# Afcons Infrastructure (AFCONS) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/afcons

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹215.5
- Change: -1.80%
- As of: 2026-11-06
- 1D return: -1.80%
- 5D return: +4.59%
- 1M return: -10.99%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

AFCONS (₹219.60) exhibits a robust bearish trend across daily, weekly, and monthly horizons, with price trading below all key moving averages and the Supertrend indicator. The monthly ADX of 47.63 signals strong downward momentum, while the daily ADX of 25.97 confirms an established trend. Recent extreme volume-driven sell-offs on October 23 and 30 highlight persistent selling pressure. Price is positioned near the lower end of its 252-day range (+6.3%) and has suffered a significant drawdown of -59.6% from available highs. Immediate support rests at ₹219.30, with further levels at ₹216.58 and ₹213.84. Resistance is closely located at ₹221.00. A recovery would require a decisive break above ₹221.00 to challenge the short-term downtrend.

- Trend: Bearish across all timeframes; price below all MAs and Supertrend. Monthly ADX (47.63) indicates strong downward conviction.
- Levels: Support at ₹219.30, ₹216.58, ₹213.84. Resistance at ₹221.00, ₹248.00.
- Momentum: Extreme volume sell-offs noted on Oct 23 (-7.7%) and Oct 30 (-2.7%). YTD return is -44.1%.
- Risk: Current drawdown is -59.6% with annualized volatility of +34.0%. Range position is near 252-day lows (+6.3%).

- Inside Bar
- Bearish Engulfing Reversal
- Hammer
- Outside Bar
- Doji

### News Context

Afcons Infrastructure reported consolidated results for the second quarter of FY27, revealing a significant contraction in profitability. Net profit fell 60.7% year-on-year to ₹41.3 crore, while revenue from operations declined 11.8% to ₹2,635.25 crore. The EBITDA margin compressed sharply to 3.5%, down from 11% in the corresponding period last year. Management attributed quarterly margin variability to project execution dynamics and cautioned that single-quarter results may not reflect annual performance. Despite these operating headwinds, the company’s order book stood at ₹43,837 crore as of September end, supported by order inflows of ₹15,968 crore in the first half of FY27. Other income saw an increase due to interest on an arbitration award. Following the announcement, Afcons shares have declined 46.3% year-to-date, closing at ₹211.

- Q2 FY27 net profit dropped 60.7% YoY to ₹41.3 crore, with revenue falling 11.8% to ₹2,635.25 crore.
- EBITDA margin contracted significantly to 3.5% from 11% YoY; management noted margins vary by project execution.
- Order book remained robust at ₹43,837 crore as of September end, with H1 FY27 inflows of ₹15,968 crore.
- Stock price has fallen 46.3% year-to-date, ending the previous session at ₹211.

- [Afcons Infrastructure shares may react to a weak operating performance in Q2](https://www.cnbctv18.com/market/afcons-infrastructure-share-price-weak-q2-results-reaction-ebitda-fall-margin-compression-factors-20027512.htm)
- [Afcons Infrastructure Q2 results: Net profit falls 60.7% to ₹41 crore, revenue down 11.8%](https://www.cnbctv18.com/market/earnings/afcons-infrastructure-q2-results-net-profit-falls-60-7pc-to-rs41-crore-revenue-down-11-8pc-20027312.htm)

### What Changed

Afcons Infrastructure has reported a price appreciation to ₹219.60 as of November 5, 2026, up from the previous recorded level of ₹211.00. This marks a material shift in the stock's valuation metrics compared to earlier context. Concurrently, the company filed an announcement on November 5, 2026, regarding audio or video recordings of an analyst/investor meet, signaling ongoing engagement with the investment community. On the governance front, Afcons reported zero investor complaints for the quarter ended June 30, 2026, indicating no pending regulatory friction from shareholders during that period.

- Stock price rose to ₹219.60 on November 5, 2026, from a prior reference of ₹211.00.
- Company disclosed audio/video recordings of an analyst/investor meet via NSE filing on November 5, 2026.
- Investor complaints stood at zero for the quarter ended June 30, 2026.

