AFCONS

Afcons Infrastructure: Riding India’s Infrastructure Boom with Strong Order Book & Improving Margins

Afcons Infrastructure looks attractive due to its strong infrastructure execution capabilities, diversified order book, and improving profitability metrics. The company is backed by the Shapoorji Pallonji Group and operates across metro, tunnels, marine, bridges, hydro, and underground projects in India and overseas. Key positives: Strong order book of around ₹32,000–35,000 crore provides multi-year revenue visibility. EBITDA margins improved to nearly 13%, showing better operational efficiency and execution. H1 FY26 revenue grew to ₹6,520 crore while PAT increased 6.8% YoY to ₹242 crore. Order book is well diversified across metro, bridges, hydro, marine and transport projects, reducing dependency on one segment. Healthy balance sheet with CRISIL AA- rating and manageable debt profile supports future growth. Afcons can benefit from India’s long-term infrastructure push, metro expansion, tunneling, rail and urban development spending. Strong execution history, improving margins, and robust order inflows make it a potential long-term infrastructure growth play. However, investors should monitor execution delays, working capital cycle, and margin sustainability in future quarters.