# AFCONS (AFCONS) — Stock analysis

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

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹263.4
- Change: -1.46%
- As of: 2026-09-18
- 1D return: -1.46%
- 5D return: +0.98%
- 1M return: -6.00%
- Latest complete quarter: fy27_q1

## Faxioms Analysis

_As of 2026-09-18_

### Technical Outlook

As of September 18, 2026, AFCONS is trading at ₹263.4, exhibiting a predominantly bearish technical stance across daily, weekly, and monthly timeframes. All observed moving averages and the Supertrend indicator are positioned above the current price on these timeframes, indicating downward pressure. This alignment suggests a consistent bearish trend. The stock is currently trading near its nearest support level of ₹261.03, which is approximately 0.9% below the current price. The nearest resistance is observed at ₹278.57, about 5.76% higher. Recent market activity includes a notable downward anomaly on September 18, 2026, characterized by extreme volume with price movement, alongside a Harami pattern on the weekly chart and a Doji and Inside Bar on the daily chart. The stock's current setup carries risk, with an annualized volatility of 34% and a maximum drawdown of -53%.

Key conditions to monitor include the price's ability to hold above the immediate support level around ₹261.03. A break below this level could signal further downside. Conversely, a sustained move above the nearest resistance at ₹278.57 would be required to challenge the prevailing bearish sentiment. The presence of multiple bearish indicators across different timeframes suggests that any upward movements may face significant overhead resistance.

- Current price on September 18, 2026: ₹263.4.
- Bearish trend confirmed across daily, weekly, and monthly timeframes, with price below key moving averages and Supertrend.
- Nearest support level identified at ₹261.03 (approx. 0.9% below current price).
- Nearest resistance level identified at ₹278.57 (approx. 5.76% above current price).
- Watch for a break below ₹261.03 as a potential downside signal, or a sustained move above ₹278.57 to challenge the bearish trend.

- Outside Bar
- Harami
- Doji
- Inside Bar
- Bullish Engulfing Reversal

### News Context

Afcons Infrastructure shares were a focus on Friday, September 18, 2026, driven by renewed hopes surrounding a potential listing of Tata Sons. This development could offer a pathway for the promoter, Shapoorji Pallonji, to reduce Afcons's significant interest burden. Analysts suggest this could lead to a stock re-rating, supported by the company's substantial order book of ₹43,300 crore. The broader Tata Group saw market capitalization fluctuations, with reports on September 18, 2026, indicating a ₹40,000 crore loss after trusts rejected a Tata Sons listing proposal, while other Tata group shares rallied on the same day due to the possibility of such a listing.

- Afcons Infra stock gained attention on September 18, 2026, linked to potential Tata Sons listing.
- A Tata Sons listing could help Afcons's promoter reduce the company's interest burden, according to market commentary.
- Afcons Infrastructure reported a ₹43,300 crore order book.
- On September 18, 2026, Tata Group's market capitalization was approximately ₹24 lakh crore, with reports of a ₹40,000 crore decline due to trusts rejecting a Tata Sons listing proposal.
- Conversely, other Tata group shares rallied on September 18, 2026, on hopes of a Tata Sons listing.

- Tata group loses ₹40,000 crore after trusts reject Tata Sons listing
- Here's why Afcons Infrastructure shares are in focus on Friday
- Tata group shares rally on hopes of listing
- Afcons Infra stock surges on Tata Sons listing hopes. Is a re-rating on the cards?
- Volumes soar at Zensar Technologies Ltd counter

### What Changed

As of September 18, 2026, Afcons Infrastructure shares are in focus amidst broader market movements related to the Tata Group. Recent news highlights discussions within the Tata Sons board concerning a potential listing, a development that has influenced the market capitalisation of the wider Tata Group, which stands at approximately ₹24 lakh crore. While these events are generating market attention for Tata-affiliated companies, the provided evidence does not indicate any direct operational or financial changes for Afcons Infrastructure itself. The company's share price saw a slight decrease from ₹267.3 to ₹263.4 between the previous observation and September 18, 2026, with no discernible trend indicated for the daily or weekly periods.