- [Afcons Infrastructure Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261105_153926733.xml)
- [FOR QUARTER ENDING : 30-JUN-26](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1708204_05082026022222_WEB.xml)

### Official Filings

Afcons Infrastructure reported unaudited financial results for Q2 and H1 FY27 (ended September 30, 2026), highlighting a significant divergence between standalone and consolidated profitability. Standalone profit after tax (PAT) reached ₹168.72 crore for the half-year, driven by ₹183.33 crore in interest income from arbitration awards. In contrast, consolidated PAT was ₹71.39 crore, reflecting lower operational margins and the impact of ongoing legal uncertainties. The company’s order book stands at ₹43,837 crore as of September 2026, with new inflows of ₹15,968 crore during H1 FY27. While EBITDA margins remained healthy at 10.3% for the half-year, year-on-year growth showed declines in total income (-6.3%) and PAT (-60.9%) for Q2. Deloitte Haskins & Sells LLP issued limited review conclusions noting material misstatement risks were not identified but drew attention to unresolved arbitration and court proceedings involving key projects like Transtonnelstroy Afcons Joint Venture and Konkan Railway.

- H1 FY27 Standalone PAT: ₹168.72 crore; Consolidated PAT: ₹71.39 crore
- Order Book: ₹43,837 crore as of Sep 2026; H1 FY27 Inflows: ₹15,968 crore
- Q2 FY27 Performance: Total Income ₹2,906 crore (-6.3% YoY); EBITDA Margin 10.9%
- Auditor Note: Limited review concluded no material misstatements but flagged ongoing arbitration/court proceedings for major joint ventures and projects

- [Afcons Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/AFCONS_05112026151841_Afcons_Intimation_Newspaper_publicationdated05112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Link of Recording ( Audio Link for Earnings Conference Call on Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AFCONS_05112026153459_Afcons_Recording_of_EarningsCall_05112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261105_153926733.xml)
- [FOR QUARTER ENDING : 30-JUN-26](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1708204_05082026022222_WEB.xml)
- [Afcons Infrastructure Limited has submitted to the Exchange, the financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AFCONS_04112026191300_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Financial Results Updates |SUBJECT: Financial Results Updates](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193234_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193059_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on Unaudited Financial Results for the Quarter and Half Year Ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/AFCONS_04112026195458_Afcons_Press_Release_date04112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/AFCONS_04112026200025_Afcons_Investor_Presenation_04112026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753155_04112026083305_WEB.xml)

### Fundamentals

Afcons Infrastructure’s financial trajectory for FY2026 is marked by declining top-line momentum and significant cash-flow pressure, despite recent sequential improvements in quarterly profitability. Sales contracted to ₹11,948 crore in FY2026 from ₹12,548 crore the prior year, with TTM sales further dipping to ₹11,249 crore. This revenue compression coincides with a sharp drop in net profit to ₹251 crore (from ₹487 crore in FY2025) and a TTM net profit of just ₹144 crore. Earnings quality has deteriorated markedly; CFO/EBITDA conversion fell from 70% in FY2024 to single digits (8-9%) in FY2025-26, resulting in negative operating cash flows (-₹132 crore and -₹127 crore). To fund operations and growth, borrowings surged to ₹3,627 crore in FY2026, driven largely by a spike in CWIP to ₹901 crore. While Q2 FY2026-27 showed sequential improvement in net profit (₹41.1 crore vs ₹30.3 crore in Q1), the broader trend reflects margin pressure and working capital strain, evidenced by a widening Cash Conversion Cycle to -283 days and rising debtor days to 105.

- Revenue and Profit Decline: FY2026 sales fell 4.8% YoY to ₹11,948 crore, while net profit halved to ₹251 crore; TTM net profit remains low at ₹144 crore.
- Cash Flow Stress: Operating cash flow turned negative (-₹127 crore in FY2026) with CFO/EBITDA conversion dropping to 9%, contrasting sharply with the 70% seen in FY2024.
- Balance Sheet Expansion: Total borrowings rose to ₹3,627 crore in FY2026, supported by a massive increase in CWIP to ₹901 crore, indicating active project execution but higher leverage.
- Working Capital Pressure: Debtor days increased to 105 days and the Cash Conversion Cycle widened to -283 days, signaling slower cash realization relative to payables.

