Afcons Infrastructure (AFCONS) Q3 25/26 earnings summary

Executive summary

• Revenue for the 9-month period was ₹9,545 crore, with Q3 revenue at ₹3,025 crore, both showing year-over-year declines; order book stood at ₹31,543 crore as of December 2025.

• EBITDA for 9 months was ₹1,269 crore (13.3% margin), and Q3 EBITDA was ₹424 crore (14% margin), with margin improvement despite lower revenues and a one-time labour code impact.

• Profit after tax for 9 months was ₹339 crore, and for Q3 was ₹97 crore, both impacted by a one-time ₹76.51 crore provision for the new Labour Code.

• Order inflow for 9M FY26 reached ₹2,640 crore, with a book-to-bill ratio of 2.5x and net debt to equity at 0.5x.

• Operational milestones included record tunneling achievements, Chenab Bridge inauguration, and multiple industry awards for innovation and safety.

Financial highlights

• Q3 FY26 total income declined 9.2% year-over-year; 9M FY26 total income down 0.9% year-over-year.

• EBITDA margin improved to 14.0% in Q3 FY26 from 13.5% in Q3 FY25; 9M FY26 EBITDA margin at 13.3%.

• PAT margin for Q3 FY26 was 3.2%, down from 4.5% in Q3 FY25; 9M FY26 PAT margin at 3.6%.

• EPS for Q3 FY26 was ₹2.63, and for 9M FY26 was ₹9.23.

• Net worth as of 31st December 2025 stood at ₹5,387.98 crore.

Outlook and guidance

• Expecting Q4 order inflow to strengthen, aiming to achieve full-year order inflow guidance of ₹20,000 crore.

• Project pipeline remains robust at ₹3.8 trillion, with a healthy mix across geographies and sectors.

• Management maintains confidence in achieving at least 5% revenue growth for the year, with 10% as an aspirational target.

• Focus on sustainable, profitable growth by maintaining an order book aligned with execution capacity and expanding overseas footprint.

• Management believes ongoing disputes and claims are project-specific and do not impact the overall order book or business outlook.