- Afcons Infrastructure shares are in focus on September 18, 2026, amid news of potential Tata Sons listing discussions.
- The Tata Group's market capitalisation is approximately ₹24 lakh crore.
- Afcons Infrastructure's share price was ₹263.4 on September 18, 2026, down from ₹267.3 previously.

- Tata group loses ₹40,000 crore after trusts reject Tata Sons listing
- Here's why Afcons Infrastructure shares are in focus on Friday
- Tata group shares rally on hopes of listing

### Official Filings

Afcons Infrastructure Limited disclosed on August 24, 2026, that an Arbitral Tribunal ruled in its favor against the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The award totals ₹335.50 crore, comprising ₹152.25 crore in principal and ₹183.25 crore in pre-award interest. The company stated this outcome is expected to positively impact its financial position, contingent on UPEIDA not challenging the award within the stipulated legal timeframe. In a separate development on August 20, 2026, CRISIL Ratings revised the outlook on Afcons Infrastructure's long-term bank facilities and non-convertible debentures from 'Stable' to 'Negative', while reaffirming the 'CRISIL AA-' rating on these instruments. The company also reported zero investor complaints for the quarter ended December 31, 2025, consistent with prior periods. Afcons Infrastructure also informed the exchange on August 26, 2026, about an upcoming Institutional Investor Meet scheduled for September 2, 2026, in Mumbai.

- On August 24, 2026, Afcons Infrastructure received an arbitral award of ₹335.50 crore in its favor against UPEIDA.
- On August 20, 2026, CRISIL Ratings revised the outlook on Afcons Infrastructure's long-term facilities and non-convertible debentures to 'Negative' from 'Stable', reaffirming the 'CRISIL AA-' rating.
- Afcons Infrastructure reported zero investor complaints for the quarter ended December 31, 2025.
- The company is scheduled to participate in an Institutional Investor Meet on September 2, 2026.

- FOR QUARTER ENDING : 31-DEC-25
- Afcons Infrastructure Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Afcons Infrastructure Limited has informed the Exchange about, Investors Group/Analyst meet Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Afcons Infrastructure Limited has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)
- Afcons Infrastructure Limited has informed the Exchange about the receipt of Arbitration Award in favour of the Company. |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
- Credit rating |SUBJECT: Credit rating
- Afcons Infrastructure Limited has informed the Exchange about Credit Rating |SUBJECT: Credit Rating
- Afcons Infrastructure Limited has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Afcons Infrastructure Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Afcons Infrastructure Limited has informed the Exchange about the Audio recording link of Earning Conference Call on Un-Audited Financial Results for Quarter ended June 30, 2026 |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates

### Fundamentals

Afcons Infrastructure's recent performance shows a mixed operating trajectory. For the quarter ending September 2025 (Q3 FY26), the company reported Revenue from Operations of ₹2,975.77 crore, a decrease from the ₹3,334 crore reported in September 2023 (Q3 FY24). This trend continued into the quarter ending December 2025 (Q4 FY26) with Revenue from Operations at ₹2,613.84 crore. The company reported a Profit Before Tax of ₹123.04 crore for Q3 FY26, down from ₹160.0 crore in Q3 FY24. However, the quarter ending December 2025 (Q4 FY26) saw a significant loss before tax of -₹68.87 crore. Looking at the balance sheet, Borrowings increased to ₹2,523 crore in March 2024 from ₹2,062 crore in March 2023, while Equity Capital saw a substantial rise to ₹341 crore from ₹72 crore over the same period. The company's Cash Flow from Operations has been volatile, decreasing to ₹707 crore in March 2024 from ₹1,215 crore in March 2023, and is projected to turn negative in March 2025 (-₹132 crore) and March 2026 (-₹127 crore). Free Cash Flow also declined to ₹25 crore in March 2024 and is projected to be negative in the coming years.

