Afcons Infrastructure (AFCONS) Q4 24/25 earnings summary

Executive summary

• FY25 total income was ₹13,023 crore, down 4.6% year-over-year; Q4 FY25 income was ₹3,387 crore, down 11.1% y-o-y.

• EBITDA for FY25 rose 5% to ₹1,662 crore, with margin improving to 12.8% from 11.6% in FY24.

• PAT for FY25 increased 8.2% to ₹487 crore, with PAT margin at 3.7%; Q4 PAT was ₹111 crore.

• Order book reached ₹36,869 crore as of March 2025, the highest in company history, with a book-to-bill ratio of 2.9x and order inflow of ₹15,960 crore.

• Successful IPO in Q3 FY25 raised ₹1,250 crore; a final dividend of ₹2.50/share was recommended.

Financial highlights

• Net debt reduced to ₹1,465 crore (some reports: ₹2,236 crore) as of March 2025; net debt/EBITDA improved to 0.88x.

• ROE for FY25 was 11% (some reports: 10.99%); ROCE ranged from 17% to 20%.

• Net working capital days improved to 63 from 113 YoY, but some reports show 113 days at year-end.

• Book-to-bill ratio was 2.9x in FY25.

• PAT margin improved to 3.7% in FY25.

Outlook and guidance

• Targeting 20-25% top-line growth in FY26, with order booking of ₹20,000-25,000 crore, excluding L1 orders.

• EBITDA margin guidance remains at 11%+ for FY26, with a long-term CAGR target of 15%.

• Focus on sustainable, profitable growth, cost management, execution efficiency, and overseas expansion.

• Execution expected to normalize as liquidity improves; major L1 projects expected to convert to orders soon.