Afcons Infrastructure Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Afcons Infrastructure Ltd filed with BSE on 13 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Afcons reported Q1 FY27 total income of Rs 2,727 crore, down from Rs 3,419 crore a year earlier, with EBITDA margin at 9.6% and profit after tax of Rs 30 crore. Management attributed the decline to execution delays from land handover issues, labor shortages, pending clearances, and adverse weather on marine projects, alongside continued liquidity tightness and moderate collections. The company reported order inflows of Rs 13,219 crore during the quarter and an order book of Rs 43,290 crore, including the Croatia railway project and the Vadhvan Port project among recent wins.
Numbers mentioned
Total income: INR2,727 crores (Q1 FY27)
p. 3
“Afcons reported a total income of INR2,727 crores in Q1 FY27 compared to INR3,419 crores in Q1 FY26.”
S. Krishnamurthy, page 3 of the filed PDF · View the filing
EBITDA: INR263 crores, 9.6% margin (Q1 FY27)
p. 3
“EBITDA for the quarter stood at INR263 crores with an EBITDA margin of 9.6%.”
S. Krishnamurthy, page 3 of the filed PDF · View the filing
Profit after tax: INR30 crores (Q1 FY27)
p. 3
“Profit after tax was INR30 crores.”
S. Krishnamurthy, page 3 of the filed PDF · View the filing
Order inflows: INR13,219 crores (Q1 FY27)
p. 5
“I am pleased to share that we have begun financial year '27 on a positive note with a healthy order inflows of INR13,219 crores during the first quarter.”
Paramasivan Srinivasan, page 5 of the filed PDF · View the filing
Order book: INR43,290 crores (end of Q1 FY27)
p. 5
“With these orders, our order book stood at INR43,290 crores at the end of the quarter, providing strong visibility for future revenues.”
Paramasivan Srinivasan, page 5 of the filed PDF · View the filing
Orders booked for the year to date: INR15,700 crores (FY27 to date)
p. 5
“As on date, our orders booked for the year stands at INR15,700 crores, including orders received up to date.”
Paramasivan Srinivasan, page 5 of the filed PDF · View the filing
Profit before tax: INR51 crores (Q1 FY27)
p. 7
“In terms of profit before tax, for this period, we have done INR51 crores of profit, which is significantly down.”
Ramesh Jha, page 7 of the filed PDF · View the filing
Depreciation: INR83.52 crores, 3.06% of turnover (Q1 FY27)
p. 7
“In terms of EBITDA, the depreciation is at INR83.52 crores, which is 3.06% of the turnover.”
Ramesh Jha, page 7 of the filed PDF · View the filing
Net debt to equity: 0.68x (Q1 FY27)
p. 8
“On net debt basis, the debt to equity is around 0.68x of the net worth.”
Ramesh Jha, page 8 of the filed PDF · View the filing
Interest-free advances share: 62% (Q1 FY27)
p. 7
“Currently, 62% of our advances are interest-free and 38% of the advances are interest-bearing.”
Ramesh Jha, page 7 of the filed PDF · View the filing
Capex: close to INR150 crores capitalized (Q1 FY27)
p. 13
“So, capex in Q1, we have done close to INR150 crores capitalized, but then there is a sizable amount in CWIP.”
Ramesh Jha, page 13 of the filed PDF · View the filing
Overseas revenue share: 16% (Q1 FY27)
p. 21
“So, in Q1, we are we are having overseas revenue around 16% from overseas market, domestic is 84%.”
Ramesh Jha, page 21 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order inflow — INR30,000 crores · FY27
stated firmly by Paramasivan Srinivasan
p. 14
“Yes, INR30,000 crores, we are very confident of booking at a minimum.”
Paramasivan Srinivasan, page 14 of the filed PDF · View the filing
Execution pace — Q3 and Q4
stated as an aspiration by Paramasivan Srinivasan
p. 8
“Q3 and Q4, we believe, would see significant uptick.”
Paramasivan Srinivasan, page 8 of the filed PDF · View the filing
FY28 capex — INR600 crores to INR650 crores · FY28
stated firmly by Ramesh Jha
p. 19
“So, in FY28, we are looking at capex in the range of say INR600 crores to INR650 crores.”