Key monitoring areas include the company's ability to manage its increased borrowings, which stood at ₹2,523 crore in March 2024, and the projected negative cash flow from operations in the upcoming fiscal years. The significant drop in Profit Before Tax in Q4 FY26 to -₹68.87 crore warrants close attention. Additionally, the company's Working Capital Days have increased significantly, projected to reach 65 days by March 2025 from 10 days in March 2023, indicating a potential strain on liquidity.

- Revenue from Operations for Q3 FY26 was ₹2,975.77 crore, a decrease from ₹3,334 crore in Q3 FY24.
- Profit Before Tax for Q3 FY26 was ₹123.04 crore, down from ₹160.0 crore in Q3 FY24.
- The company reported a Profit Before Tax of -₹68.87 crore for Q4 FY26.
- Borrowings increased to ₹2,523 crore in March 2024 from ₹2,062 crore in March 2023.
- Cash Flow from Operations decreased to ₹707 crore in March 2024 and is projected to be negative in FY25 and FY26.

### Bull Case

Afcons Infrastructure's order book, valued at ₹43,300 crore, presents a significant foundation for future revenue. Recent news indicates potential benefits from a Tata Sons listing, which could help alleviate the company's interest burden and support a stock re-rating. While the company's financial statements show increasing borrowings and negative free cash flow for the projected periods of March 2025 and March 2026, the existence of a substantial order book is a key operational strength.

- Afcons Infrastructure has an order book of ₹43,300 crore.
- News reports suggest a potential Tata Sons listing could ease Afcons's interest burden.
- Borrowings are projected to increase from ₹2,343 crore in March 2025 to ₹3,627 crore in March 2026.
- Free Cash Flow is projected to be negative at -₹470 crore for March 2025 and -₹491 crore for March 2026.

- Tata group loses ₹40,000 crore after trusts reject Tata Sons listing
- Here's why Afcons Infrastructure shares are in focus on Friday
- Tata group shares rally on hopes of listing
- Afcons Infra stock surges on Tata Sons listing hopes. Is a re-rating on the cards?
- Volumes soar at Zensar Technologies Ltd counter

### Bear Case

Afcons Infrastructure faces several financial and operational constraints. The company's cash flow from operating activities has been negative, projected at -₹132 crore for March 2025 and -₹127 crore for March 2026. This negative operating cash flow contributes to a projected negative Free Cash Flow of -₹470 crore for March 2025 and -₹491 crore for March 2026. Furthermore, the company's borrowings are expected to increase significantly, from ₹2,343 crore in March 2025 to ₹3,627 crore in March 2026. While Construction Work in Progress (CWIP) is also projected to rise substantially from ₹33 crore to ₹901 crore between March 2025 and March 2026, this increase is not matched by a corresponding rise in equity capital, which remains flat at ₹368 crore for both periods. Technical indicators also suggest a bearish trend, with the Supertrend direction indicated as bearish on daily, weekly, and monthly timeframes as of September 18, 2026.

- Projected negative cash flow from operations: -₹132 crore for Mar 2025 and -₹127 crore for Mar 2026.
- Projected negative Free Cash Flow: -₹470 crore for Mar 2025 and -₹491 crore for Mar 2026.
- Expected increase in borrowings: from ₹2,343 crore (Mar 2025) to ₹3,627 crore (Mar 2026).
- Equity capital remains unchanged at ₹368 crore for Mar 2025 and Mar 2026, while borrowings and CWIP are projected to rise.
- Technical indicators show a bearish Supertrend direction across daily, weekly, and monthly timeframes as of Sep 18, 2026.

- Tata group loses ₹40,000 crore after trusts reject Tata Sons listing
- Here's why Afcons Infrastructure shares are in focus on Friday
- Tata group shares rally on hopes of listing
- Afcons Infra stock surges on Tata Sons listing hopes. Is a re-rating on the cards?
- Volumes soar at Zensar Technologies Ltd counter

### FAQs

**What was the outcome of the arbitration case involving Afcons Infrastructure and UPEIDA, and what is its potential financial impact?**

On August 24, 2026, an Arbitral Tribunal ruled in favor of Afcons Infrastructure Limited in its arbitration against Uttar Pradesh Expressways Industrial Development Authority (UPEIDA). The award granted the company ₹152.25 crore in principal and ₹183.25 crore in pre-award and pendente lite interest, totaling ₹335.50 crore. The company stated this outcome is expected to positively impact its financial position, provided UPEIDA does not challenge the award within the stipulated legal period.