### Bear Case

Afcons Infrastructure faces near-term headwinds driven by a sharp deterioration in profitability and sustained negative price momentum. For the second quarter of FY27, consolidated net profit fell 60.7% year-on-year to ₹41.3 crore, while revenue from operations declined 11.8% to ₹2,635.25 crore. The most significant operational constraint is the compression of EBITDA margins to 3.5%, down sharply from 11% in the corresponding period last year, indicating reduced efficiency in project execution or pricing pressure. Despite an order book of ₹43,837 crore as of September end, these financial results have weighed on investor sentiment, with the stock trading at ₹219.60 on November 5, 2026, after closing at ₹211.10 the previous session. Technically, the stock exhibits bearish trends across daily, weekly, and monthly timeframes, with a Supertrend signal confirming downward pressure. The stock has suffered a 46.3% year-to-date decline and a 50.6% drop over the past year, reflecting a current drawdown of -59.6%. Resistance remains close at ₹221.00, while support tests the recent low of ₹211.10.

- Profitability contraction: Net profit dropped 60.7% YoY to ₹41.3 crore in Q2 FY27, with EBITDA margins collapsing to 3.5% from 11% a year ago.
- Revenue slowdown: Revenue from operations fell 11.8% to ₹2,635.25 crore in Q2 FY27, signaling weaker top-line growth despite a large order book.
- Bearish technical setup: Daily, weekly, and monthly Supertrend signals are bearish; the stock is down 46.3% YTD and 50.6% over the last year.
- Price action constraints: Trading at ₹219.60 (Nov 5, 2026), the stock faces immediate resistance at ₹221.00 and critical support at ₹211.10.

- [Afcons Infrastructure shares may react to a weak operating performance in Q2](https://www.cnbctv18.com/market/afcons-infrastructure-share-price-weak-q2-results-reaction-ebitda-fall-margin-compression-factors-20027512.htm)
- [Afcons Infrastructure Q2 results: Net profit falls 60.7% to ₹41 crore, revenue down 11.8%](https://www.cnbctv18.com/market/earnings/afcons-infrastructure-q2-results-net-profit-falls-60-7pc-to-rs41-crore-revenue-down-11-8pc-20027312.htm)
- [Afcons Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/AFCONS_05112026151841_Afcons_Intimation_Newspaper_publicationdated05112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Link of Recording ( Audio Link for Earnings Conference Call on Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AFCONS_05112026153459_Afcons_Recording_of_EarningsCall_05112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261105_153926733.xml)
- [FOR QUARTER ENDING : 30-JUN-26](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1708204_05082026022222_WEB.xml)
- [Afcons Infrastructure Limited has submitted to the Exchange, the financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AFCONS_04112026191300_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Financial Results Updates |SUBJECT: Financial Results Updates](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193234_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193059_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on Unaudited Financial Results for the Quarter and Half Year Ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/AFCONS_04112026195458_Afcons_Press_Release_date04112026.pdf)

### FAQs

**How did Afcons Infrastructure's profitability change in Q2 FY27 compared to the previous year?**

Consolidated net profit fell 60.7% year-on-year to ₹41.3 crore, while revenue from operations declined 11.8% to ₹2,635.25 crore. The EBITDA margin contracted sharply to 3.5% from 11% in the corresponding period last year. The company noted that quarterly margins vary based on project execution and may not be indicative of annual performance.

**What is the current status of Afcons' order book and recent inflows?**

As of September end, the order book stood at ₹43,837 crore. The company recorded order inflows of ₹15,968 crore in the first half of FY27. This backlog provides context for future execution potential despite the recent quarter's weak operating performance.

**How has the stock price performed over the past year, and what are the key technical levels?**

The stock has declined 50.6% over the past year and 44.1% year-to-date as of November 5, 2026. It closed at ₹219.60 with a market cap of approximately ₹7,764 crore. Technical indicators show a bearish trend across daily, weekly, and monthly timeframes. Immediate resistance is near ₹221, while support lies around ₹216.58 and ₹211.12.

- [Afcons Infrastructure shares may react to a weak operating performance in Q2](https://www.cnbctv18.com/market/afcons-infrastructure-share-price-weak-q2-results-reaction-ebitda-fall-margin-compression-factors-20027512.htm)
- [Afcons Infrastructure Q2 results: Net profit falls 60.7% to ₹41 crore, revenue down 11.8%](https://www.cnbctv18.com/market/earnings/afcons-infrastructure-q2-results-net-profit-falls-60-7pc-to-rs41-crore-revenue-down-11-8pc-20027312.htm)
- [Afcons Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/AFCONS_05112026151841_Afcons_Intimation_Newspaper_publicationdated05112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Link of Recording ( Audio Link for Earnings Conference Call on Unaudited Financial Results for the quarter and half year ended September 30, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/AFCONS_05112026153459_Afcons_Recording_of_EarningsCall_05112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261105_153926733.xml)
- [FOR QUARTER ENDING : 30-JUN-26](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1708204_05082026022222_WEB.xml)
- [Afcons Infrastructure Limited has submitted to the Exchange, the financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/AFCONS_04112026191300_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Financial Results Updates |SUBJECT: Financial Results Updates](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193234_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193059_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- [Afcons Infrastructure Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Press Release on Unaudited Financial Results for the Quarter and Half Year Ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/AFCONS_04112026195458_Afcons_Press_Release_date04112026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Strong Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹218.5
- Risk regime: Higher Price Risk