Ramesh Jha, page 19 of the filed PDF · View the filing
Net debt closing level — around INR2,700 to INR2,800 crores · end of FY27
stated conditionally by Ramesh Jha
p. 18
“Net debt will be reduced -- net debt will be somewhere around INR2,700 to INR2,800 crores kind of a number.”
Ramesh Jha, page 18 of the filed PDF · View the filing
Debt closing level — around INR3,500 crores · end of FY27
stated conditionally by Ramesh Jha
p. 17
“Yes, we are looking at debt closing say around INR3,500 crores or so.”
Ramesh Jha, page 17 of the filed PDF · View the filing
Overseas revenue share — around 30%
stated as an aspiration by Ramesh Jha
p. 21
“So, we hope that we will go back to 30% from overseas market, that is for minimum, and then as the order book moves 30% from overseas market, revenue also will go back to 30% from the overseas market.”
Ramesh Jha, page 21 of the filed PDF · View the filing
Other income — around INR400 crores or so · FY27
stated conditionally by Ramesh Jha
p. 14
“So, this year also, we'll be in the range of say, for the year somewhere around INR400 or so.”
Ramesh Jha, page 14 of the filed PDF · View the filing
Execution ramp-up — FY28
stated as an aspiration by Ramesh Jha
p. 16
“So, that's where we are looking at that FY28, we'll have a sizable ramp-up in terms of execution.”
Ramesh Jha, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said land and compensation issues are being resolved with government support and expects significant improvement in the second half.
Answered by Paramasivan Srinivasan
Asked by Aditya Bhartia: Is there concrete evidence of execution pace improving across projects, or is it still a hope?
p. 8
“At this stage, we are definitely seeing the symptoms of it all happening, and some of the issues with respect to land-related issues are getting addressed by proactive activities undertaken by Maharashtra government.”
Paramasivan Srinivasan, page 8 of the filed PDF · View the filing
Croatia and Vadhavan will see minuscule turnover this year with design work ongoing; HSR tunneling turnover to start from November.
Answered by Paramasivan Srinivasan
Asked by Aditya Bhartia: When will work start on the Croatia and Vadhavan projects, and what is the HSR payment/execution outlook?
p. 9
“With respect to Croatia, we believe the current year, there will be a minuscule expenditure as and next financial year onwards, Croatia will pick up.”
Paramasivan Srinivasan, page 9 of the filed PDF · View the filing
Management declined to give top-line guidance but described a historical H1/H2 revenue split and expects Q3-Q4 to bounce back.
Answered by Ramesh Jha
Asked by Shravan Shah: Will Q2 revenue be flat or lower, and is 20% H2 growth achievable given no full-year guidance?
p. 10
“So, just to answer you, in past, if we see the performance of the company in generally, H1 remains to be around 40%, 45%, and H2 remains around 55% to 60%.”
Ramesh Jha, page 10 of the filed PDF · View the filing
Management declined to give unaudited absolute numbers but confirmed the net debt-to-equity ratio and said working capital days rose marginally.
Answered by Ramesh Jha
Asked by Shravan Shah: Can you share balance sheet data points like gross debt, cash, and working capital days?
p. 11
“It is at a elevated level as compared to a March number, but since, you know, we have the auditors have not certified the balance sheet number, it will not be prudent on our part to, you know, give those numbers.”
Ramesh Jha, page 11 of the filed PDF · View the filing
Funding decisions are project-specific, with support given based on collections generated by that project, particularly for challenged clients like in Bangladesh.
Answered by Ramesh Jha
Asked by Balasubramanian: How is Afcons balancing prioritizing liquidity versus executing new and existing orders?
p. 12
“We are giving funds to the project based on the collection that project is generating.”
Ramesh Jha, page 12 of the filed PDF · View the filing
Urban infrastructure is the largest share at 34%, followed by marine at 32%, hydro/underground at 20%, and surface at 14%.
Answered by Hitesh Singh
Asked by Abhinav: Can you break down the INR1.5 lakh crore near-term bid pipeline by segment?
p. 13
“For the 9 months out of this INR1.5 lakh crores, major chunk is from urban infrastructure, which for us comprises of metro and elevated bridges and elevated roads, that is around 34%.”