**How has Afcons Infrastructure's profitability and sales growth trended over the last five years and in the Trailing Twelve Months (TTM) period?**

Over the last five years, Afcons Infrastructure has shown a compounded profit growth of 12% and a compounded sales growth of 5%. However, in the Trailing Twelve Months (TTM) period, the company has experienced a compounded profit growth of -62% and a compounded sales growth of -12%.

**What is the current technical trend for Afcons Infrastructure based on daily and weekly indicators?**

As of September 18, 2026, the daily trend for Afcons Infrastructure shows a bearish Supertrend direction with the Supertrend indicator at 285.61. Similarly, the weekly trend also indicates a bearish Supertrend direction, with the Supertrend indicator at 449.44. The closing price on this date was ₹263.4.

**What are the key support and resistance levels for Afcons Infrastructure's stock?**

As of September 18, 2026, key support levels for Afcons Infrastructure are identified at ₹261.03 (pivot), ₹259.10, ₹249.77, and ₹232.23. Key resistance levels are observed at ₹278.57, ₹289.83, ₹290.32, and ₹297.40.

- Tata group loses ₹40,000 crore after trusts reject Tata Sons listing
- Here's why Afcons Infrastructure shares are in focus on Friday
- Tata group shares rally on hopes of listing
- Afcons Infra stock surges on Tata Sons listing hopes. Is a re-rating on the cards?
- Volumes soar at Zensar Technologies Ltd counter
- FOR QUARTER ENDING : 31-DEC-25
- Afcons Infrastructure Limited has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Afcons Infrastructure Limited has informed the Exchange about, Investors Group/Analyst meet Meeting |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Afcons Infrastructure Limited has informed the Exchange about Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B) |SUBJECT: Pendency of any litigation(s) or dispute(s)-(Sub-para 8-Para B)
- Afcons Infrastructure Limited has informed the Exchange about the receipt of Arbitration Award in favour of the Company. |SUBJECT: Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
## Technical analytics

- As of: 2026-09-18
- Daily trend: Strong Downtrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹261.03
- Risk regime: Higher Price Risk

### Support levels
- 259.1
- 249.7666666666666
- 232.2333333333333

### Resistance levels
- 290.315625
- 297.4
- 303.86249999999995

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.46% |
| return_10 | -10.62% |
| return_1m | -6.01% |
| return_1y | -42.11% |
| return_20 | -6.00% |
| return_3m | -17.47% |
| return_5 | +0.98% |
| return_6m | -8.53% |
| return_since_start | -51.19% |
| return_ytd | -32.97% |

### 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 | -53.28% |
| annualized_volatility | +33.99% |

## Quarterly financials

- Latest complete quarter: fy27_q1

# Profit plunges as revenue drops 21%, but sequential loss is reversed

For the three months ended 30 June 2026, Afcons Infrastructure Limited reported a steep year-on-year decline in revenue and profit. However, the company returned to a positive bottom line after posting a loss in the preceding quarter.

## Revenue and Total Income

Revenue from operations stood at ₹2,671 crore, a decrease of ₹699.38 crore, or 20.75%, compared to ₹3,370.38 crore in the same quarter a year ago. On a sequential basis, revenue improved by 2.19%, rising from ₹2,613.84 crore in the immediately preceding quarter (Q4 FY2025‑26). This marginal uptick broke a run of four consecutive quarterly declines within the previous fiscal year, during which revenue moved from ₹3,370.38 crore in Q1 FY2025‑26 down to ₹2,613.84 crore in Q4 FY2025‑26.