### Support levels
- 203.6
- 212.03666666666666
- 204.63333333333333

### Resistance levels
- 221
- 248
- 290.315625

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.80% |
| return_10 | -1.07% |
| return_1m | -11.01% |
| return_1y | -51.44% |
| return_20 | -10.99% |
| return_3m | -22.69% |
| return_5 | +4.59% |
| return_6m | -35.92% |
| return_since_start | -60.06% |
| return_ytd | -45.16% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -62.07% |
| annualized_volatility | +33.93% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Afcons Infrastructure Limited Q2 FY2026-27: Profit rises sequentially as revenue declines

Afcons reported Q2 FY2026-27 profit of ₹41.1 crore, up 35.6% from Q1, while revenue from operations fell 1.3% to ₹2,635.3 crore. Total income rose 6.6% sequentially to ₹2,906.3 crore, but revenue and profit remained below Q2 FY2025-26 levels; operating and investing cash flows were negative, and borrowings were higher than at 31 March 2026.

## Revenue and expenses

Revenue from operations was ₹2,635.3 crore in the quarter ended 30 September 2026, compared with ₹2,671 crore in Q1 FY2026-27 and ₹2,988.4 crore in Q2 FY2025-26. Total income, including other income of ₹271 crore, was ₹2,906.3 crore, up from ₹2,726.7 crore in Q1 but 6.3% below the year-earlier quarter’s ₹3,100.9 crore. The sequential increase in total income came alongside a decline in revenue from operations.

Total expenses increased 5.5% sequentially to ₹2,823.9 crore, though they were 4.3% lower year on year. Major reported expense items included ₹1,017.1 crore for changes in inventories of finished goods, work in progress and stock in trade; ₹772.2 crore for materials consumed; ₹298.2 crore for employee benefits; and ₹98 crore for depreciation, depletion and amortisation.

## Profitability and earnings per share

Profit before tax was ₹82.4 crore, up from ₹50.6 crore in Q1 FY2026-27 but down 44.8% from ₹149.2 crore in Q2 FY2025-26. Tax expense was ₹41.3 crore, compared with ₹20.3 crore sequentially. Profit for the period rose 35.6% quarter on quarter to ₹41.1 crore, but was 60.9% below the ₹105.1 crore reported a year earlier.

Basic and diluted EPS from continuing operations was ₹1.12, compared with ₹0.82 in Q1 and ₹2.86 in Q2 FY2025-26. Trailing-twelve-month EPS was ₹2.16. Finance costs rose 5.4% sequentially to ₹182.3 crore and were 7.4% higher year on year.

## Cash flow and liquidity

Operating cash flow was negative ₹352.9 crore and investing cash flow was negative ₹361.0 crore. Financing activities provided ₹833.7 crore, while free cash flow was negative ₹713.9 crore. Cash and cash equivalents stood at ₹504.2 crore on 30 September 2026, compared with ₹385.7 crore on 31 March 2026.

The quarter’s positive earnings coincided with outflows from operating and investing activities, while financing activities provided a cash inflow. Cash and cash equivalents are one component of the company’s broader financial position.

## Balance sheet and borrowings

At 30 September 2026, current borrowings were ₹3,497.5 crore, up from ₹2,618.7 crore at 31 March 2026. Noncurrent borrowings increased to ₹1,267.6 crore from ₹919.6 crore over the same period.

Property, plant and equipment rose to ₹3,165.7 crore from ₹2,410.4 crore, while capital work in progress declined to ₹136.7 crore from ₹901.0 crore. Current trade receivables fell to ₹2,720.0 crore from ₹3,431.5 crore, while noncurrent trade receivables increased to ₹1,024.0 crore from ₹606.6 crore. Inventories were ₹950.3 crore. Equity was ₹5,464.9 crore, compared with ₹5,450.6 crore at 31 March 2026.