Hitesh Singh, page 13 of the filed PDF · View the filing
Management said it will first focus on achieving the INR30,000 crore target before commenting on upside.
Answered by Paramasivan Srinivasan
Asked by Aritra Banerjee: What is the upside risk to overshooting the INR30,000 crore order inflow target for FY27?
p. 14
“I would say that first, let us achieve the INR30,000 crores, then we will see what is the upside we are in a position to make it.”
Paramasivan Srinivasan, page 14 of the filed PDF · View the filing
Overseas projects typically generate 200-300 basis points higher margins than domestic projects.
Answered by Ramesh Jha
Asked by Aritra Banerjee: What is the margin differential between domestic and overseas projects?
p. 14
“So, in overseas project, we generally make better margin, and the margin -- the delta in, say, domestic versus overseas is around 200 to 300 basis points, which is higher in overseas market.”
Ramesh Jha, page 14 of the filed PDF · View the filing
Around 5.65% is categorized slow-moving, plus about 2% Bangladesh orders and 3% Jal Jeevan Mission orders, totaling roughly 11%.
Answered by Paramasivan Srinivasan
Asked by Ashok Shah: What percentage of the order book is slow-moving and why?
p. 17
“If you look at of the overall order book value, roughly around 5.65% is slow-moving category, and Bangladesh orders constitute about 2%, and another about 3% constitutes Jal Jeevan Mission orders.”
Paramasivan Srinivasan, page 17 of the filed PDF · View the filing
Total JJM orders are INR1,221 crore across UP, MP and Rajasthan, with UP payments being the main problem area.
Answered by Ramesh Jha
Asked by Bhavik Shah: Can you quantify JJM order book and receivables pending?
p. 16
“So, in Jal Jeevan Mission, all put together, we have got INR1,221 crores of total order, in which from the UP, the balance order is INR510 crore.”
Ramesh Jha, page 16 of the filed PDF · View the filing
Risks flagged
Adverse weather affected progress on marine projects
p. 3
“In addition, adverse weather conditions affected the progress on certain marine projects, while land handover at a few project sites advanced more slowly than anticipated.”
S. Krishnamurthy, page 3 of the filed PDF · View the filing
Labor shortages slowed execution of fast-track projects
p. 3
“Execution of some fast-track projects also progressed at normal pace due to labor shortages, while a few other projects were impacted by pending clearances.”
S. Krishnamurthy, page 3 of the filed PDF · View the filing
Tight liquidity and moderate collections
p. 4
“Liquidity conditions remained tight and collections continued to be moderate during the quarter.”
Paramasivan Srinivasan, page 4 of the filed PDF · View the filing
Payment issues continuing in UP Jal Jeevan Mission project
p. 6
“Payment related issues in UP Jal Jeevan Mission is still continuing.”
Ramesh Jha, page 6 of the filed PDF · View the filing
Payments being stretched across the business
p. 6
“Also, we have noticed that across the spectrum payments are being stretched for some or the other reason.”
Ramesh Jha, page 6 of the filed PDF · View the filing
Geopolitical and war-related uncertainty affecting economic activity
p. 6
“Uncertainty around the economic activity because of war, geopolitical and related stuff continues, so it doesn't make sense for any guidance in terms of growth.”
Ramesh Jha, page 6 of the filed PDF · View the filing
Elevated net working capital due to delays in certification and payment release
p. 8
“We are witnessing delays in certification of the work done and release of payment in projects.”
Ramesh Jha, page 8 of the filed PDF · View the filing
Higher energy, transport and logistics costs partially offsetting cost reduction efforts
p. 7
“We have put lot of efforts towards reducing cost on the possible revenue, but that has been partially offset by increase in energy, transport, and logistics cost.”
Ramesh Jha, page 7 of the filed PDF · View the filing
Geopolitical developments weighing on infrastructure investment and project awards
p. 4
“For some time now, geopolitical developments have weighed on infrastructure investments and project award activity across several regions.”
S. Krishnamurthy, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.