Total income, which adds other income to revenue, was ₹2,726.68 crore, down 20.25% year-on-year. Other income contributed ₹55.68 crore, compared to ₹48.67 crore in the year‑ago quarter.

## Profitability and Earnings per Share

Profit before exceptional items and tax contracted sharply. At ₹50.59 crore, it was 72.41% lower than the ₹183.38 crore recorded in the same quarter a year earlier. The related net profit fell 77.95% — from ₹137.40 crore to ₹30.30 crore. Consequently, basic earnings per share dropped from ₹3.74 to ₹0.82.

The quarter also marked a directional reversal from the prior period. After a loss of ₹68.87 crore in Q4 FY2025‑26, the company swung to a profit of ₹50.59 crore.

## Expense Composition

Total expenses amounted to ₹2,676.09 crore, nearly matching total income.

The largest expense items were:
- Change in work-in-progress and inventories: ₹1,300.96 crore
- Cost of materials consumed: ₹576.75 crore  
Together, these accounted for approximately 70% of total expenses.

Other notable costs included employee benefit expenses (₹302.80 crore), other expenses (₹239.01 crore), finance costs (₹173.05 crore), and depreciation (₹83.52 crore).

Finance costs moved against the revenue trend, rising 6.97% from ₹161.77 crore in the year‑ago quarter to ₹173.05 crore. With costs consuming almost all income, margins were compressed: the profit before tax margin on revenue narrowed to 1.89% from 5.44% a year ago, and the net profit margin shrank to around 1.1%.

## Management Commentary

Afcons Infrastructure reported Q1 FY27 total income of ₹2,727 crore (down 20.3% YoY) and EBITDA of ₹263 crore (9.6% margin), with PAT at ₹30 crore. Executive Chairman Subramanian Krishnamurthy attributed the subdued performance to factors persisting from FY26 but expressed confidence in stronger execution in the second half. The company secured healthy order inflows of ₹13,219 crore, taking the order book to ₹43,290 crore (3.8x book-to-bill), including marquee wins such as the Croatia rail project and Vadhavan Port breakwater. A key milestone was the inauguration of India's tallest road cable-stayed bridge on the Mumbai-Pune Expressway Missing Link on May 1, 2026, underscoring Afcons' extreme engineering capabilities. The bid pipeline for FY27 stands at ₹1.5 lakh crore, with 75% domestic and 25% overseas, providing strong visibility for future growth. The company maintains a net debt-to-equity of 0.7x and recently received a Crisil rating upgrade to AA-/Stable.

## Key Takeaway

The quarter showed a substantial year-on-year decline in both revenue and profitability, alongside a sequential recovery from the prior quarter’s loss. A slight uptick in revenue interrupted a series of falling quarterly top‑lines, but operating expenses remained high relative to sales, leaving margins very thin.