## Key Takeaway

Q2 profit improved sequentially even as revenue from operations edged lower, but revenue and profit remained materially below the year-earlier quarter. Negative operating and investing cash flows and higher borrowings than at 31 March 2026 are important counterpoints to the sequential earnings improvement.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +50.17%
- FII holding: +12.15%
- DII holding: +20.07%
- Mutual fund holding: +17.78%
- Retail holding: +6.29%
- Promoter pledged: +0.00%

### Major reported shareholders

- Goswami Infratech Private Limited — +25.03% (Bodies Corporate)
- Shapoorji Pallonji And Company Private Limited — +15.41% (Bodies Corporate)
- Floreat Investments Private Limited — +7.52% (Bodies Corporate)
- Sbi Small Cap Fund — +4.86%
- Gamnat Pte. Ltd. — +4.44%
- Quant Mutual Fund - Quant Small Cap Fund — +3.36%
- Icici Prudential Infrastructure Fund — +3.16%
- Nippon Life India Trustee Ltd — +3.12%
- Synergy Solutions Investments Holding Limited — +2.35%
- Volrado Venture Partners Fund II — +1.64%

## Official filings

- 2026-11-07 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261107_140506660.xml)
- 2026-11-06 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_06112026175905_Afcons_Intimation_TranscriptofEarningsCall_Q2H1FY27.pdf)
- 2026-11-05 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_05112026151841_Afcons_Intimation_Newspaper_publicationdated05112026.pdf)
- 2026-11-05 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_05112026153459_Afcons_Recording_of_EarningsCall_05112026.pdf)
- 2026-11-05 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261105_153926733.xml)
- 2026-11-05 — Official Filing: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1708204_05082026022222_WEB.xml)
- 2026-11-04 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_04112026191300_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- 2026-11-04 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193234_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- 2026-11-04 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_04112026193059_Afcons_Outcome_of_the_Board_meetingdate04112026.pdf)
- 2026-11-04 — Press Release: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_04112026195458_Afcons_Press_Release_date04112026.pdf)
- 2026-11-04 — Earnings Presentation: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_04112026200025_Afcons_Investor_Presenation_04112026.pdf)
- 2026-11-04 — Financial Results Filing: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753155_04112026083305_WEB.xml)
- 2026-11-04 — Financial Results Filing: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1753156_04112026083311_WEB.xml)
- 2026-10-29 — Official Filing: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1604450_19012026051803_WEB.xml)
- 2026-10-29 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_29102026182839_Afcons_Intimation_anayalst_Meet_dated_29102026.pdf)
- 2026-10-29 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20261029_183333983.xml)
- 2026-10-29 — Press Release: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_29102026184329_Afcons_Intimation_of_UPEDA_awarddated29102026.pdf)
- 2026-10-29 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_23599_WebXMLFile_20261029_185421586.xml)
- 2026-10-28 — Board Meeting Notice: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_28102026172053_Afcons_Intimation_of_Board_Meeting_dated04112026.pdf)
- 2026-10-28 — Board Meeting Notice: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_23599_WebXMLFile_20261028_172346681.xml)
- 2026-10-28 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_23599_WebXMLFile_20261028_172346681.xml)
- 2026-10-28 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_28102026173054_Afcons_Intimation_of_Board_Meeting_dated04112026.pdf)
- 2026-10-22 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_22102026171612_Afcons_QuarterlyCPCertificate30092026.pdf)
- 2026-10-22 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_22102026171818_Afcons_QuarterlyCPCertificate30092026.pdf)
- 2026-10-21 — Shareholding Disclosure: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742713_21102026021326_WEB.xml)

