII Of SEBI Master Circular No.SEBI/HO/DDHS/Pod1/P/CIR/2024/54 Dated May 22, 2024 (As Amended)
13 Oct - Redeemed Commercial Paper INE101I14EN9 of Rs.25 crore on October 13, 2025.
Annual reports
Concalls
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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 2024TranscriptNotesPPT
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.