### Ratios

## Official filings

- 2026-09-18 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_18092026160442_Afcons_Intimation_of_Conference_call_dated18092026.pdf)
- 2026-09-18 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20260918_161254667.xml)
- 2026-09-11 — Official Filing: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1604450_19012026051803_WEB.xml)
- 2026-08-26 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20260826_144336366.xml)
- 2026-08-26 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_26082026143750_Afcons_Intimation_of_Conference_call_dated26082026.pdf)
- 2026-08-24 — Litigation Disclosure: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_23599_WebXMLFile_20260824_173443122.xml)
- 2026-08-24 — Litigation Disclosure: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_24082026173144_Afcons_Intimation_Arbitration_of_Awarddated24_08_2026.pdf)
- 2026-08-20 — Credit Rating Update: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_20082026122019_Afcons_Intimation_of_CRISIL_Credit_Rating_dated_20082026.pdf)
- 2026-08-20 — Credit Rating Update: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_20082026121252_Afcons_Intimation_of_CRISIL_Credit_Rating_dated_20082026.pdf)
- 2026-08-13 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20260813_153545353.xml)
- 2026-08-13 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_13082026122616_Afcons_Intimation_TranscriptofEarningsCall_Q1FY27.pdf)
- 2026-08-10 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_10082026161739_Afcons_Recording_of_EarningsCall_10082026.pdf)
- 2026-08-10 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_23599_WebXMLFile_20260810_162104855.xml)
- 2026-08-08 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_08082026123633_Afcons_Intimation_Newspaper_publicationdated08082026.pdf)
- 2026-08-07 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/AFCONS_07082026173643_Afcons_Outcome_of_the_Board_meetingdate07082026.pdf)
- 2026-08-07 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_07082026172836_Afcons_Outcome_of_the_Board_meetingdate07082026.pdf)
- 2026-08-07 — Press Release: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_07082026174525_Afcons_Press_Release_07082026.pdf)
- 2026-08-07 — Earnings Presentation: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_07082026175119_Afcons_Investor_Presenation_07082026.pdf)
- 2026-08-06 — Press Release: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_06082026143958_Afcons_Press_Release06082026_new.pdf)
- 2026-08-06 — Generic Announcement: Afcons Infrastructure Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_23599_WebXMLFile_20260806_144138355.xml)
- 2026-08-05 — Official Filing: Afcons Infrastructure Limited has fully redeemed its Commercial Paper worth Rs. 50 Crores (ISIN - INE101I14EO7) on August 6, 2026, which was originally issued on August 5, 2025. — [Official attachment](https://nsearchives.nseindia.com/corporate/AFCONS_05082026164733_Afcons_Intimation_of_RedemptionofCP.pdf)
- 2026-08-05 — Official Filing: Afcons Infrastructure Limited disclosed its Non-Convertible Debentures (NCDs) outstanding as of March 31, 2026, with ISIN INE101I08081. The company issued 5000 NCDs via private placement on October 14, 2025, listed on NSE on October 16, 2025. The credit rating from Crisil Ratings Limited is AA- with a stable outlook, assigned on August 22, 2025. The first interest payment is due on October 14, 2026, and no payment has been made as of the filing date.
- 2026-08-05 — Official Filing: Afcons Infrastructure Limited has fully redeemed its Commercial Paper worth Rs. 50 Crores (ISIN - INE101I14EO7) on August 6, 2026, which was originally issued on August 5, 2025.
- 2026-08-05 — Official Filing: Afcons Infrastructure Limited has fulfilled its payment obligation for the redemption of Commercial Paper amounting to Rs. 50 crores. The payment was made on the maturity date, August 5, 2026, for the Commercial Paper with ISIN INE101I14EO7. This confirmation is in accordance with SEBI Master Circular no. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137.
- 2026-08-05 — Official Filing: Afcons Infrastructure Limited submitted a half-yearly statement on August 5, 2026, detailing its debt securities as of March 31, 2026. The statement includes information on Unsecured, Listed, Rated, Redeemable, Non-Convertible Debentures with ISIN INE101I08081, issued on October 14, 2025, and maturing on October 13, 2028. The coupon rate is 8.40% per annum, payable annually, with an outstanding amount of Rs. 50 Crores.

## News and market events

- 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)
- 2026-07-31 — The Hindu: **Afcons secures projects worth nearly ₹900 Cr in July** — Afcons secures projects worth nearly ₹900 Cr in July — [Source](https://www.thehindubusinessline.com/brandhub/pr-release/afcons-secures-projects-worth-nearly-900-cr-in-july/article71290587.ece)
- 2026-07-23 — The Hindu: **Sensex today | Stock Market Live: Sensex falls 500 pts, Nifty slips to 23,800 in volatile trade; IndusInd Bank down 6%** — Sensex, Nifty, Share Prices LIVE: At 1:00pm, Sensex traded 451.92 points or -0.59% lower at 76,303.13, Nifty traded at 23,851.70, down 144.55 points (-0.60%). — [Source](https://www.thehindubusinessline.com/markets/sensex-nifty50-today-stock-market-live-updates-23-july-2026/article71253376.ece)

## 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: 2026-09-18
- Source: Faxioms public stock analysis API

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