## News and market events

- 2026-11-07 — MONEYCONTROL: **Hold Afcons Infrastructure: target of Rs 230: ICICI Securities** — ICICI Securities has issued a 'Hold' recommendation for Afcons Infrastructure with a price target of Rs 230. — [Source](https://www.moneycontrol.com/news/business/earnings/hold-afcons-infrastructure-target-of-rs-230-icici-securities-14074288.html)
- 2026-11-05 — CNBC-TV18: **Afcons Infrastructure shares may react to a weak operating performance in Q2** — Afcons Infrastructure shares are in focus following a weak second-quarter performance marked by a 60.7% drop in profit after tax to ₹41.3 crore and a sharp decline in EBITDA margin to 3.5%. Despite the operating contraction, the company reported an order book of ₹43,837 crore as of September end, with order inflows of ₹15,968 crore in the first half of FY2027. The stock has declined 46.3% year-to-date, ending the previous session at ₹211 apiece. — [Source](https://www.cnbctv18.com/market/afcons-infrastructure-share-price-weak-q2-results-reaction-ebitda-fall-margin-compression-factors-20027512.htm)
- 2026-11-04 — CNBC-TV18: **Afcons Infrastructure Q2 results: Net profit falls 60.7% to ₹41 crore, revenue down 11.8%** — Afcons Infrastructure reported a 60.7% year-on-year decline in consolidated net profit to ₹41.3 crore for the second quarter of FY27, with revenue from operations falling 11.8% to ₹2,635.25 crore. The company's EBITDA margin contracted significantly to 3.5% from 11% in the corresponding period last year, although other income rose due to interest on an arbitration award. Afcons noted that quarterly margins vary based on project execution and results may not be indicative of annual performance. — [Source](https://www.cnbctv18.com/market/earnings/afcons-infrastructure-q2-results-net-profit-falls-60-7pc-to-rs41-crore-revenue-down-11-8pc-20027312.htm)
- 2026-10-19 — FREEPRESSJOURNAL.IN: **'Chalo Bandra': Fishermen, Gorai Villagers Oppose BMC’s ₹11,166-Crore Manori Desalination Plant** — Fishermen, environmental activists and Gorai villagers will hold a ‘Jan Akrosh Morcha’ in Bandra against BMC’s ₹11,166-crore Manori desalination project. Protesters cite environmental risks, threats to fishing livelihoods and the lack of public consultation, urging the civic body to fix water leakages and theft before investing in the plant, which is expected to supply 400 MLD. — [Source](https://www.freepressjournal.in/mumbai/chalo-bandra-fishermen-gorai-villagers-oppose-bmcs-11166-crore-manori-desalination-plant)
- 2026-10-12 — The Hindu: **Confederation of Indian Industry (CII) honours Afcons with National Environmental Excellence Award** — Confederation of Indian Industry (CII) honours Afcons with National Environmental Excellence Award — [Source](https://www.thehindu.com/brandhub/pr-release/confederation-of-indian-industry-cii-honours-afcons-with-national-environmental-excellence-award/article71575627.ece)
- 2026-09-18 — CNBC-TV18: **Tata group loses ₹40,000 crore after trusts reject Tata Sons listing** — The Tata Group currently has a combined market capitalisation of about ₹24 lakh crore. — [Source](https://www.cnbctv18.com/market/tata-group-loses-rs-40000-crore-after-trusts-reject-tata-sons-listing-tcs-tamo-pv-share-price-19993631.htm)
- 2026-09-18 — CNBC-TV18: **Here's why Afcons Infrastructure shares are in focus on Friday** — Noel Tata's tabled the proposal received from the SP Group at the Tata Sons board meeting on Thursday. It followed discussions between Noel Tata, SP Group Chairman Shapoor Mistry and Tata Sons Chairman N Chandrasekaran. — [Source](https://www.cnbctv18.com/market/afcons-infra-share-price-sp-group-stocks-tata-sons-trust-stake-sale-liquidity-debt-obligations-alternative-ways-19993249.htm)
- 2026-09-18 — Times of India: **Tata group shares rally on hopes of listing** — India Business News: MUMBAI: With the possibility of Tata Sons' listing gaining traction, stocks of several Tata companies that hold shares of the group's holding company . — [Source](https://timesofindia.indiatimes.com/business/india-business/tata-group-shares-rally-on-hopes-of-listing/articleshow/134323672.cms)
- 2026-09-15 — Mint: **Afcons Infra stock surges on Tata Sons listing hopes. Is a re-rating on the cards?** — A potential Tata Sons listing could help promoter Shapoorji Pallonji ease Afcons’s high interest burden, paving the way for a stock re-rating backed by a strong  ₹43,300-crore order book. — [Source](https://www.livemint.com/market/mark-to-market/afcons-infrastructure-share-price-tata-sons-listing-11789459737661.html)
- 2026-09-15 — BUSINESS: **Volumes soar at Zensar Technologies Ltd counter** — Zensar Technologies Ltd clocked volume of 15.01 lakh shares by 10:45 IST on BSE, a 30.22 times surge over two-week average daily volume of 49666 shares — [Source](https://www.business-standard.com/markets/capital-market-news/volumes-soar-at-zensar-technologies-ltd-counter-126091500281_1.html)
- 2026-09-15 — BUSINESS: **Tata Sons listing eyed: Tata group stocks zoom up to 20%; check top gainers** — Tata Chemicals, Tata Investment Corporation, Afcon Infrastructure, and Forbes & Company zoomed up to 20 per cent on the BSE in intra-day deals. — [Source](https://www.business-standard.com/markets/news/tata-sons-listing-eyed-tata-group-stocks-zoom-up-to-20-check-top-gainers-126091500174_1.html)
- 2026-08-25 — BUSINESS: **Sensex settles 287 pts higher; Nifty ends above 24,300 level** — As per provisional closing data, the S&P BSE Sensex jumped 286.98 points or 0.37% to 77,656.09. The Nifty 50 index added 115.50 points or 0.48% to 24,334.55. — [Source](https://www.business-standard.com/markets/capital-market-news/sensex-settles-287-pts-higher-nifty-ends-above-24-300-level-126082500830_1.html)
- 2026-08-25 — BUSINESS: **Nifty trades below 24,200 level; auto share decline** — At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 90.83 points or 0.12% to 77,278.28. The Nifty 50 index lost 45.50 points or 0.18% to 24,172.25. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-trades-below-24-200-level-auto-share-decline-126082500685_1.html)
- 2026-08-25 — BUSINESS: **Indices pare losses; Nifty above 24,150 mark** — The Nifty option chain for the 25 August 2026 expiry indicated a narrow trading range, with maximum call open interest (OI) of 4.47 crore contracts at the 24,200 strike, suggesting stiff resistance near this level. On the downside, maximum put OI of 3.85 crore contracts at the 24,150 strike pointed to strong support. — [Source](https://www.business-standard.com/markets/capital-market-news/indices-pare-losses-nifty-above-24-150-mark-126082500528_1.html)
- 2026-08-25 — CNBC-TV18: **Nifty 500 opens today with a chemical stock trading at more than 44 times its 10-day average** — Nifty 500 opened mixed. FACT, Paradeep Phosphates, Afcons Infrastructure, PVR Inox gained. Hindustan Copper, IIFL Finance, Cartrade Tech, Godrej Industries fell. — [Source](https://www.cnbctv18.com/market/nifty-500-top-gainers-losers-market-open-fact-paradeep-phosphates-hindustan-copper-iifl-share-price-19976225.htm)
- 2026-08-25 — MONEYCONTROL: **Buzzing Stocks: Sigma Advanced Systems locked upper circuit on long-term contract; GE Shipping to consider buyback** — Buzzing Stocks — [Source](https://www.moneycontrol.com/news/business/markets/buzzing-stocks-sigma-advanced-systems-locked-upper-circuit-on-long-term-contract-ge-shipping-to-consider-buyback-14014520.html)
- 2026-08-25 — BUSINESS: **Stock Alert: TCS, ICICI Bank, Hindstan Copper, Afcons Infra, UCO Bank** — SunShine Pictures will list today on the stock exchanges. The issue opened for bidding on 18 August 2026 and it closed on 20 August 2026. The price band of the IPO was fixed between Rs 342 and 360 per share. The offer received bids for 58.04 crore shares as against 54.86 lakh shares on offer. The issue was subscribed 105.81 times. — [Source](https://www.business-standard.com/markets/capital-market-news/stock-alert-tcs-icici-bank-hindstan-copper-afcons-infra-uco-bank-126082500128_1.html)
- 2026-08-25 — Economic Times: **Stocks in news: TCS, ICICI Bank, Hindustan Copper and Piramal Finance** — The Indian equity markets experienced a downturn today, with the Nifty50 index finishing slightly above 24,200. Traders brace for heightened volatility amidst forthcoming US sanctions and the impending expiry of monthly futures and options. Key companies, such as Hindustan Copper and Tata Consultancy Services, are capturing market attention due to notable corporate news. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-tcs-icici-bank-hindustan-copper-and-piramal-finance/articleshow/133475143.cms)
- 2026-08-24 — CNBC-TV18: **Stocks to watch for Aug 25: TCS, Suzlon Energy, ICICI Bank, Hindustan Copper and more** — From TCS’ plan to acquire Porsche AG’s IT consulting subsidiary MHP for €320 million to UCO Bank’s board approving a foreign currency fundraise of up to $1 billion through debt instruments, these are the stocks to track ahead of Tuesday’s trading session. — [Source](https://www.cnbctv18.com/photos/market/stocks-to-watch-for-aug-25-tcs-suzlon-energy-icici-bank-hindustan-copper-and-more-19975876.htm)
- 2026-08-13 — Mint: **Afcons’ turnaround story stumbles on execution roadblocks** — Payment delays and labour shortages continue to squeeze margins and delay revenue conversion, overshadowing a record  ₹43,300-crore order book and causing the stock to fall 30% this year. — [Source](https://www.livemint.com/market/afcons-infrastructure-q1-results-share-price-outlook-11786597462888.html)
- 2026-08-11 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: GIFT Nifty trades lower; Bharat Forge in focus** — Sensex Today | Stock Market LIVE Updates:  The market will be encountering a rebound in crude oil prices, with Brent climbing past $87 a barrel yet again. The Nifty Bank too, continues to trade in a narrow range, unable to break past 58,000 on the upside, and managing to defend 57,500 on the lower end. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-expiry-today-oil-adani-bse-wipro-vedanta-vodafone-idea-rvnl-share-price-liveblog-19966134.htm)
- 2026-08-07 — The Hindu: **Q1 Results Today Live: Hindalco Q1 PAT zooms, SBI profit rises 10.2%, BEML loss narrows, Titan, Hitachi Energy, PFC, Oil India, Kaynes Tech, Ramco Cements, Afcons Infra, Lemon Tree, Cello to announce Q1 results** — Q1 Results Today, 07th August 2026 Live Updates: Follow Q1FY27 live updates from businessline — [Source](https://www.thehindubusinessline.com/markets/q1-results-today-live-updates-sbi-titan-hindalco-power-finance-corporation-godrej-consumer-oil-india-nlc-kaynes-tech-ramco-cements-afcons-infra-lemon-tree-cello-hitachi-lic-trent-results-07-august-202/article71313123.ece)
- 2026-08-06 — The Hindu: **Afcons receives LoA for ₹1,918-cr desalinated water tunnel project in Mumbai** — Afcons receives LoA for ₹1,918-cr desalinated water tunnel project in Mumbai — [Source](https://www.thehindu.com/brandhub/pr-release/afcons-receives-loa-for-1-918-cr-desalinated-water-tunnel-project-in-mumbai/article71313240.ece)
- 2026-08-06 — CNBC-TV18: **Mumbai water tunnel project: Afcons Infra bags a big order** — Afcons Infrastructure has won a BMC contract to build a tunnel that will transport desalinated water across Mumbai, a key step in the city's efforts to reduce dependence on monsoon-fed reservoirs and strengthen long-term water security. — [Source](https://www.cnbctv18.com/business/companies/afcons-infrastructure-secures-rs-1918-crore-mumbai-water-tunnel-project-from-bmc-19963241.htm)
- 2026-08-06 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: Swiggy falls over 6% off highs; Nifty below 24,650** — Sensex Today | Stock Market LIVE Updates: We are the halfway mark, and the market contiue to remain largely flat. The markets are once again moving on a cautious note, with the Nifty trading flat around the 24,600 mark. The Nifty Bank is also in the same state, trying to scale the 58,000 mark. Titan, Reliance and Eternal are the top gainers. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-today-hdfc-bank-aurobindo-cummins-biocon-pb-fintech-lic-trent-share-price-liveblog-19962846.htm)

## Business profile

**Strategic vision:** Constructs complex infrastructure projects globally using EPC.

### Business segments
- **Marine & Industrial:** This unit focuses on the construction of ports, harbors, jetties, dry docks, wet basins, breakwaters, outfall & intake structures, LNG tanks, and comprehensive material handling systems.
- **Surface Transport:** Activities include the development of highways, roads, interchanges, infrastructure related to mining, and railway projects.
- **Urban Infrastructure:** This segment is involved in elevated & underground metro works, bridges, flyovers, and elevated corridors.
- **Oil & Gas:** The company undertakes both offshore and onshore projects within the oil and gas industry.
- **Hydro & Underground, Water:** This unit's expertise spans dams, barrages, tunnel & underground works, and various water & irrigation projects.

### Competitive strengths
- Over six decades of experience in engineering and construction.
- Proven track record of executing technologically challenging projects.
- Experience in delivering large, complex, and high-value EPC projects.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/afcons
Markdown representation: https://faxioms.com/stocks/afcons?render=md